Most New Jersey CPAs are divided on whether New Jersey’s economy will remain the same or worsen for the remainder of 2023.
That’s according to a survey from the New Jersey Society of Certified Public Accountants (NJCPA), which found 44% of the 434 CPAs surveyed believed the economy would stay the same during the second half of the year when compared to the first.
An equal number (44%) believed it would worsen, while only 12% thought it would improve.
Positive Outlook
The numbers were a slight improvement from the same economic survey initiated by NJCPA in 2022, which showed nearly 65% believed New Jersey’s economy would worsen during the second half of the year.
Just 28% of CPAs at that point believed economic conditions in the state would stay the same, and only 7% expected it to improve.
Challenges with Inflation, Ability to Find Labor
Inflation (66%) and the ability to find skilled personnel (53%) were among the biggest issues facing the economy, according to the survey.
State and federal policies that were unfriendly to businesses (40%) and rising interest rates (39%) were the third and fourth most pressing issues.
“As strategic advisors to their clients and organizations, CPAs are good sounding boards about the business environment. Our members always have a great read on what’s important for growth and sustaining business operations,” said Aiysha (AJ) Johnson, MA, CEO and executive director of the NJCPA.
More Positivity with National Economy
NJCPA noted the survey from 2022 had similar top concerns, but inflation at that time was a heavier worry (73%). The availability of skilled personnel was rated at 57%.
Respondents to the NJCPA survey were positive about the national economy in 2023 when compared to 2022. A higher majority (47%) believed the U.S. economy would stay the same in the second half of the year, with only 37% saying it would worsen.
Last year, 23% said it would stay the same and 69% said it would worsen.
“Surveys like this one are a good way to gauge sentiment in all facets of society. It’s not surprising that inflation was more of a concern last year,” said Roosevelt D. Bowman, a senior investment strategist with Bernstein Private Wealth Management.
