New Jersey Business Owners Not Happy

In a tough economy like this, it’s not surprising that a survey of New Jersey business owners found them to be pretty gloomy in their economic outlook.

An April 9 NJBIZ.com story reported:

Digging in and pulling back: that’s the posture of New Jersey’s middle-market firms as they focus on surviving the recession, according to the latest PNC Economic Outlook survey. Seven out of 10 of the state’s business owners plan to cut capital investment in their businesses, 59 percent expects profits to fall and 46 percent see their sales contracting….

The New Jersey results are in line with the bank’s national telephone survey of small and middle-market business owners, conducted between Jan. 26 and March 4; a total of 1,261 interviews were conducted, including 167 in New Jersey.

Of course, New Jersey business owners have even more to be glum about, as the state ranks the worst among the 50 states on the “Small Business Survival Index 2008” (only the District of Columbia was worse), which measures the states according to their public policy climates for entrepreneurship and small business. So, while it’s a bad economy nationwide, New Jersey policymakers make it even worse for businesses in the Garden State.

Raymond J. Keating
Chief Economist
Small Business & Entrepreneurship Council