Jacksonville’s economy: an overview


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In 2021, the economy of Jacksonville, Florida was on track to become one of the strongest in the country. But where does it rank? We examine this question and explain why Jacksonville’s economy should not be underestimated.

1. Jacksonville’s economy is on the rise

Jacksonville’s economy is on the rise, and the city is quickly becoming a major player in the Sunshine State’s market. According to new data from the Bureau of Economic Analysis, Jacksonville’s gross domestic product (GDP) grew by 2.4 percent in 2017, making it the fifth-fastest growing economy in Florida. This growth is due in large part to the city’s thriving aerospace and defense industry, which accounts for nearly 10 percent of Jacksonville’s GDP. In addition, the health care sector is also growing rapidly, and this sector alone accounted for over 30 percent of the city’s GDP growth in 2017. With these positive trends in place, it looks like Jacksonville’s economy is on track to continue growing in 2018 and beyond.

2. The city has a lot to offer businesses and entrepreneurs

? Jacksonville is the most populous city in the U.S. state of Florida and the largest city by area in the contiguous United States. It is the seat of Duval County, with which the city government consolidated in 1968. Consolidation gave Jacksonville its great size and placed most of its metropolitan population within the city limits. As of 2019, Jacksonville’s population was estimated to be 911,507, up from 821,784 in 2010. The city is the cultural, economic and financial center of North Florida. It is one of the fastest growing cities in the United States. The Duval County Public Schools system is the 20th largest in the country and serves over 136,000 students. The Port of Jacksonville is the fourth largest seaport in the United States by tonnage handled. The city is served by four interstate highways (I-95, I-10, I-75, and I-295) and three U.S. highways (US 1, US 23, and US 301). Jacksonville has a strong mayor-council form of government. The mayor is elected by the city’s voters for a four-year term and oversees most city departments, while the council consists of 19 members who are elected to two-year terms from single-member districts According to a 2018 estimates from the U.S. Census Bureau, Jacksonville’s economy was worth an estimated $134 billion making it the 67th largest economy in the United States. Jacksonville ranks as Florida’s third largest city by GDP behind Miami and Tampa respectively.

jacksonville's economy an overview

3. Jacksonville is a great place to live and work

If you’re looking for a great place to live and work, Jacksonville is a great option. The city ranks highly on many lists of best places to live in Florida, and it’s also a vibrant economic center. Jacksonville’s economy is strong, with a diverse mix of industries that provide plenty of opportunities for employment. The unemployment rate in Jacksonville is low, and the median household income is above average. Plus, living costs are relatively low compared to other parts of Florida. All in all, Jacksonville is a great place to live and work!

4. The city is attracting more and more young professionals

Jacksonville is finally starting to see some real growth in its economy. The city has traditionally lagged behind other areas of Florida, but that’s changing now. More and more young professionals are moving to Jacksonville every year, and they’re bringing with them new energy and ideas. The city’s economy is finally starting to take off, and it looks like things are only going to get better from here.

5. Jacksonville’s economy is diversifying

Jacksonville is the largest city in Florida, and its economy is diversifying to include more than just the traditional industries. The city is home to many Fortune 500 companies, and it has recently become an important hub for finance and logistics. Jacksonville also ranks among the top ten cities in Florida for job growth, with an unemployment rate lower than the national average. The city’s economy has been bolstered by a number of recent investments and initiatives, such as the Jacksonville Port Authority’s $700 million project to redevelop its port facilities. This investment will create thousands of jobs and attract new businesses to the area. Additionally, the city has been investing heavily in infrastructure improvements, including expanding transportation networks and public transit systems. The Jacksonville business community is also well-represented in fields such as healthcare, tourism, technology, media, education, finance, manufacturing, and retail. This economic diversity ensures that there are plenty of opportunities for new businesses to succeed in Jacksonville. The city also offers a number of incentives for businesses looking to relocate or expand into the area. Tax credits for research and development are available for those who qualify. In addition to its diverse economy, Jacksonville is also known for its high quality of life. The city has a vibrant culture with plenty of outdoor activities and cultural attractions to explore. It also boasts a low cost of living compared to other cities in Florida. Jacksonville’s economy continues to grow at a steady pace and is poised to become one of the most dynamic economies in Florida in the near future. With its strong business climate and incentives for businesses looking to relocate or expand here, it’s no wonder why so many companies are choosing Jacksonville as their home base!


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