Monmouth County again ranks 10th of the top 200 markets in the nation for job creation and is growing more than twice as fast in key employment sectors, a national survey says.
Bea Duffy, director of the Monmouth County Department of Economic Development and Tourism, said in a press release Monday that the Milken Institute has reported that for the second straight year, the county is ahead of the nation in nine statistical areas that measure employment, wages, jobs by sector and output growth.
The categories include one-year and five-year growth in job creation, salaries and productivity. The institute measured 200 top markets, or Metropolitan Statistical Areas, as defined by the federal government. The findings are for 2003, the latest year in which statistics are available, she said.
“The institute highlighted Monmouth County’s growth in technology employment and found that we lead the nation in all nine areas,” she said. “That is wonderful news, because high technology development, sales and service provide the kind of wages that help provide the high quality of life we enjoy.”
The report bolsters surveys from other public and private organizations over the last several years. Monmouth is one of the strongest counties in New Jersey and a leader in economic growth in the region. Its 13 percent office vacancy rate, which is a crucial measure of job growth, salaries and spending, is one of the state’s lowest. The 5 percent vacancy rate for highway retail properties is essentially full occupancy in market terms, she said.
The Milken Institute noted that Monmouth, along with Ocean County, which is part of the statistical area, matches its 2003 ranking. It said:
“Tourism and tourism-related industries employed over 50,000 people in the metro contributing an estimated $3 billion each year to the area’s economy. Monmouth-Ocean’s increasingly diversified industrial base creates opportunities for strong long-term growth. The metro area is an attractive residential location for nearby workers in Middlesex and many New York commuters. Downsizing in the telecom sector negatively impacted employment in the metro given the presence of Lucent Technologies, AT&T and Verizon, but employment appears to have stabilized. Competitive commercial real estate prices have allowed the area to attract small research facilities such that its concentration of high-tech industries is 15 percent greater than the nation overall.”
Recent studies by other public and private organizations underscore the Milken report, Arthur Chasey, the department’s assistant director, said.
“We have national and regional surveys that show Monmouth County economic health is stronger than much of the region and nation,” he said. “Our growth is based on small- and medium-size companies that create and retain high-paying jobs; we are not heavily dependent on a few large corporations to drive our economic engine. The result is more flexibility, less exposure to recessionary pressure and greater opportunities for our residents.”
The department promotes Smart Growth strategies by encouraging companies to expand, relocate or remain in Monmouth County. It uses a variety of tools and resources to help create jobs at all levels. Gathering and analyzing data on economic activity is a key tool, which is why results from the Milken Institute are so important, he said.
“Identifying trends and finding enterprises that bring wealth to Monmouth County expands our tax base,” he said. “That allows our Board of Chosen Freeholders to provide the roads, parks, education, environmental protection and open space programs that make Monmouth County one of the most desirable places in the nation to live and work.”
The Top 20 in the Milken report are: Fort Myers-Cape Coral, Fla.; Las Vegas, Nev.; Phoenix-Mesa, Ariz.; West Palm Beach-Boca Raton, Fla.; Daytona Beach, Fla.; Sarasota-Bradenton, Fla.; Fayetteville-Springdale-Rogers, Ariz.; Riverside-San Bernardino, Calif.; Fort Lauderdale, Fla.; Monmouth-Ocean; Washington, D.C.-Maryland-Virginia-West Virginia; Tampa-St. Petersburg-Clearwater, Fla.; Boise City, Idaho; Portland, Maine; Naples, Fla.; San Diego, Calif.; Tucson, Ariz.; McAllen-Edinburg-Mission, Texas; Trenton; and Albuquerque, N.M.