Move Over New York and London — Here Comes Jacksonville

Source: Alistair Gray – Financial Times

The Financial Times article begins with an overview of Jacksonville’s emergence as a financial hub. 

“Forget the bright lights and fast pace of living in two of the world’s greatest metropolises, city living for a new generation of financial workers is now more Jacksonville in Florida and Warsaw in Poland than New York and London.”

New York and London have lost an estimated 42,000 jobs or six percent of the sector in the past five years as soaring costs have encouraged businesses to shift to cheaper locations, like Jacksonville and Warsaw. 

The article goes on to state that Jacksonville is fast becoming a preferred option for financial services groups as operating costs are 23 percent lower than in New York.

Jacksonville has gained more than 4,000 jobs from companies such as Macquarie, Deutsche Bank and Ernst & Young, furthering demonstrating the city’s growing financial services sector.