The latest annual survey of New Jersey business leaders conducted by the New Jersey Business & Industry Association indicates that despite concerns about high taxes and inflation, many businesses are optimistic about increased sales and plan to give employees raises in the coming year. The survey showed that property taxes, rising health insurance costs, and corporate taxes were the top concerns for respondents. While state funding for property tax relief programs has risen, businesses are generally unable to take advantage of them.
Additionally, the survey revealed that New Jersey’s unemployment rate was slightly higher than the national average, but the state reported net job gains of over 45,000 in the past year. State revenue collections were also up slightly, with income tax revenues increasing by nearly 10% over the previous year.
Looking ahead, more than 70% of businesses surveyed plan to offer raises next year, and nearly 40% reported increased sales compared to the previous year. Despite these positive trends, concerns about overall business affordability have increased, with many hoping for property tax relief from future policymakers.
Source
Photo credit www.njspotlightnews.org