Jacksonville Market Report
Diversity Positions Jacksonville’s Economy Beyond the Health Crisis; Out-of-State Buyers Finding Opportunities to Expand Portfolios
Limited dependency on tourism benefits Jacksonville’s recovery. With less reliance on the hard-hit leisure and hospitality sector compared with other major metros in the state, Jacksonville’s employment has recovered at a faster clip. In March and April employers eliminated nearly 92,000 jobs as many businesses were required to temporarily shutter due to the coronavirus. As a result, the unemployment rate leaped from 2.8 percent in February to 11.8 percent in April. By the end of the third quarter, more than half of the cut positions had returned, reducing unemployment to 5.1 percent, 280 basis points below the national level and the lowest rate among major Florida markets. Staff counts in the government sector have risen above the pre-pandemic level, while the metro’s largest employment sector — trade, transportation and utilities — is down almost 6 percent through September.