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May 26, 2018

2012 Economic Yearbook

Northeast Florida Economic Indicators

Jeff Brooks | 4/23/2012

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.

North Central Florida

Jacksonville/Duval County

Issues to Watch

Robert Clements
EverBank CEO Robert Clements is moving the Jacksonville company downtown. [Photo: Kelly LaDuke]
» While port development continues to be an important issue, downtown revitalization is taking center stage this year. Downtown redevelopment was a major campaign issue for new Mayor Alvin Brown, and he's already making good on his promises to reinvigorate the urban core. With some prodding from the mayor and business leaders and $2.75 million in incentives, EverBank committed to moving its headquarters — and 1,500 employees — from the south side to downtown. Jerry Mallot, president of JAXUSA Partnership and executive vice president of the JAX Chamber, calls the move a critical step toward downtown redevelopment. "We lost several tenants from the downtown area over the last few years, and this replaces all those and basically doubles it," Mallot says. "We are seeing significant interest in a lot of elements for downtown, and I really do see some change for where downtown is headed." The new Duval County Courthouse is scheduled to open in May, and the chamber announced a $2-million renovation of its own building to help spark downtown redevelopment. The courthouse move opens the old building and City Hall annex site, a prime riverfront location, for development, possibly for a new convention center.

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 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."

Tom Van Berkel
Van Berkel
» Tom Van Berkel: The president and CEO of Main Street America Group moved his insurance company from New Hampshire 10 years ago and has become the new chairman of the JAX Chamber.

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.

» 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

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

Tags: Northeast

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