New Jersey has long been one of the most expensive states in the U.S. to live and do business, but a new policy proposal from the New Jersey Business & Industry Association says that could change with the right leadership.
The NJBIA has released its 2025 Blueprint for a Competitive New Jersey, a roadmap intended to guide the state’s next governor and elected officials toward policies that will boost innovation, attract investment and grow the economy.
“We’ve spent the last seven years struggling to have a seat at the table,” said Michele Siekerka, NJBIA president and CEO, in an interview with NJ Spotlight News. “So now we’ve decided to speak up, loudly and clearly for New Jersey business.”
At the top of the blueprint’s recommendations: The creation of a state-level Department of Commerce and Innovation.
“We need someone at the governor’s table every day whose job is to represent business,” said Siekerka. “That would send a strong message on day one.”
One of the biggest concerns for NJBIA members is New Jersey’s high corporate business tax. While neighboring Pennsylvania is lowering its corporate tax rate to below 5% over the next five years, New Jersey recently raised its rate to 11.5% making it the highest in the nation.
“That’s not sustainable,” Siekerka warned, citing the loss of $33 billion in adjusted gross income from the state over the past 15 years. “Seven years ago, we had 21 Fortune 500 companies headquartered here. Now we have 15.”
Energy affordability is another critical focus of the blueprint, especially as the state grapples with rising costs and reduced local energy production. Siekerka called for an “all of the above” approach to energy policy that balances clean energy goals with affordability and resilience.
“We all want a green future,” she said. “But we have to get there in a responsible way that doesn’t price people out of their energy.”
The blueprint also puts significant emphasis on workforce development.
“There’s a huge disconnect right now between what’s being taught and what employers need,” Siekerka said. “We need better alignment from pre-K through post-secondary education to build the workforce of tomorrow.”
With the gubernatorial race on the horizon and the state facing what Siekerka called a “fiscal cliff,” the NJBIA is hoping its blueprint will become a catalyst for change starting on day one of the next administration.
