FREEHOLD – Monmouth County is bucking state and national trends by registering solid nonresidential growth and investment, new data shows.
 
The Monmouth County Economic Growth Report, drawing on a survey of municipal building permits, reveals that $54,250,307 in nonresidential building permits were issued in the second quarter of 2008, compared to $37,255,052 in the same quarter in 2007. The new number is the best showing in three years and one of the highest since 2000.
 
The report is produced by the Monmouth County Department of Economic Development and Tourism. It surveys municipal building departments for permits valued at $25,000 or more in four categories: Office/Research; Commercial/Retail, Industrial and Public. Forty-one of 53 municipalities responded, with 15 reporting they issued no permits that met the guidelines.
 
“These results underscore what we’ve known for years, Monmouth County is one of the most desirable addresses in the state and region for investment,” said Bea Duffy, the department’s director. “What’s more gratifying is that we’re seeing these investments in a soft economy.”
 
Combining the dollar amounts of the first and second quarters puts the county on track to attract more than $200 million in non-residential ratables for the year, judging by a review of previous years. That, Duffy said, means a wider tax base, more jobs and more shopping options for Monmouth County residents and visitors.
           
The Office/Research sector is regarded as the foundation for other economic sectors since it reflects high-paying, professional jobs that have fueled the local economy for many years. Investment in this category was $16,643,541 in the current quarter, compared to $12,698,541 in the first quarter. For comparison purposes, in the second quarter of 2007 the figure was $15,399,163.
 
Freeholder John D’Amico Jr., liaison to the Department of Economic Development and Tourism, said this shows that investors are reacting to market demand. “It also helps us predict that Monmouth County will continue to grow at a steady pace,” D’Amico said.
 
D’Amico, who has made the county’s continuing prosperity a priority, also noted that the county has one of the lowest vacancy rates in New Jersey.
 
The Commercial/Retail category saw $10,649,989 in permits issued in the current quarter, compared to $34,488,831 in the first quarter and $19,976,836 in the second quarter of 2007. The reasons for the change vary; Duffy said market conditions, an already vibrant retail environment and existing facilities might all play a role.
 
“We would always welcome more opportunities for shoppers, but we are extremely proud of the diversity and quality of our commercial/retail sector,” Duffy said. “The new Jersey Shore Premium Outlets® opening in Tinton Falls in November will bring another 120 fine retailers, so we know Monmouth County is a great place for retailers and shoppers alike.”
           
The Industrial category has traditionally been the smallest and the one with the widest swings in investment, Duffy said. In the current quarter, there was $283,800 in permits issued, compared to $1,164,632 in the previous quarter and $354,575 in the second quarter of 2007. Nearly all permits were issued for cell phone towers.
           
The Public category was revised this quarter to include houses of worship, and that had some impact on the survey’s results, Duffy said. This category includes public buildings such as schools, fire houses, municipal buildings and county investments. There was $26,672,977 in permits issued in the second quarter of 2008, compared to $11,604,817 in the first quarter and $1,524,478 in the second quarter of 2007.
           
“Overall, this is wonderful news for Monmouth County residents,” D'Amico said. “We hear of economic troubles throughout the country, and they are a concern. Yet, the results of our survey prove once again that Monmouth County is an outstanding place to live and work. It really is the place that you want to be.”

 

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