“After the Great Recession, smart economic development leaders are reorienting their efforts from a one-dimensional focus on domestic business attraction, toward more strategic initiatives that also respond to new opportunities in global markets,” said Brad McDearman, Brookings fellow and director of global special projects. “With this market assessment, Metro JAX/Northeast Florida is evaluating its standing in the export game so it can develop a global trade strategy that will adapt to rapidly changing dynamics and contribute to the growth of strong businesses and good jobs.”
 
Yet exports are an under-utilized economic development tool and only 5 percent of U.S. firms currently export. This export strategy will help JAX/Northeast Florida businesses increase their exports, create much-needed employment opportunities and capitalize on the growing consumer class outside the United States.  Jacksonville’s findings were revealed at L&J Diesel.  The local business is realizing incredible growth in sales, revenues and employees after recently expanding into the export market after 40 years of serving domestic customers.
 
“The Global Cities Initiative is part of my vision to grow our economy and create jobs by transforming Jacksonville into a city that’s a gateway for global trade and investment,” said Mayor Brown.  “As mayor, I’ve delivered a clear message from Day One:  Jacksonville is open for business.  Not just business in Florida, not just business in the United States, but business globally.  I think we can do better than average.  I know we can.  And the Global Cities Initiative is going to help us get there.  There is literally a ‘world of opportunity’ out there for our businesses – and we want to make the most of it for Jacksonville and northeast Florida.”
 
Despite Metro JAX/Northeast Florida’s increasingly robust reputation globally, with a growing seaport, airport and 85 companies from 24 nations opening offices in the region during the past decade, most small- and medium-sized businesses have not focused on selling their goods or services overseas. In fact, Brookings has found that the JAX/Northeast Florida currently ranks 91^st among the top 100 U.S. metropolitan areas in terms of export intensity.

The market assessment identified many areas with great potential for growth when it comes to exporting from the Northeast Florida region
 
Key findings from the assessment include:

• Regional companies that export grow dramatically faster than non-exporters
• Four of the top 10 exports from Northeast Florida are in the service sector — rather than product — related
• Companies with unique services, brands or products have and can achieve significant export success

“JPMorgan Chase is proud to be a part of JAX/Northeast Florida’s export plan development and we encourage other local businesses to join this effort to further create jobs, attract capital and grow our economy through trade,” said Michael Butler, Jacksonville Market President, JPMorgan Chase.

During the next few months, under the leadership of Mayor Alvin Brown, the Metro JAX/Northeast Florida Global Cities Core Team and Steering Committee will work to develop strategies and programs that address these findings and capitalize on the region’s export growth potential.

The local team is also continually building a list of companies that export or have the potential to grow their international activity. If a company exports or is interested in exporting, or would like to be involved in the Global Cities Initiative, please contact Ted Carter, executive director, at the City of Jacksonville’s Office of Economic Development at (904) 630-1979 or tcarter@coj.net.

Launched in 2012, the Global Cities Initiative is a five-year joint project of Brookings and JPMorgan Chase aimed at helping city and metropolitan leaders become more globally fluent by providing an in-depth and data-driven look at their regional standing on crucial global economic measures, highlighting best policy and practice innovations from around the world, and creating an international network of leaders who ultimately trade and grow together. The Initiative is chaired by Richard M. Daley, the former mayor of Chicago, and directed by Bruce Katz and Amy Liu, co-directors of the Brookings Metropolitan Policy Program. For more information please visit http://www.brookings.edu/projects/global-cities.aspx or www.jpmorganchase.com/globalcities.

View the full assessment