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December 10-16, 2020
Basch Report: Sunday opening boosts Maple Street sales PAGE 9
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JACKSONVILLE
Record & Observer ECONOMIC FORECAST ISSUE JACKSONVILLE
Record & Observer HOW THEY’RE
TAKING ON 2021 JACKSONVILLE
Record & Observer JACKSONVILLE
Record & Observer
Leaders in Northeast Florida government, business, industry, entertainment and more offer their insight on what’s ahead for the economy and share their strategies for the new year. PREDICTIONS & INSIGHT, PAGES 3-8
University of North Florida economist Albert Loh is optimistic about the recovery of the area economy as COVID-19 treatments and vaccines become available and more activities resume.
BY MARK BASCH CONTRIBUTING WRITER
W
hen economists were making their 2020 forecasts 12 months ago, nobody could have seen what
was coming. The first cases of COVID-19 were detected in December 2019 in China and it would be months before people realized the impact it would have on the global economy.
What’s Trending: No Council vote on Lot J project this year PAGE 2 The top sales of the week in commercial real estate PAGE 10
Jacksonville felt the impact much like the rest of the U.S., with businesses shutting down in the spring and thousands of local residents losing their jobs, at least temporarily. The good news as economists make their 2021 forecasts is conditions can only get better. “We have reasons to be optimistic about a robust recovery of the local economy in 2021,” said University of North Florida economist Albert Loh. “As more COVID treatments and vaccines become widely available in the early half of the year, many economic
activities, including those in the worst hit sectors such as accommodations, hospitality, entertainment and air travel, can return more fully,” he said. The most recent available data shows Northeast Florida has recovered strongly already from the big job losses in the spring, but the economy still has more to do to return to its pre-pandemic level. The unemployment rate in the Jacksonville metropolitan area was 5% in October, much lower than its April peak SEE ECONOMY, PAGE 6
ARE YOU A TOP CONTRACTOR? LET US KNOW Contractors based throughout Northeast Florida are invited to apply for inclusion in the Jacksonville Daily Record and Jacksonville Record and Observer’s inaugural Top Contractors issue scheduled for March 18. The issue will rank the top 50 contractors in the region by revenue, amounting to a valuable who’s-who guide to the industry. The 2021 Top Contractors issue will include information about the most important projects the companies started in 2020 and the most notable projects in their portfolios. To find out more and submit your information, please visit jaxdailyrecord.com/top-contractors-submit
VOLUME 3, NO. 28 • ONE SECTION