Author Topic: Jacksonville's economy likely to recover before other Florida cities, but when?  (Read 4517 times)

thelakelander

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Real estate data aggregator Metrostody says while Jacksonville is poised to recover sooner than other areas of the state, the city’s climbing unemployment and 3.7 percent job loss rate keep a recovery on the horizon.

Anthony Crocco, director of Metrostudy’s North and Central Florida divisions, said in a release today that because the Jacksonville metropolitan area got a much lighter boost from the housing boom of 2004-06, its continuing fall back to earth will be less prolonged than in other cities in the state. And because Jacksonville’s economy also is buttressed by military bases and a shipping port, its recovery will be quicker than Florida cities that are less diversified, he said.
Hobbling the metro area, however, is a lack of job formation, Metrostudy wrote.

Between August 2008 and August 2009, Jacksonville metro lost 23,000 jobs. At the same time, the metro area’s unemployment rate reached 10.7 percent in September after holding at 10.6 percent for three months.

“While unemployment may be nearing its peak, a quick rebound in job formations is not forecast,” Metrostody wrote.

full article: http://jacksonville.com/business/2009-11-03/story/jacksonvilles_economy_likely_to_recover_before_other_florida_cities_but_wh
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reednavy

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In reality, it isn't that surprising. Us and the Panhandle will recover probably 6 months to a year or more before Central and South Florida does. Thos areas have absolutely tanked in every sense of the word, and the hole is quite deep for them to climb out of.
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mtraininjax

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I'll believe it when I see it, I don't see a lot of new growth from small businesses, and the corporate real estate market continues to decline. I heard on CNBC this morning that the analysts see 2.5% growth next year, and we experienced, so far, 3.5% growth nationwide this year. Most smarter people, than I, see more issues next year and further decline.

Let's see what the FOMC says today.
And, that $115 will save Jacksonville from financial ruin. - Mayor John Peyton

“This is a game-changer. This is what I mean when I say taking Jacksonville to the next level.”
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mtraininjax

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U.S. lost 284,000 jobs in Oct., 5.9M in 12 months

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The U.S. economy lost 284,000 jobs in October, with about 5.9 million jobs lost in all over the past 12 months, according to research released Wednesday from TrimTabs Investment Research.

The Sausalito firm said October's figure was a modest improvement over the 358,000 jobs shed in September.

TrimTabs' employment estimates are based on analysis of daily income tax deposits to the U.S. Treasury from all salaried U.S. employees.

In a research note, TrimTabs added that wages and salaries are still declining sequentially. The firm estimates based on income tax deposits that wages and salaries fell 5.3 percent year over year in September and 4.6 percent year over year in October, steeper than declines earlier in the year.

Meanwhile, a report in the Wall Street Journal broke down the number of private jobs lost in the U.S. -- not counting government positions -- to 203,000 last month.

Planned layoffs in October were driven by the automobile industry, with 13,420 announced layoffs. The sector, with a total of 164,440 planned layoffs this year, may see more downsizing in 2009, the report said.

Government and non-profit entities rank second in year-to-date payroll reductions, with announced layoffs of 160,434 workers. The sector is poised for more cuts as many state and local governments grapple with hefty budget deficits.



 
« Last Edit: November 04, 2009, 11:38:09 AM by mtraininjax »
And, that $115 will save Jacksonville from financial ruin. - Mayor John Peyton

“This is a game-changer. This is what I mean when I say taking Jacksonville to the next level.”
-Mayor Alvin Brown on new video boards at Everbank Field


mtraininjax

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Could be a great jobs opportunity for folks in Jacksonville - We have a need to clean these up, sometime.

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Forbes magazine has ranked Jacksonville among the nation’s “most toxic” cities.

Jacksonville ranked 33rd out of the country’s 40 biggest cities. Atlanta was the most toxic and Las Vegas was the least toxic.

Forbes said it looked at the country’s 40 largest metropolitan statistical areas based on data provided by the U.S. Environmental Protection Agency. It then counted the number of facilities that reported releasing toxins into the environment, the total pounds of certain toxic chemicals released into the air, water and earth, the days per year that air pollution was above healthy levels, and the total number of Superfund sites (contaminated areas that the federal government has designated for cleanup efforts) in each city.

According to the data, Jacksonville has 70 Superfund sites, 73 facilities releasing toxic chemicals, 15.2 million pounds of released toxic chemicals, and the 37th-worst air quality.
And, that $115 will save Jacksonville from financial ruin. - Mayor John Peyton

“This is a game-changer. This is what I mean when I say taking Jacksonville to the next level.”
-Mayor Alvin Brown on new video boards at Everbank Field

Ocklawaha

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mtrain, of course we will do better then the rest of Florida, we eat more GRITS!

OCKLAWAHA