NJ Biz Survey: Good For Now, Worried Down The Road

By David Madden

TRENTON, N.J., (CBS) -- The annual survey of New Jersey businesses suggests 2016 will be another up year.

The 57th annual Business Outlook Survey by the New Jersey Business and Industry Association included 1,100 entities, from mega companies to mom and pop shops. For the third straight year, things are looking bright, with 25 percent of respondents expecting to bring on more people.

"Sixty-five percent of our surveyed companies said that they expect to increase wages in 2016," Association President Michele Siekerka told KYW Newsradio, "and the average is give or take 3 percent increase in wages."

Half of the respondents expect sales to improve, and 42 percent plan to up their investment in the business.

But looking long term, Siekerka says her members are concerned on a number of fronts. "If they were planning to expand, would they open another location in New Jersey? Sixty-two percent said no," Siekerka said. "We asked our members if they planned to keep New Jersey as their domicile in retirement. Sixty-six percent said no."

Long range concerns center on health care, the cost of doing business and property taxes, in that order.