18 December Why Jacksonville is Booming December 18, 2017 By Laura Pavlus General workforce, talent, infrastructure, cost of living, growth, business climate 0 Viewpoint: Why Business is Booming in Jacksonville - by David Zimmerman - Jax Bus. Journal - Read full article here Hit by Hurricane Irma and the nation-wide disappointing jobs report, Florida has seen a rough couple of months. However, it’s not all doom and gloom for the state. Florida ranks as the second-best business climate in the country. In 2016, the Jacksonville area added 22,800 private sector jobs, and Florida’s added 237,300 private-sector jobs last year. Florida’s $85 million Job Growth Grant Fund will also be sure to help foster a positive business environment – offering funding to enhance community infrastructure and develop workforce training programs. These factors present a favorable environment for business growth and investment in Jacksonville. Here are three reasons some private and family companies are choosing to locate and invest in Jacksonville. Talent is Here People are concerned about pace of change and job loss, and companies that offer job training and continuous improvement opportunities are more appealing. In recent years, companies have expanded their interest in setting up shop in Jacksonville. Many company headquarters are now located in Jacksonville, and the city has seen expansion of manufacturing plants and distribution facilities. Due to the rise in corporate presence, Jacksonville now has a vibrant business community and a reputation for being a great place to raise a family. It offers the luxury of a bustling metropolis with less stress and pressure of other markets, like New York, Miami or Chicago. Private companies in the area can capitalize on these perks. Pro-Business Local and Federal Legislation In June, Governor Rick Scott announced an $85 million Florida Job Growth Grant Fund, which offers funding to economic development projects that enhance community infrastructure or develop workforce training programs. Florida’s highly favorable tax climate provides many advantages. Despite these advantages, companies should still consider potential shifts at the federal level. PwC’s research shows that private company business leaders are already concerned about federal legislation – in fact, they say it is one of their biggest concerns (PwC’s Q3 Trendsetter Barometer). While the level of impact tends to vary based on size, industry and even a company’s management team’s level of desired compliance, regulatory pressures are often challenges to growth. Further, uncertainty in U.S. over corporate tax reform and other legislation creates additional watch-outs for businesses to be aware of. A Focus on Innovation Establishing itself as a hub for young entrepreneurs, Jacksonville is drawing interest from all sorts of businesses. Sixty-six percent of private companies plan to increase their innovation spending, with 18 percent identifying this increase as significant (PwC research). It’s no secret that private and family companies must stay ahead of technology to stay competitive. In fact, private companies are increasingly looking to technology and innovation to help them meet a variety of critical objectives – including growth, cost-cutting, higher productivity, increased market share and other goals. This is not a “nice to have” for private companies – it’s a business imperative to propel into the future. Jacksonville is a growing market, making it all the more important for companies to stay innovative. David Zimmerman is a Tax Partner and Leader of PwC’s Florida Private Company Services practice. He is also the U.S. Private Company Services Tax Strategy Leader at PwC. Related Companies Continue to See the Cost Savings and Advantages of Moving Jobs to Jacksonville “We can have a hard time attracting people to New England because of the cost of living, tax rates and weather,” he said. “But Jacksonville is very attractive for all three. It has a good labor pool, and we want to hire professional people and pay good wages.” Incubating a Startup Scene: Creating a Vibrant Atmosphere for Tech and Biotech Firms to Grow in Jacksonville When Jim Stallings founded PS27 Ventures five years ago after retiring from IBM, his goal was simply to invest in and support local companies. Today, his incubator supports eight to 10 companies and employs full-time staff to help those companies vet their ideas, mature their product offerings, find new customers and more. “Five years ago, I wasn’t thinking that it would be like this, but it’s really evolved,” said Stallings. Though PS27’s days as the only incubator in town are numbered, it’s not worried about finding companies in the future. With a full pipeline of companies looking to enter its program – including several from outside of Northeast Florida – PS27 is quadrupling its footprint so it can support more startups at a time. Jacksonville Competing in the Top of the Pack for Small Business Jacksonville placed 30th out of more than 100 major metropolitan areas in an American City Business Journals study of small business vitality across America. Jacksonville's Office Market Benefited from a Strengthening Economy as Job Creation Continued "With a growing population and a strengthening economy, both national and local businesses look to Jacksonville as a top-tier market for operations," said Colliers, which represented Gramercy Woods in the Aetna transaction. Entrepreneur with Clay County Ties Forms Deal with Visit Jacksonville JACKSONVILLE – A former Fleming Island entrepreneur has formed a new partnership with Jacksonville’s tourism agency. Zachary Schwartz’s mobile app intoGo is now the official app for Visit Jacksonville, the agency that helps welcome more than 20 million visitors each year to Jacksonville and the region. Amazon Confirms 2nd Jacksonville Fulfillment Center and 1K Additional Full-Time Jobs Amazon announced plans to open a second fulfillment center in Jacksonville, Florida today (Jan. 4, 2017). The facility will add more than 1,000 full-time jobs with benefits starting on day one. In the Sunshine State, Amazon currently employs more than 4,000 full-time employees. Showing 0 Comment Comments are closed.