The New Year is not the only thing New Jerseyans are cheering for Tuesday. Jan. 1 also brought a raise in the state’s minimum wage, increasing it to $15.13 per hour for an estimated 350,000 workers across the state.

Peter Chen, the senior policy analyst for the think-tank New Jersey Policy Perspective, called the increase a “huge win” for the state.

“This is a huge win for New Jersey workers, and all the advocacy groups that work hard to try and raise the wage which had been stuck for a long time,” he said. “This is a huge win for communities and the economy as a whole.”

New Jersey is one of several states to boost the minimum wage to at least $15 this week, well exceeding the federal minimum of $7.25. The issue was one of Gov. Phil Murphy’s top priorities during his first term in office, and under his administration, the minimum hourly rate grew from $8.60 in 2018 to $15.13 this year.

At the same time, the increases have added new pressures to especially small businesses in the state, like Colonial Bakery in Lavallette.

“Our three biggest expenses are our payroll, ingredients, and our paper goods,” said Allison O’Neill, the owner of Colonial Bakery. “So as one of the biggest expenses goes up, so do our prices.”