New Jersey Business & Industry Association President and CEO Michele Siekerka responded to Governor Phil Murphy's 2025 State of the State address. In her statement, Siekerka acknowledged some positive aspects highlighted by the governor, such as potential housing construction, full pension payments, and commitments to tackle public contracting disparities and allocate business taxes to NJ TRANSIT.
However, Siekerka expressed concerns about the state's business climate. She stated that "while the governor was quite optimistic on many fronts in today’s address, the New Jersey business outlook isn’t as rosy." According to NJBIA's 66th annual Business Outlook Survey, only 4% of respondents felt that enough has been done by the governor and lawmakers to improve business affordability. Additionally, 79% reported a decrease in business affordability over the past five years.
Siekerka emphasized that economic growth is tied to business growth. Despite recent census data indicating population growth, she noted that New Jersey still lags behind national economic trends and faces a slightly higher unemployment rate. She warned that unless New Jersey aligns its cost of doing business with regional competitors, larger job creators might continue relocating or expanding elsewhere.
The NJBIA president also pointed out issues with high-tax and high-cost regulatory policies affecting the state's competitiveness. She referred to last year's decision to revert major job creators back to the highest Corporate Business Tax rate in the nation as a disappointment.
Siekerka concluded by highlighting concerns for Governor Murphy's final budget year due to gaps between spending and revenue. She urged continued support for pro-growth investments in manufacturing, infrastructure, higher education, and workforce development as essential multipliers for New Jersey's economy.
