2017 Business Outlook for New Jersey: The NJBIA Annual Survey
The New Jersey Business and Industry Association released the 2017 Business Outlook Survey and the results are mixed. The survey results came from more than 1000 members who predict how their own businesses and the economy will fare in 2017.
- Hiring, sales and profits are expected to rise in 2017, but the cost of health benefits, property taxes and the cost of doing business in the state are the three biggest concerns.
- Many reported that, while being positive about their own businesses, they are concerned about the overall economic climate in the state and the many challenges they face. New Jersey’s high cost of living and cost of doing business were also reflected in the survey results.
- According to NJBIA President & CEO Michele Siekerka, “Outmigration is still a major issue in the state. New Jersey has lost a total of $20.7 billion in net adjusted gross income in the last 11 years. This has led to a loss of 87,000 jobs, $4.6 billion in lost labor income and $13 billion in lost economic input." NJBIA research has indicated that if only 20 percent of those over 45 years of age who left the state in 2013 had stayed, it would have resulted in more than half a billion dollars in additional adjusted gross income staying in the state, which could not only have been taxed, but would have flowed through the economy adding an additional $300 million in economic activity.
How are things where you are? What's the outlook there? Is your local government working to help stimulate economic growth, and if so, how?
Need help with finding new growth for your business? Need help putting in proper business practices but don't have the time or the direction? Call me toady for a frr 30 minute consutation to discuss your concerns and to learn more about what a business coach can do to help your business.