Although the national economy is continuously growing, the competition among metro areas and cities to attract new business is getting fiercer. There is an ongoing race to have a reputation for being the city with the best business-friendly environment.
Jacksonville, a city in Florida that is ahead of the race
For some years, Florida has built a reputation as one of the best states to start a business. The Sunshine State has always been among the list of the best states to start a new business. All of this has been achieved due to its tax policies, streamlined regulatory process, and pro-business government.
Now, Florida’s largest city is also gradually gaining that recognition. Jacksonville has been ranked by business.org as a great place for new businesses.
A low unemployment rate and growing economy helped put the city on top of the list among other cities in Florida. The River City made it to number 28 in a nationwide list; it is ahead of other cities in Florida which are Orlando, Tampa, and Miami.
Aside from the aforementioned factors, Jacksonville also has other assets that attract business owners. A high standard of living, thriving housing market, and some entertainment venues are all contributing reasons why Jacksonville made it to the list. Various Jacksonville search engine optimization experts can help new business with digital marketing. Another advantage of Jacksonville is its real estate is comparatively cheaper than other major cities. Although the rate of inflation is getting higher, it is still way below the bubble level.
Reasons Jacksonville is recognized as a good city for startups.
The city administration knows the appeal of Jacksonville and took advantage of it. They also organized a yearly five-day event called One Spark. It aims to help startup companies and business owners get matched up with funding sources such as investors or lenders. That is why the event is called, “world’s crowdfunding festival.” If a person wants to start a business, there are government and private organizations that are willing to help.
This is why a lot of entrepreneurs want to start a business in Jacksonville.
Other Companies that Recognize Florida
Aside from business.org, Amazon also ranked Florida as one of the most entrepreneurial states. The Sunshine State made it to number seven in the company’s list. The ranking is based on the number of items sold by small businesses in its website. The information from the company also shows the importance of small to medium-sized business because half of the items sold on the website are from such type of business.
Aside from the ranking Amazon gave, it also built a distribution hub in Jacksonville so it can offer same-day shipping in the North Florida area.
Another organization that recognized the city is CNNMoney. It even dubbed the city as “hot for startups,” a city where the dreams of entrepreneurs can come true. Unlike other major business centers such as New York City and Silicon Valley, operating a business in Jacksonville is lower with its low taxes and low labor cost.
This goes to show that the efforts of the city government are working. The programs result in making the city’s economy getting stronger than before. The unemployment rate of the city is at 3.5 percent as of March 2018. That figure is lower than the state’s average of 3.9 percent and the country’s average of 4.1 percent.
Different ways Jacksonville Helps Entrepreneurs
As the state’s nickname suggests, Florida is known to have wonderful weather, with a feeling of summer all year round. However, the state leaders also want to showcase other factors such as availability of land, competent labor force, facilities for the elderly, financial incentives and fast processing of business permits.
The local government of Jacksonville also have seen the importance of those things, that is why it created the Jacksonville’s Office of Economic Development which aims to help new entrepreneurs start a business.
Aside from the government, private entities such as Jacksonville Regional Chamber of Commerce is also offering assistance for startup companies. The city has National SEO expert that can bring a small business to the national stage.
The impact on the Real Estate market
A growing local economy helps the interest in real estate mortgage very strong in the Jacksonville area.
According to Zillow, the value of a median home in Jacksonville is $163,642; it is relatively lower cheaper than the national average. However, the value of property in Jacksonville has increased by 11 percent and is expected to rise by additional 5.1 percent next year.
Since more businesses are starting in Jacksonville, more jobs are created as well, which means more people will move to the city.
Jacksonville local government advertised that the city is open for business. It even set up a structure so that both government and private institutions can easily offer a hand to businesses who need assistance.
The city’s efforts didn’t go unnoticed as its reputation as a business-friendly city is spreading nationwide. This is a good trend for everybody as it will bring better financial security for both employees and business owners.