New Jersey’s governor race is projected to be the most expensive in state history

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This year’s tight race for governor in New Jersey is the most expensive in state history. According to the New Jersey Election Law Enforcement Commission, the combined spending by candidates and independent expenditure committees in the 2025 primary election exceeded $145 million. As of Oct. 3, Democrat Mikie Sherrill and Republican Jack Ciattarelli had spent about $23.6 million in the general election, in addition to $23.3 million spent by independent expenditure committees supporting both campaigns.

The total amount spent on the gubernatorial election is expected to top $200 million by Election Day, Nov. 4. In 2021, slightly more than $100 million was spent on that year’s gubernatorial election.

What’s driving the spending?

Democrats and Republicans are pouring money into the gubernatorial campaign because the race is being viewed as an early verdict on the Trump administration and the national political climate before next year’s midterm elections.

Major contributors

Since the end of June, Sherrill’s supporters have raised more than $15.5 million, slightly higher than the roughly $13.5 million collected by Ciattarelli’s.

The Democratic Governors Association has already spent nearly $10 million on the race, and the organization committed to spending an additional $20 million on ads before Election Day.

The Laborers’ International Union of North America and the American Federation of Teachers are major contributors for the Sherrill campaign.

The biggest single donor on the Republican side is the Republican Governors Association, which has contributed more than $7 million to the Ciattarelli campaign through the Restore New Jersey super political action committee. The Operating Engineers Local 825 and the Bricklayers and Allied Craftworkers Union of New Jersey have also been major contributors to the association.

Other sources of income

The Sherrill campaign has received about $1.16 million from small donors, with contributions of $200 or less as of Oct. 24, while the Ciattarelli campaign has collected about $594,000 from individual small donors.

According to The Philadelphia Inquirer, the vast majority of Ciattarelli’s campaign donations, about 80%, are from individuals in New Jersey. Sherrill has received about 56% of her campaign contributions from in-state donors, and the rest has come from out-of-state donors, the Inquirer wrote.

Sherrill has a small overall fundraising advantage over Ciattarelli in the Garden State, but she has raised more than twice as much money from donors who live outside of New Jersey, $2.7 million compared to $1.1 million for her opponent, according to the Inquirer’s analysis.

Both Sherrill and Ciattarelli have surpassed the $6.4 million fundraising threshold needed to qualify for the maximum amount of public matching funds, which is $12.5 million. In exchange for that money, they both agreed to participate in debates, and spend no more than $18.5 million on their individual campaigns.

The overwhelming amount of money spent by the two campaigns has gone to cover advertisements and campaign literature, including lawn signs, according to their handlers.