Economy

For more details on this topic, see List of companies based in the Jacksonville area.

CSX Transportation Building serves as headquarters for CSX Corporation

Jacksonville's location on the St. Johns River and the Atlantic Ocean proved providential in the growth of the city and its industry. Jacksonville has the largest deepwater port in the South (as well as the second-largest port on the U.S. East coast) and a leading port in the U.S. for automobile imports, as well as the leading transportation and distribution hub in the state. However, the strength of the city's economy lies in its broad diversification. While the area once had many thriving dairies such as Gustafson's Farm and Skinner Dairy, this aspect of the economy has declined over time. The area's economy is balanced among distribution, financial services, biomedical technology, consumer goods, information services, manufacturing, insurance and other industries.
Jacksonville is home to many prominent corporations and organizations, including the headquarters of four Fortune 500 companies: CSX Corporation, Fidelity National Financial, Fidelity National Information Services and Southeastern Grocers.^[110] Interline Brands is based in Jacksonville and is currently owned by The Home Depot.^[111] The Florida East Coast Railway, Swisher International, Inc., and the large short line railroad holding company RailAmerica are also based in Jacksonville.
In 2008, Jacksonville had approximately 2.8 million visitors who stayed overnight, spending nearly $1 billion. Research Data Services of Tampa was commissioned to undertake the study, which quantified the importance of tourism. The total economic impact was $1.6 billion and supported nearly 43,000 jobs, 10% of the local workforce.^[112]

Banking and financial services

Bank of America Tower located on Laura Street

Jacksonville has long had a regional legacy in banking and finance. Locally headquartered Atlantic National Bank, Florida National Bank and Barnett Bank dominated the industry in Florida from the turn of the 20th century through the 1980s, before all being acquired in a national wave of mergers and acquisitions throughout the entire financial sector. Acquired by NationsBank in 1997, Barnett Bank was the last of these banks to circum to acquisition, and at the time was the largest banking merger in U.S. history.^[113] The city still holds distinction nationally and internationally, boosting two Fortune 500 financial services companies, Fidelity National Financial and FIS, FIS being well recognized as a global leader in financial technology.^[114] Headquartered on the banks of the St. Johns River in Downtown Jacksonville, EverBank holds the title of largest bank in the state by deposits.^[115] The city is home to other notable financial services institutions including Ameris Bancorp, Atlantic Coast Financial, Black Knight Financial Services, MedMal Direct Insurance Company, US Assure, and VyStar Credit Union. The city is also home to the Federal Reserve Bank of Atlanta Jacksonville Branch.^[116]
Jacksonville's financial sector has benefited from a rapidly changing business culture, as have other Sunbelt cities like Atlanta, Tampa, and Charlotte. In a concept known as nearshoring, financial intuitions are shifting operations away from high-cost addresses like Wall Street, and have even shifted trading functions to Jacksonville.^[117] With relatively low-cost real estate, easy access to New York City, high-quality of life and 19,000 financial sector employees, Jacksonville has become an appealing option for relocating staff.^[118] Perhaps the best example of this is the growth of Deutsche Bank's presence in the city. Jacksonville is home to Deutsche Bank's second largest US operation, only New York is larger.^[119] Other institutions with a notable presence in Jacksonville include Macquarie Group, Bank of America, Wells Fargo, JPMorgan Chase, Citi, Citizens Property Insurance, Fidelity Investments, Ally Financial and Aetna.^[120]

Logistics

Container ship at Port of Jacksonville

Jacksonville is a rail, air, and highway focal point and a busy port of entry, with Jacksonville International Airport, ship repair yards and extensive freight-handling facilities. Lumber, phosphate, paper, cigars and wood pulp are the principal exports; automobiles and coffee are among imports. The city's manufacturing base provides just 4.5% of local jobs, versus 8.5% nationally.^[121] According to Forbes in 2007, Jacksonville, Florida ranked 3rd in the top ten U.S. cities to relocate to find a job.^[122] Jacksonville was also the 10th fastest growing city in the U.S.^[123]
To emphasize the city's transportation business and capabilities, the Jacksonville Regional Chamber of Commerce filed Jacksonville America's Logistics Center as a trademark on November 9, 2007. It was formally registered on August 4, 2009.^[124] Cornerstone began promoting the city as "Jacksonville: America's Logistics Center" in 2009. Signs were added to the existing city limit markers on Interstate 95.^[125]
The Port of Jacksonville, a seaport on the St. Johns River, is a large component of the local economy. Approximately 50,000 jobs in Northeast Florida are related to port activity and the port has an economic impact of $2.7 billion in Northeast Florida:^[126]
Cecil Commerce Center is located on the site of the former Naval Air Station Cecil Field which closed in 1999 following the 1993 Base Realignment and Closure (BRAC) decision. Covering a total area of 22,939 acres (92.83 km²), it was the largest military base in the Jacksonville area. The parcel contains more than 3% of the total land area in Duval County (17,000 acres (69 km²)). The industrial and commercial-zoned center offers mid to large-size parcels for development and boasts excellent transportation and utility infrastructure as well as the third-longest runway in Florida.

Media and technology

Main article: Media in Jacksonville, Florida

The Florida Times-Union Building

The Florida Times-Union is the major daily newspaper in Jacksonville and the First Coast. Jacksonville.com is its official website. The Financial News & Daily Record is a daily paper focused on the business and legal communities. Weekly papers include the Jacksonville Business Journal, an American City Business Journals publication focused on business news, Folio Weekly, the city's chief alternative weekly, and The Florida Star and the Jacksonville Free Press, two weeklies catering to African Americans. Jax4Kids, a monthly newspaper, caters to parents. Jax4Kids.com is its official website. EU Jacksonville is a monthly entertainment magazine. Metro Jacksonville is an online-only publication.
Jacksonville is the 47th largest local television market in the United States,.^[127] Despite its large population, Jacksonville has always been a medium-sized market because the surrounding suburbs and rural areas are not much larger than the city itself. It is served by television stations affiliated with major American networks including WTLV (NBC/Justice Network), WJXX (ABC/NBC Weather Plus), WJAX-TV (CBS/GetTV), WFOX-TV (Fox/MyNetworkTV/Me-TV), WJCT (PBS), and WCWJ (CW). WJXT is a former longtime CBS affiliate that turned independent in 2002.
Jacksonville is the 49th largest local radio market in the United States,^[128] and is dominated by the same two large ownership groups that dominate the radio industry across the United States: Cox Radio^[129] and iHeartMedia.^[130] The dominant AM radio station in terms of ratings is WOKV 690AM, which is also the flagship station for the Jacksonville Jaguars.^[131] In May 2013, WOKV began simulcasting on 104.5 FM as WOKV FM. There are two radio stations broadcasting a primarily contemporary hits format; WAPE 95.1 has dominated this niche for over twenty years, and more recently has been challenged by WKSL 97.9 FM (KISS FM). WJBT 93.3 (The Beat) is a hip-hop/R&B station, 96.9 The Eagle WJGL operates a Classic Hits format while its HD subchannel WJGL-HD2 operates an Urban CHR format under the moniker Power 106.1, WWJK 107.3 is an Adult Variety station. WXXJ 102.9 is an alternative station, WQIK 99.1 is a country station as well as WGNE-FM 99.9, WCRJ FM 88.1/WSOS-FM 94.1 (The Promise) is the main Contemporary Christian music station operating since 1984,and WJCT 89.9 is the local National Public Radio affiliate. WJKV 90.9 FM is an Educational Media Foundation K-LOVE outlet. The NPR and PRX radio show, State of the Re:Union, hosted by performance poet and playwright, Al Letson, is headquartered and produced in Jacksonville.