What the Business Community in New Jersey Wants in 2015

By Morley, Hugh R | The Record (Bergen County, NJ), January 4, 2015 | Go to article overview

What the Business Community in New Jersey Wants in 2015


Morley, Hugh R, The Record (Bergen County, NJ)


New Jersey businesses enter 2015 enjoying the best of times -- and the worst of times.

For five years, business has had perhaps the best possible friend in the governor's office in Chris Christie, whose administration pledged to cut red tape, awarded billions of dollars in corporate tax breaks, cut business taxes and restructured the state's economic development process to make it more efficient and effective.

Yet, New Jersey's post-recession economy is still struggling. Job creation is weak, and the jobless rate remains higher than the nation's. The state has ranked at or near the bottom in the proportion of jobs recovered since the 2007-09 recession and in its business environment.

Amid the uncertainty, the one sure thing is that the state's private sector will have a key role in charting New Jersey's long- awaited comeback.

The Record recently gathered the heads of four of the largest business trade associations in New Jersey -- Jim Kirkos, president and CEO of the Meadowlands Regional Chamber of Commerce; Thomas A. Bracken, president and CEO of the New Jersey Chamber of Commerce; John Galandak, president of the Commerce and Industry Association of New Jersey; and Michele N. Siekerka, president of the New Jersey Business and Industry Association -- to hear their insights into what is going on in the economy, what businesses are thinking about and what the New Year will bring.

Here are some highlights of the discussion (edited and condensed):

Q. New Jersey's labor market is weak. What can be done?

Bracken: We need to resurrect our business atmosphere. I think the best sources of jobs are the companies that are in New Jersey, not necessarily the ones we are trying to attract to New Jersey. The state has a lot of work to do. The lieutenant governor [Kim Guadagno] has done a lot of work paying attention to the business community that's here. We need to pay a lot more attention to the business community of New Jersey. Ask them what they want -- not tell them what they need, which is what the mandates that are coming out of Trenton are. And, really try to nurture those companies, encourage them to grow, encourage them that this is a place they should be and want to be.

Galandak: We're kind of still repenting for the sins of the past. It's not that nothing has improved, but we're still out of line with a lot of other states. In some cases, all other states. One area is the elimination of the estate and inheritance tax, which really puts us at a competitive disadvantage with folks thinking about moving here. That's certainly a priority for us.

Kirkos: The cost of doing business in New Jersey is key. Most of the time we think about that relative to large companies. But small and midsized companies feel it the worst. And what they are experiencing right now is a lot of stop and go. They see a little bit of movement in the economy, and they think about expanding their business. And then all of a sudden, they pull back because they lack confidence or a new regulation comes out -- something that stifles their business. And, so, this lack of continuity of a business climate is really hard.

Q. What other specific remedies do you suggest?

Bracken: Tops on my list is that we have paid, I think, in the last five years, $1.2 billion or $1.4 billion incentive payments to companies to attract them to New Jersey. And I am not sure how many jobs that's created. I think it's something like 20,000 jobs, roughly, that's a guess. If we would have taken that money and somehow allocated it to the 300,000 businesses that are in New Jersey and only one out of 10 added one job a year, that's 30,000 jobs a year. And, I think if we would have allowed those smaller companies the availability of some of these incentive dollars, you would have created job totals like that. So I think the incentive payments, the availability of those to smaller companies over a greater geography, are absolutely imperative for us. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Note: primary sources have slightly different requirements for citation. Please see these guidelines for more information.

Cited article

What the Business Community in New Jersey Wants in 2015
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
Items saved from this article
  • Highlights & Notes
  • Citations
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Search by... Author
    Show... All Results Primary Sources Peer-reviewed

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.