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NJBIA released its 65th annual Business Outlook Survey on Nov. 27. While much of the attention of the 2024 outlook survey focused on inflation 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 2024 Business Outlook Survey.

Profits  

From 2012 to 2019, most New Jersey businesses reported more gains than losses in the NJBIA Business Outlook Survey. 

But that all changed during the pandemic year of 2020, and the climb from that hole continues as follows: 

“Small businesses face considerable headwinds when trying to make a profit,” Siekerka said. “This is why NJBIA uses a mantra to Trenton lawmakers that ‘every dollar counts’ when informing on policy.” 

Wages  

Efforts by New Jersey employers to increase wages are continuing. 

  • Overall, 78% increased wages in 2023. 
  • 37% said they’ll raise wages between 3% and 4.9% in 2024.  
  • 78% said they’ll increase wages in 2024, while 22% anticipate no change in wages.