Monday, April 8, 2024
The economic development strategies employed in Monmouth County stand distinct from those in Northern New Jersey, primarily due to the significant role of tourism. A former mayor highlighted how tourism swells the summer population in beachside communities, with one area seeing its population jump from 6,000 to nearly 60,000 during the summer months. The New Jersey Visitor Economy report of 2022, as published by Tourism Economics for VisitNJ, disclosed that Monmouth County welcomed 9.2 million visitors who contributed $2.8 billion in spending. With tourism supporting around 22,000 jobs, it emerges as a crucial employment sector in the region.
Aside from tourism, the county’s economic vigor is also buoyed by the robust presence of small and mid-sized businesses, described as the community’s backbone by Jodi Hope Grinwald, the CEO of the Monmouth Ocean Development Council (MODC). This 300-member business organization is dedicated to assisting business owners by connecting them with necessary resources, organizing events for networking, and sharing best practices. While Monmouth houses universities, major healthcare systems, and larger firms, it’s the small businesses, making up about 95% of the county’s business landscape, that draw considerable attention. These small entities, alongside significant players in health care and retail, form the core of Monmouth’s economy.
The development resources in the county are largely aimed at enhancing the capabilities of small businesses in networking and marketing, recognizing the constraints of limited funds and time that these businesses often face. The MODC champions the enhancement of business life through advocacy, collaboration, and education, including seminars on emerging topics like AI and connecting businesses with government officials and statewide organizations.
Marketing efforts by the Monmouth County Commissioners are pivotal, with initiatives like the Grow Monmouth program offering advocacy services to navigate bureaucratic complexities. They’ve also launched programs to support local manufacturing and agriculture, such as Made in Monmouth and Grown in Monmouth, facilitating trade shows and promoting local products. The county is not just about aiding existing businesses but is also investing in redevelopment projects like a parking structure in Middletown to foster local redevelopment efforts.
The transformation of the Fort Monmouth military base into a hub for civilian use is a significant redevelopment effort. After its closure, the property was handed over to the Fort Monmouth Economic Revitalization Authority (FMERA), which has made considerable progress in selling properties and attracting investments, including plans for a NETFLIX sound studio. This redevelopment is anticipated to bring about significant economic and infrastructural rejuvenation to the area, promising a blend of healthcare, education, tech, and entertainment facilities that herald a bright future for Monmouth County’s economic landscape.
Saturday, April 6, 2024
Sunday, April 7, 2024
Sunday, April 7, 2024
