MONMOUTH COUNTY OFFICE OF ECONOMIC AND ......spending and more hires are added to Company payrolls. The increased hiring, increasing from 2009’s seasonal gains in employment, may

MONMOUTH COUNTY OFFICE OF ECONOMIC AND WORKFORCE DEVELOPMENT

MONMOUTH BUSINESS PERSPECTIVEFALL EDITION 2010

Monmouth County Board of Chosen FreeholdersLillian G. Burry, DirectorRobert D. Clifton, Deputy DirectorJohn D’AmicoAmy A. MalletJohn P. Curley

Monmouth County Department of Economic and Workforce Development

1 East Main StreetFreehold, NJ 07728

732-431-7470The Mission of this office is to assist Monmouth County Businesses grow and prosper.

Some of the services that we provide are:

• Advocate for business – from local zoning to state licensing our advocates can help• Employment and Training – we can help your business find the right workers at no charge• Fort Monmouth Resource Center – we are assisting Fort Monmouth employees that choose not to move to Maryland. These are high skilled, reliable workers that might be the perfect addition to your company• Tourism – our professional staff advocates for and markets Monmouth County tourism venues• BizConnect – A series of business informational programs and seminars that are free of charge for Monmouth County businesses

REPORTING METHODS

The Monmouth County Department of Economic and Workforce Development’s analysis is based on the quarterly survey of non-residential building permits that were issued in the third quarter of 2010.

This report is a survey of nonresidential construction permits valued at $25,000 or more as issued by municipalities. The results are an overview of major non-residential construction over $25,000.

MUNICIPAL REPORTING STATUS

Twelve municipalities reported they issued no qualifying permits compared to sixteen last quarter indicating an increase in business and construction activity. Municipalities that did not respond to our inquiry are Allenhurst, Allentown, Asbury Park, Freehold Twp., Neptune Twp., Ocean, Oceanport, Roosevelt, Tinton Falls, and West Long Branch.

Monmouth Business Perspective

CONSTRUCTION SPENDING UPDATE

The combined dollar amount of construction in the four nonresidential areas that this department studies – Commercial/Retail, Office/Research, Industrial and Public – was $40,072,406 in the quarter, compared to $33,532,569 in the first quarter of 2006, before the start of the recessionary period. This represents a net activity gain of $6,539,837.

COUNTY PLANNING BOARD ACTIVITY

The Monmouth County Planning Board reviewed 24 site plan applications for 171,121 square feet in this quarter. These reviews are a potential indicator of how the County is likely to grow, in what context and where.

SECTOR SPOTLIGHT-PROJECTS of INTEREST

Commercial Sector Construction

Some projects of particular interest reviewed this quarter by the Monmouth County Planning Board include “Seacoast Commons” a mixed use development located in Belmar which will serve as a hopeful beginning to the towns economic revitalization plans, new Walgreen’s store located in Englishtown of 15,000 SF and “The Point at Freehold,” - 33,000 SF under review at the Monmouth County Planning Board.

Additional major commercial construction projects throughout Monmouth County that continue to drive the countys economic engine, create new jobs and increase county and municipal rateables include a new 145,000 SF Costco in development in Marlboro, the countys first SF Tractor Supply company outlet and a new 35,000SF retail park in upper Freehold.


OFFICE SECTOR

Freehold Township will see some of its first new major office development activity since the recession with a new 26,000 SF Class A office project and Tinton Falls welcomes a new 60,000 SF development as well, one of the towns largest.

Additional areas of interest seeing positive of-fice sector growth include 22,000 SF in Manala-pan, many new projects in the Red Bank Cor-ridor, several new office developments in the Eatontown corridor, and a new Morgan Stanley office in Shrewsbury.

INDUSTRIAL AND PUBLIC SECTOR

The Monmouth County Planning Board reviewed six new development projects in the industrial sec-tor and two new public sector projects during this period.

Projects of interest include a cell tower and public park in Keyport, industrial construction at Riv-erview Medical in Red Bank, a public works proj-ect at the Eatontown Firehouse, a new warehouse project for Target also in Eatontown, and a $5.6 Million expansion to Christian Brothers Academy in Lincroft.


Perfectly located between two of the nation’s most historical and vibrant economic engines, New York and Philadelphia, Monmouth Coun-ty continues to be “the place you want to be” for businesses in Central New Jersey.

Located amongst some of the world’s most beautiful beaches and coastal scenery, Mon-mouth continues to be a top tourism destina-tion, providing the local economy with strong growth prospects and retaining key jobs.

Although Monmouth may be nationally re-nowned for tourism, beaches, quaint small towns and exquisite coastal scenery, it is also home to one of the nation’s most highly skilled and highly trained workforces.

Through a partnership including The Mon-mouth County Office of Economic and Work-force Development, the New Jersey Economic Development Authority and FMERA (Fort Monmouth Economic Revitalization Author-ity), Monmouth County is the focus of a $1 Billion - 20 year infrastructure and economic redevelopment plan that insures the county will continue to be a leader in commercial real estate development for decades to come.

The Monmouth County Office of Economic and Workforce Development has spearheaded several economic development initiatives over the past year that directly assists Monmouth

The Monmouth County Office of Economic and Workforce Development has spearheaded several economic development initiatives over the past year that directly assists Monmouth County businesses. They include initiatives to retain and grow job opportunities, provide advocacy and regulatory assistance, support existing major industries such as high technol-ogy and healthcare while also assisting new incubator industries such as solar and medical technology to obtain financing and tax incen-tives to increase sales and create new jobs.

In partnership with the NJEDA and the U.S. Department of Commerce, Monmouth County has applied for funding to complete a Com-prehensive Economic Development Strategy (CEDS) grant, which would deliver a strategic roadmap to best ensure the future prosperity of the Monmouth County business community and its residents.

The Monmouth County Office of Economic and Workforce Development was also inte-gral in creating the New Jersey Technology Solutions Center by obtaining a $3M grant in cooperation with congressional representatives Holt and Pallone. The technology center will build on the tradition of research and develop-ment efforts performed at Fort Monmouth and provide an opportunity for future government contracting to be performed locally by Mon-mouth County’s highly trained workforce.

Excutive Summary

Monmouth Business Brief

News, Events and Business Information Concerning the Monmouth County and Greater New Jersey Business Community

Procurement Open House Assists Hundreds of

Local Businesses

The Monmouth County Department of Economic and Workforce Development hosted its second annual procurement open house on October 7, 2010.

The event was a direct outreach to the Monmouth business community to al-low business owners an opportunity to increase their sales and networking with the state of New Jersey’s four largest Procurement agencies.

The extremely successful event attracted approximately Monmouth County busi-ness who learned first hand how to do business with the state directly from top representatives from The Port Author-ity of New York and New Jersey, New Jersey Office of Information Technology, New Jersey Department of Treasury as well as Rutgers University.

Source: Monmouth Countty Econ Dev.

Monmouth County Workforce Investment Board

Names New Chairman

John Gagliano, of Fair Haven, and Se-nior Vice President of EPS Corporation, Tinton Falls, has been named Chairman of the Monmouth County Workforce Investment Board (WIB). He succeeds John L. Booth.

Gagliano has been a member of the WIB since 2004 and most recently has served as Chairman of the Fort Mon-mouth Employment Retention Commit-tee and Executive Committee.

“The Monmouth County WIB is a great partnership between private business, public officials, community organiza-tions, organized labor and educational institutions with the common goal of strengthening our workforce and ex-panding economic opportunities”, he said.Source: Monmouth County WIB



Small Business

Optimism On the Rise

The Wall Street Journal recently report-ed the mood of small business bright-ened in the last quarter.

An optimism index, based upon factors including spending plans and economic expectations, rose from the previous months.

The index increased to 89 from a low of 81 logged in early 2009 at the height of the recession.

Source: WSJ

Monmouth CountyLeader in New Building Permits

New housing construction remains mired in a slum, but Monmouth County is doing better than most of the rest of the state.

Monmouth County registered the third largest amount of new building permits in the last quarter averaging 350 per month

Source: NJBIZ

Monmouth County Economic Development Successfully Reaches Hundreds through New Business

Initiatives

The Monmouth County Office of Economic an Workforce Development has preformed targeted outreach to over 200 Monmouth County based businesses in the current reporting period. The office assisted Mon-mouth businesses to provide advocacy, regulatory affairs, financing, tax incentives, employment and skills training, and advi-sory services to develop hard tools the local business community can utilize to progres-sively improve their business model and increase sales. The outreach program results in the office meeting its primary objective to retain and grow businesses and create jobs in the community.

Source: Monmouth County Econ Dev.



Monmouth County Economic Growth

Tenant Municipality Sq. FtRetail Wall Twp. 2,000Retail Tinton Falls 4,600 +Retail Wall Twp. 10,000Bank Middletown 10,000Government Fort Monmouth 12,000Office Wall Twp. 30,000Office Wall, Eatontown 70,000Retail Shrewsbury 12,026Restaurant Shrewsbury 6,000Retail Englishtown 14,740Retail Park Freehold Twp. 33,208Office Park Freehold Twp. 26,000Office Park Tinton Falls 58,480Hotel Neptune City 30,000Retail Upper Freehold 19,383Reatil Middletown 6000Reatil Marlboro 145,605Office Eatontown 60,000

Source: Mon. County Municipal Reporting

Monmouth Company Co-DevelopsNew York Jets Headquarters

Solar Project

The New York Jets announced the completion of a new 3,000 panel solar installation at the teams new headquarters in Florham Park.

The installation is designed to generate more than 750,000 kilowatt-hours of electricity for the facility each year, or about 15 percent of its annual power needs.

Sundurance partnered with Monmouth Counties Evolution Energies LLC, with offices in Spring Lake, as the projects devel-oper.

Source: NJBIZ



Monmouth-Central Jersey Retail Vacancy Rate Drops

The retail vacancy rate in the Monmouth-Central Jersey corridor dropped slightly this past quarter. Tenants are typically leasing about 20,000 SF of space. New tenants showing growth are in the economic sec-tors including restaurant, retail chains and banks.

7-eleven is pursuing more than 40 new sites in the market. Others adding space and creating new jobs include Pet Value, HH Gregg, Ultimate Electronics, Fresh Market and AJ Wright.

Source: Rutgers Policy

New Chains Enter Monmouth Market

Banks Re-Enter Monmouth in Growth Mode

Restaurants coming to the Monmouth Market for the first time include Brick House Tavern, Joe’s Crab Shack, Texas Roadhouse, Buffalo Wild Wings, Sonic Burger, Smashburger, Houlihan’s, and Pancheros Mexican Grille.

Banks coming back into the Monmouth market include PNC, Chase, TD Bank, Clifton Savings, and Oritini Bank.

Health Clubs looking for space include LA Fitness, 24 Hour Fitness, Crunch, Club metro and Blink Fitness.

Source: Various Publications/Permit reports



Retailers to Step Up Hiring as Holiday Season Nears

Signs of a more robust holiday season may be in the works as consumers slowly increase spending and more hires are added to Company payrolls.

The increased hiring, increasing from 2009’s seasonal gains in employment, may be a bell-wether for modest gains in sales for the coming season.

Nationwide, employers revealed plans to hire a cumulative 200,000 holiday workers.

Those include Toys R’ Us, Paramus, NJ which will add 45,000 workers, Macy’s-65,000, Kohl’s-40,000, and United Parcel Service Inc.-50,000.

Source: CNBC

SBA (Small Business Administration) Increases Loans to Small Businesses

SBA officials approved 162 loans for $81.7 million in NJ in October alone, up from 98 loans and $27.8 Million the same month last year.

The move put $54 million more in the hands of small business owners than it did a year ago, showing an improvement in business confi-dence and the ability to make new hires.

SBA can guarantee up to 90 percent of a loan amount to eligible small business, up from 75 percent. SBA has also increased its lending limits.

The agency approved 18 loans for $8.1M, or 10% of total, in Monmouth County.

Source: SBA



Small Business Jobs Act Signed Into Law

On Sept. 27, 2010, President Obama signed into law the Small Business Jobs Act.The new law will pro-vide critical resources to help small businesses con-tinue to drive economic recovery and create jobs. The new law extends the successful SBA enhanced loan provisions while offering billions more in lending support, tax cuts, and other opportunities for entrepre-neurs and small business owners.

The New Law Seeks to Put More Capital in the Hands of Entrepreneurs and Small Business Owners.

Some new highlights of the legislation include:

SBA Enhanced Loan Provisions – $14 billion more in lending support

Higher Loan Limits — significantly increases maxi-mum loan sizes in top loan programs

Alternative Size Standards — more small busi-nesses eligible to get SBA loans

Temporary Enhancements to Help with Working Capital, Commercial Real Estate Refinancing

Dealer Floor Plan Pilot Extension, Expansion

Small Business Intermediary Lending Pilot

The New Law Strengthens Small Businesses’ Ability to Compete for Contracts, Including Recommendations from the President’s Task Force on Federal Contracting Opportunities for Small Business

For more details and information on lending and eleigibiliy please go to www.sba.gov/jobsact.

Source: SBA



The Monmouth County Office of Economic and Workforce Development-Division of Tourism reaches over 100,000 Potential Customers for Monmouth Businesses

The Monmouth County Division of Tourism plays a vital role in supporting the Monmouth business community by driving tourist dollars to Monmouth County businesses.

Monmouth County experienced a strong summer tour-ism season with businesses seeing increased traffic and improving sales during what could be called a perfect summer for tourism.

The largest uptick in traffic to the county division of tourism was seen in July when the office distributed over 21,000 tourism pieces of information to visitors.The 2010 beach badge sales totaled $20,995,009.00. This is $4,800,000.00 over sales in 2009.

This October, Monmouth County celebrated the grand opening of Holiday Inn Express at 3510 Highway 66 in Neptune City. The hotel has 95 rooms and is just minutes away from the beaches and the Jersey Shore Premium Outlets.

We also welcomed the opening of the Doubletree Hotel at 179 Hope Road in Tinton Falls. This is the first Hilton brand in Monmouth County. The hotel, formerly the Holiday Inn, has 179 rooms and offers a restaurant and bar. It is convenient to Monmouth Mall, Monmouth Park Racetrack and the beaches.

The Division of Tourism in partnership with the Monmouth County Office of Information Tech-nology also unveiled a new and improved website and was the recipient of a substantial state grant which increased advertising efforts on behalf of Monmouth businesses. Please see the new web-site at http://www.visitmonmouth.com and click on Tourism link.

Source: Monmouth County Division of Tourism



Monmouth County Office of Economic and Workforce

Development Hosts over 1000 Employment Seekers at Job Fair

The Monmouth County Office of Economic and Workforce Development in partnership with the Jersey Shore Association of Human Resources, Brookdale Community College, Monmouth County Workforce Investment Board and Mon-mouth-Ocean Development Council were host to over 1000 talented Monmouth County job seek-ers at the recent job fair held at the new Gymna-sium at Brookdale Community College, Lincroft.

Job seekers had the opportunity to meet directly with representative companies seeking talented employees from every discipline, including hos-pitality, health care, sales, marketing, information technology, engineering, military, and finance.

Job Fair-Continued

The job fair was also host to valuable job skills seminars including “Seven Secrets for a Success-ful Job Search” which was presented by Patricia Licata of the Jersey Shore Association of Human Recourses.

The Monmouth County One Stop Career Cen-ter also offered three other career development workshops in advance of the job fair to assist job seekers to prepare for the event.

The Monmouth County One Stop Career Cen-ter offers ongoing job services at its location in Eatontown. In particular, the Fort Monmouth Resource Center has services available to job seekers and workers who will be displaced with the impending September 2011 closing of the Fort.

Source: Monmouth County Economic Dev.



JOB SEEKERS GAIN VALUABLE INSIGHT AND ACCESS TO EMPLOYERS AT THE BIZCONNECT JOB FAIR



BizConnect Procurement Open HouseMonmouth County Business Owners Learn How to Do Business with the State of New Jersey’s

Four Largest Procurement Agencies

Documents

MONMOUTH COUNTY OFFICE OF ECONOMIC AND ......spending and more hires are added to Company payrolls. The increased hiring, increasing from 2009’s seasonal gains in employment, may