The Alternative Press

New Jersey bankers are optimistic about the state's economy, and believe the "cycle of layoffs" has ended, according to a just-released survey.

"In rating the New Jersey economy, 75 percent of respondents gave a rating of fair, good/fair or excellent," according to the survey, which was unveiled this morning at the New Jersey Bankers Association first Annual Economic Leadership Forum held at the Renaissance Woodbridge Hotel in Iselin. They also say the state's results are outperforming the national economy.

"New Jersey bankers do not see a downturn in the future for either the national economy or the state," according to the survey, although it cautioned that the recovery will likely continue at a slow pace.

For the most part, bankers say that demand for business loans "was fair or worse than in the previous year," according to the survey. Half the respondents say the biggest obstacle was a lack of loan demand, while half pointed to "a lack of qualified borrowers."

But North Jersey Community Bank CEO Frank Sorrentino III is upbeat about borrowing, noting that his Englewood Cliffs-based bank sees an uptick in residential construction loan activity.

"We're seeing more single family and and multifamily construction loan demand," he says. "There's also been a slight increase in commercial loan, demand, but not as much yet. Still, those all signal the beginnings of a recovery. I wouldn't say the economy's in a strong growth mode yet, but it is percolating at least."