Survey: Nearly 2 in 3 CPAs feel New Jersey’s economy will worsen in the second half

New Jersey’s economy will get worse year by year.

At least, nearly two out of three CPAs surveyed in May by the New Jersey Institute of Certified Public Accountants think so.

Nearly 65% ​​of the 441 CPAs surveyed expect New Jersey’s economy to deteriorate in the second half, and nearly three-quarters (73%) said inflation is the biggest challenge facing businesses. I’m here.

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%).

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%).

“Governments must make fighting inflation a top priority or we will be back to years of stagflation,” said one respondent.

This result was in stark contrast to a survey conducted around the same time in 2021. More than 40% of respondents said they believed the U.S. economy would improve, and 35% said they believed New Jersey’s economy would improve. This year, those numbers were just 9% and 7% respectively.

NJCPA CEO and executive director Ralph Thomas said the findings speak for themselves.

“Surveys like this are important indicators of what the business community thinks about the current environment for doing business and the potential for improvement,” he said.

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

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