Metro JAX’ 5-county employment has added some 24,900 jobs in the 12 months’ ended in August 2016. That’s a 3.8% growth ranks 3rd amongst its peers in the Southeast, just behind Savannah at 4.0% and still well behind Orlando at 4.4%, but well ahead of Tampa, Atlanta, Charlotte, Charleston, and Miami – and substantially better than the nation at about 2.0%. According to the U.S. Bureau of Labor Statistics, every employment category had gains in JAX except one (Information, which lost 400 jobs or down 4.3%); increases were widely dispersed, with the biggest gains being in Construction (+12.1%), Leisure/Hospitality (+5.9%) and Education and Health Services (+5.2%).
Citibank announced hiring of 800 new jobs in JAX; that’s after 500 announced last summer that they have already filled at their offices in South JAX. Roger Bull has the announcement here for The Florida Times-Union.
The US. Bureau of Labor Statistics had April 2016 total non-farm employment in the JAX area at 668,200, that’s 22,800 more than April 2015, or a 3.5% increase, that’s DOUBLE the rate of increase for the nation, as shown below. The areas of the strongest growth – Leisure and Hospitality (+7.9%), Construction (+6.6%), and Education and Health Services (+5.1%). The only area showing a loss was Information (-1.1%).
If you are wondering who is buying all the new houses around town or you’ve been thinking that I-95 traffic is a little heavier than usual, your gut is spot on. The JAX region’s economy continues to build steam and create more and more jobs as shown in the table below from the US Bureau of Labor Statistics. From the economic trough in 2010 – where we were at 580k jobs – that increased a anemic 6k to 8k jobs in 2011 and 2012, respectively, and then 13k to 14k the next two years, but much stronger last year with almost 24k jobs in 2015, or a fairly robust 3.8% increase. Also interesting to note that we eclipsed the pre-Great Recession peak of 631k jobs during 2015 and are approaching 5% higher than that high watermark.
According to the U.S. Department of Labor and Wells Fargo Securities, LLC, Florida led the nation in job creation in January, with other 36,000 private jobs. In terms of total jobs, government and private, the state added a net of 32,200 new jobs in January, the highest gain in any month since April 2011. The biggest winners in the state – construction, professional and business services, and then leisure and hospitality. The state’s payrolls gained 3.4%, and Jacksonville was second best, at +4.5%, behind only Orlando at +4.9%, as shown below. Over the past year, Florida non-farm employment added a net of 269,200 jobs with every major industry category posting gains. The state’s unemployment rate is at 5.0%, and would be dramatically less but for Florida’s civilian labor force grew at more than twice that of the nation over the past year.
Chart courtesy of Wells Fargo Securities, LLC
Below is a simple graph of the percent changes in employment in JAX and the U.S. – and JAX is out consistently out-performing the nation. And the results in the table suggest a strong (and sustainable) 2.6% job growth over the past 12 months, now at 650,200 jobs in the region, 102.2% of the prior peak of 2006. The biggest gainers over the past year – Leisure and Hospitality (+6.2%), Education and Health Services (+5.2%) and +3.2% for Trade, Transportation and Utilities. The only loser – Information Services, down 3.3%, but also the smallest employer in the region at less than 9k total jobs. Overall, the JAX economy created some 16,300 jobs in the past year, up 2.6%. Courtesy of US Bureau of Labor Statistics.
Drew Dixon of The Florida Times-Union reports the JAX area unemployment rate fell to 5.5%, down from 5.7% in July, and reports that Gov. Rick Scott says the JAX economy has created about 15,000 new jobs in the past year.
Duetsche Bank is looking to add 475 new jobs in multiple locations in Duval County, and wants help from the city/state in terms of economic incentives. That would take their employment to over 2,100 by 2017. Karen Brune Mathis of The JAX Daily Record has the story.
After buying PSS World Medical in 2013, McKesson has decided to close its Westside warehouse where it employed some 16 persons, and consolidate its distribution function into a Chicago location. Karen Brune Mathis has the story for The JAX Daily Record.
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.