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• W2557668850 abstract "1. IntroductionIn this study, we focus on the Jacksonville metro-politan statistical area (MSA) to determine the sectors that are likely to drive economic growth and increase employment. The MSA includes five counties: Du-val, Clay, St. Johns, Nassau, and Baker. The region has four distinct seasons with a winter average high of 66.5 degrees and a summer average high of 90.8 degrees1. With the largest urban park system in the U.S., the region has attracted and continues to attract migration from many areas of the country. The Jack-sonville MSA is the 40th largest in the country and the fourth largest in the state of Florida, behind the Miami, Tampa, and Orlando metropolitan areas.Growth in Northeast Florida slowed in the recent post-recession years. While in the 2000s the region was growing faster than the U.S., growth rates were equalized after the recession. Northeast Florida's em-ployment shrank more than 5% in 2009, and the net migration of population into the region declined 93% from 2006 to 2009 (NEFL Innovate2). Duval County lost the most jobs, and overall the unemployment rate in Northeast Florida escalated higher than the U.S. rate for the first time in the last 20 years.By 2014 the Jacksonville MSA has im-proved, and unemployment in the region is currently the lowest in Florida at 5.5%. Housing prices have started to recover, even reaching pre-recession levels in the coastal areas of St. Johns and Duval Counties. The median home value five-year projected growth rate for selected Jacksonville MSA zip code areas is expected to range from 17.74% (zip code 32224) to 53.24% (zip code 32204)3.As the regional improves, an increased emphasis is being placed on utilizing Jacksonville MSA's inherent strengths to enhance the local econ-omy through expanding and diversifying exports. By exports we mean demand that comes from outside the Jacksonville MSA. A coherent export strategy will contribute to the region's existing visions and goals. That is why a contribution analysis, such as the one conducted in this paper, is an important step for de-veloping a viable export strategy.In early 2014, the Jacksonville MSA joined the Global Cities Initiative, a five-year joint project spon-sored by the Brookings Institute and JP Morgan Chase, which aims to help leaders in U.S. metropoli-tan areas improve the local economic welfare with a greater engagement in export markets. In other met-ropolitan regions across the country, economic devel-opment strategies have been developed as part of the Global Cities Initiative and are based on the following rationale:First, in the aftermath of the Great Recession, the U.S. must pursue a different growth model, a economy that is driven by exports and global engagement, powered by low carbon and advanced energy, fueled by innovation (both ideas and manufacturing), and rich with opportunity. This is a vision where we export more and waste less, innovate in what matters, produce and deploy more of what we in-vent, and ensure that the actually works for working families. Second, the next will be largely metropolitan, in form and function. Our major metropoli-tan areas, already generate more than three quarters of gross domestic product, concentrate the production of ad-vanced goods and services that we sell abroad and are the logistics hubs of the global trading system. Finally, metros are driving innovation-in practice, in policy, in the for-mation of global trade links.4In this study, we address a task which, to the best of our knowledge, has not been previously under-taken, namely, to characterize Northeast Florida's re-gional and implement economic base the-ory to assess the contributions of different economic sectors and institutions in the region, including the estimation of the multiplier effect of export dollars on non-exporting sectors in the economy. Similarly, this study sheds light on why the traded sector is a critical part of the region's economy. …" @default.
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• W2557668850 date "2015-05-01" @default.
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• W2557668850 title "Uncovering Hidden Industry Linkages in Northeast Florida’s Regional Economy: The Case for Export Expansion in Florida’s Fourth Largest MSA" @default.
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• W2557668850 doi "https://doi.org/10.22004/ag.econ.243984" @default.
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