New Jersey governor’s race shattered spending records as independent groups poured in $158 million

The contest between Mikie Sherrill and Jack Ciattarelli was the sixth costliest governor’s race in U.S. history, fueled by super PAC spending

By the numbers: Candidates and independent groups spent more than $250 million on New Jersey’s 2025 governor’s race — the most expensive in state history and the sixth costliest gubernatorial election in U.S. history, according to a Dec. 22 report from the state’s election watchdog.

Why it matters: The race between Democrat Mikie Sherrill and Republican Jack Ciattarelli shattered spending records, largely fueled by independent expenditure groups that outspent the candidates themselves for the first time.

The big picture:

• Independent groups spent $158 million, surpassing candidate spending.
• Sherrill’s victory margin: 14 points, aided by $43 million in support from outside groups.
• Ad spending: $97 million on media, including a record $22 million on digital ads.
• Turnout: Nearly 3.4 million voters, the largest in any non-presidential New Jersey election.

Candidates running for New Jersey governor this year spent more than a quarter-billion dollars, according to a newly released study.

Not only was the race between Mikie Sherrill and Jack Ciattarelli the most expensive in New Jersey history, it was also the sixth costliest in U.S. history, as independent groups spent record amounts on the 2025 election.

The study, released Dec. 22 by the New Jersey Election Law Enforcement Commission, was based on the most recent campaign finance filings and includes spending for both the primary and general election.

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

Unlike recent New Jersey elections, this year’s race was not distinguished by massive infusions of cash from wealthy candidates.

Former Goldman Sachs executive Jon Corzine won office in 2005 after spending $43 million from his private fortune. His Republican opponent that year, businessman Douglas Forrester, spent nearly $30 million, state data show. Gov. Phil Murphy, another Goldman Sachs alum, gave his campaign $22.5 million in 2017.

Independent expenditure groups, however, stepped in at a record pace this year to fill the gap, spending a record $158 million. It was the first election in New Jersey history where independent groups spent more than the candidates did on themselves, the analysis found, capping a 15-year trend that began with the U.S. Supreme Court’s Citizens United ruling that opened the floodgates on corporate campaign spending.

Such issue-oriented groups are technically not allowed to coordinate with candidates but work to advance their policy positions and get out supporters.

Sherrill, a former Navy flyer and U.S. congresswoman, won what pollsters had predicted as a close election by some 14 percentage points as voters registered dissatisfaction with the high cost of living and Trump-era excesses. She enjoyed a huge advantage in support from independent groups, which raised more than $43 million compared with $31 million for Ciattarelli, a businessman from Somerset County.

Greater Garden State, a super PAC supported by the Democratic Governors Association, raised more than $31 million in support of Sherrill. Records show that much of the group’s donations came from progressive organizations outside New Jersey, which was only one of two gubernatorial races in 2025.

A ubiquitous ad campaign financed by the group sought to link Ciattarelli to the MAGA movement, calling him “the Trump of Trenton.”

That Ciattarelli ad was only a fraction of the $97 million media blitz that inundated New Jersey with a record amount of television, radio, and internet ads this year, according to ELEC. While half of all media spending this year went to television ads, more than $22 million went to internet and social media ads, another record.

Gov.-elect Sherrill’s victory was fueled by a larger-than-expected turnout. The most recent data show that nearly 3.4 million people voted — the largest turnout in a nonpresidential election in New Jersey history.