Inspiring Dreamers and Doers
Why Jacksonville? Florida has always inspired dreamers and doers. Back in the day when this region was essentially a wasteland, Spanish adventurers saw its potency and developed the first permanent European settlement here. Hundreds of years later, scientists would also see Florida’s potential by putting men on the moon from its shoreline. Not surprisingly, that same notion of possibility drives every city of Florida, particularly Jacksonville!
The metropolis experienced massive growth during the latter decades of the previous century and into the twenty-first. The city where Florida’s largest river St. John’s meets the Atlantic Ocean offers a diverse economic base, young, urban population and fantastic quality of life. CNN termed the city hot for startups and its reputation is thriving as an urban area where dreams of visionaries can become a reality. Not to mention the fact that businesses that choose to relocate or expand in the southeasternmost U.S. state see limitless possibilities here.
Jacksonville, Florida Massive Growth
As of June 2017, the unemployment rates for the Jacksonville area is 4.2%, which is 7% better than the national average. The city witnessed massive job growth (2.11% compared to the U.S. average of 1.59%) in the previous 12 months, bringing the rate down from 5%. Specifically, from June 2016 to June 2017, well over 100,000 jobs were created in the city’s professional and business services sector. This also indicates a thriving ambiance for businesses in Florida’s largest city. Also, the future job growth is predicted to be 39.21% compared to the national estimate of 37.98%.
Forbes has listed Jacksonville at No.5 fastest-growing U.S. cities for business and careers. For the records, Dallas and Sacramento are ranked #25 and #26, respectively. Statistically, about 1/4th of Jacksonville professionals are engaged in the business, management and finance sector compared to the country’s average of 14.54%. All types of businesses can flourish in Florida’s largest city as capital, land, and labor are more affordable in Florida than in New York or California. Therefore, the possibilities of success pull new corporations to Florida while the sweet reality of profitable bottom-line keeps existing entrepreneurs at home.
However, the sectors of advanced manufacturing, finance and insurance, aviation and aerospace, life sciences information technologies, and logistics and distribution are given special focus by the Office of Economic Development. The reason being that there is an existing active cluster of organizations and these industries’ growth potential is high, and Jacksonville offers advantages that are attractive to these sectors. For example, companies looking for workforce training, specific locations or road infrastructure may also be eligible for specific incentive programs.
A significant reason for the economic vibrancy of the city is due to State’s pro-business tax advantages and exemptions as well as no state personal income tax. Jacksonville’s sales tax rate is 7.00% and income tax is 0.00%. Moreover, Jacksonville World Trade Center Association assists Florida companies to enter or expand into overseas markets. Therefore, Businesses thrive in this low-tax environment and employees enjoy the benefit of no personal income tax.