Somerset County Ranked 2nd in Local-Economy Investment

Somerset County Board of Chosen FreeholdersMark Caliguire, Freeholder Director · Patricia L. Walsh, Freeholder Deputy Director · Peter S. Palmer, Freeholder · Patrick Scaglione, Freeholder · Brian D. Levine, Freeholder

Somerset County Ranked 2nd in Local-Economy Investment

Somerset County is one of the top two New Jersey counties based on local investment and economic expansion, according to New York-based financial technology company SmartAsset.

SmartAsset recently completed a study of counties receiving the greatest amount of investment in their local economies to uncover the places poised to grow. For details go to http://bit.ly/CountiesRanking

Somerset County ranked second, behind Ocean County, with a high showing in each of the factors considered by the company, including business establishment growth, GDP growth, new building permits and municipal bond investment.

Freeholder Director Mark Caliguire attributed the ranking in part to the county’s adoption of a Somerset County Comprehensive Economic Development Strategy focused on job creation and private-sector economic investment.

“The data show that while we continue to operate in a challenging regional economic environment, Somerset County is exceeding our peers in business growth at more than 1.3 percent,” he said. “All the other top 10 counties identified by SmartAsset were either below 1 percent or down overall.”

He said the county’s fiscal strength and housing growth are two key factors. “We ranked fifth in municipal bonds per capita and third in new-building permits compared to the other Top 10 counties in this study,” he noted.

Somerset County has received top rankings in other areas as well. Last year it was ranked 5th in the Movoto Real Estate blog’s list of Best Counties in the United States. Also in 2014, Somerset, Middlesex and Hunterdon counties made the list of Top 10 Happiest Metro Areas as selected by the National Bureau of Economic Research.

Several municipalities in Somerset County also have been singled out for honors in other studies. For a listing, visit http://bit.ly/SCRankings