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New Jersey’s 2025 gubernatorial election shattered spending records. Candidates and independent political groups poured more than $259 million into the primary and general elections, according to a Dec. 22 analysis by the New Jersey Election Law Enforcement Commission.

In inflation-adjusted terms, the contest ranked as the sixth most expensive gubernatorial election in U.S. history and the fourth largest in nominal dollars. On a per-capita basis, New Jersey ranked first nationally, with spending equaling $27.30 per resident.

“It is now evident that this year’s gubernatorial election was the most expensive New Jersey election in state history by a large margin,” said ELEC Deputy Director Joe Donohue. “It was also one of the top 10 costliest gubernatorial elections ever in the nation.”

Unlike other high-cost races across the nation, wealthy, self-funded candidates did not drive the surge in New Jersey.

The candidates spent just $125,890 of their own money – just 0.05% of total expenditures. In contrast, candidate self-financing – including contributions from three billionaires – inflated the five gubernatorial elections that ranked higher nationally by $665 million.

The 2025 NJ governor race set multiple state records:

• Most expensive primary, general and combined election
  • $259.4 million spend, versus the previous high of $145 million (2005)
• Largest amount of public funds ever distributed to gubernatorial candidates
  • $63.4 million, versus previous high of $40.9 million (2001)
• Highest level of independent spending in a New Jersey election
  • $157.8 million, versus $101.5 million by the candidates
• First-time independent spenders outpaced candidates
  • Accounting for 61% of total spending

ELEC identified at least 71 independent groups involved in the race. The agency says that surge has been enabled by post-Citizens United campaign finance structures. Additionally, ELEC noted that the 2025 elections mark the first gubernatorial race featuring newly enhanced disclosure requirements for IFES under the Elections Transparency Act.

Spending for the combined primary and general election favored Democrat Gov.-elect Mikie Sherrill.

Her campaign and allied groups spent $78.5 million, compared with $62.9 million backing Republican Jack Ciattarelli. The $15.6 million advantage (56% to 44%) nearly mirrored election results, which Sherrill won by a margin of 56.8% to 42.5%.

Media dominated expenditures, totaling $97.2 million — more than 85% of general election spending. Cable and network television advertising totaled nearly $57 million, while internet advertising reached almost $22 million, reflecting the growing role of digital campaigning.

The full ELEC report is available here.