Active Market Sectors
Financial: German-based Deutsche Bank, which commenced operations in Jacksonville in 2008, hired an additional 250 employees in 2010 — another step toward meeting its commitment to create a total of 1,000 jobs for the region. In addition, Maitland-based Digital Risk has announced plans to open a service center in Jacksonville and hire a minimum of 175 employees. The company monitors and manages loan portfolios and detects loan fraud, reviewing approximately 14,000 loans per month.
Energy: InEnTec Chemical moved its corporate headquarters from Bend, Ore., to Clay County in 2010. The company's manufacturing facilities convert both hazardous and non-hazardous commercial, medical and industrial waste materials into clean, renewable energy products such as ethanol, methanol, syngas and hydrogen with minimal environmental impacts and low costs. InEnTec officials note that the Northeast region offered the perfect location to tap into the scientific expertise available at Florida's leading research universities as well as an ever-growing clean technology talent pool.
Aviation/aerospace: Aviation Systems Engineering has added 10 high-paying jobs to its Jacksonville branch office. The company specializes in aviation system development and analyses and has contracts with the U.S. Department of Defense. AvMax Group is opening a heavy maintenance and modification facility to serve the region's jet and turboprop aviation industry at Jacksonville International Airport. The facility will initially employ as many as 100 to 120 licensed aircraft mechanics.
Healthcare: Northeast Florida's already strong healthcare economic engine continues to surge forward. Hospital giant Health Care Association of America (HCA) is building a new $130-million hospital near Cecil Commerce Center, and Baptist Medical Center is adding a $200-million, 11-story tower to its existing campus.
World-renowned Mayo Clinic Jacksonville has so many international patients that it has established an office dedicated to meeting their special needs. Nine full-time staff members assist patients and families by scheduling appointments; translating medical documents; and providing concierge services for travel arrangements to and from Jacksonville and around the metropolitan area once they arrive.
International Business
Thanks to Florida's location at the center of the Western Hemisphere, trade with countries in the Caribbean and in Central and South America has become practically seamless. In recent months, Cornerstone inked a deal to promote business opportunities with Ireland and is currently working with the group Atlantic Way Region.
In addition to Saft America, other companies with foreign investment interests that are thriving in Northeast Florida include:
• Mercedes Benz USA, which has opened a 400,000-square-foot parts distribution center at Jacksonville International Tradeport. The venture represents a $26-million capital investment for Mercedes Benz.
• Hanjin Shipping Company of Seoul, Korea, which is building a 90-acre container facility at the Dames Point Marine Terminal at the Port of Jacksonville. Hanjin joins Tokyo-based Mitsui OSK Lines (MOL), which opened its TraPac Container facility at JAXPORT in 2009.
Affordability
Florida's Northeast region remains one of the state's most affordable places to live. According to research data compiled by the National Association of Realtors for the first quarter of 2010, the median sale price for existing single-family homes in the Jacksonville Metropolitan Statistical Area was $144,900. The median sale price during the same period for condominiums and cooperatives was $79,700.
Jacksonville Electric Authority (JEA), one of the nation's largest municipal utilities and the largest community-owned utility in Florida, is this region's primary provider of electricity, water and wastewater service. Serving most of Duval County as well as portions of Nassau, St. Johns and Clay counties, JEA boasts some of the lowest rates in Florida.
Source: Business Florida 2011 - The Regions. Northeast - Connecting to the World. Northeast Florida offers international companies the right mix of amenities and global connections. http://www.floridatrend.com/biz_fl_article.asp?page=1&aID=53633
To have a regional economy that is resilient to fluctuations in the world economies and rebounds quickly following recessions, diversification is needed. Though the listing of regional assets shows Jacksonville has a variety of businesses and industries, there are areas of weakness and noticeable voids. There is no mention of a well-educated workforce, a strong research sector, or renewable energy industries. Yes, one industry was enticed by a research sector, but it was probably referring to the University of Florida. The listing also lacks mention of areas emphasized by Richard Florida in The Rise of the Creative Class (i.e., sectors of innovative and creative thinking).
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