The facts back up what so many in the area are seeing – the Sunshine City is in the midst of a historic period of expansion, according to the St. Petersburg Downtown Partnership’s 2022 Downtown St. Pete Development Guide.
The handbook is aimed at developers, property owners, investors, employers, and entrepreneurs, with the goal of guiding future development and informing future decisions on St. Pete’s future. As more people and communities move in, demand for both residential and commercial properties is increasing and beginning to outrun supply. The guide is intended to serve as a tool for documenting change and assisting in the creation of a more sustainable and equitable city as a result of such expansion.
Much of the book focuses on downtown and its surrounding areas, although city-wide highlights highlight St. Petersburg’s outstanding growth, especially how well the Burg outperforms the rest of the country in several standard of living measures.
The guide noted a 31 percent rise in tourism economic effect in 2021, 2,350 new residential units announced, a 54 percent increase in new business formation in Pinellas County, and 214,000 square feet of new office space announced in 2021, among other highlights. Despite the fact that many firms have yet to launch, the area has seen a 16 percent increase in job growth in the last five years.
The book also mentions the several awards St. Pete has achieved in the past year, like being designated the No. 1 city for outdoor enthusiasts and being named one of the Top 10 destinations to visit in the United States.
Both obstacles and possibilities arise as a result of growth.
The extraordinary amount of expansion, according to Jason Mathis, CEO of the St. Petersburg Downtown Partnership, produces pressure points that must be acknowledged and addressed. He also voiced confidence in the city’s capacity to seize the opportunities that growth brings while preserving the qualities that make St. Pete unique.
“St. Pete is facing unparalleled growth challenges in our history,” Mathis added. “This is both a challenge and an opportunity.” The Development Guide is intended to quantify and chronicle the expansion while also providing recommendations to public and private sector leaders on how to preserve the essence of who we are and the sense of place that distinguishes our community.”
The whole study may be seen on the partnership’s website, which also has other city-specific information.
The stats on St. Pete
The economic impact of tourism has increased by 31%.
SmartAsset named it the best city for outdoor enthusiasts.
$36,621 per capita income (outperforming national average)
$61,631 is the median household income.
Unemployment is at 4.7 percent.
The homeownership rate is 63.5 percent, and the number of renters is 43 percent. Homeownership among African-Americans is at an all-time high (outperforming national average)
The middle class accounts for 46.7 percent of the population (outperforming national average)
In 2021, there will be 18 new projects announced.
According to the Florida Census Bureau, the number one reason for new business formations is 2,350 new residential units.
US News and World Report ranked 214,000 square feet of new office space as the best in Higher Education.
The St. Pete Innovation District is home to the Southeast’s largest concentration of life science, marine science, education, art, and technology firms.
Over the previous five years, Pinellas County has seen a 54 percent surge in new firm formation.
In the last five years, there has been a 16 percent increase in job creation.