NJBIA Business Outlook Survey Spotlight: Profits & Wages

NJBIA released its 66th Annual Business Outlook Survey on Dec. 2. While much of the attention of the 2025 outlook survey focused on New Jersey’s next governor and affordability, there were many other facets of the survey.

Today, we look at deeper at New Jersey’s profits and wages data found in the 2025 Business Outlook Survey.

Profits

From 2012 to 2019, more New Jersey businesses reported more gains than losses in this survey.

That all changed during the pandemic year of 2020 and the climb from that hole continues.

In 2024, only 32% of respondents reported profits for the year, 4% fewer than in 2022. At the same time, 45% reported a loss.

This continues to be a key reason why NJBIA uses a mantra to Trenton lawmakers that “every dollar counts” when informing on policy.

Businesses’ outlook for profits is a little better than a year ago. In 2025, 40% believe they will make a profit, compared to 25% who anticipate losing money. That net positive of 15% certainly isn’t a strong number historically in this survey, but it’s better than the 9% net positive outlook for 2024.

Of the 40% hoping to be on the plus-side for 2025, 14% are forecasting profits of only 1% to 3%.

Wages 

Despite business challenges, New Jersey employers continue to attempt wage increases.

In 2024, 27% of businesses increased pay for employees by 5% or more. That’s down seven percentage points from last year, but a stark improvement from four years ago, during the height of pandemic-related shutdowns and restrictions when that number was only 12%.

All totaled, 77% increased wages in 2024.

Looking ahead to 2025, 16% say they’ll increase wages more than 5%.

Another 37% said they’ll raise wages between 3% and 4.9% in 2024. All totaled, 74% said they’ll increase wages in 2025, while 24% anticipate no change in wages.