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April 19, 2024

Today's Highlights

Don't Jeopardize NJ's Economic Momentum. Tell Your Legislator to Stop the Proposed Transit Tax.

It has been weeks since a highly punitive business tax increase on the state’s largest companies was proposed in the fiscal 2025 state budget. This essentially replaces the temporary 2.5% CBT surcharge that expired at the end of 2023 and repackages it as a Corporate Transit Fee. This tax hike would affect New Jersey’s largest job creators, tax revenue producers and philanthropic givers — in a very bad way, as would the “Buck a Truck” proposal, which is an unnecessary nuisance tax on the state’s burgeoning logistics industry. Moreover, the proposals would hurt the progress New Jersey has been making as a desirable location to run a business. Now the ball is in the state Legislature’s court. We have not yet heard where legislative leaders stand. But, we are strongly encouraging them to vote against this tax hike. Click here to tell your legislators that the proposals hurt New Jersey's economic momentum (NJ Chamber of Commerce)

U.S. Economic, Housing and Mortgage Market Outlook – April 2024

While economic growth has moderated slightly, the labor market remains resilient with the unemployment rate remaining below 4% for the 26th consecutive month, the longest streak since the 1960s. Housing demand is on the rebound, but with mortgage rates still averaging 6.8%, many prospective homebuyers continue to be priced out of the market. (FreddieMac)

What Stalled This Year’s Seemingly Infallible Stock Market Rally

The 2024 gangbusters rally in stocks has skidded to a screeching halt. The S&P 500 index has fallen 4.6% so far in April, and all three major US indexes are on track for their first negative month since last October. The Dow Jones Industrial Average is on the brink of wiping out its gains since the start of 2024 — it’s up just 0.2% — while the S&P 500 is up 5.1% and the Nasdaq Composite has added 3.9%. (CNN)

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NJ Association of State Colleges and Universities Appoints New Leader

The New Jersey Association of State Colleges and Universities announced April 18 it appointed Jennifer Keyes-Maloney as its new executive director, effective April 8. (NJBIZ)

Cornerstone NJ Member News

Withum Celebrates 50 Years: A Legacy of Excellence in New Jersey

Withum commemorated 50 years of delivering world-class accounting, tax and advisory services on March 21, 2024, with indoor go-karts and axe throwing at Supercharged in Edison, NJ. This significant milestone is attributed to the Firm’s unwavering commitment to building strong relationships with clients, team members, and the communities it serves. The New Jersey team is an integral part of the local community, supporting businesses in the manufacturing, nonprofit, real estate, professional services and healthcare industries. However, the Firm also surpasses the conventional corporate role by serving as a neighbor. Withum is proud to be a longstanding supporter of local community organizations like the NY/NJ Trail Conference, Nourish NJ, Boys & Girls Clubs of America, United Way, Covenant House and more. Looking ahead, Withum remains dedicated to educating, coaching and supporting the New Jersey community for many more years. (Withum)

Inspira Medical Centers Mullica Hill and Woodbury Earn National Nursing Excellence Redesignation

Inspira Medical Center Mullica Hill and Inspira Health Center Woodbury, part of Inspira Health, announced they achieved Pathway to Excellence redesignation from the American Nurses Credentialing Center. The national designation recognizes hospitals that are committed to creating a healthy work environment where nurses feel empowered and valued. (ROI-NJ)

Cornerstone NJ is a membership program of the New Jersey Chamber of Commerce. 

BUSINESS MADE EASIER

Do business with fellow N.J. Chamber members — you can find them in our online directory.

Business Events

May 20 – N.J. Chamber Annual Golf Outing

Bedens Brook Club, Skillman

The outing features 18 holes of golf, as well as networking at our pre-golf lunch reception and post-golf banquet, where awards are handed out. Registration and information

N.J. Chamber Business Roundtable Series

May 22 – A Conversation with Diane Gutierrez-Scaccetti

The National Conference Center at the Holiday Inn of East Windsor, 8 a.m. to 10 a.m. Network with fellow attendees, then participate in a candid discussion and Q&A with Gov. Murphy’s Chief of Staff, Diane Gutierrez-Scaccetti. Breakfast is included.

Registration and information

N.J. Chamber Foundation Event

June 3 – 'Jobs for America's Graduates NJ' Fundraiser at Hudson Farm

Hudson Farm, Andover, 8:30 a.m. to 4 p.m.

This clay shooting competition on 3,800 acres of scenic farmland supports 'Jobs for America's Graduates New Jersey,' a N.J. Chamber Foundation program that changes lives by helping young people build skills and prepare for success in education, employment and life.

Registration and information

June 13 – NJ Chamber Open House and Reception

New Jersey State Museum, Trenton

Dec. 10 – Annual Member Holiday Party Networking Event

Calandra's Italian Village, Caldwell 5 p.m. to 8 p.m. Free to members

Were you forwarded this newsletter? For more information about the N.J. Chamber, email Patrick.Daily@njchamber.com.

N.J. Economic Development Authority

Choose New Jersey 

New Jersey Business Action Center

U.S. Chamber of Commerce

N.J. Small Business Development Centers

U.S. Small Business Administration

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The New Jersey Chamber of Commerce is staying on top the issues important to business. For news media requests, please email Scott Goldstein.

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