Survey: NJ Companies More Optimistic About Economy

ISELIN, NJ—Businesses in the Garden State performed better in 2014 than in 2013 and are more optimistic about the next 12 months, with significant growth expected in 2015, according to year-over-year survey data released earlier this week by The Provident Bank.

Provident Bank's 2014 Business Barometer, which surveyed more than 300 business owners of New Jersey-based businesses, found that 43% of companies felt their business performed “great” or “good” in the past 12 months, compared to only 37% in 2013.

The bank also reports that 82% of respondents say they are either somewhat or very optimistic about the coming year, compared to 78% in 2013. Fifteen percent of respondents say they expect growth of 10% or more in the coming year, compared to 12% last year.

Chris Martin, president and CEO of The Provident Bank, says of the survey's findings, “While we know most businesses remain cautious in their optimism, the fact that many did better overall this year and that they are looking with optimism toward 2015 is heartening. We look forward to continuing our commitment to help New Jersey businesses grow profitably and help them turn their outlooks into a reality in the coming year.”

Other key findings from the survey are that nearly two-thirds (62%) of business owners say their workforce numbers remained the same in 2014 and about the same number (63%) indicated they are not planning any workforce changes in 2015.

The bank states that of the 37% of companies that are planning to make workforce changes in 2015, a majority (57%) will be looking to add part-time workers, compared to 40% last year, while more than twice as many are planning to add full-time employees to their rosters this year as compared to last (46% in 2014 vs. 20% in 2013).