FREEHOLD – Monmouth County scored one of its most impressive quarters of non-residential growth in years, according to a newly released survey. 

Monmouth County’s Economic Growth Report for the First Quarter of 2008 shows that public and private investors received building permits valued at $60,125,878 to erect, expand or refurbish properties throughout the county. That is the highest first quarter in three years and the third-highest quarterly result in the previous twelve quarters. 

 

The report, compiled by the county’s Department of Economic Development and Tourism, examines four key areas of growth: Office/Research, Commercial/Retail, Industrial and Public. The report includes permits valued at $25,000 or more as reported by municipal building offices.
           

“These results confirm our optimism that Monmouth County’s deep, broad-based economy is attractive to investors despite conditions elsewhere,” said Bea Duffy, the department director. “We are extremely pleased to see Monmouth County prosper to this extent, especially in the face of economic problems being reported around the nation.”
           

Monmouth County Freeholder John D’Amico, who has made the county’s continuing prosperity a priority, said the report’s results are excellent news for residents. 
           

“Investor confidence in Monmouth County benefits us all,” D’Amico said. “This means good jobs, stable property taxes and more options for goods and services that make our county such a wonderful place to live and work.” 
           

One of the most gratifying statistics is in the Office/Research sector. While other counties in New Jersey are reporting high vacancy rates and low investment, Monmouth County netted $8,653,616 in permits in the first quarter of 2008. That includes permits for new construction, expansions and refitting, which is a clear indication that investors want to do business here. 
           

“This is evidence that investors are reacting to market demand,” said D’Amico, who also noted that the county has one of the lowest vacancy rates in New Jersey. “It also helps us predict that the county will continue to grow steadily.”
 
Most of the largest projects are in “smart growth” communities, Duffy said, although more developed towns received their share of investment.

“There were $38,657,813 in permits issued in Commercial/Retail; $1,245,382 in Industrial and $11,569,067 in Public,” she said. “We can foresee great opportunities for all Monmouth County residents and visitors through these results. Even better is that there was more activity the report did not include because of the $25,000 baseline.

The Monmouth County Department of Economic Development and Tourism offers a variety of services that can be found on its Web site at www.visitmonmouth.com. There is an office space locator, which shows businesses what office space is available around the county. Department staff also assists these businesses in finding the right space. There is also a corporate listing of major employers and their contacts, statistics on the county, utilities that serve the area, shopping outlets and transportation information.
 

While business executives expressed pessimism about the near-term outlook for the state and national economies – and to a lesser extent, Monmouth and Ocean counties – companies still plan on investing in their businesses and employees, according to the 2008 Business Outlook Survey conducted by the Monmouth-Ocean Development Council.

 

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