The attitude of New Jersey CEOs toward the state’s economy and business climate has improved significantly over the last 18 months, according to the results of the New Jersey Economic Policy Summit’s sixth “C-Suite Survey” (C-Suite VI) of Garden State CEOs.
The findings, presented May 25 at the summit’s fourth annual conference, show that 75 percent of respondents believe that the state government has become more responsive to the needs of the business community over the past six months.
Almost as many, 72 percent, rated New Jersey’s economy as fair or good. These figures are up from 35 percent and 34 percent, respectively, in the previous C-Suite Survey (C-Suite V), conducted in fall 2009.
“While the results also show that New Jersey still is viewed as having a long way to go in terms of its tax structure and regulatory environment as compared to other states, attitudes clearly have gotten better,” said James W. Hughes, dean of the Edward J. Bloustein School of Planning and Public Policy at Rutgers University, which conducts the survey. “In the current survey, 48 percent of respondents say state government is encouraging/enthusiastic or helpful/supportive, as compared to 31 percent in the previous survey conducted in the final quarter of 2009.”
“This survey confirms that the pro-business approach of [Gov. Christie’s] administration is paying dividends,” said Lt. Gov. Kim Guadagno, who spoke at the summit. “Agovernment more responsive to business results in more businesses relocating and expanding in New Jersey. … Major companies such as Panasonic and Bayer are building facilities in New Jersey and private-sector jobs are being created — 31,000 of them in the last two months.”
Hughes and Marc D. Weiner, associate director of the Bloustein Center for Survey Research, presented the full survey findings at the summit.
The results also reflect significant shifts in the perception of economic improvement in New Jersey.
42 percent of respondents, the highest percentage since the survey began in fall 2007, reported that they believe New Jersey’s economy has improved during the past 12 months, while only 8 percent, the lowest percentage ever, reported that they think the economy has worsened.
59 percent of respondents, also the highest percentage ever, believe the New Jersey economy will get better over the next 12 months, while 11 percent, the lowest percentage ever, believe the state economy will become worse. “Companies’ plans for the coming year, as indicated in the current survey, reflect this positive outlook,” Hughes added. “Again, while there is room for improvement, this is good news for New Jersey.”
32 percent expect to increase their number of New Jersey-based employees (up from 15 percent in C-Suite V).
74 percent of respondents expect revenues to increase in 2011 (up from 64 percent in C-Suite V).
31 percent plan to increase capital spending (up from 19 percent in C-Suite V).
15 percent expect to increase space utilization in New Jersey (from 5 percent in CSuite V).
The New Jersey Economic Policy Summit gathering, which took place at the Bloustein School’s Civic Square Building on the Rutgers-New Brunswick campus, brought together key stakeholders from New Jersey’s business, education and political communities.
Organized by The New Jersey Business & Industry Association (NJBIA), commercial real estate services firm Cushman & Wakefield Inc. and the Bloustein School, the summit aims to identify, understand and address concerns, challenges and opportunities for the future health of the state.
The C-Suite Survey is conducted biannually by Hughes and Joseph J. Seneca, a professor at the Bloustein School. It targets senior executives from companies headquartered or with deep roots in New Jersey. Questions gauge their opinions about the economy and experiences doing business here. Its results are typically viewed as a barometer for New Jersey’s business environment and future economic needs, and provide the foundation for analysis and recommendations.