From the Star Ledger:

Jersey execs bearish on economy

The mood of business executives in New Jersey is growing darker.

In a November survey of more than 100 businesses, more than 96 percent of executives said they believe the state is in an economic recession and only slightly more than one in three said it is likely they will expand their business in the next few years in the state.

The survey, conducted by the Rutgers University Bloustein School of Planning and Public Policy, was the basis of an economic policy forum held yesterday in Plainsboro and sponsored by the New Jersey Chamber of Commerce and Cushman & Wakefield that analyzed economic trends in the state and featured panel discussions among executives on how the state could improve the business climate here.

As in past surveys by the school, the usual culprits were blamed for the state’s economic woes: high taxes, both personal and corporate; the cost of living and housing; and local and state regulatory schemes. Despite the problems and recessionary times, however, the number of executives who indicated a long-term commitment to staying in New Jersey increased, with only about 5 percent expressing an intent to leave the state.

Still, the sentiment among executives has grown more bearish. When the survey last was completed a year ago, 61 percent of the executives rated the national economy as good or excellent. By this fall, virtually every respondent now rated it as only fair or poor, said Joseph Seneca, a Rutgers University professor.

Noting more than 2 million private sector jobs have been lost in the past year, Seneca’s colleague, Rutgers professor Jim Hughes, described the current climate as a “national economic train wreck. The worst is yet to come.”