Local businesses feel the impact of inflation

JACKSONVILLE, Florida. – With a debate over whether the economy is in recession after the nation’s gross domestic product fell in the second quarter, News4JAX takes a look at Jacksonville’s economic health.

We spoke to several Jacksonville business owners as well as the Chamber of Commerce and local builders about the city’s situation.

Business owners are affected in different ways. At Cutz-Linez & Trimz Barbershop on Moncrief Road, the owner said the car park was virtually empty for several days as customers refrain from getting haircuts for more essential purchases.

“You really have to budget your money now, especially in the summer when the kids are out of school. People really take their money and use it with their priorities. Especially with what they need,” said Cedrick Turner, owner of Cutz-Linez & Trim Barbershop.

Turner said he started budgeting to deal with the downturn.

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“Everyone is trying to do that, so I’m trying to maintain my prices for everyone here while we stay afloat,” Turner said.

Across town, Pulido’s Automotive on Atlantic Boulevard told News4JAX that inflation on used cars is causing their auto repair business to explode.

“The economy has gotten so bad that people are clinging to their cars. They’re not selling them because they can’t find used cars at a good price, so they’re trying to keep their old, working cars. That helps us a lot,” said Richard DeVaughn.

The Jacksonville Chamber of Commerce painted a rosier picture of Jacksonville’s economic standing. Here is a statement the Chamber sent to News4JAX:

The national economic situation does not reflect what we see here in Jacksonville. We are the second fastest growing real estate market in the nation, the fourth fastest growing economy in the nation and the first in Florida.

Our economic development team answers calls from businesses looking to expand to Jacksonville and people come from all over the country, especially the Northeast and California. We need to invest so that our housing supply can catch up with demand. Building more housing for the workforce needs to be a top priority as people continue to move here.

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(Daniel Davis/President and CEO, Jax Chamber)

We also spoke with the North Florida Builders group about the current state of home building in the greater Jacksonville area. They said custom homes are taking over much of the country and are still strong in sales. They expect it to last at least another two to three years. However, they said domestic builders building mass developments with dozens or hundreds of homes at a time have seen a downturn.