After the 2014 Business Outlook Survey from the New Jersey Business and Industry Association was released, NJBIA President Philip Kirschner told NJTV News Managing Editor Mike Schneider that the business economy has turned the corner.
The numbers from the survey are the most optimistic since the beginning of the recession, Kirschner said. THE NJBIA is excited about the new numbers and they are positive in every area, he said.
“For the first time in many years we saw a very large increase in both residential construction and commercial construction. We have always said that we cannot have a full and total recovery until the construction market starts to recover. We are starting to see that now and I think that is a great signal for the future,” Kirschner said.
Now businesses are seeing conditions in their stores and workplaces improving because there is a demand for their products and services, Kirschner said. Businesses can now justify hiring people because they know that there is work that they can do, he said.
“They feel confident that the demand for their service is going to be there. There is more consistency now in sales, so I think that breeds a lot of optimism,” Kirschner said.
The NJBIA is hoping to see an up-tick and one that is faster and bigger than has been seen in the past two years, he said.
“The best forecast of what you will do in the future is what you have done in the past. The last two or three years you have seen good, steady improvement in actual sales and profitability. Businesses feel confident that they have turned a corner and that they can expect good, consistent growth from here on out,” Kirschner said.
Kirschner said that we are not seeing the light at the end of the tunnel yet, because businesses still have a long way to go.
“It looks like we are getting there and people are more optimistic that that time frame will shorten from the time that they get there,” Kirschner said.