Monmouth County, NJ is experiencing significant growth and development in 2024, with several exciting projects underway and new businesses opening their doors. The county’s population has been steadily increasing, reaching 642,799 in 2022 according to the U.S. Census Bureau. This represents a growth of 4.2% since 2010, indicating a continued trend of people moving to the area.
One of the most anticipated developments is in Long Branch, where Kushner Companies is investing $130 million to transform 118-119 Lower Broadway. This project will bring a Superfresh grocery store, a café, and 299 luxury apartments to the area. The development will feature two four-story buildings with studio, one-, two-, and three-bedroom apartments, offering residents stunning views of the Atlantic Ocean from a rooftop deck and access to a pool.
In addition to residential developments, Monmouth County is seeing an influx of new businesses. Ocean State Job Lot, a discount retail chain, has announced plans to open its 8th location in New Jersey and 2nd in Monmouth County. The new 37,020 sq. ft. store in Holmdel is set to open in late summer or early fall of 2024, bringing new job opportunities to the area.
The food scene in Monmouth County is also expanding. Daddy’s Chicken Shack, a popular chicken chain, is planning to open its first New Jersey restaurant in the county. This is part of a larger expansion plan that includes opening 13 restaurants across the state, with Monmouth County being the starting point.
Economic indicators for the county remain strong. The median household income in Monmouth County was $118,527 in 2022, significantly higher than the national average. The housing market also continues to be robust, with the median home value reaching $703,456 in 2024, up 9.3% from the previous year.
Tourism remains a crucial part of Monmouth County’s economy. In 2022, the county attracted 9.2 million visitors who spent a total of $2.8 billion, directly supporting approximately 22,000 jobs.
As Monmouth County continues to grow and evolve, residents and visitors alike can look forward to new amenities, increased job opportunities, and a diverse range of housing options. The county’s commitment to economic development, coupled with its natural attractions and proximity to major urban centers, positions it well for continued growth in the coming years.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single-family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
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