NJBIA released its 63rd annual Business Outlook Survey on Nov. 30. While much of the attention of the 2022 outlook survey focused on hiring challenges and employer morale, there were many other facets of the survey.
Today, we look deeper at New Jersey’s economic climate findings in this year’s Business Outlook Survey.
New Jersey’s Economic Climate A continued reluctance for businesses to expand in New Jersey remains. Fifty-nine percent of respondents said they had no plans to expand, while 25% said they would expand in another state, compared to 10% that would expand in New Jersey.
As a location for new or expanded facilities, only 22% listed New Jersey as very good or good, while 30% described it as fair and 48% ranked it as poor.
Only 11% said they believe New Jersey has made progress over the last year in easing regulatory obstacles. That number has declined steadily from 24% in 2017.
Only 13%, however, said they needed to postpone installation of equipment or expansion of their business due to permitting delays or the state’s regulatory process.
Only 36% said they are planning to keep New Jersey as their domicile in retirement – a 4% bump from last year, but still a consistent indication of the state’s low appeal for people in their golden years.
