President Obama's return to Jacksonville gives the city a national spotlight in economic recovery

President Barack Obama?s appearance Thursday in Jacksonville to talk about his vision for the nation?s economy will shine a national spotlight on how Jacksonville stands in its recovery from a painful recession.

When Obama came to Jacksonville for a campaign speech in the heat of summer 2012, the Jacksonville area?s unemployment rate was 8.7 percent that June. Since then, the area?s unemployment rate has dropped to 7 percent in June 2013.

?I think the community is becoming more confident in their future aspirations,? said Daniel Davis, president and CEO of JAX Chamber.

He said he sees sustained momentum for economic growth by capitalizing on strengths such as transportation logistics and financial services.

?Over the last six months to a year, I?ve seen positive consumer confidence,? he said. ?That fuels everything. If people feel better about the future, they?re going to take their money off the sidelines.?

Davis and Candace Moody, spokeswoman for WorkSource, said the region has benefited from having a diverse economy that?s not overly reliant on any single industry.

?That has sheltered us when we go into recessions and it has helped us recover a little faster,? she said.

But she said even though ?optimism is coming back,? the improving economy hasn?t yet translated to robust job growth.

She said small business owners tell WorkSource that they are being cautious in light of uncertainty over federal policies such as the Affordable Care Act and the possibility of an increase in the minimum wage.

?I still see businesses holding off on really making investments in hiring new employees until they?re sure what that will cost them,? she said.

Davis said he thinks the biggest challenge is upgrading the port so it can compete with other East Coast cities.

Florida has earmarked $36 million to fix navigation hazards at Mile Point, but JaxPort is waiting to see if the federal government will clear the way for the U.S. Army Corps of Engineers to do the construction using state money.

Deepening the 40-foot channel to a depth of 47 feet would cost an estimated $733 million, according to a draft report by the corps.

Obama will be giving his speech at the port.

?I hope that everybody who has a chance to speak to the president talks to him about Mile Point and deep water because it?s clear to me we need deep water to compete in shipping,? Davis said.

Obama?s speech is not open to the public.

david.bauerlein@jacksonville.com, (904) 359-4581

Source: http://feedproxy.google.com/~r/JacksonvillecomsNewsSportsAndEntertainment/~3/w5GIaj6nKT0/president-obamas-return-jacksonville-gives-city-national-spotlight

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