JACKSONVILLE MSA
MSA (METROPOLITAN STATISTICAL AREA)
An MSA is identified as an urbanized area of at least 50,000 inhabitants that has a total metropolitan
population of at least 100,000. The Jacksonville MSA is composed of Baker County, Clay County,
Duval County, Nassau County, and St. John’s County. The Jacksonville MSA ranks as the 4th largest
in the State of Florida, preceded in order of population by Miami, Tampa/St. Petersburg, and Orlando.
Nationally, it is considered the 55th largest MSA, with a population1 of more than 1,450,000
inhabitants.
LOCATION
Jacksonville, the anchor city within the Jacksonville MSA is a city geographically located on the banks
of the St. Johns River in the northeast section of Florida situated 23 miles south of the Georgia state
line. Jacksonville is 39 miles north of St. Augustine, 89 miles north of Daytona Beach, 134 miles
north of Orlando, 163 miles east of Tallahassee, 190 miles northeast of Tampa, 315 miles southeast of
Atlanta and 345 miles north of Miami.
Duval
Baker
Clay
St. Johns
Jacksonville, FL
Metropolitan Statistical Area
FLORIDA
Nassau
PHYSICAL FEATURES
At 874.3 square miles, Jacksonville is the largest city in land area in the contiguous United States. Of
this, 757.7 square miles is land, and 116.7 square miles is water. Elevation varies from sea level to
approximately 50 feet above sea level with the highest elevation occurring along a portion of the south
bank of the St. Johns River in the Arlington Area (St. Johns Bluff). Significant physical features in the
area include the St. Johns, Ortega, Nassau, Trout and Cedar Rivers, the Intracoastal Waterway, the
Atlantic Ocean and numerous ecologically important wetland areas including the 30,000 acre
Timucuan Ecological and Historical Preserve.
1
Source: Wikipedia.org
ENTERTAINMENT
The Jacksonville area offers many recreational and cultural activities along with numerous professional
and collegiate sporting events. Northeast Florida is home to the World Golf Hall of Fame in St.
Augustine, The Players Championship (TPC) held at TPC Sawgrass in Ponte Vedra Beach, The
Bausch & Lomb Tennis Championship in Amelia Island and the Association of Tennis Professionals
(ATP). Jacksonville is the home of the NFL franchise Jacksonville Jaguars, whose stadium holds
many annual events such as the Florida/Georgia Football Classic and the Progressive Gator Bowl.
In 2000, Jacksonville voters approved The Better Jacksonville Plan and Preservation Project
Jacksonville. These two measures were created in the attempt to preserve Jacksonville for the future
while making the region a desirable place for individuals to reside and visit. Some major projects of
The Better Jacksonville Plan included the sports complex, which contains Veteran’s Memorial Arena
and the Baseball Grounds of Jacksonville. The arena seats up to 16,000 spectators for a variety of
productions and sporting events including the Jacksonville Sharks arena football team. The Baseball
Grounds of Jacksonville is home to the Jacksonville Suns, a minor league professional baseball team.
Another part of The Better Jacksonville Plan is The Jacksonville Equestrian Center, located off
Normandy Blvd. in the Westside area of Jacksonville, which opened in March 2004. This is a multipurpose equestrian complex providing facilities to accommodate premier equestrian events as well as a
range of community events.
DEMOGRAPHIC
The City of Jacksonville is the 3rd most populous city on the East Coast, after New York City and
Philadelphia, with an estimated population of 864,2632. The greater Jacksonville MSA population by
County is detailed on the following page:
2
U.S. Census Bureau 2010
The greatest area of growth over the past 10 years has occurred within Flagler County, followed by St.
Johns County. These areas experienced a large increase in Developments of Regional Impact (DRIs),
in areas that were historically agricultural in nature. However, such growth began to slow in late 2006,
early 2007. In 2008, with the historical crash of the U.S. residential market, earlier projections of
population growth are likely over-estimated. The population in the greater Jacksonville area had been
growing at a rate of more than two percent annually. This figure was more than two times the national
average. The area’s wide variety of housing provides options to suit any living style. From historic
homes and high-rise condos to coastal living, it’s no surprise that Jacksonville has had a stable ranking
by Money Magazine as one of the “Top Ten Best Places to Live” and has topped the list of “America’s
Top Cities” by Expansion Management Magazine a record three times.
The chart following summarizes the age distribution of the Jacksonville MSA Population. As
illustrated, the majority of residents are below the age of 50 and the median age is 37.7 years, which is
similar to the Top 100 Cities average and U.S. overall. The population is also similarly educated as the
rest of the U.S. with 18% percent of its population holding at least a bachelor’s degree, but only 7.9%
of households having an annual income greater than $100,000. The growth of the Jacksonville MSA is
growing at a pace that exceeds the national average as well as the Top 100 average. The growth is
attributed in part to the perception of Northeast Florida being a favorable place to live, work, and raise
families, coupled by its relatively low cost of living standard, as summarized further in this section of
the report.
EMPLOYMENT, INCOME, COST OF LIVING
The median household income levels are slightly higher than the average for the state of Florida. The
economy is well diversified, and has remained on par with national averages in terms of economic
growth. Since 1990, Jacksonville has experienced an annual growth average of 1.82% in Median
Household Income. However, looking forward, this trend is expected to end, in a manner mirroring
the recession in the U.S. economy, and similarly influence the current retraction of the world-wide
economy. The following tables summarize the most current per capita income statistics for the
Jacksonville MSA.
Given Jacksonville’s location and geography, the economy in N.E. Florida is heavily weighted upon
Health Services and Education, Professional Business Services, Government, Leisure & Hospitality,
Finance, and Transportation, Trade & Utilities. Its economy is less reliant on Manufacturing,
Information, and Construction Sectors, when compared to the Top 100. The following table
summarizes the most current employment by industry for Northeast Florida.
As opposed to other Florida cities, which are dependent on tourism, Jacksonville's economic base is
well diversified. While there is a small tourist component to the local economy, most of the
employment opportunities are in the areas of insurance, banking, food production, biotechnology,
chemicals, shipbuilding and repairs, agricultural products and lumber, machinery and finished goods,
paper, cigars, distribution, government and the military.
Although the unemployment rate is anticipated to increase within the short-term foreseeable future,
due to national and world-wide current events, below is the latest statistics for the Jacksonville MSA.
According to the Agency for Workforce Innovation, the unemployment rate for the Jacksonville MSA
was reported at 9.1% as of January 2012. Jacksonville has experienced favorable unemployment rates
over the past decade as reflected on the following chart.
LABOR FORCE - January 2012
Location Labor Force Unemployment
JAX MSA
684,390
9.10%
Florida
9,297,000
9.60%
U.S.
154,395,000
8.30%
Annual Labor Force - JAX MSA
2011
696,327
9.20%
2010
687,829
11.20%
2009
686,069
10.00%
2008
684,325
5.80%
2007
667,506
3.90%
2006
649,056
3.30%
2005
609,942
3.90%
2004
608,406
4.30%
2003
588,805
5.30%
Jacksonville has one of the lowest overall costs of living in Florida and in the United States with a cost
of living index of 94.9 compared to a national average of 100. This is largely due to the relatively low
housing costs in the area. The following chart represents the overall cost of living for the Jacksonville
MSA.
As the single largest employer of Northeast Florida, the military presence in the Jacksonville MSA has
a vital economic role in the local economy, employing over 56,000 personnel (roughly 6% of the
area’s workforce) with an annual payroll in excess of $1.5 billion. The area military installations
include NAS Jacksonville, Naval Station Mayport, Camp Blanding Joint Training Center, Naval
Aviation Depot Jacksonville, and Marine Corps Blount Island Command in addition to the Kings Bay
Naval Base in St. Marys, GA. Combined, these installations have a total economic impact of $6.1
billion annually for the local economy.
The economic impact of the Navy, in particular, is tremendous in terms of total employment and
revenue providing approximately 22,000 jobs. The two major naval bases in the area include NAS
Jacksonville (one of the largest overhaul and repair facilities in the United States), and NAS Mayport
(the only deep water berthing area for major naval ships in the United States south of Norfolk, Virginia
Many other large employers, both manufacturing and non-manufacturing have established a strong
presence in Jacksonville. In the past ten years companies such as Fidelity Investments, Bridgestone
Firestone, Fidelity National Financial and others relocated to Jacksonville creating an open market of
competition that recruits more business opportunities to the Jacksonville MSA. Now Mitsui and Hanjin
will each have a major presence in Jacksonville.
A major development for the industrial sector of Northeast Florida is the August 2005 agreement
between Jacksonville and Mitsui O. S. K. Lines Ltd. JaxPort constructed a 158-acre cargo terminal for
Mitsui. The new cargo port is expected to create well over 5,600 related jobs. Mitsui is one of the
largest shipping giants in the world. This new commitment from Mitsui, via a 30-year lease, is
resulting in a major change in industrial land values, although current economic conditions dampened
this.
Additionally, Hanjin Shipping Company which is South Korea’s largest carrier reached an agreement
to build a $360 million terminal in Jacksonville, Fl. The actions by Mitsui O.S.K. Lines Ltd. and
Hanjin Shipping Co. for seeking out Jacksonville and the East Coast in general have a large part to do
with the $5.25 billion Panama Canal expansion.
The following chart is a list of the largest employers in the Jacksonville MSA. These are the top
employers in the Jacksonville metropolitan area (with industry sector) and number of employees as of
2009, which is the most recent data available.
Employer
Naval Air Station
Naval Station Mayport
Duval County Public Schools
City of Jacksonville
Winn-Dixie Stores
Blue Cross Blue Shield of Florida, Inc.
Publix Distribution Center
Baptist Health System
CSX Corp.
CitiBank
Number of Employees
19,537
15,293
15,000
8,019
7,238
7,000
6,615
5,600
4,400
4,000
HOUSING
It is the general opinion of the real estate professionals we interviewed that all segments of the real
estate market are in decline and that property values are still facing downward pressure. In some cases
that downward pressure is significant. There is support for decline in property values ranging from
30% to over 50% in the northeast Florida market.
The real estate market in general, and specifically the vacant land sector, experienced a drastic
decrease in 2008, which has steadily deteriorated through today. This decline in activity and
conditions overall was significantly magnified by the world credit crisis (stemming from the prolonged
residential real estate crash). The near term outlook for the real estate market in general remains
unfavorable as the market perception is that both the world and national economies are contracting
substantially. The following chart reflects the decline in the median home sales prices from 1-2003 to
1-2011 for the Jacksonville MSA.
3
The long-term outlook for the Jacksonville housing market looks positive. However, in light of
current events, the near-term outlook is likely to continue to dim, mirroring the national housing
decline/crash which has proven historical in nature. The vast cut and continued inactivity in new
housing construction by area builders is perceived as evidence of near term events to come.
3
Nefar.org
HEALTHCARE
Northeast Florida offers a wide range of advanced medical services provided by some of the top
hospitals in the nation. The area’s leading hospitals include: St. Vincent’s Healthcare, Baptist Health,
Shands Jacksonville and the Mayo Clinic. St. Vincent’s Healthcare serves more than 100,000 patients
a year and is the largest heart center between Orlando and Atlanta. Baptist Health is the area’s most
comprehensive healthcare provider composed of five separate regional hospitals throughout
Jacksonville. Shands Jacksonville is an academic medical center affiliated with the University of
Florida and offers treatment to patients throughout Northeast Florida and South Georgia. The Mayo
Clinic is the first and largest integrated group practice in the world. According to the Jacksonville
Chamber of Commerce, “Its Cancer Center is the only multicenter clinic in the nation to receive the
National Cancer Institute’s highest designation as a comprehensive cancer center.”
TRANSPORTATION
Jacksonville is the main intersection of two major southeastern transportation routes: I-95 and I-10.
Along with these two major transportation routes, I-75 is easily accessed via I-10 approximately one
hour west of Jacksonville. More than one hundred different trucking companies and three separate rail
companies service the area: CSX Corporation, Norfolk Southern and Florida East Coast Rail
Company.
Jacksonville is connected to major trade lanes throughout the world via its two natural deepwater ports:
JAXPORT and the Port of Fernandina. These ports provide trade opportunities with Latin America, the
Caribbean, Asia and the rest of the world. Increased trade with the Asia Pacific Region has brought on
the recent port deals with Mitsui O.S.K. Lines and Hanjin Shipping Company, two of Asia’s largest
carriers.
Jacksonville International Airport (JIA) and the area’s six other regional airports connect the city to the
rest of the nation with more than 90 direct non-stop flights to more than 27 U.S. cities along with many
international flights to suit the needs of both business and leisure travelers. In addition to passenger
flights, Jacksonville International Airport moves millions of pounds of air cargo annually through a
network of the nation’s major air freight providers.
Project Name
City of Jacksonville Road Projects
Project Limits
Project Description
Collins Road Extension
Shindler to Old Middleburg
Fort Caroline Road
Caroline Vale to Merrill
Cahoon Road Phase 2
Lenox to W. Beaver
Collins Road
Blanding to Pine Verde
Collns Road
Shindler to Westport
Collins Road
Westport to Rampart
Crystal Springs Phase 2
Hammond to Cahoon
Girvin Road
Atlantic to McCormick
Hartley Road
Old St. Augustine to San Jose
Kernan Blvd Phase 5B
Matthew Ungar
Kernan Blvd Phase 6
JTB to Glen Kernan
McDuff & 5th Phase 3
Old Middleburg Road
Old St. Augustine/Greenland
Intersection
103rd to Argyle Forest
Parramore Road Extension
Youngerman Circle
Ricker Road
Old Middleburg to Morse
San Pablo Road
Beach to Atlantic
Shindler Drive Phase 2
Collins to 103rd
Construct a new, two-lane section with curbs, gutters,
sidewalks and bike lanes on both sides. This section
will eventually be widened to a four-lane divided
roadway with landscaped median(s).
Reconstruct to two lanes east of 9A and three lanes
west of 9A, with bike lanes, sidewalks and curb & gutter
on both sides. Roundabout at Hartsfield Road to
replace existing signal.
Reconstruct two-lane section with bike lanes,
sidewalks and curb & gutter on both sides.
Reconstruct to a four-lane section with medians, bike
lanes, sidewalks and curb & gutter on both sides.
Reconstruct to a four-lane section with landscaped
median(s), bike lanes, sidewalks and curb & gutter on
both sides.
Reconstruct to a four-lane section with landscaped
median(s), bike lanes, sidewalks and curb & gutter on
both sides.
Reconstruct to five-lane/three-lane section with bike
lanes, sidewalks and curb & gutter on both sides.
Reconstruct to five lanes south of Ashley Melisse and
three lanes north of Ashley Melisse, with bike lanes,
sidewalks and curb & gutter on both sides.
Reconstruct to three lanes at major intersections, with
drainage improvements.
Reconstruct to six lanes divided south of Matthew
Ungar and four lanes divided north of Matthew Ungar,
with landscaped median(s), bike lanes, sidewalks and
curb & gutter on both sides.
Reconstruct/realign to a six-lane divided roadway with
landscaped median(s), bike lanes, sidewalks and curb
& gutter on both sides.
Three-lane urban roadway with bike anes, sidewalks
and curb and gutter.
Reconstruct to a four-lane divided section with
landscaped median(s), bike lanes, sidewalks and curb
& gutter on both sides.
Improve traffic flow in the area with modifications to
the existing layout.
Construct a new, two-lane section with curbs, gutters,
sidewalks and bike lanes on both sides.
Reconstruct to a three-lane section with bike lanes,
sidewalks and curb & gutter on both sides.
Reconstruct to a three-lane section with bike lanes,
sidewalks and curb & gutter on both sides.
Widen and resurface two-lane roadway to include
paved shoulders, drainage improvements and
sidewalks.
Budget
$4,200,000
$11,300,000
$13,000,000
$15,200,000
$8,200,000
$7,300,000
$12,600,000
$17,100,000
$11,500,000
$27,500,000
$5,800,000
$2,200,000
$2,800,000
$1,200,000
$2,600,000
$12,000,000
$13,700,000
$12,200,000
Data obtained from the City of Jacksonville The Better Jacksonville Plan Road Projects website.
3/2012.
CONCLUSION
The Jacksonville MSA has a diverse geography and demographic with many positive attributes. Yet
Jacksonville has been affected by the current market conditions and economy as expected. The area has not
seen as sharp of deterioration in conditions as other Florida cities, specifically those located in South Florida and
Southwest Florida. It is however plagued by a substantial short term oversupply of condominiums, homes, lots,
and entitled residential land, exacerbated by the September/October 2008 financial markets collapse. The
residential market continued to slowly recover in 2011 and likely through 2012 as well.
The Jacksonville Retail and Office sectors began showing signs of weakening in mid 2008. It is the local
market perception that this market is still in decline resulting from the prolonged world credit crisis, housing
bust, etc. With a continued decrease in occupancy rates, an increase in foreclosures, decrease in the
population’s disposable income, etc., and lowered expectations on near term appreciation of property values, the
Commercial and Office Markets declined through 2011, but have shown some signs of a slow recovery into
2012. It remains uncertain how these markets will react going forward. Currently, market activity is occurring
for tenant relocations into existing buildings but only a minor amount of that is new development/construction.
The Industrial Market has also experienced declining market conditions through 2011. In anticipation of higher
demand levels resulting from the new port clients Mitsui and Hanjin, in addition to the booming economy (2001
– 2006), a large amount of Industrial Warehouse development took place within the last few years. The
retracting economy, along with the resulting reduction in port activity has resulted in a substantial over-supply
in industrial warehouses, and a decrease in demand for vacant industrial land. The Industrial Market is therefore
also expected to show no significant signs of growth (new development) at least through 2011 and into 2012.
In summary, Jacksonville will likely to continue experiencing setbacks through 2011 and early 2012. But its
broad, dynamic array of businesses and professional services, and its diverse economy, should provide some
resiliency against sustained setbacks that would negatively impact longer-term growth potential and recovery is
expected to continue into late 2012 and beyond, albeit slowly.