Found in northeast part of Florida, Jacksonville stands out as Florida’s youngest city. A fast-developing industry in finance, health, insurance, logistics and high-tech makes this city friendly to investors and startup companies. It is also the most populated state in whole of Florida with a total population of 1.6 million people. Jacksonville can be found north of Orlando and Miami, and is situated, on the banks of St. Johns River. The city is enjoying a great location and is open to trade from Atlantic Ocean. Let’s see what makes this city an economic powerhouse.
Big business in the city
Jacksonville is known for having several Fortune 500 companies located within its borders. The huge amount of employment opportunities companies provide for locals and newcomers to the city is definitely an attractive trait of Jacksonville. This is mostly possible due to Port of Jacksonville, which is the city’s main port and allows for exchange of knowledge and resources.
Like mentioned before, the city has many successful companies located here like CSX Corporation. It is an American holding company that focuses its business model on rail transportation and real estate. The company also develops rail transportation technologies, cybernetic technologies and various computer services.
Jacksonville has a legacy in finance industry. Here you will find many big companies that deal in banking and finance. One of these companies called Fidelity National Information Services is in the Fortune 500 list. It is one of the highest-ranking companies in Florida that offers international financial technology. The company is so big that it employs well over 50.000 people worldwide and is present in over 130 countries. The other company on the list is Fidelity National Financial, which is the largest company in United States offering mortgage for residential and commercial needs.
The success of financial companies in Jacksonville has changed the business culture of the city. Many institutions that deal in finances are turning away from places like Wall Street and focusing their efforts and resources on Jacksonville. This can also be observed in cities like Atlanta and Tampa.
Jacksonville’s economy
One of the main reasons for Jacksonville’s great economy is its strategic position. Having a port open to the whole of Atlantic Ocean made the city grow exponentially in the last few decades. It has become the center point of United States automotive industry. Many foreign cars are imported through this port, but more importantly, the port serves as a transportation nerve center of the state.
Jacksonville was once a place of strong farming, which was its main economic driving force. Over time the city’s economy has diversified, leading to the growth of cybernetic technology, medical technology, information services and financial services. There has also been an increase in manufacturing that greatly benefited the growth of the city.
Jacksonville might be an industrial and informational powerhouse, but tourism has its place here too. The tourist industry provides over 10% of all jobs available and that trend seems to be growing.
Startup culture
The city of Jacksonville is known for its friendly and beneficial startup culture. Investors are happy to invest in upcoming promising companies that have great ideas. The interesting things is that the military is one of those investors. Military presence in Jacksonville has allowed many companies to take off ground since they invest in information technology and development. The military is also the biggest employer in the city that offers many different employment options. If you combine the growing commerce, financial services, many investors and great ideas, you get a city that thrives on startups and their development.