(Cherry Hill, NJ) The Alloy Silverstein Group conducted their quarterly survey of over 1,000 New Jersey and Philadelphia CEOs and CFOs, and through the 86 responses, a notable increase in optimism and confidence is observed. Only 9% of the responding area business leaders said their company was slipping and only 12% perceived the local economy to be on the decline, the fewest amount for both since the firm’s survey program began in 2008.
“The next challenge is going to be the perfect storm of lingering unemployment, discontent with our political leaders, and soaring oil prices that will threaten to offset these current feelings of stability,” says Ren Cicalese, managing shareholder of Alloy.
Jobs and unemployment was once again heavily chosen as the most important national and local issue by area business leaders, and the figure to best watch as an indicator to determine if the economy is improving. Although 49% of respondents revealed they are not currently hiring, it is also the lowest percentage recorded through Alloy’s recent quarterly survey results.
Other considerable findings include:
- 78% of CEOs and CFOs support Governor Christie’s proposed 10% income tax reduction.
- 60% believe New Jersey has made improvements in becoming more favorable towards businesses, up from a 46% satisfaction rate indicated by the same respondents in the firm’s August 2008 survey.
- 58% of local executives are seeing job creation affected by implementation of the new health care legislation.
- 72% foresee the United States being only moderately impacted by the current European debt crisis.
Noteworthy comments from our anonymous respondents included inaction of government and lack of bipartisan support as a top national concern and that the state and local tax burden is a major factor in making it difficult to keep jobs at competitive wages in New Jersey.
Nearly three-quarters of the region’s responding executives were in favor of an extension to December’s Temporary Payroll Tax Cut Continuation Act of 2011, which was set to expire on February 29, 2012. Fortunately for the approving respondents, the extension, the Middle Class Tax Relief and Job Creation Act of 2012, was signed into law by President Obama on February 22. Details are made available about the provisions of the new legislation on our website, www.alloysilverstein.com.
Alloy, Silverstein, Shapiro, Adams, Mulford, Cicalese, Wilson & Co. provides a wide range of services including accounting, auditing, tax planning and preparation, management consulting, financial and estate planning, business valuations, litigation support, Eldercare, payroll processing, and information technology consulting.
Securities offered through 1st Global Capital Corp. Member FINRA, SIPC. Investment advisory services offered through 1st Global Advisors, Inc. Insurance services offered through 1st Global Insurance Services, Inc.
Statistics are percentages based on the number of respondents.