Report shows economic growth strong in county FREEHOLD - Monmouth County is bucking statewide trends by continuing a healthy growth rate, according the latest report on nonresidential development compiled by the county's Department of Economic Development and Tourism. 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 county officials say 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," Bea Duffy, director of the county Department of Economic Development and Tourism, said in a press release. "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 in 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. The dollar value of permits issued in the office/research sector was $15.2 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 $70.4 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. 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 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 $1,265,000 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.