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

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.”