With Gov. Mikie Sherrill's signing of New Jersey's record-setting $60.7 billion Fiscal Year 2027 budget, another budget cycle has come to a close. It’s now time to look ahead and begin to focus on the state’s most pressing need: strengthening our economy. Attention should turn to advancing policies that encourage investment, promote growth 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 central focus of this budget. New Jersey’s employers – those who create jobs, drive investment, and fuel our state's economy – were given minimal support.
In fact, funding dedicated to supporting small businesses was significantly reduced, and the budget includes measures that make it more costly for employers to do business in New Jersey. These policies send the wrong message at a time when New Jersey should be working to attract and retain businesses, not making it more costly and cumbersome to operate here. The negative financial and reputational consequences of these policies will make it more difficult for New Jersey to be competitive – and competitiveness is essential if the state economy is going to grow.
These additional burdens on employers are the result of years of unsustainable spending growth. Rather than continuing to rely on taxing businesses to close budget gaps, state leaders should focus on controlling spending and creating a more competitive economic environment.
With the budget now signed, it is time to turn the page. We encourage the administration and Legislature to work together on a pro-growth, pro-business agenda that supports entrepreneurs, helps existing employers grow, attracts new investment, and strengthens New Jersey's reputation as a destination for business.
New Jersey will continue to face significant fiscal and revenue challenges unless policymakers prioritize economic growth. Policies that encourage private investment, foster innovation, create jobs, and expand the tax base are the most sustainable path forward.
That should be a vigorous focus now – and should be pursued aggressively.
— Tom Bracken, President & CEO, New Jersey Chamber of Commerce