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Survey: N.J. entrepreneurs report higher profits, increased hiring over past six months

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Entrepreneurs’ Organization President Alex Zaltsman.
Entrepreneurs’ Organization President Alex Zaltsman. - (InnoviMobile)

The past six months have been good to New Jersey’s entrepreneurs.

That’s according to the latest Global Entrepreneur Indicator survey from the New Jersey chapter of the Entrepreneurs’ Organization (EO), comprised of about 90 members with a combined total of more than $500 million in sales and more than 2,100 employees.

According to the survey, 51 percent of EO New Jersey members added full-time employees over the past six months, marking a 3 percent increase from September of 2013, when 48 percent reported adding full-time staffers. And less than 7 percent of respondents cut full-time jobs over the past six months.

That’s better than New York, where 15 percent of EO members surveyed cut full-time jobs; Philadelphia, where the number was around 9 percent; and Boston, which came in at 10 percent.

Also, about half those EO New Jersey members surveyed said they are looking to hire more full-time staff members, in addition to adding part-time and contract workers, according to the survey.

That drive to increase employment comes along with a marked increase in profits. About 62 percent of EO New Jersey members said their net profit increased over the past six months, and only 7 percent reported a profit decrease in that same time.

That puts the Garden State ahead of others in the region. In New York, 20 percent of EO members reported a decrease in net profits over the past six months. That number was around 17 percent in Philadelphia and 14 percent in Boston.

That trend looks to continue. About 73 percent of EO New Jersey members are predicting an increase in net profits over the next six months. And 91 percent said they would start a new business today, in the current economic climate.

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