As New Jersey enters a pivotal period of political transition with the 2025 gubernatorial election on the horizon, we are also entering an economic inflection point. This election presents a critical opportunity to realign the state’s priorities and confront the serious economic headwinds that continue to grow. The next governor – regardless of party or platform – must make New Jersey’s economy the top priority from day one.
We are deeply disappointed in this year’s budget. It marks the eighth consecutive year of overspending and continues to show a troubling lack of focus on growing New Jersey’s current and future economies. This budget makes the state less affordable, less competitive, and less business friendly. Rather than driving progress, it maintains a status quo that has failed to deliver real economic success—and it’s not what New Jerseyans want, as reflected in a recent Rutgers-Eagleton poll showing widespread dissatisfaction with the state’s economic direction.
A Message from President & CEO Tom BrackenAs New Jersey’s fiscal year 2026 budget deadline approaches, the stakes have never been higher for our economy, our employers, and our future. In just one month, Governor Murphy and the Legislature must finalize a budget that either sets us on a sustainable path, or pushes us further toward a fiscal cliff. We must choose wisely.
We are living in a time of deep uncertainty – politically and economically. As we look to the future, one thing is abundantly clear: if we are to navigate the challenges ahead and unlock the opportunities waiting on the other side, leadership is the key.
New Jersey’s economy was already facing much uncertainty when President Trump made his tariff announcement. In February, Gov. Murphy proposed a record-high state budget including $1.2 billion in new fees and taxes – and increased spending. There is the looming threat of huge federal aid cuts that could upend the proposed budget and jeopardize vital services to residents. Massive budget deficits are projected for future state budgets. The cost of living for New Jersey businesses and residents is sky-high causing increased pressure. There is uncertainty regarding who our next governor will be – and the direction that person will take the state.
The past months have been marked by unprecedented economic uncertainty – globally, nationally, and right here in New Jersey. Businesses thrive when they can plan for the future with confidence, yet today’s economic climate is inherently unpredictable. From inflationary pressures to tariff wars, executives across industries are grappling with challenges that make long-term investment and expansion difficult.
In short, there’s an old truism: Uncertainty stifles prosperity.
Over 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.