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Another Manufacturer Set to Leave New Jersey

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By Scott Mele, Tektite Industries

Tektite IndustriesScott Mele is president of Tektite Industries in Trenton.

For 29 years, Tektite Industries has been proud to build a business in New Jersey and help carry the torch for manufacturing in our state’s capital city. I can remember when we first started producing LED lighting and strobes, we had two products. It was here in Trenton that we saw our business grow to more than 100 products.

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Worries Spread Over New Jersey Tax Revenue Short Fall

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the staff of the Ridgewood blog

Trenton NJ, Worries about a shortfall in New Jersey’s tax revenue continue after testimony by the state treasurer before an Assembly budget panel Monday.

Revenues are $310 million below current spending levels for the fiscal year that began in July, state Treasurer Liz Muoio confirmed to lawmakers.  Adjusted appropriations for the fiscal year 2019 budget totals $38 billion while revised revenues presented today are expected to be only $37.7 billion.

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2019 Business Climate Analysis Shows NJ’s Ranking Continues Downward Spiral

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Trenton NJ, As part of its FY 2020 budget testimony before the Legislature today, the New Jersey Business & Industry Association has released an analysis finding that New Jersey once again has the least competitive business climate in the region with the highest corporate income tax, sales tax, income tax and property taxes.
NJBIA’s 2019 Regional Business Climate report shows New Jersey’s positioning declining even further beyond last year’s last-place result due to increased taxes in 2018.

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Jersey First President Rosemary Becchi , “The financial problems with New Jersey’s government finances are rooted largely in the state’s largest liability, the state pension system”

“New Jersey has become increasingly unaffordable for most of us. This budget will make that problem much worse.”

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Trenton NJ, Jersey First President Rosemary Becchi Urges Legislature to Act on Pension & Benefits Reform during Assembly Budget Hearings

Jersey First President Rosemary Becchi testified against the adoption of Gov. Murphy’s proposed 2020 Fiscal Year Budget today, urging the Assembly Budget Committee to first grapple with the root causes of New Jersey’s financial crisis and end policies that are forcing families and businesses to move out of the state.

Continue reading Jersey First President Rosemary Becchi , “The financial problems with New Jersey’s government finances are rooted largely in the state’s largest liability, the state pension system”
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70 Percent of New Jersey CPAs Polled Say Governor Murphy’s Proposed Budget Will Make NJ’s Economy Worse

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ROSELAND, N.J. – Governor Murphy’s proposed budget will make the state’s economy worse over the long term, according to 70 percent of nearly 500 New Jersey CPAs polled by the New Jersey Society of Certified Public Accountants (NJCPA) earlier this month. More than 38 percent of respondents said the state’s economy would become “significantly worse” and 32 percent said it would become “marginally worse.” Only 12 percent said it would be better and 17 percent said it would “stay the same.”

Of those who responded negatively, most cited Governor Murphy not focusing enough on the amount of spending on public pension benefits in New Jersey in his budget proposal; high property taxes for both residents and businesses in the state; and implementation of the millionaire’s tax.

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New Jersey Job Growth Remains Anemic At Best

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Ridgewood NJ, According to Garden State Initiative (GSI)  analysis of the newest jobs numbers released by the Bureau of Labor Statistics (BLS) today, New Jersey’s job growth for 2018 was much smaller than first reported.  Instead of the previously reported 61,900 new jobs added in 2018, there were actually only 39,400 new jobs added last year – a decline of 44%. (The Bureau of Labor Statistics revises jobs statistics on a monthly and annual basis to account for new data available and more in-depth analysis that is able to take place.)

The revised numbers from BLS mean that while New Jersey did still experience jobs growth for 2018, the actual growth was lower by 27,500 jobs than initially reported.  New Jersey’s labor force is still smaller than the average labor force size in 2006.

Some Key Findings of the GSI report :

  • New jobs in 2018 revised downward 44% – from 61,900 to 39,400
  • Labor force remains smaller than average labor force in 2006
  • Participation rate continues to trail national average
  • Unemployment ticked up .1 to 4.0%
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NJGOP Chairman Steinhardt: Murphy’s ‘Progressive Idealism Is Sucking The Economic Life’ Out Of NJ

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Trenton NJ, New Jersey’s year-over-year job growth declined to its lowest point since 2011 according to figures released by the U.S. Bureau of Labor Statistics. New Jersey’s annual job growth is now at less than one percent.

Last week Governor Murphy proposed growing the size of state government by over a billion dollars in his annual budget address.

“Sobering statistics on New Jersey’s shrinking economy keep stacking up,” said NJGOP Chairman Doug Steinhardt. “The state of New Jersey is on the path to insolvency and Governor Murphy’s progressive idealism is sucking the economic life out of it. Job killing programs like mandated wages, Obamacare fines, corporate tax hikes and billion dollar tax increases are taking a devastating toll on New Jersey’s economy, leaving struggling families with no where to turn.”

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Open Letter From New York State Budget Director Robert Mujica Regarding Amazon

Amazon Introduces New Tablet At News Conference In New York

“As just about everyone in this state, if not the country, knows by now, Amazon has terminated its plans to bring its second headquarters to New York State. It is a tremendous loss for New Yorkers and I hope that at a minimum, we understand the lessons learned.

“In my 23 years in the State Capitol, three as Budget Director, Amazon was the single greatest economic development opportunity we have had. Amazon chose New York and Virginia after a year-long national competition with 234 cities and states vying for the 25,000-40,000 jobs. For a sense of scale, the next largest economic development project the state has completed was for approximately 1,000 jobs. People have been asking me for the past week what killed the Amazon deal. There were several factors. 

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Readers Not Buying Senate President Sweeny’s Anti Tax Stance

Steve-Sweeney-Atlantic-City-finances

Here’s the playbook:
.
1. Protest about high cost and government waste.
2. Vigerously declare that raising taxes is not the answer – become the “anti-tax guy”
3. Declare that all options were exhausted and you reluctanly must raise taxes – there is no other way and you know how mush i abhor raising taxes
4. Raise taxes according to my original plan and intent.
.
Rinse.
Repeat.

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New Jersey Business & Industry Association’s 60th Annual Business Outlook Survey : New Jersey continues to be perceived as being non-competitive with other states

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the staff of the Ridgewood blog

Ridgewood NJ, Expectations are high for increased profits, sales and wages in 2019 following a successful 2018 for many New Jersey businesses, according to results found in the New Jersey Business & Industry Association’s 60th Annual Business Outlook Survey.But the survey, released today, also finds a much more guarded outlook for New Jersey’s economy on the whole. In addition to a marginal increase of business owners who will look to offset a $15 minimum wage with raised prices, reduced staff or hours, or an increase in automation, there was a sizable decline from last year in respondents expecting New Jersey’s economy to perform better in the first six months of 2019. Similarly, while 83 percent of members rated the performance of the U.S. economy as excellent or good, only 40 percent rated New Jersey’s economy in the same categories.

Continue reading New Jersey Business & Industry Association’s 60th Annual Business Outlook Survey : New Jersey continues to be perceived as being non-competitive with other states