The NJBIA released its 66th annual Business Outlook Survey on December 2. Although the 2025 Outlook survey’s focus was on New Jersey’s next governor, the survey had many other facets.
Today we take a deeper look at New Jersey’s affordability issues and the impacts of inflation revealed in the 2025 Business Outlook Survey.
Affordability issues
Employers also continued to be extremely disappointed with business affordability in the state.
This year, 74% answered no to the same question – compared to 68% in 2023.
Additionally, 79% said business affordability had declined in New Jersey over the past five years, compared to just 4% who said it had improved over the same period. Seventeen percent said business affordability has remained the same over the past five years.
“Business affordability unfortunately does not seem to attract significant interest from policymakers,” says Siekerka. “We hope that a new regime in Trenton will recognize the extreme costs of doing business in the state, taken collectively, and consider policies to ameliorate this sobering trend.”
Impacts of inflation
As the nation’s inflation rate stabilized in 2024, New Jersey businesses still felt the effects, and then some… with 46% saying they have been significantly affected by inflation, up from 36% in 2023.
42% said they would be moderately affected by inflation in 2024.
Regarding supplies and equipment, 57% said they had been significantly affected by inflation – up from 51% in 2023.
Similarly, 48% say they will have been significantly impacted by labor cost inflation in 2024, compared to 40% in 2023.