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Jacksonville - One of fastest growing areas
Jacksonville listed as one of fastest growing areas
Despite the economy, Jacksonville continues to grow -- in more ways than one.
According to the United States Bureau of Economic Analysis, the Jacksonville metropolitan statistical area was one of fastest growing MSAs in the country last year.
In 2008, the city posted an 11.2-percent increase in personal income over the preceding year. This ranks Jacksonville 90th in the U.S. for per capita personal income.
The Jacksonville MSA posted personal income of $6.4 million in 2008 compared to $5.7 million in 2007. Per capita income also increased by 9.4 percent between 2006 and 2008, going from $32,051 to $38,539.
The Jacksonville MSA had the second highest increase in personal income growth in the U.S. according to the report from the BEA.
The growth is attributed to the military's Grow the Force Initiative, which is slated to bring roughly 11,500 Marines, sailors and Department of Defense civilians -- who are part of as many as 61,000 new residents -- into a seven-county region by 2011.
About 9,000 of the 11,500 service members have already arrived in the area.
"As the military grows, the wages and supplements to wages of the additional (service members) and that sort of thing would be part of personal income," said Economist Kathy Albetski with the BEA. "Again, also, not just the military but whatever support people come along with them as well ... The more (military personnel) go in there it will affect the income, obviously."
Jim Reichardt, director of Jacksonville-Onslow Economic Development, said he isn't surprised by Jacksonville's ranking.
"The more I read and the more I talk to people, the senior military officials know that our Marine Corps and our Navy are our most valuable assets ... It just goes to show you that Camp Lejeune and New River Air Station are Onslow County's largest industries. They build Marines," he said. " ... What they're trying to do is to hang onto those junior and mid-level officers as well as the non commissioned officers ... by all possible means and of course to do that that will translate into higher salaries and better benefits."
Along with Jacksonville, Manhattan, Kan., and Hinesville, Ga., were listed as some of the fastest growing MSAs where personal income grew at least 9 percent. Manhattan is home to Fort Riley Army base and Hinesville is home to Fort Stewart Army base.
A press release from the BEA said all three MSAs are "relatively small, with populations less than 200 thousand."
"Any event could affect the income of a smaller area much more than a larger area," Albetski said. "Larger areas aren't as affected one way or another by an event."
In hopes of continuing the trend, Reichardt said the economic development office continues to work at building a "symbiotic" relationship with area military installations.
"I think we have to work with them in order to find ways to be more compatible, particularly as we look at transportation and changes in the business activity around the military base," he said. "I think we need to be sensitive to their needs."
Economic development is also working on finding various defense contractors to expand their businesses in the local area, Reichardt said.
If economic conditions continue as they have been during the past year, Reichardt said Jacksonville and the corresponding MSA will likely continue to prosper.
"As long as the economy continues to stay like this and unemployment stays high, I think you're going to see more and more young people look at the military as a future career, especially when the wage is increasing," he said.
Contact Molly DeWitt at 910-219-8455 or mdewitt@freedomenc.com.
