HEALTH CARE
CEO, UF Health Jacksonville
The primary issue facing health care continues to be challenges with the cost of care, especially as it relates to our workforce, supply chain and reimbursement.
In the highly competitive landscape of health care, the demand for qualified workforce members far exceeds their current availability. Future projections do not show significant improvement, so we must continue to reinvest in our people and show them how much we value their expertise.
At the same time, inflation continues to drive up the cost of supplies, and recent weather events that impacted our vendors only reinforced the reality that we are vulnerable in the supply chain.
Finally, reimbursement for our services and value-based care is another issue facing our field.
Access to care, provided by the right provider at a cost and at a time that is convenient, requires recruitment and retention of the best and the brightest.
This is no small task, but UF Health Jacksonville is committed to finding solutions that will allow us to continue to provide outstanding care to every part of our community.
INVESTMENT BANKING
CEO, Heritage Capital Group
Managing Director, Business Valuation Inc.
The primary economic issue facing investment banking in Northeast Florida is the readiness of business owners to sell.
Northeast Florida continues to be a top market in one of the top states for capital investment by financial and strategic buyers.
This is great news for local business owners, and many are being solicited to sell.
However, investors are looking at opportunities with increased scrutiny due to higher lending costs and lingering economic uncertainty.
We are advising both existing and prospective clients to take measures to ensure their internal accounting controls, financial reporting, customer and vendor relationships, and management structure can withstand intense due diligence which increases the probability of a successful transaction.
Well-managed companies are attractive in any economic cycle, so we want to be sure owners are ready in this strong cycle for Northeast Florida.
HOMELESS SERVICES
CEO, Changing Homelessness
The primary economic challenge facing the homeless service sector is insufficient and unpredictable funding.
Most programs rely on a mix of federal, state and local grants, which often limit who a provider can provide services to and fail to meet the growing demand for services.
Additionally, private donations and philanthropic support fluctuate, leaving providers unable to sustain long-term solutions.
This financial instability hampers systemic progress, making it difficult to implement comprehensive, lasting solutions to end homelessness.
Rising costs of housing, health care, and staffing compound the issue. The lack of affordable housing further exacerbates the crisis, forcing service providers to allocate more resources toward emergency responses.
Locally, we have seen this play out in funding discussions.
In the comprehensive plan put together by nonprofit organizations and partners, the total annual need was $16 million. The mayor put forward $10 million in the city of Jacksonville budget, which was then zeroed out.
Solving the challenge of homelessness requires resources to fully implement a comprehensive community plan.
RESTAURANTS
Owner, creator, 1928 Cuban Bistro
The primary economic issue facing my fast-casual restaurant, 1928 Cuban Bistro, is the rising cost of ingredients and labor.
To address this challenge, we are prioritizing strict inventory control and weekly budget management. By training our staff on effective inventory tracking and portion control, we can reduce waste and ensure that we stay within budgetary constraints.
This includes implementing standardized portion sizes to maintain consistency and minimize excess usage of ingredients.
In response to increasing labor costs, which is a common concern in our industry, we are offering extra benefits to attract and retain talent.
These include free meals, paid vacation and sick days, flexible hours, and fostering a positive work atmosphere. By focusing on these strategies, we aim to maintain operational efficiency while providing quality service, ensuring our competitiveness in the market.
MILITARY AFFAIRS
Jacksonville Director, Military Affairs and Veterans Department
The primary economic issue facing Northeast Florida regarding Department of Defense decisions is the assignment of the new USS Constellation Frigate class ships to Naval Station Mayport to replace the Littoral Combat Ships that have been retired well ahead of their service life.
The Jacksonville Military Affairs and Veterans Department works with industry partners to provide consistent federal advocacy for Department of Defense investment in the infrastructure and missions of Northeast Florida military bases.
The annual area economic impact of the military is $12.1 billion, more than 10% of the total economy. Area military facilities continue to enjoy strong support in Congress, and the Department of Defense. The Navy remains fully supportive of Naval Air Station Jacksonville with the P-8 squadrons, as well as Naval Station Mayport, with basing of the MQ-4C Triton.
The volume of ship repair and maintenance assigned by the Navy to area shipyards is an ongoing concern, as the work is necessary to maintain the skilled labor base.
The Navy recently announced that Constellation FFG class ships will be homeported on the East Coast. Efforts to highlight with Navy leadership the many strategic, operational, and training benefits of Mayport are ongoing.
Northeast Florida expert insights from Suzanne Pickett, Jim Stallings, Dawn Lockhart, Eric Green and Albert Loh