As New Jersey approaches its upcoming gubernatorial election, concerns about the state's economic outlook are coming to the forefront. Tom Bracken, President and CEO of the New Jersey Chamber of Commerce, has raised several questions for candidates and lawmakers as they prepare to shape policy for the next administration.
Bracken points to recent declines in New Jersey’s business climate rankings as a sign of trouble. The state dropped from 19th place in 2023 to 30th in CNBC’s Top States for Business rankings in 2025. In the category of Business Friendliness, New Jersey now ranks 49th. These figures indicate that companies and investors may be considering other locations.
Several key industries in New Jersey—including construction, pharmaceuticals, trade, leisure, and the public sector—have experienced job losses. Large employers have announced layoffs affecting hundreds of workers due to national restructuring efforts. Bracken describes these developments as symptoms of broader economic challenges facing the state.
Neighboring states are attracting significant investment while New Jersey lags behind. For example, Pennsylvania recently secured $92 billion in private-sector investments focused on artificial intelligence and energy infrastructure—a sector that Governor Murphy’s administration had identified as a priority area for growth.
State revenue is also showing signs of strain. Combined collections from Corporation Business Tax and Business Alternative Income Tax—the second-largest sources for New Jersey's General Fund—fell by 26 percent this July compared with last year.
In response to these trends, Bracken is calling on gubernatorial candidates and legislators to address specific issues:
"Do you commit to making the economy a top priority?
Would you support reinstating the former Red Tape Commission (previously proposed to be the GEARR Commission) to reduce outdated or overly burdensome regulations on employers?
Energy will drive the economy. How will you ensure energy reliability, accessibility and affordability for businesses, especially as industries face increased energy demands from AI and other technologies?
What would be your plan to attract jobs, reverse our state’s reputation as one of the least business-friendly in the country, and convince existing New Jersey businesses to expand in the state?"
Bracken concludes with a call for clear goals: "What is your economic goal for New Jersey? Without a goal, there’s no clear path or focus leading us to economic prosperity."
The Chamber emphasizes that decisive action is needed if New Jersey wants to remain competitive both regionally and nationally.
