Monmouth Business Perspective Fourth Quarter 2011

Monmouth County Office of Economic DevelopmentMonmouth Business Perspective

Fourth Quarter 2011

Monmouth County Department of Economic Development

Monmouth County Board of Chosen Freeholders

John Curley, Director

Thomas Arnone, Deputy Director

Lillian Burry

Gary Rich

Serena DiMaso

RepoRTinG MeThoDS

The Department of economic Development queried all municipalities regarding non-residential permits valued at more than $25,000.

Municipalities responded with detail regarding these permits. The data was checked with internal sources for accuracy.

MuniCipAL RepoRTinG STATuS

Twenty-seven municipalities reported they issued no qualifying permits including Allenhurst, Allentown, Atlantic highlands, Avon, Bradley Beach, Colts neck, Deal, highlands,Keansburg, Lake Como, Loch Arbor, Manasquan, Monmouth Beach, oceanport,Roosevelt, Rumson, Sea Bright, Shrewsbury Township.

Large projects, valued at more than $1M each, were noted in Freehold Twp, neptune Twp, ocean, Red Bank, and Shrewsbury Boro.

Monmouth Business Perspective

ConSTRuCTion SpenDinG upDATe AnD AnALySiS

The combined dollar amount of construction in the four non-residential areas that this department studies – Commercial/Retail, Office/Research, industrial and public – was $26,421,988 in the fourth quarter of 2011. While this is a decrease from the third quarter 2011, it is more than $4M greater than the second quarter of 2011, indicating the economy in Monmouth County is gaining strength.

The dollar value of permits issued in the Office/Research sector was $6,196,888. Significant projects in the reporting quarter were in Fair haven, Manalapan, neptune Twp, Red Bank, Shrewsbury Boro and Wall. Most municipal construction offices report expansions and refittings of existing buildings.

in the Commercial/Retail sector, permits valued at $15,106,032 were issued this quarter. Sizeable projects were reported throughout the county, particularly by Aberdeen, Freehold Twp, howell, Manalapan, neptune Two. Red Bank, Shrewsbury Boro and

Wall.

There was increased activity in the industrial sector. permits valued at $434,056 were issued in the current quarter, compared to $$256,747 in the second quarter of 2011. The projects were located in hazlet and Wall.

in the public sector, permits valued at $26,421,988 were issued. These permits continue to be mainly for solar panel installations and for public buildings throughout the county.

Monmouth Business Perspective

WhAT iT ALL MeAnS

The business outlook in Monmouth County is bright as evidenced in the positive strides made in the Office and Commercial sectors. The continued strong spending in the Public sector can only benefit residents in years to come as needed retrofits and upgrades, as well as new construction, is forging ahead.

During the fourth quarter of 2011, a number of new projects were announced, including a major hotel project in Red Bank and a revitalization of

Monmouth Park and the first movements toward redevloping Fort Monmouth.

The forecast for new Jersey and Monmouth County continues to be positive.

We see that with prime availability of commercial and warehouse properties, and the decreasing per square foot cost, investors see central new Jersey as an excellent place to locate or expand.

As Monmouth County remains an active destination location, it is a natural choice for business location. The presence of major shopping venues, makes the area ripe for ancillary and complimentary businesses. We are seeing an uptick in new construction and business starts, for example this quarter saw the construction of a large new Restaurant Depot in neptune, a business that supports the thriving restaurant industry.

This office has worked to support emerging and growing businesses. it continues to work with the manufacturing sector, an area with good paying, stable jobs with potential for growth. in november 2011 this department hosted a roundtable on lean manufacturing and plan another for second quarter 2012, as well as a Made in Monmouth event to take place first quarter 2012.

Monmouth Business Perspective

Summary

The dollar amount of permits issued in 2011 shows a good economic recovery when viewed on an annual basis. This solid growth indicates that Monmouth County maintains a strong economic base that attracts quality investment at a steady pace.

The Monmouth County Board of Chosen Freeholders by continuing to advance its Grow Monmouth initiative, will continue to empower business and create jobs. “Grow Monmouth” has been introduced to most muncipalities, chambers of commerce, academia, utilities and business and has been very well received.

In January 2012, the advisory board met for the first time and will address defined goals set by advocates from the sectors of business, government and

academia and chambers of commerce.

Monmouth County has natural resources in abundance, creating the ideal location for business, job creation and a healthy lifestyle.

Summary