The New Jersey Business and Industry Association is out with its 58th annual Business Outlook Survey, which takes a look ahead at how companies expect to do next year.

“On the whole we’re really excited to announce New Jersey businesses are optimistic about 2017. They’re more optimistic than they’ve been in many years,” said Michele Siekerka, president of the association.

“They’re looking forward to creating new jobs, they’re looking forward to seeing increases in profits and sales, and that bodes very well for the state of New Jersey," she said.

The survey finds 29 percent of businesses said they would increase employment. Just 9 said they would decrease.

"That’s a net-positive for 20 percent, and that is strong compared to last year," Siekerka said.

Siekerka said the survey also finds “69 percent said they will give wage increases in 2017. 61 percent said that will range between 1 and 4.9 percent, and actually 8 percent said they may even contemplate raises higher than that. That’s really good news for New Jersey wage earners.”

But some businesses are worried about the future.

“Once again the biggest concerns facing our members, as is usual: No. 1, healthcare, followed by property tax and the cost of doing business," Siekerka said.

She added “some predictability in policy could help to feel better in that regard and maybe (encourage businesses to) spend even a little more.’

The survey indicates New Jersey outpaces other states in the quality of our workforce and the quality of our schools, as well as in environmental regulations.

“These are things we are always strong in, however out-migration still remains a concern for our members,” she said.

The survey also finds:

• More than two-thirds of businesses owners say a $15 minimum wage will impact their business.

• 43 percent said they would increase the dollar value of their purchases while 16 percent expect the dollar value of their purchases to go down for a net positive of 27. This is higher than last year’s forecast of plus-25. The actual dollar value of purchases in 2016 rose by a net positive of 13, which was below the forecast of plus-25 in last year’s survey.

• New Jersey’s high cost of living and cost of doing business were also reflected in the survey results. Fifty-five percent take estate and inheritance taxes into account when making future business decisions vs. 67 percent last year — perhaps expecting that the estate tax would be eliminated. Sixty-eight percent would not keep New Jersey as their retirement domicile vs. 66 percent last year.

A total of 1,046 members responded to the survey. Most were small businesses with 62 percent reporting fewer than 25 employees. The margin of error is plus or minus 2.9 percent, at a 95 percent level of significance.

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