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2012 Economic Yearbook
Northeast Florida Economic Indicators
Jacksonville's urban core gets a lift as EverBank moves downtown and a new mayor gets the city’s house in order. Infrastructure projects should lift other parts of the Northeast.
Jacksonville/Duval County
Issues to Watch
EverBank CEO Robert Clements is moving the Jacksonville company downtown. [Photo: Kelly LaDuke] |
What's Hot
» Aviation/aerospace: Brazil's Embraer has a strong presence and hopes to add 50 local jobs, generating an annual payroll of about $2.5 million, if it can secure the rebid of a $355-million defense contract to build Super Tucano military planes. In January, West Virginia-based KCI Aviation, which inspects, maintains and repairs business jets and turboprop planes, signed a deal for a new hangar at Cecil Airport.
» Financial services: Interest is coming from several companies, some with an existing presence and some that will be new to the market — including Wells Fargo and Web.com. Some are in the IT sector, which is also doing well right now.
What's Not
» Housing/construction/government: The residential construction market is still slow. Total inventory has fallen 30% over the past year, but there are still plenty of existing homes on the market. Economist Sean Snaith at the University of Central Florida says a rebound isn't likely to begin before 2014. With a big chunk of revenue coming from property taxes — in many cases more than one-third of total revenue — government budgets face another rough year.
People to Watch
» Shahid Khan: The new Jacksonville Jaguars owner has hired a new coach and has committed to keep the team in Jacksonville. Local economic developers may attempt to persuade Khan to relocate some manufacturing jobs from his Illinois-based company to the area.
New Jaguars owner Shahid Khan says he's committed to keeping the team in Jacksonville. [Photo: David Goldman/AP] |
» Robert Clements: The EverBank CEO purchased the naming rights to Jacksonville Municipal Stadium and moved the company downtown. The company also is planning to go public.
» Mayor Alvin Brown: Brown has seen his approval ratings soar since taking office. He has cut government jobs, including a number of mayoral appointees, and balanced the city's budget. Chamber Vice President Jerry Mallot says Brown has "brought a new sense of vision, optimism and excitement that is truly making a difference in the things we do."
Van Berkel |
Businesses to Watch
» Medtronics: The medical manufacturer is building a $14-million facility for research/development of a new high-tech product to be used by ear, nose and throat doctors.
» Web.com Group: In January, the website developer announced a major expansion that included 200 new jobs at its Jacksonville headquarters.
» Firehouse Subs: The chain has more than 488 restaurants in 28 states and Puerto Rico, employing more than 7,000. It was ranked No. 1 in a Consumer Reports survey and No. 5 in the 2010 Zagat survey for service among large chains in the U.S.
» University of North Florida: The university continues to expand under President John Delaney, including recent additions to its biological sciences building and College of Education building.
Duval Population: 883,622 | ||||
Population Growth Rate (2008-12): 0.81% | ||||
Population by Age: | ||||
0-14 | 15-19 | 20-39 | 40-64 | 65+ |
19.75% | 6.25% | 29.34% | 33.15% | 11.50% |
Per Capita Income: $41,852 |
Jobs | ||||
MSA | Dec. 2011 | Dec. 2010 | % Change | Jobless Rate |
Jacksonville | 625,167 | 611,911 | +2.2% | 9.2% |
Source: Agency for Workforce Innovation |
Homes - Single-family, existing-home sales | ||||
MSA | 2011 Sales | 1-Year Change | 2011 Price | 1-Year Change |
Jacksonville | 13,807 | +5% | $131,200 | -7% |
Source: Florida Realtors; year-end sales, median price |
Duval CountyConsumer Bankruptcies | ||||
2010 | 2011 | Change | ||
4,843 | 4,227 | -12.7% | ||
Source: National Bankruptcy Research Center |