by Max Marbut
Staff Writer
Cornerstone President Jerry Mallot opened his presentation Friday to the Jacksonville Regional Chamber of Commerce Downtown Council on a high note.
“We have a lot of good news,” said Mallot, who also is executive vice president of the chamber.
“The economic slide is over and we’re on a great path. We have a long way to go but I think we’ll see wonderful things in five years,” he said.
“We’re going to get our swagger back.”
The group invited him to provide an update on the current state of the local economy and a forecast for chamber expectations.
While things are far from the way they were a few years ago, the outlook has improved compared to even a few months ago.
“What we have is a slowly, but definitely, improving economy,” said Mallot.
Earnings performance among a few of the area’s largest companies is beginning to improve, he said. For small businesses, earnings perfomance is “spotty, but gaining traction.”
Mallot believes there has been a major shift in the mechanics of the economy. He described it as a “new sense of normalcy” and gave examples. “Last year at this time, people weren’t spending money. Now they are spending, but spending conservatively. Businesses have also become more innovative in their marketing and communication.”
Consumer spending is making a comeback, said Mallot, evidenced by ticket sales at recent events. He said he couldn’t buy tickets to the Monster Jam truck show at Municipal Stadium because it was sold out, but he was able to attend the April 10 “Starry Nights” performance at Metropolitan Park.
“It was packed. People were out spending money. I think we’re over the stagnation,” said Mallot.
He also reported that chamber membership has stabilized and is beginning to increase.
On the jobs side of the issue, Mallot pointed out that unemployment statistics are considered to be a lagging indicator, not a leading indicator. The unemployment rate in the metropolitan Jacksonville area is about 12 percent and there are 12,300 fewer jobs than a year ago. He said the city has the lowest jobless rate among the state’s metro areas and that prospects are improving.
“Unemployment is still bleak, but we’re hearing there are more opportunities now to interview for jobs. Six months ago, there was no chance,” said Mallot.
The logistics industry is becoming a Jacksonville trademark. Mallot said the Mercedes-Benz, BMW, Volvo and Volkswagen regional centers in Jacksonville “make us a place for auto-parts distribution and logistics.”
He said the chamber and Cornerstone are evolving their strategic plans with three main priorities.
“We’re focusing on public policy and what’s important to our region and how we can impact that policy,” said Mallot. “We’re also working for economic development, creating more jobs and capital investment. Third, we’re working to help our members see the value of what we do.”
He also said it’s the chamber’s position that Amendment 4, the proposal to make state development decisions by referendum, must be defeated in order to take advantages of growth opportunities.
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