Contact Us
Make My Homepage

NJ Business Owners Have High Hopes for 2014 [AUDIO]


New Jersey business leaders expressed optimism for next year, as well as caution, in a new survey from Provident Bank.

business owner, workers
Flickr User Victor 1558

With New Jersey’s unemployment rate floating well above the national average, nearly 60 percent of business owners still said they plan to hire additional workers in 2014.

“While the recovery has been slow and Superstorm 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,” said Chris Martin, president and CEO of Provident Bank.

Nearly 80 percent of business owners and members of executive management revealed they are either very or somewhat optimistic about their business outlook for 2014; the majority of respondents indicated their business will grow in the range of three to 10 percent.

Martin noted that a number of flourishing New Jersey businesses next year, however, will probably be those handling services related to cleanup from Sandy.

Provident Bank’s survey also hinted at lessons learned by businesses over the last half of a decade. Close to 80 percent of business owners didn’t borrow money for their businesses in 2013, and another 68 percent said they do not plan to borrow in 2014 either.

“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,” said Martin.

A third of business owners indicated that their businesses “held their own” during the last 12 months. More than 20 percent reported a minor struggle.

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

Best of NJ101.5

Recommended For You

Best of the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account just click on the account activation button below. You will maintain your existing VIP profile. After you do this, you will be able to always log in to using your original account information.

*Please note that your prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

(Forgot your password?)

Not a member? Sign up here

Sign up for New Jersey Insiders quickly by connecting your Facebook account. It's just as secure and no password to remember!

Sign up to have exclusive New Jersey Insiders contests, events, coupons, presales, and much more delivered to you for FREE.