Moving their businesses out of New Jersey is a growing imperative among companies who belong to NJBIA, and the budget debate is only making things worse.
Testifying before both the Senate Budget and Appropriations Committee and the Assembly Budget Committee on Tuesday, Siekerka related two stories NJBIA member companies had recently shared with her:
“One company is a fourth-generation professional services firm, who is very near the Pennsylvania border – again, our No. 1 outmigration state. And they have said that their accountants are sitting with them and explaining, ‘We’ve told you over the past five years it’s time for you to move across the river. If you go across the river, you will not lose your employees, you will not lose your clients. You’re a professional services firm. You should go.’
“The second example is a local manufacturer. You would think with an investment in heavy equipment to a fixed property that it would be a daunting proposition to move across the river. However, the accountant for this manufacturer, right here in our capital city, told his client that “you will recoup your costs for moving across the river in three to five years. And if you plan on being in business for a long time, it’s the thing to do now.”
“These are stories our members share with us every day.”
Read the full testimony here.
