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.
Issues to Watch
EverBank CEO Robert Clements is moving the Jacksonville company downtown. [Photo: Kelly LaDuke]
» 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.
» 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."
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:|
|Per Capita Income: $41,852|
|MSA||Dec. 2011||Dec. 2010||% Change||Jobless Rate|
|Source: Agency for Workforce Innovation|
|Homes - Single-family, existing-home sales|
|MSA||2011 Sales||1-Year Change||2011 Price||1-Year Change|
|Source: Florida Realtors; year-end sales, median price|
|Duval CountyConsumer Bankruptcies|
|Source: National Bankruptcy Research Center|