Q&A: BofA market president positive on Jax region

September 21, 2018     0    1

What is the state of the banking industry in Northeast Florida?  We are in a very good spot. After the recession in 2008, and the recovery started in about 2010 and the economy of Jacksonville has benefitted from that. The area is very healthy: You look at the unemployment rate and new businesses that have been attracted here by JaxUSA Partnership – we have a very strong economy so that means that the banking business is healthy. All the banks over these last years have built up their capital positions and have continued to focus on lending. Our company focuses on our responsible growth strategy where we continue to lend and put money back out to businesses and the consumer side in a responsible way.  The banking Industry has changed locally with fewer community owned banks. How has that impacted customers and how do you see this dynamic between community owned and national banks continuing to develop?  There is always going to be a place for both. There are difference niches and needs that both can serve, but the one big trend ...

I-95 named second-best launchpad for autonomous trucking in U.S.

September 21, 2018     0    2

Rob Hooper, CEO of of Jacksonville-based Atlantic Logistics, has spoken at national conferences about the economics of autonomous trucks, a technology he sees as inevitable. Interstates are the perfect place to begin implementing autonomous trucks, he noted, because they provide commercial benefits in stable traffic conditions. "Interstates will be the first place automation will be utilized," said Hooper. "There's no pedestrians, no red lights. It's made to flow." Long-haul autonomous trucks would bring massive economic benefits, Hooper noted. The autonomous vehicles would be able to run 24 hours a day, versus human drivers' 11-hour cap, more than doubling the asset's use and allowing freight volumes to move more heavily at night to avoid peak congestion. There would be no driver to pay, a savings of 40 cents per mile. Insurance costs would plummet, while safety incidents would almost vanish. Fuel costs could be slashed, too, as autonomous trucks calculate their most efficient speeds. "Once it's doable and safe, the phase-in period is going to be dramatic," said Hooper. "Every incentive is going to be for massive, immediate adoption of this. Consolidation in the ...

Clay has stake in region’s new economic plan

September 20, 2018     0    2

Presenters mentioned Keystone Heights’ abundance of water. Keystone Heights City Manager Scott Kornegay said he was enthused about the ideas from the discussion. “The most exciting part is knowing that it’s a regional effort and Keystone Heights is positioned with a valuable and contributing member to the region,” Kornegay said. “Economic growth for the region can’t do anything but help us.” The report said the region added 100,000 jobs since 2012 and saw a 10 percent increase in bachelor’s degree and associate degree holders. However, Holloway cited two major challenges to growth in the region – housing and transportation. “There is a massive amount of commuting in this region,” Holloway said. “Every county except Duval has about 60 percent of its residents working in another county.” Elevate Northeast Florida is an organization working toward economic development in the region and a sponsor of the event. Elevate Northeast Florida co-Chair Darnell Smith referred to Duval’s surrounding counties as family members and said it wasn’t just about Jacksonville. “We all have to win and experience economic growth,” Smith said. Chereese Stewart, Clay County govenrment’s director of Economic ...

Harris excited to be in Clay

September 20, 2018     0    4

Harris served in the Army from 1985 until 1995 where he rose to first lieutenant. He re-enlisted in 2007 before retiring in 2017 as a major. Harris said the opportunity present in Clay County is one that makes him excited to get to work and work with residents. He said that the people he has meant are outgoing and friendly and have been eager to show him what the community is all about. “I’m very very excited for the opportunities here and I’m looking forward to working with the communities,” said Harris. Before coming to Clay County, Harris served as executive director of Bedford Urban Enterprises Association, which he held from 1995 until 2007. He also held the role of chief executive officer and president of Laramie Chamber Business Alliance in Laramie, Wyoming and was president and chief executive officer of Laramie Economic Development Corporation. Harris said he sees a lot of opportunity within Clay County and believes the county will begin to see growth. One of the biggest projects that he is working on is the First Coast Expressway, the multi-lane, limited access ...

The Apartment Boom...Jobs, Population Growth, Driving Construction

September 17, 2018     0    21

“There are a lot of people that need to be housed and we just don’t have the inventory for them,” said Morgan Williams, associate director of multifamily investment services at Colliers International. “Absorption is still outpacing construction. There is still more demand than units available.”  Job growth explains much of the demand. In the last year (July 2017 to July 2018), employment rose 3.2 percent in Jacksonville, according to the Florida Department of Economic Opportunity.  Jacksonville attracts 30,000 new residents a year and most  move here for jobs, Williams said. But the demand for apartments also reflects a rise in the number of renters, who now make up 36 percent of Jacksonville’s households, according to a 2018 report from the National Low Income Housing Coalition. Strong demand for apartments has knocked Jacksonville’s vacancy rate down to about 4 percent, the lowest point in 20 years, according to a 2017 snapshot of the city’s multifamily housing status from Colliers International. “That number underscores why we’re seeing all this construction right now,” Taylor said. “Jacksonville is one the strongest rent growth cities in the nation.” Yet, Taylor ...