New Jersey’s Economy May Be Improving

Information from a Monmouth County Business Lawyer

A recent survey stated that executives in New Jersey have reason for optimism. Employment, profits and sales for New Jersey businesses have all improved this year and reached the highest levels in recent years. New Jersey industry leaders and government officials weighed in on this survey and explored the reasons why the state’s economy continues to improve.

Signs of Economic Improvement in New Jersey

New Jersey is making strides toward becoming a state for thriving businesses. According to the survey, 57 percent of businesses expect the value of their sales to increase next year, and only 15 percent of businesses said their sales would decline.

In the same survey, 52 percent of employers expect their profits to increase, compared to 18 percent that expect a decline. This net positive of 34 percent is the highest expectation in 5 years.

Hiring may be on the rise next year as well. Twenty six percent of companies stated that they anticipate taking on new employees in 2014, while only nine percent plan to reduce their number of employees. This amounts to a net positive of 17 percent, which is more than twice the 8 percent net positive from last year.

Finally, 35 percent of those surveyed expect the economy to improve over the next 6 months, while only 17 percent expect it to worsen. This is the most optimism businesses have shown in this type of survey in the last 16 years.

Why Is New Jersey’s Economy Improving?

Those with knowledge about the situation, economists recently discussed in The Record the reasons for this economic optimism in an annual forum. One New Jersey economist said that the state’s economy is gradually improving to pre-recession levels. He said that employment has expanded steadily in the state.

Another opinion is that construction employment is increasing. According to some estimates, about 5,000 more construction jobs are available this year. One lawyer stated that as the residential construction market improves, people move into the area and want to buy goods, which can improve the economic situation as well.

Those discussing the issue had provided numerous reasons as to why the New Jersey economy could be improving. Some also expressed concern about issues they felt will stagnate the economy. Nonetheless, many business owners in the state have reason for optimism.

How to Find a New Jersey Business Lawyer to Assist You

As the business outlook in New Jersey continues to improve, businesses and employees must understand their rights in the workplace. Our Monmouth County business attorneys handle all types of employment and business litigation. Our lawyers have decades of experience and can defend your legal rights. Call our Monmouth County business lawyers at (732) 358-2028 for attorney advice.

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