Threat of trade war and tariffs are worrying some Florida business owners according to experts. It may lead to hurt Florida’s $1 trillion economy. Says international trade is a quarter of Alice Ancona, director of International Strategy and Policy with the Florida Chamber of Commerce says Florida’s economy and these tariffs are “a pretty significant impact.”.
But surely experts do realize its a negotiation, its positioning, and most of all its very temporary until out trading partners respect the world’s “piggy bank”.
Florida Economy Flirting with $1 Trillion – 17th largest in the world – Adding $2.7 billion EVERY DAY
Florida’s economy is inching ever so close to the $1 trillion mark. The Sunshine State churned out goods and services at an annual pace of $996.3 billion during the first quarter of 2018. Florida accounted for fully 5 percent of U.S. economic activity, the federal agency said. That sounds impressive — until you consider that Florida has more than 6 percent of the U.S. civilian labor force. Florida’s industrial mix is more weighted towards low-productivity industries, says Gus Faucher, chief economist at PNC Financial Services. Read the full articles from My Palm Beach Post by Jeff Ostrowski and from US News here
Metro JAX added 17,900 new jobs from August 2017 to July 2018, led by the education/health services and transportation/utilities sectors. Statewide, Florida, has an annual job growth rate of 3.6%, double that of the nation’s 1.8%, according to Governor Rick Scott’s office and the city of Jacksonvile.
An ongoing Financial News and Daily Record article highlighted JAXUSA Partnership President Jerry Mallot where he talked on the Jacksonville locale’s low unemployment rate joined with its capacity to draw in new industry and sound land advertise that has made an ideal tempest of monetary essentialness in Northeast Florida. “Joblessness is beneath 4 percent, which implies we are at full work,” Mallot said. See the article here at JAXUSA.org from an article in Financial News & Daily Record.
JAX Chamber President and CEO Daniel Davis issued the accompanying articulation. Jacksonville financial improvement pioneers have worked intimately with Enterprise Florida to bring a great many employments and billions of dollars in capital speculation to our locale. Read the full post from JAX Chamber here
Mark Basch of The JAX Daily Record reports the unemployment rate for the JAX MSA fell from 5.5% to 5.1% for April 2015 and the region added about 16,500 jobs over the past 12 months, a 2.7% increase. St. Johns County to the south had the 2nd-lowest unemployment rate in the state.
Anheuser-Busch, already a major employer in JAX, is looking to expand again and hire an additional 75 persons – if it gets the incentives package it seeks, according to an article from David Chapman of The JAX Daily Record.
Jensen Werley of The JAX Business Journal has some more details on the planned expansion of A-B’s subsidiary, Metal Container Corp., a $170M investment and $15M from the city and state in incentives, and a 200k SF manufacturing facility that would include installation of aluminum bottle manufacturing equipment.
Drew Dixon of The Florida Times-Union has the story on the local economy and mixed results with unemployment down slightly from the month earlier, but total employed also down from January, but a leading local economist says workplace figures are holding steady.
PNC Senior Economist Augustine Faucher says 2015 is on solid footing and is optimistic about the year ahead, much as he predicted in 2014. Parts of his forecast:
- Housing starts back up to 1 million, ticking up to 1.25M, but far less than the 2M in 2005-06.
- Auto Sales back up to 16-17M a year
- Economy has regained 9M jobs lost during the recession and adding 250k jobs a month.
- Unemployment has dropped to 5.5% and will continue to fall
- Mortgage rates headed up temporarily, but have receded. Rates will rise, but “a very, very gradual process”
“Headwinds” include trade, energy, economies and conflicts. And, wage growth will accelerate as employers (Wal-Mart, etc.) are facing pressure to pay more to retain workers, increasing the “quit rate” that employees have the confidence to leave for other jobs if not paid enough.
In yet another encouraging sign of the local and regional economy, Crowley Maritime has added barge service between Jacksonville and San Juan PR with four callings per week. Richard Webner of The Florida Times-Union has the story.