The housing downturn and loss of the last aircraft carrier at Naval Station Mayport in 2007 placed Jacksonville near the back of the pack during the economic recovery. However, recent moves by the U.S. Navy and strong job growth have reignited the local economic engine, supporting demand for local housing. Three amphibious assault ships, recently moved into the naval station, bringing 2,000 sailors and their families. Additionally, eight littoral combat ships, which are replacing the Navy’s frigates, will slowly populate the base over the next five years. Finally, a nuclear-powered aircraft carrier may also be home ported in the market by the end of the decade, generating thousands of jobs and millions of dollars in economic impact.
Beyond naval operations, the region’s status as a transportation hub will likely be enhanced in the near future. Ongoing discussions to dredge the St. Johns River from 40 feet to 47 feet could provide a further supplement to the local economy. A wider Panama Canal channel will open early next year, supporting much larger container ships coming from Asian markets.
Jacksonville’s late arrival to the economic recovery is providing potential for home investors that are quick to act.
Download the latest Jacksonville Research Report from HomeUnion’s Research Services team to learn further details about why the metro has investment potential.