A Message from President & CEO Tom BrackenOver 1,000 New Jersey business and government leaders joined the New Jersey Chamber of Commerce’s Walk to Washington & Congressional Reception last week, marking a triumphant return for the two-day event after a five-year hiatus.
The bottom line: The Walk remains the state’s premier business networking event. And in this pivotal gubernatorial election year, it also served as a powerful rallying call.
From our packed charter train to D.C. to the Congressional Reception and our highly attended gubernatorial forum, one message was clear: New Jersey’s business community is united in its commitment to building a stronger state economy at a much faster pace.
As a new presidential administration takes the helm in Washington, the nation finds itself at a pivotal economic juncture. The priorities emerging in federal discussions – supporting innovation and artificial intelligence, lowering taxes for businesses, reducing burdensome regulations, bolstering energy independence and supporting small businesses – should resonate deeply with New Jersey’s leaders. These initiatives are not partisan rallying cries; they are pragmatic solutions to the challenges that hinder economic growth and opportunity in the Garden State.
This month’s elections underscored that economic concerns are a top priority for voters. As we move forward, it’s critical for policymakers – at both the state and federal levels – to prioritize initiatives that foster economic growth and stability.
The Murphy administration took an important step on the economy by issuing the recently announced executive order creating a state Economic Council – a concept the New Jersey Chamber of Commerce has long championed. The Council, composed of state government leaders and members of the business community, will focus on a critical goal: finding actionable ways to make New Jersey a more attractive place to do business.
You’ve likely heard the recent buzz: New Jersey made a bold play to lure the Philadelphia 76ers across the Delaware River, offering an attractive deal for a new arena in Camden.
This move clearly caught the attention of Philadelphia Mayor Cherelle Parker, who quickly announced her own city’s agreement with the team for a proposed new arena in Center City near Chinatown.
However, the Philly “deal” still requires city council approval, and it already faces opposition from residents concerned about congestion.
As the Legislature returns this month, our New Jersey Chamber of Commerce lobbying team will be back in the State House pushing for policies that will make New Jersey a better place for our members to run their businesses – and for their employees to live and raise a family.
We are motivated by polling that consistently shows that the economy remains the top concern for Americans and employers. A recent survey of more than 500 members of the New Jersey Society of Certified Public Accountants (NJCPA) revealed unsteady views on the state’s economy for the second half of 2024, with 43% expecting it to worsen.
This has certainly been a historic summer with many political twists and turns. The most recent being this past Sunday afternoon. And, through it all, polling consistently shows the item that matters most to Americans and employers is the economy.
That’s no surprise given all the uncertainty since the pandemic.
Now more than ever, we need our leaders from both parties to come together to focus on bipartisan economic growth policies that create prosperity for all. It sounds simple but it has been so elusive for so many years. Our country will only succeed if we end the constant disagreements. We can do this by getting back to basics through bipartisanship that involve all key stakeholders working together for the common good of the people.
The nightmare might be coming true.
Back in March when we first heard about the proposed budget, the Corporate Transit Fee (CTF) and the buck-a-truck tax, I called it a “nightmare” budget proposal that’s “a major step backwards” for the state.
Well, with less than one week before the fiscal 2025 state budget has to be signed by Governor Murphy, some disappointing news is emerging. Word on West State Street is Governor Murphy and our legislative leaders have agreed on a 2.5% CTF retroactive to Jan. 1, 2024 and lasting for five years, which means the original proposal by the governor is in full force for five years.