Strong Market Fundamentals
The Jacksonville Metropolitan Statistical Area (MSA) saw significant job growth in the second quarter of 2018. The region continued to be a
magnet for business relocations and expansions which fueled solid gains in population. The unemployment rate fell to 3.2% in May, down -70 basis points (bps) over the last 12 months with the addition of 22,400 new jobs for an annual job growth rate of 3.2%.
Professional and business services accounted for a quarter of all new jobs created in the past year. Expansion by office-using firms and organic growth in the economy directly benefited the health of the overall office market.
Jobs in the construction sector showed the highest percent growth, up +8.0% year-over-year with +3,500 new jobs. Trade, transportation & utilities had more jobs created in the last twelve months with only a +2.9% growth rate.