New Jersey business leaders are offering a bleak view of the state’s economy. A survey by the New Jersey State Chamber of Commerce finds 68% of those polled believe the U.S. economy is in a recession. And most respondents said the state of their business is somewhat or significantly worse than before the COVID-19 pandemic, as companies grapple with issues ranging from rising costs to supply chain woes. They do expect an improvement in business conditions next year. The survey had some familiar themes, with executives saying the state is unfriendly to businesses and taxes are too high. The survey was conducted in August, with 131 business leaders responding.
The state has opened an online portal for residents to apply for the ANCHOR property-tax relief program. With the program’s new income eligibility requirements, more than 2 million homeowners and renters are eligible. The state has committed more than $2 billion to the program for the current fiscal year, but some question whether that funding level can be sustained.
Struggling Union-based retailer Bed Bath & Beyond will close three stores in New Jersey — in Paramus, Flanders and Manalapanas — as part of a plan to shutter 150 locations nationwide. Previously the company announced plans to lay off 20% of its workforce due to slumping sales.
