NJ survey: 2019 looking good for business, not so much for the state

David Madden
December 27, 2018 - 10:25 am

Dreamstime

Categories: 

TRENTON, N.J. (KYW Newsradio) — In its annual survey of members, the New Jersey Business and Industry Association finds mixed sentiment going into 2019.

On the one hand, individual businesses see higher profits, sales and wages in the year ahead. But the state’s overall economic forecast isn’t nearly as sunny. NJBIA spokesman Bob Considine.

"We believe this could be attributed to the increased taxes and mandates that have been added on to the backs of businesses this year and other costs that they’re anticipating being added next year," NJBIA spokesman Bob Considine said.

Tops on that list? A push for a $15-an-hour minimum wage in the state, even if it’s phased in over several years, as proposed by legislative Democrats and Gov. Phil Murphy.

It all comes down to how the economy is viewed: 83 percent of respondents rate the national economy highly compared to just 40 percent when it comes to the Garden State.

"We asked our members if they were planning to expand their business in 2019," Considine added. "Fifty percent said they were planning to expand, but of that 50 percent only 14 would open another location in New Jersey."