Monmouth County has again earned national recognition as one of the best places in the nation for business opportunities.
The March issue of Inc. magazine ranks the county with the likes of Atlanta, Las Vegas, Phoenix and Orlando, Fla., as a place with tremendous opportunities to live and work. The county places 16th among medium-sized metropolitan regions surveyed, according to a press release from the county.
The news gratified the Monmouth County Board of Freeholders, who said the results underscore efforts by local and county officials to provide opportunities for their residents. They pointed to stable taxes, the Triple-A bond rating that few American counties can match, a strong transportation network and excellent schools as examples.
"I know I can speak for everyone involved when I say that Monmouth County deserves this recognition," Freeholder Edward Stominski said. "We have worked for years to create and maintain an economy that provides the greatest opportunities for the largest number of people. Inc. Magazine sees what we have done and continue to do. This is good news, but we can’t relax our efforts until there are employment opportunities for all our residents."
Inc. surveyed 277 areas and sorted them by population size — small, medium and large. Atlanta, Las Vegas and such were large areas. Monmouth County was ranked with Sarasota, Fla., Bakersfield, Calif., Fresno, Calif., Westchester County, N.Y., Syracuse, N.Y., and Tucson, Ariz.
The magazine’s criteria focused largely on job growth, which it calls "the most objective indicator of a region’s economic vitality for entrepreneurs." It says more than 75 percent of all new jobs are created by small business, so a region such as Monmouth County that has experienced strong job growth "is in all likelihood a hotbed of entrepreneurialship."
Job growth is reflected in a variety of factors, such as steady economic expansion, increased demand, rising disposable incomes, stable local taxes and a favorable regulatory climate. Totaled up, they become parts of what is commonly called "quality of life," Inc. said.
Bea Duffy, director of the Monmouth County Department of Economic Development and Tourism, said it is always an honor when Monmouth County receives national commendations.
"This is the third time a major study has concluded that Monmouth County has been identified as one of the nation’s best places to live, work and raise a family," she said. "Money magazine ranked us third in the nation in 1998 and the Milken Institute said we have the country’s 10th best economy last year."
"Inc. recognizes what Money and Milken see in Monmouth County: prime location, a well-educated population and the amenities they need to prosper," she said.
According to the press release, one of Monmouth County’s essential strengths is generating employment in a broad range of industries and diversifying its economy. The telecommunications industry contraction had a negative initial impact but impelled a spurt of new, vibrant small companies, she said.
Monmouth County has a heritage of creating jobs in all business sectors, Assistant Director Arthur Chasey said.
"It began in the 19th Century when artisans and merchants specialized in servicing the grand shore mansions, farmers and the fishing industry, then diversified as the county developed its strong electronics and communications base. Fort Monmouth and Bell Labs became major catalysts in field-related employment and that in turn generated opportunities all over the county. This dynamic will continue long into the future.