How does Jacksonvill`e Economy compare to the National Economy in the past 5 years and why is there a Difference?

THE JACKSONVILLE ECONOMY

AND THE NATIONAL ECONOMY

Introduction

Jacksonville is the largest city in Florida . With a population of approximately 783 ,000 , it is one of the major centers of insurance finance , and commerce on the Atlantic coast . The city is an air highway , and rail focal point it is also a busy port of entry , having ship repair yards , an international airport , and extensive freight-handling facilities . The city 's major exports are , lumber wood pulp , and phosphate . Among its major imports are automobiles and coffee . In addition , Jacksonville also

has a large manufacturing base Overall , the strength of the Jacksonville 's economy can be pointed to its broad diversification . Its economy is balanced among financial services , distribution , consumer goods , biomedical technology manufacturing , information services , and other industries (The Columbia Encyclopedia , 2004

As the national economy improves , so does the Jacksonville economy . In this light , this compares the city 's economy with the national economy in the last few years . The comparison is in terms of economic growth , unemployment rate , monetary policies , and Federal reserve system . This also attempts to explain the similarities and differences

Economic Growth

The United States is the most powerful economy in the world , with a per capita GDP of 43 ,500 . In the same year , the country had a purchasing power parity of 13 .13 trillion , official exchange rate of 13 .21 trillion , and real growth rate of 3 .2 (The World Fact Book , 2007 . In 2006 , Jacksonville had 33 ,419 .31 GDP per capita . At the time of the 2000 census , the per capita income in Jacksonville was 20 ,337 , compared with 21 ,587 nationally (US Census Bureau , 2000 . In the same year , the median household income in Jacksonville was 40 ,316 , and 41 ,994 nationally . In 2005 , the median household income in the city was 40 ,316 , and 42 ,433 in Florida

The American economy is immense . It has about 295 million consumers and houses over 20 million businesses . American consumers purchase trillions of goods and services every year , and businesses invest over a trillion dollars more for factories , facilities , and equipments . In addition to spending by private households and businesses , government agencies at all levels - federal , state , and local - alo spends huge amount of money annually

The above figures show that Jacksonville 's GDP per capita (a major indicator of economic growth ) is significantly lower compared to the the national average . However , compared to other cities in the US , the economic growth in Jacksonville is higher . Development plans and projects largely contribute to the improvement of Jacksonville 's economic growth . For example , the Better Jacksonville Plan aims to increase the sales tax by a half-cent to raise 2 .25 billion over 30 years to fund road improvements , environmental clean-up and conservation , the Northwest Jacksonville Economic Development Fund , and the construction of new public facilities downtown (Jacksonville Economy , 2007

Unemployment Rate

In the last five years , unemployment rate in Jacksonville is generally lower than the national average . In 2002 , the...