Strong Job Growth in Jacksonville Boosts Rental Housing Occupancy
Jacksonville property managers are bene ting from healthy job growth across nearly all employment sectors. The largest absolute growth took place in the trade, transportation and utilities sector during the past 12 months as more than 5,000 positions were generated. At the same time, the typically higher-paying financial activities and professional and business services sectors added 2,900 and 1,500 jobs, respectively. Jacksonville’s tourism board noted a 7 percent year-over-year increase in hotel occupancy for the year ending in June, correlating with the 5.3 percent increase in leisure and hospitality sector jobs. The fastest-growing employment sector, construction, grew nearly 7 percent, driven in part by new developments like the $20 million renovation of the Riverwalk and convention center. The market has seen a sharp, 32 percent increase in single-family permits to keep up with growing demand. An annualized 10,900 new single-family and multifamily units were permitted in the second quarter. Nonetheless, the 29,000 new positions[…]
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