Nearly 65% ​​of CPAs surveyed say New Jersey’s economy will get worse later in the year

Nearly 65% ​​of CPAs surveyed say New Jersey’s economy will get worse later in the year

Inflation and availability of talent are top business concerns

ROSELAND, N.J. — Nearly 65% ​​of 441 CPA surveyed by the New Jersey Institute of Certified Public Accountants (NJCPA) in May expect New Jersey’s economy to weaken in the second half. An even larger proportion (68%) of respondents believed that the US economy would deteriorate later in the year.

Inflation was the top business challenge for respondents (73%). An additional challenge cited was availability of skilled talent (57%). Unfavorable state and fiscal policies for businesses (42%). Supply chain issues (35%). and regulatory requirements (27%).

Of the approximately 240 respondents who work in public accounting, the majority (69%) have advised private clients to consider moving out of state because of the high cost of living in New Jersey. Yes, and 54% said they have advised business clients to move from New Jersey. Consider moving. Those who commented pointed out that taxes combined with the rising cost of living were a factor. “About 20 years ago, I got her CPA license in Florida for immigration heading south. It put my clients at ease knowing I had it,” said one respondent. Added.

Over the next 12 months, a majority of respondents said the most helpful government action for businesses was to fight inflation (74%). Less onerous regulations (65%). Low corporate tax rate (51%). One respondent said: Otherwise, you’ll be reverting to years of stagflation. ”

Compared to last year’s current survey of economic outlook, this year’s respondents were clearly negative. Last year, more than 40% of his respondents said they believed economic conditions in the United States would improve, and 35% believed New Jersey’s economy would improve. This year, those numbers were just 9% and 7% respectively.

More than 40% of respondents think New Jersey’s fiscal health is fair, and 39% think it’s bad.

“CPA works tirelessly to serve businesses and individuals across the state. It’s an important indicator that shows,” said Ralph Albert Thomas, Certified Public Accountant (DC), CGMA, CEO and Executive Director, NJCPA.

The survey was sponsored by Investors Bank, a division of Citizens Bank, NA, and was conducted to gauge the CPA’s outlook for the national and New Jersey economy.

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Survey map attached

of New Jersey Institute of Certified Public Accountantshas more than 14,000 members, representing the interests of the accounting profession and promoting the economic well-being of the people of New Jersey. The NJCPA plays a leading role in supporting the profession by providing its members with educational resources, access to shared knowledge, and an ongoing commitment to creating and expanding professional opportunities. increase. Visit

Investors BankCitizens Bank, a division of NA, is a full-service bank that has been serving customers since 1926. Investors offer customized services and products to suit their clients’ needs. Member FDIC and Equal Home Lenders.

Citizens Financial Group Inc. We offer a wide range of retail and commercial banking products and services to individuals, small businesses, mid-market businesses, large corporations and institutions. Citizens helps customers realize their potential by listening to them, understanding their needs, and providing personalized advice, ideas and solutions. In consumer banking, Citizens offers an integrated experience that includes mobile and online banking, full-service customer contact centers, the convenience of approximately 3,300 ATMs and approximately 1,200 branches in 14 states and the District of Columbia. . Consumer banking products and services include banking, lending, savings, wealth management and all services for small businesses. In commercial banking, Citizens offers a wide range of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, loan syndication, corporate finance, and mergers and acquisitions. Debt and equity capital market capacity. For more information, please visit or follow us on Twitter, LinkedIn or Facebook.

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