St. Petersburg's resilience and growth: A look at the city's economic future

The State of the Economy in St. Petersburg

Genevieve Curtis reports.

ST. PETERSBURG, Fla. - Despite facing significant challenges, including two hurricanes and the Tampa Bay Rays withdrawing from a new ballpark plan, St. Petersburg’s economy is strong.

The city is experiencing growth with new jobs, businesses and investments in neighborhood development. St. Pete Mayor Ken Welch recently delivered a State of the City's Economic outlook, highlighting the city's progress and future plans.

READ: Three St. Pete students heading to Japan for city's summer exchange program

Local perspective:

St. Petersburg has emerged as one of the most desirable places to live.

Since 2020, more than 8,000 people have moved to St. Petersburg, contributing to the demand for downtown living, as evidenced by the construction cranes dotting the skyline.

The influx of new residents has spurred business growth, with companies like Foot Locker moving their headquarters to St. Petersburg, even as others like HSN and QVC have left.

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What they're saying:

"They love what we're doing with innovation, tech, you name it. So yeah, that word is getting out, and it's part of why we're getting folks coming down here with higher incomes. It skews the housing market. Therefore, we have to put more into a truly affordable housing," said Welch.

While the mayor remains tight-lipped about other companies considering relocation to St. Petersburg, he acknowledged significant interest.

"I'll just say there's a lot of interest. We met with a well-known group of folks this week, so it's continuing," said Mayor Welch.

Dig deeper:

The city's popularity brings challenges, including concerns over gentrification, overpriced rents for business spaces, housing affordability, and infrastructure demands.

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"The density is happening where it needs to happen adjacent to transportation, so the jobs, housing, transportation triad is working together, and it leaves your more traditional neighborhoods, Lakewood, Kenwood, relatively unaffected," said Welch.

The devastation and disruptions caused by future hurricanes threatens that progress. Job growth dropped off some after Hurricanes Helene and Milton.

That’s why the city plans to invest half a billion dollars in resilience projects over the next five years.

With the Rays pulling out of the stadium development deal, Mayor Welch sees an opportunity for St. Petersburg to forge its own economic path. The city remains committed to providing the Rays a home through 2028, with ongoing repairs and potential developments in the future, he said.

The Source: The information in this story was gathered by FOX 13's Genevieve Curtis.

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