BUSINESS FORECAST
BUSINESS FORECAST
New Jersey CEOs Predict 2025
Compiled by Jamie Grill-Goodman
COMMERCE is once again highlighting predictions as we head into 2025 . We asked New Jersey CEOs , business owners , managing partners , and presidents to give us their predictions on how NJ business will fare in the coming year . In addition , we are pleased to present a deep dive into the manufacturing industry from Dax Strohmeyer , the new Chairman of the Board for the Commerce and Industry Association of New Jersey ( CIANJ ).
By Dax Strohmeyer President and CEO Triangle Manufacturing Company
To say the past few years have been turbulent for the manufacturing sector would be an understatement . As we ’ ve all learned on the heels of the pandemic , supply chains do not just instantaneously turn off and then on again . Returning to the new normal of manufacturing , companies were faced with many challenges ; raw material shortages , reduced labor forces , and increased regulation all caused a slower than expected return to full production for many firms .
In response to the shortage of goods , many companies and consumers took the mindset of “ just get it on order ,” and in many cases , placed orders above and beyond the new , slower , post-pandemic demand . In the second half of 2022 and into 2023 , many manufacturers struggled to keep up with the artificial spike in demand but were happy to be busy once again .
As 2023 came to a close , many companies came to the realization that they had overordered and were now carrying more inventory than was desirable . With cashflow being tied up , another industry overreaction took place . After being forced to shut their doors , and with many having to lay off workers during COVID followed by an almost instantaneous return of demand for goods , manufacturers were asked to expeditiously ramp production back up . Now , the pendulum was once again swinging back , and manufacturers were being asked to delay and even cancel orders for 2024 .
It has been quite a rollercoaster ride for manufacturers , but after facing these challenges , the industry is stronger than ever . In 2025 , with inventory levels normalizing , we should see a return to normal pre-pandemic demand for production . Having dealt with the highs and the lows , the manufacturing sector is back on its feet and poised to meet these demands . If interest rates continue to come down , the appetite for manufacturers to begin investing in new facilities , capital equipment , and automation should follow .
In addition to a more favorable economic environment , regulations should also become more favorable in the coming year ( s ). In his first term , President Trump passed legislation which created a positive environment for domestic manufacturing and created growth within the sector . All indicators are pointing in the same direction again for his second term . Instability around the globe means it is more important than ever to have a strong domestic manufacturing presence and a robust supply chain . The exportation of goods should also be stronger under the new administration . More United States friendly trade deals will help the flow of goods outside the U . S .
The New Jersey Manufacturing Extension Program is another resource helping to create a conducive environment for manufacturing within the state . NJMEP , a not-for-profit organization , improves the profitability and competitiveness of New Jersey ’ s manufacturers . Backed by the
Dax Strohmeyer , President and CEO of Triangle Manufacturing Company , is the new Chairman of the Board for the Commerce and Industry Association of New Jersey ( CIANJ ).
National Institute of Standards and Technology ( NIST ), NJMEP enables organizations to enhance their productivity and efficiencies , reduce costs , and improve employee performance .
The nearly 9,000 manufacturers which employ nearly 236,000 people in New Jersey ( NJDOL ) are well positioned to be a driving force of our economic strength in the coming year . Greater stability and a more favorable environment for economic growth within the manufacturing sector should lead to higher employment rates helping to further stimulate New Jersey ’ s economy .
ACCOUNTING
" It has been quite a rollercoaster ride for manufacturers , but after facing these challenges , the industry is stronger than ever ," says Dax Strohmeyer , CIANJ Chairman of the Board .
Photo : Getty Images / iStockphoto / Kirkikis
Goldstein Lieberman & Company LLC Phillip E . Goldstein , CPA Chief Executive Officer
It ’ s business as un-usual in 2025 ! In the new year , it may take a while for the dust to settle from a political perspective , but professionally , the outlook remains somewhat constant . We will continue to have a shortage of CPAs to meet the increasing demand . Taxes will require a well-versed eye , but colleges and universities will still struggle to turn out a sufficient number of
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