NJBIA Business Outlook Survey Spotlight: Affordability & Inflation Impacts

NJBIA released its 66th annual Business Outlook Survey on Dec. 2. While much of the attention of the 2025 outlook survey focused on New Jersey’s next governor, there were many other facets of the survey.

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Today, we look at deeper at New Jersey’s affordability concerns and inflation impacts found in the 2025 Business Outlook Survey.

Affordability Concerns

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Employers also continued to be extremely disappointed by business affordability in the state.

When asked if the governor and New Jersey lawmakers have done enough to address business affordability in the past 12 months, only 4% said yes for the second straight year.

This year, 74% said no to the same question – compared to 68% in 2023.

Further, 79% said business affordability has decreased in New Jersey over the past five years, compared to only 4% that said it has improved in the same time frame. Seventeen percent said business affordability has remained the same over the past five years.

“Business affordability unfortunately does not seem to get any meaningful traction with policymakers,” Siekerka says. “It’s our hope that a new regime in Trenton will recognize the extreme costs of doing business in the state, taken as a collective, and consider policies to improve this sobering trend.”

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Inflation Impacts 

While the nation’s inflation rate leveled off in 2024, New Jersey businesses still felt the pinch and then some – with 46% saying they were substantially impacted by inflation, compared to 36% in 2023.

Another 42% said they were moderately impacted by inflation in 2024.

With supplies and materials, 57% said they were substantially impacted by inflation – compared to 51% in 2023.

Similarly, 48% said they were substantially impacted by inflation for labor costs in 2024, compared to 40% in 2023.