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Economic Yearbook 2008
NORTHEAST: Tidal Forces
The Northeast region likes to call itself Florida’s First Coast — home to the first European settlement in the U.S., the first beach that visitors reach when they drive into Florida. These days, in every corner of the Northeast, community and business leaders are working to tie their economic futures to another Florida first: Jacksonville’s entry later this year into direct trade with Asia.
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Japan-based Mitsui O.S.K. Lines is building a $220-million container terminal in Jacksonville, and South Korea’s Hanjin is negotiating to build a $360-million terminal. The facilities by two of the world’s largest shipping companies aim to capitalize on the expansion of the Panama Canal and anticipated increase in container traffic along the East Coast. Jaxport officials estimate a combined impact of almost $2 billion for the regional economy and 12,000 direct and indirect jobs.
From a site-readiness and zoning study in Clay County to a new industrial development effort in Baker County targeting port-related business, Northeast Florida officials are working to make sure infrastructure and space for warehouse, logistics and other companies are in place. “When this tide comes in, it’s going to raise all of our boats,” says St. Johns County Commission Chairman Thomas G. Manuel.
So how is the region pumping so much into economic development during an economic downturn? Public-private partnerships are part of the answer. For example, a 46.5-mile, four-lane toll road called the First Coast Outer Beltway that will connect I-95 in St. Johns County to I-10 in Duval County and sweep through Clay County, is planned as one of the Florida Department of Transportation’s new public-private partnerships that allow private construction financing.
At Jaxport, officials are considering a public-private partnership to build a $40-million intermodal container facility needed to handle the dramatic cargo growth they expect over the next several years. (About 30% of all cargo will need to come or go by train.) Center Point properties in Chicago and Ross Perot’s Hillwood Corp. are among possible partners. “It’s a good way to look for funding in hard times,” says Jaxport Executive Director Rick Ferrin.
 Port Projects (Jacksonville) Rick Ferrin » The primary challenge for Rick Ferrin, executive director at Jaxport, is getting transportation infrastructure in place to support a dramatic growth in cargo. As some government funding dries up, Ferrin is tapping public-private partnerships to invest in costly port needs. [Photo: Kelly LaDuke] |
POPULATION TREND
St. Johns County, Clay, Nassau and Baker all had population growth higher than the 2.07% statewide average over the past five years. Growth was flat in Duval and Putnam counties. The crush into St. Johns — with population growth of almost 5% over the past four years — didn’t seem to include as many families, however. It joined Duval and Putnam counties in seeing public-school enrollment drop by a few hundred students between the 2006-07 academic year and this year.
