INVESTOR NEWSLETTER - DECEMBER 2010
Job Growth Continues for Northeast Florida
At last week's Cornerstone lunch, Mayor Peyton, along with the JEDC and Cornerstone, recognized the fruits of a year-long effort working with Bank of America Merrill Lynch to grow its workforce in Jacksonville. The successful effort will mean approximately 1,000 new jobs for Bank of America Merrill Lynch at their existing Jacksonville Southside campuses. With a capital investment of tens of millions of dollars, the company will be modernizing facilities to create room for new employees.
The financial services industry has been surprisingly successful during this past year as Jacksonville has benefited from growth and expansion by many of our existing companies. We want to salute the decision by Bank of America Merrill Lynch to select Jacksonville as the place to add so many high-wage jobs for our region. Both Bank of America and Merrill Lynch have a tremendous track record with their Jacksonville operations and again we congratulate them on their ongoing success.
Job Development Highlights from 2010:
- Adecco announced a corporate expansion of 100 new jobs.
- Digital Risk expanded its mortgage risk mitigation business to Jacksonville, adding 300 new jobs.
- Flightstar announced a new aircraft MRO facility, adding 200 new jobs and $25 million in capital investment.
- Interline Brands expanded to another distribution center, adding 70 new jobs and more than $3 million in capital investment.
- Lender Processing Services expanded its financial services operations, adding 350 new jobs.
- Mercedes-Benz consolidated Florida and Georgia operations in a new distribution center, adding 98 new jobs and $24 million in capital investment.
- North Florida Shipyards received funds from the Recovery Zone Program and is adding 246 new jobs and $7.7 million in capital investment.
- In Clay County Ocean Galley Seafood expanded its distribution center, retaining 80 jobs, adding 30 new jobs and investing $4 million in capital.
- PNC Bank opened a new mortgage banking operations center, creating 200 new jobs.
- The Boeing Company expanded its military aircraft modification and maintenance facility, adding 35 new jobs and $500,000 in capital investment.
- One of the most unique projects of 2010 is Eurofins Scientific, an international food testing company that is opening a bioscience testing facility. Eurofins will partner with Florida State College at Jacksonville to educate and train students in the field of food safety.
2010 has been a successful year. With our partners, we have announced 26 projects representing more than 3,200 jobs. The aviation and financial services industries saw the most growth, while the logistics industry is showing signs of an uptick in activity. Throughout the year Cornerstone remained involved in other areas and spearheaded several successful events and initiatives.
Other Highlights from 2010:
- When Amendment 4 posed a potential threat to the region's economic development efforts, Cornerstone early on, along with the Chamber and the City, joined the No On 4 campaign. Ultimately, through the efforts and support of organizations across the region Amendment 4 was overwhelmingly defeated.
- Filling Everbank Field and supporting the Jaguars was another major initiative for Cornerstone and the Chamber. With the help of our investors, partners and the City, the community succeeded in filling the stadium and lifting this year's blackouts that were so common last season.
- Cornerstone hosted a successful site consultant showcase event this year. Sponsored by CSX Corporation, we brought 12 consultants to our region to demonstrate firsthand why Northeast Florida is a strategic location for businesses in our targeted industries.
- This year we also directed our efforts toward Downtown Revitalization. We have supported the City's Laura Street improvements and worked with the Chamber's Board of Governors Downtown Revitalization committee to identify future improvements.
- Cornerstone also launched JAX InSite, a new GIS software tool on ExpandInJax.com. This software enhancement allows site consultants, companies and real estate brokers to view available real estate options with full GIS capabilities, including mapping, demographics and other site information. Click here to learn more.
Cornerstone Recognizes International Business in Northeast Florida
At the fourth quarter luncheon of 2010, Cornerstone recognized two international companies and an individual for continued growth and commitment to business in our region. Sponsored by BBVA Compass Bank, the awards highlighted the success and community involvement shown be each company and individual over the last year. The winners are:
- Bridgestone Americas Tire Operations for International Business Leader of the Year-Large Company.
- Myers Seth Pump for International Business Leader of the Year-Small Company.
- Terry Brown, President of ICS Logistics for Individual International Leader of the Year.
Congratulations to the winners of the 2010 International Awards!
BB&T Regional President Selected as New Cornerstone Chair
I am excited to announce that Scott Keith, Regional President for BB&T/Branch Banking & Trust, will be assuming the role of Cornerstone Chair in 2011. Scott has more than 23 years of banking experience and is actively involved in the business and civic community.
Thank you all for making my year as Cornerstone Chair exciting and memorable. On behalf of Cornerstone, I wish all of you a safe and happy holiday season.
Sincerely,
Lee Thomas
Cornerstone Chair
Chairman of Rayonier
Baker, Clay, Duval, Flagler, Nassau, Putnam and St. Johns Counties
3 Independent Drive • Jacksonville Fl 32202 • 904.366.6639
bizrelo@jacksonvillechamber.org • www.expandinjax.com
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