County reports growth in nonresidential projects FREEHOLD - Monmouth County is bucking statewide trends by continuing a healthy growth rate, according to the latest report on nonresidential development compiled by the county's Department of Economic Development and Tourism. According to a press release from the county's office of public information, the county continues to attract investment in four key sectors: office-research, commercial-retail, industrial and public. All but the industrial sector showed significant gains in the fourth quarter of 2006, which means residents will have more job opportunities and taxpayers will have a broader ratable base. "Monmouth County has lost none of its luster despite adverse economic conditions throughout New Jersey," said Bea Duffy, director of the Department of Economic Development and Tourism. "This is an impressive growth rate and one of the best quarters Monmouth County has experienced in years. It shows that investors are showing confidence in our future." The report focuses on building permits valued at $25,000 or more. Of 53 municipalities in Monmouth County, 11 reported issuing no permits. Another 13 did not respond. Despite the state's economic woes of the past three years, Monmouth County municipalities issued $81.8 million in permits for nonresidential construction during the fourth quarter of 2006, compared to $57.2 million in the third quarter and $36.8 million in the fourth quarter of 2005. The yearly total for 2006 was $217.3 million compared to $161.2 million in 2005. "It comes as no surprise that Monmouth County is faring better than other counties in the state," said Freeholder Anna C. Little, the liaison to the county's Department of Economic Development and Tourism. "Recent studies have shown that while most counties are losing population, Monmouth County continues to grow. This is a great county and people want to live here." The dollar value of permits issued in the office-research sector was $15.3 million in the fourth quarter, compared to $21.7 million in the third quarter and $13.2 million in the fourth quarter of 2005. The total for all of 2006 was $70.5 million, compared to $60.7 million in 2005. Significant projects in the reporting quarter are in Asbury Park, Eatontown, Howell, Manasquan, Marlboro and Red Bank. Many towns reported expansions and refittings, according to the press release. The commercial-retail sector saw permits valued at $60.3 million in the reporting quarter, compared to $29.9 million in the third quarter and $18.4 million in the fourth quarter of 2005. More than half the current amount is for a parking garage with a heliport at Jersey Shore University Medical Center in Neptune. Notable projects also were reported by Aberdeen, Avon, Eatontown, Englishtown, Hazlet, Howell, Little Silver, Marlboro, Middletown, Millstone Township and Red Bank. One permit valued at $54,000 was issued in the industrial sector, compared to two permits valued at $236,000 in the third quarter and one valued at $47,000 in the fourth quarter of 2005. The yearly dollar total in this category was $1.3 million for 2006 and $603,000 in 2005. In the public sector, $6.2 million in permits were issued in the reporting quarter, compared to $5.4 million in permits issued in the third quarter and $5.2 million in the fourth quarter of 2005. Notable projects were found in Asbury Park, Bradley Beach, Hazlet, Howell and Neptune. The total value of permits issued in 2006 was $27.7 million, compared to $30.7 million in 2005. The office-research sector continues to lead New Jersey with a vacancy rate that has actually dropped from just below 10 percent to 7.5 percent in the fourth quarter. Lease rates have risen to an average $23.07 compared to $22.75 in the third quarter and $22.35 in the fourth quarter of 2005. "Nonresidential activity throughout the year is on a steady upward path," Duffy said. "The variety and quality of growth might even be called self-fulfilling. Those who invested in previous years and prospered encouraged others to enjoy the benefits of living and working in Monmouth County. The county is positioned well to generate a quality of life for its businesses and residents."