N.J. businesses optimistic about growth in 2014, survey finds
Looking for a job? One side of the Delaware River apparently plans on hiring in 2014.
Sixty percent of New Jersey businesses plan to hire more full- or part-time employees next year, according to a survey released Wednesday by Provident Bank.
The community bank's 2013 Business Barometer, which polled more than 300 Garden State-based employers, found 78 percent of them are "very" or "somewhat" optimistic about their companies' economic outlook next year.
“While the recovery has been slow and Hurricane Sandy was a decidedly defining setback for businesses here in New Jersey, our research underscores a compelling outlook among New Jersey’s business leaders here that better days lay ahead,” Provident Bank president and CEO Chris Martin said in a news release.
Seventy-two percent of respondents believed their businesses would grow in 2014. Still, they continued to express some fiscal unease — 68 percent of those polled said they did not plan to borrow money next year, citing the economy and consumer confidence as two top concerns. They identified the state's and country's political climate, as well as New Jersey's property taxes, as additional areas of anxiety.
“These have been challenging years for New Jersey businesses, and the political and economic uncertainty have understandably impacted business owners’ willingness to overextend themselves and take on additional debt," Martin said. "But, all things considered, the survey revealed just how resilient business owners are here, how eager they are ready to embrace the next business cycle and are poised for growth.”