St. Petersburg leaders are preparing to take a closer look at where the city’s economy stands — and where it could be headed next.
Mayor Ken Welch and the city’s economic development team will host the State of the Economy event Wednesday afternoon at the Mahaffey Theater. The annual address is meant to provide a snapshot of economic performance, including jobs, business growth and long-term trends impacting residents.
While many indicators point to continued growth, the picture is more complicated for some families.
Across the Tampa Bay area, employment remains strong, with more than 1.6 million people working and unemployment around 4.5%, according to federal data.
At the same time, rising costs continue to put pressure on households. Inflation in the Tampa-St. Petersburg-Clearwater area remains just over 2% based on the most recent data from the U.S. Bureau of Labor Statistics, with higher energy and transportation costs driving increases.
Housing is also a major concern locally, as Pinellas County home prices are hovering around $400,000, even as the market begins to cool. City leaders have been pushing for more affordable housing options in response, including programs aimed at expanding rental availability and supporting workforce housing.
Despite economic growth in the region, many families are still feeling the strain. A recent regional report shows nearly half of households in Tampa Bay are considered financially unstable, meaning they struggle to cover basic costs despite being employed.
Wednesday’s address is expected to focus on how the city can continue to grow while making sure residents aren’t left behind.
It could also touch on several major issues shaping St. Pete’s future, including what comes next after the Tampa Bay Rays leave the city, redevelopment plans for the Historic Gas Plant District and how the city is preparing for hurricane season.