A perfect storm of historic spending by both gubernatorial candidates and independent groups already
has driven overall spending to more than $122 million, according to reports due 11 days before the election.

Candidates have spent $54.8 million while expenditures by independent committees have reached $67.6
million. Most of these independent expenditure committees support specific candidates but they are legally banned from directly coordinating their activities.

Previous years adjusted for inflation. Totals compare combined spending by candidates and independent spending committees.

Current year based on 11-day pre-election reports for spending through May 27 along with updates of those reports included in four 72/24 hour filings.

The combined spending of $122.5 million already towers over past primary elections and is preliminary. Candidates and major independent expenditure committees included in this analysis have about $14 million in cash reserves they can still spend. Independent committees can accept unlimited contributions that could swell the total even more.

Even now, the current election appears to be the most expensive state election in history.

The previous benchmark in 2005 was the epic gubernatorial general election showdown between two self-financed candidates. It cost almost $60 million, or $98 million adjusted for inflation.

The 2021 gubernatorial general election in today’s dollars cost about $72 million.

Combined spending by 11 candidates seeking the nominations of their two parties- five Republicans and six Democrats- had reached $54.8 million by May 27- up $11.8 million from May 9.

Gubernatorial candidate spending has soared to new heights due to several factors.

They include the large number of candidates in the race, the amount of gubernatorial matching funds available to candidates and record spending by independent expenditure committees.

New Jersey has provided matching funds to gubernatorial candidates under the Gubernatorial Public Financing program since the 1977 general election. The program was expanded to cover the primary election in 1981.

The current primary is the first primary election since 1989 where as many as eight candidates- five Democrats and three Republicans- have qualified for matching funds.

Candidates who raise and spend a threshold amount- in the current election, $580,000- can receive two public dollars for every private dollar they raise if they agree to limit their spending.

In addition to there being more candidates than usual, quadrennial inflation adjustments since 1989 increased the maximum public funding they can receive and the spending cap.

Primary candidates in the governor’s race 36 years ago received a total of $8.7 million in public funds. In the current primary, $37.5 million already has been distributed.

Candidates today can obtain as much as $5.5 million in matching funds. In 1989, the limit was $1.35 million. The 1989 primary expenditure limit was just $2.2 million versus $8.7 million this year.

An even bigger factor behind the explosion of spending this year is a shift in strategy by this year’s group of gubernatorial candidates.

At least as far back as the 1990s, many potential candidates for governor set up fund-raising committees to lay the groundwork for an actual run before the primary year began. One purpose is to present a positive image of would-be candidates to as many voters as possible through paid advertisements.

Many likely contenders also use their pre-primary spending to make contributions to New Jersey party committees and other candidates to try to expand support for their candidacies. Other expenses often include polling and political consulting.

A major shift in this election cycle compared to past years is that independent expenditure committees set up by supporters of declared candidates are now also spending heavily during the primary.

Under the law, candidates are barred from being involved with the day-to-day activities of these independent committees. They are supposed to operate outside the direct control of candidates and parties.

The independent groups have a big advantage, however-- they can accept unlimited contributions.

Based solely on reports filed with ELEC, outside spending related to the 2025 primary already has reached nearly $68 million. The previous high for an entire year, which also includes pre-primary year spending, was $42 million for the 2021 gubernatorial primary and general elections.

Another large wave of outside spending is expected in the fall.

The Democratic Governors Association already has opened a campaign account, and its Republican counterpart is likely to follow suit. Both were active in several past New Jersey gubernatorial elections.
Spending by other national groups, which has happened in some past New Jersey gubernatorial elections, also is expected.

Almost 80 percent of the contributions received by ELEC-registered independent expenditure committees engaged in this year’s primary election were from other independent expenditure committees.

Those groups donated $54.1 million.

With six Democrats and five Republicans vying for their party nominations, the Democratic contest has been far costlier.

Democratic committees have spent a combined $103.7 million while Republicans have sunk $18.8 million into the 2025 primary election so far.

Reports filed by gubernatorial candidates and independent expenditure committees are available online on ELEC’s website at www.elec.nj.gov.

ELEC also can be accessed on Facebook (www.facebook.com/NJElectionLaw).
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