Business

Navy Federal adding 1,500 more jobs, commits to $200M investment

April 3, 2013

Press Release: The Greater Pensacola Chamber announced today that it is another step closer to achieving its goal of bringing 3,000 new jobs to the region over the next couple of years – an initiative conceived and funded by community partners in the two-county area, dubbed Vision 2015.

Navy Federal Credit Union announced today that it will be expanding its current facilities and investing $200 million in capital expenditures, developing its campus to accommodate 2,000 employees over the next seven to ten years. This will have a significant impact on the local economy, according to a study commissioned by the Chamber.

“This is great news for Pensacola,” said Chamber President and CEO Jim Hizer, CCE, CEcD, a certified economic developer. “With expansions like these, there’s a ripple effect in the community as a whole, including impacts on the construction sector; arts, entertainment and recreational sectors; and all the other benefits that come along with a surge of new capital into our local economy.”

The Chamber has been laser focused on economic development since the unveiling of its strategic plan earlier this year, which includes a campaign to increase awareness of the importance of economic development within the community. A strong economic climate allows for the sustainability of local industries over the long haul and the ability to better withstand economic downturns.

With support from Escambia County, Enterprise Florida and the University of West Florida’s Office of Economic Development and Engagement, the Chamber helped to negotiate an incentive package for Navy Federal to encourage its decision to expand locally instead of in other competitive locations that they were considering.

With an average wage of more than $44,000, the influx of new jobs will mean more people in the two-county region will have an opportunity to obtain jobs that pay 115 percent more than the average Pensacola-area salary. According to a study by the Haas Center, the Navy Federal jobs will also generate an additional 1,000 jobs in the local community by 2020 due to the indirect effects of the employment increase.

“Job creation is at the heart of any successful economic development effort and is a core component of Vision 2015,” said Sandy Sansing, Chairman of the Chamber’s Board of Directors. “Staff at the Chamber have been working hand in hand with Navy Federal to bring this project to fruition, and I couldn’t be prouder of all their hard work.”

  • Flip me April 5, 2013 at 7:30 am

    Thank you Navy Federal.

  • Ames April 4, 2013 at 1:40 pm

    Joe-who says that a vision or the CoC had anything to do with the site design? Give Navy Federal credit for their own division making about design and energy efficiency. Efficiency in all departments increases profit margins, and that’s a win-win proposition.
    I heard the NPR piece on this news item this morning, and doggone if it didn’t sound like the CoC and Scott both tried to take credit for the NF expansion. But apparently, NF has liked their location since they first came here in 2003 (?)

  • joe April 3, 2013 at 10:19 pm

    Its been a couple of years since I visited the site and it was amazing then. High tech facilities in a green environment gave the impression that this couldn’t be an initiative by any Vision organization from Pensacola or the “downtown” chamber especially.
    Developments like Navy Federal are further evidence that the hub of Pensacola is becoming more and more Nine mile Rd/ Hwy 29 Pine Forest Road/ I 10.
    Navy Fed is practically in Al when you think of the proximity

  • Ed April 3, 2013 at 5:53 pm

    And they didn’t even need to spend a million dollars advertising the upside of it.