With legislative committees advancing New Jersey's record-setting $60.7 billion Fiscal Year 2027 budget, another budget cycle is coming to a close. It is time to look to the future and begin to focus on the state’s most pressing need: our economy. Attention should turn to advancing policies that strengthen our economy, encourage investment, and improve New Jersey's long-term competitiveness, all of which have been virtually ignored for way too long.
Supporting economic growth and the business community was not a focus of this budget. New Jersey’s employers – those who create jobs, drive investment, and fuel our state's economy – were given minimal support.
President & CEO Tom BrackenNew Jersey stands at an economic crossroads.
Nearly every week, troubling economic reports, business surveys, and corporate announcements signal that the state is losing ground in competitiveness. Declining corporate tax revenues, companies expanding elsewhere, growing pessimism among financial professionals, and struggling small businesses are all warning signs that cannot be ignored.
The good news is that solutions exist. New Jersey needs more thoughtful, pragmatic, pro-business legislation that encourages investment, supports employers, keeps jobs and economic opportunity here at home, and improves our overall business friendly ranking.
The New Jersey Chamber of Commerce Board of Directors this month elected a new board member: Eileen Mannion, vice president, public policy-state & local government affairs at Verizon.
Mannion, a graduate of Seton Hall University School of Law and Monmouth University, has spent the past 22 years in government affairs at Verizon. Prior to joining the company, she served as deputy counsel to the New Jersey Assembly and as an assistant counsel in the Governor’s Counsel’s Office. She is also a longtime volunteer with Unite for Her, a nonprofit organization that connects women affected by breast and ovarian cancer with integrative therapies and wellness resources.
For years, I have been saying the same thing: making New Jersey more economically competitive must be the top priority of both the governor and the Legislature.
Some may think I sound like a broken record. That's okay. The message remains the same because the challenge remains the same.
Today, however, the urgency feels greater than ever – and the business community has been patient long enough.
The New Jersey Chamber of Commerce applauds the Sherrill administration for delaying implementation of the PACT/REAL climate rules by one year to allow for additional study and broader stakeholder engagement on regulations that could have significant economic consequences. While protecting communities from environmental threats is critically important, the business community remains concerned that these rules could dramatically increase the cost of building and redevelopment across New Jersey, ultimately driving up housing prices for residents and making future development extremely difficult.
New Jersey businesses are under growing pressure from rising energy costs. Across our state, employers of every size are feeling the impact of increasing electricity demand and concerns about whether supply can keep pace. In today’s economic climate, helping businesses better manage energy use and costs is essential to maintaining New Jersey’s competitive edge.