Two-thirds believe local economy is stable or
getting better;
Sixty-three percent believe local job market is
steady or improving
A majority of Northeast Floridians believe that their local
economy is healthier than the national economy, according to the
2014 Chase-JAXUSA Partnership Pulse of the Consumer Survey released
today. The survey reveals that two-thirds of Northeast Floridians
believe their local economy is stable or getting better, while 53
percent believe the same of the national economy.
Northeast Floridians are also more optimistic about their local
job market than the national job market. Nearly two-thirds (63
percent) of Northeast Floridians rate the current job market in the
area as steady or good, whereas about half (52 percent) believe
that the nation’s job situation is stable or getting better.
Northeast Floridians also believe that taxes and fees (45 percent)
and health care costs (28 percent) are the most important factors
influencing local business growth.
“The greater Jacksonville area, from Duval to St. Johns County,
is a great place to live and work, so we are not surprised that
consumers in the area have a strong sense of optimism about the
local economy and job market,” said Michael Butler, market leader
of JPMorgan Chase in Northeast Florida. “Through our expansion in
the area, consumers have shared great insights about life in our
region and this survey helps us gain an even fuller perspective so
we can more effectively help them achieve their financial
goals.”
Life is Good in the Jacksonville Region
Northeast Floridians overwhelmingly believe the area is a great
place to live – a substantial majority (86 percent) of survey
respondents have a favorable opinion of living across the
Jacksonville metropolitan area and more than half (51 percent)
think that buying a home in their community is a good or excellent
investment. Driving their affection for the area are the climate
and weather (21 percent), quality of life (14 percent), and housing
prices and cost of living (13 percent). Of those living in
Northeast Florida, one-third moved to the region for a job-related
reason, and nearly three-in-10 (27 percent) say they were born and
raised locally.
“Our region is very attractive to residents and business. The
innovative and entrepreneurial spirit, optimism about economic
conditions, and a young highly skilled and ever-growing talent base
are key to boosting business growth locally,” said Jerry Mallot,
executive vice president of the JAX Chamber and president of JAXUSA
Partnership.
Proud of the Armed Forces
While only 7 percent of survey participants live in the area due
to a current military assignment, an overwhelming majority (82
percent) feel that the military installations and personnel have a
positive impact on their local economy. According to respondents,
having a strong military presence in their community is viewed as a
positive contributor to economic stability and jobs (32 percent)
and safety and peace of mind (20 percent).
Mindful About Personal Finances
Aligned with their views on the well-being of the local market,
consumers in the region are planning to spend. More than half (53
percent) are expecting to buy a car in the next five years and 31
percent are planning to take a dream vacation. In addition,
Northeast Floridians reported that they are spending more money on
food and groceries (44 percent) and gas (27 percent) this year
compared to last year.
Importantly, Northeast Floridians demonstrate responsibility
when it comes to managing their day-to-day finances. Nearly
three-quarters (74 percent) who have a credit card say that they
know what their current credit score is, and 62 percent have
checked their credit score within the past six months. Of those
with a credit card, more than half (51 percent) say they pay off
their credit card balance in full every month, and 43 percent say
they pay the minimum balance plus whatever they can afford.
When it comes to managing their personal finances, people
locally are most concerned about health care costs (72 percent),
having enough money in savings (72 percent) and saving for
retirement (65 percent). Despite this high level of concern about
managing their finances, half of survey respondents feel that they
are behind on estate planning, including their will and
inheritance, 47 percent feel they are behind on maintaining an
emergency savings fund, and 45 percent say they are behind on
saving for retirement.
“Personal finance savvy is key to achieving goals and staying on
track, and people in our community have a great understanding of
where they are at when it comes to managing their money, and an eye
set on where they want to do more,” said Butler. “Through our
network of eight branches and 24 ATMs in the seven-county region,
Chase provides consumers across Northeast Florida with the tools
and resources they need to meet their personal and business
needs.”
About the Survey
The 2014 Chase-JAXUSA Partnership Pulse of the Consumer Survey
is an online poll of 419 adults in the seven-county region of
Northeast Florida: Baker, Clay, Duval, Flagler, Nassau, Putnam and
St. Johns, conducted May 27 – June 6, 2014. In addition to the
Northeast Florida area sample, an online poll was conducted of a
randomly selected representative sample of 1,036 adults nationwide
conducted during the same timeframe. The credibility interval for
the Northeast Florida survey is ±4.9 percentage points and larger
for subgroups. The credibility interval for the national survey is
±3.5 percentage points and larger for subgroups.
About Chase
Chase is the U.S. consumer and commercial banking business of
JPMorgan Chase & Co. (NYSE: JPM), a leading global financial
services firm with assets of $2.5 trillion and operations
worldwide. Chase serves nearly half of America’s households with a
broad range of financial services, including personal banking,
small business lending, mortgages, credit cards, auto financing and
investment advice. Customers can choose how and where they want to
bank: 5,600 branches, 20,000 ATMs, online, mobile and by phone. For
more information, go to www.chase.com or
www.chasejacksonville.com.
About JAXUSA Partnership
JAXUSA Partnership is Northeast Florida’s lead economic
development organization. A division of JAX Chamber, JAXUSA works
in partnership with our seven regional counties-Baker, Clay, Duval,
Flagler, Nassau, Putnam and St. Johns, Enterprise Florida, OED,
CareerSource Northeast Florida, JEA, JAXPORT, Jacksonville Aviation
Authority, Jacksonville Transportation Authority and more than 165
private-sector investor corporate entities in the area to
facilitate job creation and private capital investment in Northeast
Florida.
ChaseMaribel Ferrer, 305-469-2810Maribel.Ferrer@chase.com
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