New Jersey has consistently ranked among the most costly states in the U.S. for both living and operating businesses. However, a fresh policy initiative from the New Jersey Business & Industry Association (NJBIA) suggests that strategic leadership could reverse this trend. The organization has unveiled its 2025 Blueprint for a Competitive New Jersey, a comprehensive strategy designed to guide the state’s incoming governor and policymakers in fostering innovation, drawing investment, and expanding economic activity.
Michele Siekerka, president and CEO of NJBIA, emphasized the urgency of business representation in governance. In an interview with NJ Spotlight News, she stated that after years of limited influence, the association is now advocating assertively for the interests of New Jersey’s business community.
A central recommendation in the blueprint is the establishment of a state Department of Commerce and Innovation. Siekerka argued that having a dedicated business advocate within the governor’s inner circle would signal strong support for economic growth from the outset of the new administration.
One major obstacle highlighted in the report is the state’s corporate tax burden. At 11.5%, New Jersey now has the highest corporate tax rate in the country. This stands in contrast to Pennsylvania, which plans to reduce its rate below 5% over the next half-decade. Siekerka warned that the current tax environment is untenable, noting a $33 billion decline in adjusted gross income over the past 15 years. Additionally, the number of Fortune 500 companies headquartered in the state has dropped from 21 to 15 since 2017.
Affordable energy is another priority. As local energy production declines and costs rise, the blueprint calls for a balanced energy strategy that supports clean energy goals while ensuring reliability and cost-effectiveness. Siekerka stressed that while environmental objectives are important, they must not come at the expense of making energy unaffordable for residents and businesses.
Workforce readiness is also a key focus. The document identifies a significant mismatch between educational curricula and employer demands. To address this, the NJBIA recommends strengthening alignment across all levels of education—from early childhood through higher education—to better prepare future workers for evolving industry needs.
With a gubernatorial election approaching and looming fiscal challenges, the association hopes the blueprint will serve as a foundational guide for immediate policy action in the next administration.
— news from NJ Spotlight News
— News Original —
Business ‘blueprint’ seeks to reignite NJ’s economic competitiveness
New Jersey has long been one of the most expensive states in the U.S. to live and do business, but a new policy proposal from the New Jersey Business & Industry Association says that could change with the right leadership. n nThe NJBIA has released its 2025 Blueprint for a Competitive New Jersey, a roadmap intended to guide the state’s next governor and elected officials toward policies that will boost innovation, attract investment and grow the economy. n n“We’ve spent the last seven years struggling to have a seat at the table,” said Michele Siekerka, NJBIA president and CEO, in an interview with NJ Spotlight News. “So now we’ve decided to speak up, loudly and clearly for New Jersey business.” n nAt the top of the blueprint’s recommendations: The creation of a state-level Department of Commerce and Innovation. n n“We need someone at the governor’s table every day whose job is to represent business,” said Siekerka. “That would send a strong message on day one.” n nOne of the biggest concerns for NJBIA members is New Jersey’s high corporate business tax. While neighboring Pennsylvania is lowering its corporate tax rate to below 5% over the next five years, New Jersey recently raised its rate to 11.5% making it the highest in the nation. n n“That’s not sustainable,” Siekerka warned, citing the loss of $33 billion in adjusted gross income from the state over the past 15 years. “Seven years ago, we had 21 Fortune 500 companies headquartered here. Now we have 15.” n nEnergy affordability is another critical focus of the blueprint, especially as the state grapples with rising costs and reduced local energy production. Siekerka called for an “all of the above” approach to energy policy that balances clean energy goals with affordability and resilience. n n“We all want a green future,” she said. “But we have to get there in a responsible way that doesn’t price people out of their energy.” n nThe blueprint also puts significant emphasis on workforce development. n n“There’s a huge disconnect right now between what’s being taught and what employers need,” Siekerka said. “We need better alignment from pre-K through post-secondary education to build the workforce of tomorrow.” n nWith the gubernatorial race on the horizon and the state facing what Siekerka called a “fiscal cliff,” the NJBIA is hoping its blueprint will become a catalyst for change starting on day one of the next administration.