Although the city\u2019s State of the Economy event Tuesday highlighted a city in flux, officials expressed confidence in its trajectory. After several data-filled presentations, Mayor Ken Welch told local media that St. Petersburg\u2019s focus on tech and innovation attracts higher earners, which \u201cskews the housing market<\/a>.\u201d<\/p>\n \u201cWe have to put more into truly affordable housing,\u201d Welch added. \u201cAll those levers affect each other. But bottom line \u2013 the story on St. Pete is out. It\u2019s a good story, and folks still want to move here.\u201d<\/p>\n Taxable values continue soaring in the city, led by growth downtown and in the South St. Petersburg Community Redevelopment Area. Image: City documents.<\/p>\n St. Petersburg\u2019s population increased by .47% in 2024, well below a post-pandemic high of 1.32% in 2022. Pinellas County lost .36% of its population, the first decrease in five years.<\/p>\n James Corbett, city development administrator, noted that St. Petersburg\u2019s population has increased by 3.38% since 2020. Nearly a third of all Pinellas residents live in the city.<\/p>\n The cost of living in Tampa Bay is lower than the U.S. average, higher than the Orlando metro area and on par with Austin. \u201cWhile our community has faced some significant challenges in the last year, our healthy population growth can lower the average cost of living and position St. Petersburg to bounce back stronger than ever,\u201d Corbett opined.<\/p>\n Welch said St. Petersburg has shed the \u201csleepy image of heaven\u2019s waiting room\u201d and emerged as one of the nation\u2019s \u201cmost desirable places to live.\u201d He credited smart and inclusive growth for fueling the city\u2019s attraction.<\/p>\n Economic trends in the South St. Petersburg Community Redevelopment Area (CRA) underscore the mayor\u2019s point. Taxable values have spiked 15.4% since 2020, to $2.3 billion. That is 4.8% higher than the city\u2019s average.<\/p>\n Economic and workforce development director Brian Caper explained that tax values fund a financing mechanism that allows officials to offer down-payment assistance, support small businesses and subsidize affordable and workforce housing.<\/p>\n Welch does not believe that over $1 billion in new property tax values since 2020 signifies the historically Black area\u2019s gentrification. \u201cI think the timing on the South St. Pete CRA<\/a> was almost perfect,\u201d he told the Catalyst.<\/p>\n \u201cIt has funded so much in affordable and workforce housing, and job training,\u201d Welch continued. \u201cI think we created it right at the right time to capture that growth. If you look at the record, a ton of what\u2019s been created has gone right back into affordable and workforce housing.\u201d<\/p>\n St. Petersburg\u2019s labor force has shrunk, particularly compared to pandemic-era growth. Image: City documents.<\/p>\n Downtown St. Petersburg continues to pace the city\u2019s growth. Raymond James Financial ($130.37 million) topped the taxpayer rankings; downtown developments occupied second through eighth place.<\/p>\n Caper noted that those projects \u201cgenerate significantly higher tax revenue per acre and greatly contribute to the city\u2019s ability to fund new projects and programs throughout St. Petersburg.\u201d For example, the Ascent condominiums paid $100.4 million per acre, compared to just $4.6 million for Raymond James.<\/p>\n The city set another record in 2024 with nearly $1.4 billion in construction value and 35,000 permits issued. While Hurricanes Helene and Milton contributed to those totals<\/a>, Caper said \u201cmuch of that activity\u201d occurred in early 2025.<\/p>\n St. Petersburg\u2019s job growth dropped by 3% in 2024 after increasing by roughly 6% in 2021 and 2022. The decrease more than doubled the regional average. Employment creation in Florida declined by just .04%.<\/p>\n However, the city fared better than Pinellas County (-5.56%). Caper attributed the drop to election-induced economic uncertainties, increased living costs and the 2024 hurricane season.<\/p>\n The Rays, notably, were not mentioned as a top employer after withdrawing from plans<\/a> to lead the Gas Plant\u2019s rebirth as a vibrant mixed-use community. The team ranked 10th in 2024 with a purported 4,000 employees.<\/p>\n The latest list includes Raymond James, Charter Communications, Jabil, Johns Hopkins All Children\u2019s Hospital, Orlando Health Bayfront Hospital and Power Design.<\/p>\n New job creation has also dropped precipitously in St. Petersburg. Image: City documents.<\/p>\n Russell Williams, director of recruiting and talent strategy at Power Design<\/a>, stressed the importance of fostering public-private partnerships to propel the local workforce. He said the design-build firm\u2019s success story is \u201cSt. Petersburg\u2019s success story, and we don\u2019t take that for granted.\u201d<\/p>\n \u201cWe\u2019re proud to call this city home, and we\u2019re deeply committed to seeing it grow smartly, sustainably and with the people at the center of the process.\u201d<\/p>\n Caper believes Foot Locker\u2019s relocation to St. Petersburg will still generate 150 new high-paying jobs, per an incentive package, despite Dick\u2019s Sporting Goods acquiring the company<\/a>. He said the Gas Plant\u2019s future<\/a> remains \u201cexceedingly bright,\u201d with or without the Rays.<\/p>\n![\"\"](\"https:\/\/www.newsbeep.com\/us-fl\/wp-content\/uploads\/2025\/11\/Screenshot-978-e1747838391266.png\")
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