State Sen. Paul Sarlo (D), the Senate’s deputy majority leader, and state Sen. Steve Oroho (R), the Republican leader, discussed ways to improve New Jersey’s business climate; how the state should spend its federal pandemic aid; and what will happen when the aid runs out.
May is small business month. Here at the New Jersey Chamber of Commerce, small business month is every month. May just gives us another excuse to say that small business employers are the backbone of New Jersey’s economy.
Johnson & Johnson has a long, storied history in New Jersey and we are pleased that its spinoff, Kenvue, has chosen Summit as its headquarters. The company received no state tax incentives when making this decision. Therefore, this is another recent example of a company looking at all New Jersey has to offer its employees and operations and choosing the Garden State over other states due to our superior demographics, our enormous array of assets and our ideal location. Additionally, we wish Kenvue, a soon to be Fortune 100 company, the all the best as it delivers iconic brands to consumers in New Jersey and the rest of the world. This is a win for our economy and all New Jerseyans.
Prior to becoming president of the New Jersey Chamber of Commerce, I spent over 40 years working in the banking industry. So, naturally, many of you have reached out to me over the past couple of weeks voicing concerns about the state of their financial services institutions and the overall system. Some people are worried, especially small business owners.
Like most everybody, we are keeping a close eye on the economy. Right now, the uncertainty continues to grow.
Adding to inflation and the prospect of a recession, is a banking crisis that is rattling markets. And it could worsen. If lending tightens, many companies, especially smaller ones, could lose access to financing. It could cause severe distress to our economy — and our state leaders need to prepare now.
N.J. Chamber chief lobbyist Michael Egenton testified today in front of the state Senate Budget Committee. "The state budget's proposed $10 billion surplus should be used judiciously and, if the funds are used, it should be for programs that shore up New Jersey’s economy," Egenton said. "If the banking crisis worsens and financial institutions pull back on lending, which many leading economists predict could happen, our companies will need direct assistance. Some economists put the chance of recession this year at 65%, up significantly from a few weeks ago." Click here for the Michael’s testimony.
- 2023-03-15
The New Jersey Chamber of Commerce is saddened to learn of the passing of Sen. Ron Rice. Ron was a tireless advocate on a wide variety of issues and he always listened to the concerns of New Jersey’s business community, especially from small business owners across the state. It was a pleasure to see him as a regular attendee on our Walk to Washington – and in 1995 the Chamber presented him with our Legislator of the Year award. Ron cared deeply about his constituents and was passionate about making sure their interests were represented. Our condolences to the Senator’s family and his many friends.
- 2023-03-12
The In-Person Summit will Feature a Two-Day General Session of Interactive Discussions about How to Boost New Jersey's Economy
#ReNewJersey
Gov. Phil Murphy will deliver the keynote remarks at the N.J. Chamber of Commerce's ReNew Jersey Business Summit & Expo tomorrow and Wednesday, March 14 and 15, at Harrah’s Atlantic City. The event will feature 800 attendees, 47 speakers,15 sessions on the state economy and over 90 exhibitors. The governor’s remarks will come on the afternoon of the first day of the statewide Business Summit.
- 2023-02-27
The New Jersey Chamber of Commerce is pleased that Gov. Murphy has introduced a budget that includes no new taxes and fees. We particularly commend the governor for reiterating his promise to allow the Corporation Business Tax (CBT) surcharge to sunset at the end of 2023. Now it is up to the members of the Legislature to do the right thing and pass this in June. The governor’s position on this is correct. It will help make the state more competitive and more affordable. It will also demonstrate that our leaders honor their commitments, which results in the reliability that businesses seek. Still, even after the CBT surcharge expires, New Jersey will have fourth highest CBT rate in the nation, which should be targeted for further reductions.