As omicron fades, new survey finds NJ businesses are bouncing back

Many New Jersey businesses have had a very tough time during the COVID pandemic but a new report finds lot of them are making a strong recovery

The Provident Bank Economic Outlook Survey finds 86% of business owners in the Garden State report they have either fully recovered or expect to fully recover in 2022.

Other problems remain

Mark Gueci, a senior vice president and regional director of commercial lending, said the survey also finds “most businesses are still facing supply chain issues, along with hiring, finding the right individuals to fill spots.”

He said the big issue remains “companies trying to get product in and inventory along with trying to hire individuals to fill many open positions throughout their company.”

He said the report also finds “more than 45% of companies plan to increase hiring in 2022, with 60% of the respondents expecting projected sales growth.”

NJ housing prices a concern

Gueci noted the lack of affordable housing in New Jersey was the top concern for many businesses.

“More than half of the respondents (51.5%) said the majority of their staff will be working in the office over the next 12 months,” he said.

Provident Bank surveyed 400 executives and business owners in New Jersey and also in Pennsylvania between the ages of 25 and 90.

You can contact reporter David Matthau at David.Matthau@townsquaremedia.com.