City of St. Petersburg Hosts Fourth Annual State of the Economy
ST. PETERSBURG, FL (January 10, 2019) - This week, the City of St. Petersburg hosted the Fourth Annual State of the Economy event at the Tom James Museum of Western & Wildlife Art. Economic Development staff from the City focused on economic drivers, competitiveness and prosperity indicators, as well as key development indicators for the next four years.
Said Mayor Rick Kriseman: “St. Pete continues to grow and thrive in exciting ways. And we remain dedicated to answering not just the opportunity this unprecedented growth presents, but to thinking creatively about how we address the challenges as well. I want to thank our Economic Development team, led by Alan DeLisle, for their hard work not just on the State of the Economy event, but for the work they do all year long to bring business to St. Pete, and to ensure we are the kind of city for all who want to live, work and play.”
Statistics around core areas were presented to citizens, business leaders and community stakeholders, including: population; socioeconomics; revenue generators; real estate; business development; and infrastructure & quality of life.
Some key highlights include:
- St. Petersburg had the highest construction value on record in 2018 at $695.9 million and over 34,000 permits issued, breaking last year’s record of $671.7 million. This is the 8th consecutive year with increasing construction value and permits issued for St. Petersburg.
- The Tampa – St. Pete region has a cost of living index of 89.6, the lowest of all major markets in Florida and of our peer cities. The cost of living for the region has decreased annually over the last 4 years.
- St. Petersburg’s average home sales price was $192,000 in October 2018, making it the second behind Orlando in annual home price increase among our peer cities. The average sales price for St. Petersburg from Oct 2017 to Oct 2018 increased by 12.9%, the second highest increase amongst peer cities.
- St. Petersburg’s unemployment rate is 3.30%, lower than the Tampa Bay region, the State of Florida, and the US. The unemployment rate has continued to decline annually since 2015.
- Since 2014, there has been a 21.9% reduction in poverty and ranks second to highest change compared to sister cities.
Learn more about the State of the Economy and the data presented here: http://www.stpete.org/economic_development/