C-Suite Survey Shows NJ CEOS Increasingly Optimistic About State Economy

May 30, 2012 - PRLog -- New Jersey CEOs are feeling increasingly optimistic about the state's economy and business climate, and many say that their companies plan to grow here this year, according to the results of the New Jersey Economic Policy Summit's 2012 "C-Suite Survey" (C-Suite VII) of Garden State CEOs.

The findings, presented today at the Summit's fifth annual conference, show that 81 percent of respondents rate the state's economy as fair or excellent, and 71 percent say that New Jersey is a fair or excellent place to do business. These figures are up from 34 and 51 percent, respectively, in the 2009 C-Suite Survey.

"Attitudes clearly have gotten better, and based on the survey results we anticipate that this will translate to business growth this year," noted James W. Hughes, Ph.D., dean of the Edward J. Bloustein School of Planning and Public Policy at Rutgers, The State University of New Jersey, which conducts the survey.

"In fact, 35 percent of our respondents indicated that they expect to increase their capital spending in New Jersey this year, 42 percent expect to add to their local employment base and 20 percent expect to increase their space utilization," Hughes added. All three of these figures represent a notable jump from the 2009 and 2011 surveys.

Hughes and Marc D. Weiner, J.D., Ph.D., associate director of the Bloustein Center for Survey Research, presented the full survey findings at the Summit event. The results also reflect that New Jersey still is viewed as having a long way to go in terms of its tax structure, and that CEOs are concerned about the national debt as well as debt crises abroad.

   85 percent of respondents say that New Jersey taxes are worse than most other states.
   78 percent of respondents believe that the national debt poses a major threat to the country's well being; 22 percent see it as a minor threat.
   98 percent of respondents feel that the debt crises in Greece and other European countries pose a threat to the United States; 80 percent see these crises as a threat to their own businesses.

"While survey responses by and large indicate that New Jersey CEOs believe things are getting better, they are aware that variables locally, nationally and internationally may impact progress," Hughes said. "In short, their optimism, while real, is being held in check by an element of caution."

The New Jersey Economic Policy Summit gathering, which took place at the Bloustein School's Civic Square Building on the Rutgers-New Brunswick campus, brought together key stakeholders from New Jersey's business, educational and political communities. Organized by The New Jersey Business & Industry Association (NJBIA), commercial real estate services firm Cushman & Wakefield, Inc. and the Bloustein School, the summit initiative aims to identify, understand and address concerns, challenges and opportunities for the future health of the state.

The 2012 conference opened with remarks by Gualberto "Gil" Medina, Cushman & Wakefield's New Jersey executive managing director, and Philip Kirschner, NJBIA president. The event also included comments by Michael Van Wagner, executive director of the New Jersey Business Action Center. The event culminated with a panel of top business executives, who discussed the C-Suite survey as well as their own perceptions of the state's changing business climate. Kevin McArdle, state house bureau chief for Townsquare Media New Jersey, served as moderator. Panelists included Bernie Flynn, president and CEO, New Jersey Manufacturers (NJM) Insurance Group; Dean Paranicas, president and CEO, Healthcare Institute of New Jersey; Madeleine Robinson, CEO, LPS Industries; Alan L. Rubino, CEO, New American Therapeutics; and Medina.

The C-Suite Survey - which sits at the center of the Economic Policy Summit's efforts - is conducted by Hughes and Joseph J. Seneca, Ph.D., University Professor at the Bloustein School. It targets senior executives from companies headquartered or with deep roots in New Jersey. Questions gauge their opinions about the economy and experiences doing business here. Its results serve as a barometer for New Jersey's business environment and future economic needs, and provide the foundation for major analysis and recommendations.