Thursday, July 31, 2014
Welcome, Guest. Please login or register.
 
Join Metro Jacksonville and get in on the conversation today!Already have an account?  Sign In

Author Topic: Jacksonville listed as 2nd fastest growing high-wage market in the US?  (Read 912 times)

thelakelander

  • Metro Jacksonville
  • Hero Member
  • *****
  • Posts: 22583
More evidence of a demographic shift occurring in Jacksonville?  One could say this type of information also goes against the mobility fee moratorium Richard Clark is proposing.  Seems like we should be utilizing the mobility plan and fee's benefits to create a city and economy that is more attractive to Echo Boomers.

Quote
THE CITIES WINNING THE BATTLE FOR THE FASTEST GROWING HIGH-WAGE SECTOR IN THE U.S.

.....But some other areas on our list are benefiting from a hitherto unnoted shift of high-end services to lower-cost and often lower-density regions. Jacksonville may be the poster child for this. Over the past decade, the northern Florida metro area’s population has grown 20% to over 1.3 million, but business services employment has expanded nearly 50%, the biggest jump of any of the country’s 51 largest metropolitan areas. Once a business services backwater, the share of jobs in that sector in the local economy has rapidly climbed towards the national average. This growth has been driven by management consulting as well as computer and data center services, an area in which Jacksonville has enjoyed among the highest growth rates in the country. One major player is web.com, which employs 500 people at its headquarters in south Jacksonville.

Other industries that rely on professional and business service providers have recently added jobs in the market, including BI-LO and Winn Dixie, which moved their combined headquarters  there, as did environmental services company Advanced Disposal. Financial giant Deutsche Bank has also  expanded in the area.

Jerry Mallot, president of the local business development group Jaxusa Partnership, suggests that low costs, a high rate of housing affordability and Florida’s lack of income tax make Jacksonville attractive to companies seeking to expand or relocate. The state, according to a recent report from New Jersey-based www.BizCosts.com, is now home to five of the country’s least expensive and most pro-business cities. Jacksonville, Orlando, and Tampa also are all among the U.S. metro areas adding college-educated residents the fastest.

full article: http://www.newgeography.com/content/003473-the-cities-winning-the-battle-for-the-biggest-growth-sector-in-the-us

simms3

  • Hero Member
  • *****
  • Posts: 2894
Re: Jacksonville listed as 2nd fastest growing high-wage market in the US?
« Reply #1 on: February 11, 2013, 06:08:06 PM »
What I keep hearing on the streets and what I read in these articles posted on this site continuously clash.  I know the local economy is changing, but even this article states that "Once a business services backwater, the share of jobs in that sector in the local economy has rapidly climbed towards the national average."  One has to be excited for good news, of course, but one also has to take all these statements with a grain of salt.  The capital markets generally don't view Jax very favorably, and neither do they view most secondary/tertiary markets very favorably nowadays as the flow of skilled labor, immigration, and capital is to the top 10 primary/secondary markets with a few notable smaller secondary markets sprinkled in (Austin, Charlotte, Raleigh, Nashville, Denver).

The easiest way to tell if your economy is really booming and wages are truly going up is in high end infill multifamily construction.  The investors/developers/lenders are usually most keen on job growth/quality job growth, which provides the impetus for multifamily.  They will finance and build expensive apartments en masse where there is job growth to support the rents and the influx of new units.  They also try to forecast 2-3 years out with 12-18 months taken up for construction.

spuwho

  • Hero Member
  • *****
  • Posts: 2050
Re: Jacksonville listed as 2nd fastest growing high-wage market in the US?
« Reply #2 on: February 11, 2013, 07:27:17 PM »
What I keep hearing on the streets and what I read in these articles posted on this site continuously clash.  I know the local economy is changing, but even this article states that "Once a business services backwater, the share of jobs in that sector in the local economy has rapidly climbed towards the national average."  One has to be excited for good news, of course, but one also has to take all these statements with a grain of salt.  The capital markets generally don't view Jax very favorably, and neither do they view most secondary/tertiary markets very favorably nowadays as the flow of skilled labor, immigration, and capital is to the top 10 primary/secondary markets with a few notable smaller secondary markets sprinkled in (Austin, Charlotte, Raleigh, Nashville, Denver).

The easiest way to tell if your economy is really booming and wages are truly going up is in high end infill multifamily construction.  The investors/developers/lenders are usually most keen on job growth/quality job growth, which provides the impetus for multifamily.  They will finance and build expensive apartments en masse where there is job growth to support the rents and the influx of new units.  They also try to forecast 2-3 years out with 12-18 months taken up for construction.

All the new units going up at STJC seems like it fits your bill of "high end multi-family" to me, but is not following any urban infill patterns. Thats maybe why you aren't seeing it. It could indicate something is amiss in the urban core or the infill around it.

NYC is complaining bitterly about high pay mid tier positions that are moving out of Manhattan and down to Florida, specifically Jacksonville. Deutsche, Fidelity, Citi are all following this trend south. I think many of these transplants would love to find options for high end multi family in the city center.


thelakelander

  • Metro Jacksonville
  • Hero Member
  • *****
  • Posts: 22583
Re: Jacksonville listed as 2nd fastest growing high-wage market in the US?
« Reply #3 on: February 11, 2013, 07:44:04 PM »
I'm really interested in seeing the impact that 220 Riverside will have on this market, once completed in 2014.  I believe its success could open the floodgates for similar projects in the urban core.

simms3

  • Hero Member
  • *****
  • Posts: 2894
Re: Jacksonville listed as 2nd fastest growing high-wage market in the US?
« Reply #4 on: February 11, 2013, 08:05:20 PM »
We are all blinded by hometown pride.  What you think is a large building boom on the SS isn't even close to a historical high for Jacksonville itself.  Remember, Tapestry Park and the Strand came online in roughly the same year...both of which are the highest rent projects in the city in 2 completely different areas, both of which are far more infill than anything going up now except for 220 Riverside.  Most of what's UC on the SS is still stick, low density garden style apartments no different than what lines JTB between Belfort and SS.

Multifamily and retail are the real big indicators of job growth and income growth as both are dependent on those two factors.  The capital markets are saying Jacksonville is stagnant (when you factor in inflation/COL increases and stagnant wages when adjusted for inflation).  The capital markets seem afraid of secondary and especially tertiary markets in general, even some primary markets (Atlanta for a while there), but they have spoken and have chosen a select few emerging secondary markets such as Austin, Nashville, Raleigh, SLC and Charlotte as investment grade markets to an extent.  Evidence of their superior job markets and their skilled laborforce.  Each of these cities has recently opened 5-10 220 Riversides, have another 7-15 UC, and another 5-15 in the 12 month pipeline, with a multifamily pipeline that is likely to slow across the board pretty soon.

thelakelander

  • Metro Jacksonville
  • Hero Member
  • *****
  • Posts: 22583
Re: Jacksonville listed as 2nd fastest growing high-wage market in the US?
« Reply #5 on: February 11, 2013, 08:23:18 PM »
Quote
Each of these cities has recently opened 5-10 220 Riversides, have another 7-15 UC, and another 5-15 in the 12 month pipeline, with a multifamily pipeline that is likely to slow across the board pretty soon.

We're definitely behind when it comes to infill multifamily within the urban core.  To be honest, I'm still not sure why more infill residential projects didn't come out of the ground between 2000-2007ish.

Tacachale

  • Hero Member
  • *****
  • Posts: 3845
Re: Jacksonville listed as 2nd fastest growing high-wage market in the US?
« Reply #6 on: February 11, 2013, 09:55:30 PM »
What I keep hearing on the streets and what I read in these articles posted on this site continuously clash.  I know the local economy is changing, but even this article states that "Once a business services backwater, the share of jobs in that sector in the local economy has rapidly climbed towards the national average."  One has to be excited for good news, of course, but one also has to take all these statements with a grain of salt.  The capital markets generally don't view Jax very favorably, and neither do they view most secondary/tertiary markets very favorably nowadays as the flow of skilled labor, immigration, and capital is to the top 10 primary/secondary markets with a few notable smaller secondary markets sprinkled in (Austin, Charlotte, Raleigh, Nashville, Denver).

The easiest way to tell if your economy is really booming and wages are truly going up is in high end infill multifamily construction.  The investors/developers/lenders are usually most keen on job growth/quality job growth, which provides the impetus for multifamily.  They will finance and build expensive apartments en masse where there is job growth to support the rents and the influx of new units.  They also try to forecast 2-3 years out with 12-18 months taken up for construction.

All the new units going up at STJC seems like it fits your bill of "high end multi-family" to me, but is not following any urban infill patterns. Thats maybe why you aren't seeing it. It could indicate something is amiss in the urban core or the infill around it.

NYC is complaining bitterly about high pay mid tier positions that are moving out of Manhattan and down to Florida, specifically Jacksonville. Deutsche, Fidelity, Citi are all following this trend south. I think many of these transplants would love to find options for high end multi family in the city center.
This is hardly the last time you'll find a disconnect between actual evidence and simms' perceptions.
Do you believe that when the blue jay or another bird sings and the body is trembling, that is a signal that people are coming or something important is about to happen?

JeffreyS

  • Hero Member
  • *****
  • Posts: 5794
Re: Jacksonville listed as 2nd fastest growing high-wage market in the US?
« Reply #7 on: February 11, 2013, 11:26:53 PM »
Simms is dead on generally speaking the fastest growing means farthest behind. It is a lot easier for us to add 10% more high paying jobs than say San Fransico because it is a much lower target number of jobs to effect that level of change. I am happy to be headed in the right direction but the pay here is still pretty low.
It ain't what you don't know that gets you into trouble. It's what you know for sure that just ain't so.  Mark Twain

BridgeTroll

  • Global Moderator
  • Hero Member
  • *****
  • Posts: 11647
  • The average person thinks he isnt
    • London Bridge Pub
Re: Jacksonville listed as 2nd fastest growing high-wage market in the US?
« Reply #8 on: February 12, 2013, 09:28:43 AM »
Quote
Jerry Mallot, president of the local business development group Jaxusa Partnership, suggests that low costs, a high rate of housing affordability and Florida’s lack of income tax make Jacksonville attractive to companies seeking to expand or relocate.

Following the completion of my Navy career... these were the main reasons I decided to move here permanently.
In a boat at sea one of the men began to bore a hole in the bottom of the boat. On being remonstrating with, he answered, "I am only boring under my own seat." "Yes," said his companions, "but when the sea rushes in we shall all be drowned with you."

Tacachale

  • Hero Member
  • *****
  • Posts: 3845
Re: Jacksonville listed as 2nd fastest growing high-wage market in the US?
« Reply #9 on: February 12, 2013, 09:31:40 AM »
Growth is growth, whether it fits the wonks' notions or not.
Do you believe that when the blue jay or another bird sings and the body is trembling, that is a signal that people are coming or something important is about to happen?

Spence

  • Full Member
  • ***
  • Posts: 104
Re: Jacksonville listed as 2nd fastest growing high-wage market in the US?
« Reply #10 on: February 12, 2013, 09:59:12 AM »
Coucilperson Clark, SIT DOWN!
[understood WITHOUT taking a bow]
DO NOT pass go.
Straight to Jail.

Sorry I have nothing less snarky to add.

Guess it is apparently great news for wage earners, job seekers, relocation specialists, etc., etc.,

My apologies, this entire comment relates more to the absurd sponsorship of the moratorium on the mobility fee.

Any and ALL other successes are fleeting until the moratorium is eclipsed - not just put out to pasture temporarily with sunsetting verbiage.
The sun also rises.

So diabolical this news.
How do we get McMansion shoppers to care about an inner-city with so many needs?
« Last Edit: February 12, 2013, 10:00:46 AM by Spence »
Why is the world full of humans a lot less friendly than we ought to be?

Spence

  • Full Member
  • ***
  • Posts: 104
Re: Jacksonville listed as 2nd fastest growing high-wage market in the US?
« Reply #11 on: February 12, 2013, 10:09:07 AM »
Oh,

and to spuwho:
consider 3.2MM sf in DUMBO coming on line for one sweet large bill.

what a tasty flapjack!
Why is the world full of humans a lot less friendly than we ought to be?

Ocklawaha

  • Phd. Ferroequinology
  • Global Moderator
  • Hero Member
  • *****
  • Posts: 10273
  • Monster of Mobility! Ocklawaha is Robert Mann
    • LIGHT RAIL JACKSONVILLE
Re: Jacksonville listed as 2nd fastest growing high-wage market in the US?
« Reply #12 on: February 12, 2013, 10:18:08 AM »
Simms is dead on generally speaking the fastest growing means farthest behind. It is a lot easier for us to add 10% more high paying jobs than say San Fransico because it is a much lower target number of jobs to effect that level of change. I am happy to be headed in the right direction but the pay here is still pretty low.

Jacksonville actually stacks up exceptionally well when compared to 444 other Florida cities, here is the rank:

OUT OF 444 CITIES

Fruit Cove/Julington Creek #8
Ponte Vedra #10
Neptune Beach #39
Orange Park #43
Fernandina Beach #52
Jacksonville Beach #66
FORT LAUDERDALE - 68
Middleburg #72
Lulu #79
Bryceville #80
ORLANDO - 91
Green Cove Springs #93
Callahan #96
St Augustine $111
FORT MYERS - 117
Glen St Marys #119
Yulee #121
Atlantic Beach #132
Penny Farms #142
Jacksonville #146
MIAMI - 150
TAMPA - 160
MIAMI BEACH - 203


Okay, maybe comparing Lulu to Jacksonville and Miami IS a bit unfair... Lulu pays better!