With $122M spent, the 2025 governor’s race is already New Jersey’s most expensive

Candidates and outside groups have spent more than $122.5 million on this year’s gubernatorial primary, a total greater than any other in state history and one that stands to rise in the race’s closing days, the New Jersey Election Law Enforcement Commission said Friday.

The spending total includes $54.9 million from the candidates themselves and $67.7 million from outside groups. Between them, $14 million remained unspent, and that number could swell from late-arriving donations to independent expenditure groups, which face no contribution limits. Voting is underway and ends Tuesday.

Spending totals for this campaign have already more than doubled those in every gubernatorial primary since at least the turn of the millennium and have outpaced even the most expensive gubernatorial general election. That November 2005 race between Democrat Jon Corzine and Republican Doug Forrester cost about $98 million after adjustments to inflation, the commission said.

This year’s 11 gubernatorial candidates had about $6.7 million left in reserves on May 27, the last date covered by regular pre-election campaign finance disclosures.

The commission credited the number of candidacies and a larger gubernatorial fund match for the increase.

Candidates who meet fundraising and spending thresholds can receive up to $5.5 million in matching public dollars for the primary in exchange for observing an $8.7 million primary spending cap and participating in debates hosted by the commission.

Five of the eight candidates have maxed out or nearly maxed out their matching funds.

Of the $54.9 million spent by the candidates, Democrats Jersey City Mayor Steve Fulop and Rep. Mikie Sherrill lead the pack, with Fulop spending nearly $8.7 million and Sherrill shelling out $8.5 million as of May 27. Republican Jack Ciattarelli, who unsuccessfully ran for governor in 2017 and 2021, spent $8 million, followed by Rep. Josh Gottheimer, a Democrat, at $7.9 million. 

Spending by outside groups is dominated by Working New Jersey, a super PAC funded by an independent expenditure group linked to statewide teachers union the New Jersey Education Association. It is responsible for more than half of the outside spending in the race, with at least $37.5 million boosting Democrat Sean Spiller, the union’s president. Spiller’s own campaign has spent only $342,059.

Spiller’s Democratic rivals have seen less but still sizable support from independent expenditure groups. They have boosted Rep. Josh Gottheimer to the tune of $11.6 million; Fulop, $7.4 million; former state Sen. Steve Sweeney, $4.3 million; and Sherrill, $3.8 million. A group run in part by Trump ally Kellyanne Conway has spent $1.3 million supporting Ciattarelli’s campaign.

Gubernatorial totals far exceed fundraising and spending on this year’s Assembly races (all 80 seats in the chamber are on the ballot this year). Not counting independent expenditures, Assembly candidates have raised nearly $26.3 million and spent about $15.4 million, the commission said.

Most of that money, $20.8 million, has flowed to incumbents. Collectively, challengers have raised just under $5.5 million.

The ratio is similarly split along party lines. Democratic candidates account for $21.6 million of the funds raised, while only $4.7 million went to Republicans.