Entering the final quarter of 2018 with little signs of a slowdown in the local economy, third quarter performance continued its positive upward trend. The September jobs report illustrates the strength of the Jacksonville economy, with the creation of over 30,000 new jobs over the last 12 months, a 4.4% year over year increase. The unemployment rate fell to 2.8% which is the second lowest in the state of Florida.
Major economic development projects continue to make progress with deals being negotiated for companies to open new headquarters and distribution centers in Jacksonville. In addition, momentum continues downtown with new apartment projects opening and several more in the pipeline.
There is some macro-economic uncertainty on the horizon, including the Federal Reserve’s interest rate policy, mid-term elections and tariffs. We anticipate the next quarter will provide some clarity on these issues and allow for continued optimism in Northeast Florida.