What’s the biggest concern for businesses in New Jersey as they prepare for the next year? It’s the state’s fiscal difficulties, according to a survey just published by the New Jersey Society of CPAs. Close to 30% of respondents said New Jersey’s fiscal pickle is issue No. 1, followed closely by state and local taxes (27%).
More generally, the survey’s respondents mentioned high taxes, funding for public-worker pension and health benefits, and regulatory burdens as the issues most likely to impede the state’s future economic growth. In the mix too were rising health care costs and decaying infrastructure.
A large percentage (45%) rated New Jersey’s current business climate as “fair,” about a third (33%) called it “good,” and about 20% ranked the business climate as “poor.”
“The survey shows us that the New Jersey legislature has a lot more work to do to keep residents and businesses happy enough to remain in the state. A positive business sentiment is necessary to improve economic growth,” said Ralph Albert Thomas, CEO and executive director at NJCPA.