Jacksonville No. 76 Among High-Tech Cities

13 05 2009

San Jose and Stockton, Calif., are just 78 miles from each other, yet they’re worlds apart in high-tech expertise.

San Jose — epicenter of internationally renowned Silicon Valley — is the nation’s most technologically adept metropolitan area, according to a new bizjournals study of 100 U.S. markets. Stockton ranks dead last.

Bizjournals created a five-part formula to identify metros blessed with the highest concentrations of high-tech companies, technology-oriented jobs, and workers with advanced degrees.

Jacksonville ranked 76th, with 12,670 high-tech jobs and 1,397 high-tech companies. Jacksonville had more than 23 high-tech jobs per 1,000 private sector jobs and just under 40 high-tech companies per 1,000 private companies. Almost 7 percent of adults 25 or older have master’s or doctoral degrees.

San Jose stands out as the clear leader — no real surprise, given its preeminence in the fields of computer and semiconductor manufacturing.

These are the key factors in its rise to first place:

• Nearly 12 percent of San Jose’s private-sector businesses are classified as high-technology, the biggest concentration in America. The precise ratio in San Jose is 117.1 high-tech companies per 1,000 private-sector firms, nearly triple the U.S. average of 40.2 per 1,000.

• Employment trends are even more lopsided. San Jose has 182.5 high-tech jobs for every 1,000 private-sector jobs. That’s 47 percent higher than the ratio for any other market — and 329 percent above the average for the entire study group.

• One-sixth of all adults in the San Jose area, 16.9 percent, hold master’s or doctoral degrees. Washington is the only market with a higher percentage.

Washington, in fact, ranks second in bizjournals’ overall high-tech standings, followed by Boston, San Francisco-Oakland and Seattle. Each of these areas has more than 160,000 high-tech jobs, and at least 10 percent of all local workers hold advanced degrees.

Bizjournals used raw data from two recent reports by the U.S. Census Bureau to analyze the high-tech capabilities of every market with more than 500,000 residents.

The study focused on so-called Level I high-tech industries, a group defined by the U.S. Bureau of Labor Statistics as businesses where at least a quarter of all employees are directly involved in technology-oriented work. That includes the aerospace, computer, control-instruments, pharmaceutical and semiconductor industries and scientific research-and-development services.

This definition of high-tech jobs is more restrictive than others used by some private analysts, yet it still encompasses more than 4 million positions in the 100 markets.

The following is a quick rundown of the 10 metros whose high-tech sectors earned the highest ratings:

1. San Jose — Victory was never in doubt. San Jose was the only metro to rank among the top 10 markets in each of the study’s five categories.

2. Washington — Don’t be surprised. The federal government is no longer the Washington area’s sole economic support. Suburban Fairfax County, Va., has become a particularly strong high-tech hub.

3. Boston — The Boston metro rose to high-tech prominence in the 1980s. Remember all the stories about the Route 128 corridor? It continues to benefit from a well-educated workforce.

4. San Francisco-Oakland — It’s hard to tell where the San Jose area ends and San Francisco-Oakland begins. The two metros have 340,000 high-tech jobs between them.

5. Seattle — Microsoft is the linchpin of Seattle’s technology sector, but it’s certainly not the only local success story. The market has more than 5,000 high-tech employers.

6. San Diego — This is the third California entry in the top 10, more than any other state. Only five metros surpass San Diego’s ratio of 91.2 high-tech jobs per 1,000 private-sector jobs.

Source: Scott Thomas, bizjournals

Home Sales Up in Jacksonville and Statewide

13 05 2009

Existing single-family home sales were up 7 percent in Jacksonville during the first quarter 2009, and the statewide numbers were even better. Condominium sales in Jacksonville dropped 9 percent, according to the Florida Association of Realtors® (FAR.)

Some 2,231 single-family homes were sold during the first quarter compared to 2,080 sold during the same period 2008. Median sales prices dropped 17 percent in the Jacksonville area to $151,800. A total of 235 condos sold during the first three months of 2009 in Jacksonville compared with 258 during the same period last year. Median sales prices for condos were down 13 percent in Jacksonville, to $125,700.

Single-family homes statewide were up 25 percent to 31,412 and the median sales price dropped 30 percent to $141,000. Statewide condos sales increased 19 percent to 10,143 and median sales price dropped 38 percent to $110,100. The statewide numbers mark the third consecutive quarter of growth for single-family sales and the second consecutive quarter of growth for condo sales.

The Fort Myers-Cape Coral area had the biggest increase of single-family home sales in the state at 141 percent and biggest decrease in median prices at 58 percent. Tallahassee had the biggest drop in home sales at 29 percent.

Orlando had the biggest increase in condo sales in the state at 148 percent and the biggest decline in median price at 62 percent. Tallahassee had the biggest decline in home sales at 69 percent. The state capital also saw a 29 percent decline in condo median prices.

Fifteen of Florida’s metropolitan statistical areas (MSAs) reported increased existing-home sales in March and 13 MSAs also showed gains in condo sales. It marks the ninth consecutive month that a majority of markets have reported increased sales.

Florida’s median sales price for existing homes last month was $141,300; a year ago, it was $201,700 for a 30 percent decrease. Industry analysts with the National Association of Realtors® (NAR) report there is a significant downward distortion in the current median price due to many discounted sales, including a large number of foreclosures. The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in February 2009 was $164,600, down 15 percent from a year earlier, according to NAR. In California, the statewide median resales price was $247,590 in February; in Massachusetts, it was $252,500; in Maryland, it was $253,200; and in New York, it was $210,000.

NAR’s latest housing industry outlook reported that entry-level buyers are seeking bargains, which resulted in sales of distressed properties accounting for 40 to 45 percent of February’s transactions. “Given the downward distortion in price comparisons due to distressed sales, it’s important for owners to keep in mind that this doesn’t equate to a similar loss of value for traditional homes in good condition,” said NAR Chief Economist Lawrence Yun.

Source: Florida Association of Realtors

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