Innovation Square Continues Growing as Area Unemployment Stays Low

19, August 2013

Area unemployment is staying low as the Innovation Square community continues to progress and grow. The Gainesville Area unemployment rate remains at about 6%, compared to about 7.1% state-wide. As international companies began moving to Innovation Square, the area began to experience a revamped image and increased activity. In May, the area boasted a 5.3% unemployment rate, 2.3 percentage points below the national average. The area and state unemployment rates are down from 7.6% and 8.2% a year ago, respectively.

As Innovation Square continues to grow and attract new companies and jobs to the area, the unemployment rate is expected to drop even more in coming months. Several new projects are in the works in the Innovation Square community between UF campus and Downtown Gainesville that will attract technology and science companies and add jobs "from the GED to the PhD." New businesses of all kinds are opening near Innovation Square and Downtown Gainesville to cater to Innovation Square tenants, residents, and visitors.

The Infusion Technology Center, a 150,000-square-foot, eight-story building featuring Class A lab and office space for lease will break ground very soon. The building is in lease negotiations with multiple tenants. Infusion Technology Center will be the first privatly owned building in Innovation Square. The science and technology community will see its first co-work building in Nimbus. The planned project will provide office space to those who don't want to work from home or can't afford a large office but want the accompanied amenities - mailing address, hi-speed internet, collaborative environment, etc.

As Innovation Square increases growth, the unemployment rate in the Gainesville Area continues in the opposite direction, falling to its lowest levels in years.