City of St. Petersburg State of the Economy Presentation

The City of St. Petersburg has announced the date for the upcoming State of the Economy address. Save the date to attend the virtual presentation on January 27, 2021 at 11 a.m. This year’s focus will be on a resilient economy and topics will include a snapshot of key economic trends, small business, equity and workforce development and building on our city’s assets.   Join the presentation live on January 27, 2021 at 11 a.m. – Registration details to follow www.stpete.org .  

The City of St. Petersburg also known as the “The Sunshine City” has an   Economic and Workforce Development Department that fosters growth and development in the city of St. Petersburg by working with its partners to provide services to help existing businesses grow and succeed and welcome new businesses to our community. (Central Ave in downtown St Petersburg . Photo by Bob Knoll.)

The City of St. Petersburg combines the amenities and variety that any top tier city offers, while providing a small-town neighborhood feel in an affordable setting. St. Petersburg continues to develop as one of the brightest spots in the Southeast, not only as a business location, but as a home for a talented workforce.  

Historically known as a tourist destination, the city of St. Petersburg has much more to offer with nearly 16,000 businesses and opportunities for growth in major industry sectors: Marine and Life Sciences, Specialized Manufacturing, Financial Services, Data Analytics, and Creative Arts and Design. Notably, the city is home to the largest financial services sector in Florida as well as the largest marine research center in the Southeast.  (City of St Petersburg Dali Museum-RIGHT)

Consider Moving or Creating Your Business to St Petersburg

The City of St. Petersburg is the 5th largest city in the 3rd largest state in the U.S. It is home to nearly 260,000 residents and part of a 2.98 million person MSA, with a skilled workforce. Impressively, the city’s annual growth rate has tripled since 2010. In the past two decades, the city has benefited from surging economic growth and has proven it has the right ingredients to grow major industries in Marine and Life Sciences, Specialized Manufacturing, Financial Services, Data Analytics, and Creative Arts and Design. 

The city of St Petersburg has the largest financial services cluster in the state and the largest marine research center in the south. St. Petersburg anchors the Florida High Tech Corridor , which ranks as one of the Top 6 high-tech employment centers in the nation, comprised of more than half of the state’s high-tech firms. These qualities provide a superior workforce and the ability to readily develop an extensive network of business partners. 

The city’s revitalized waterfront location, including a seven mile string of beautifully manicured parks, and its adjacent walkable downtown, with easy access to entertainment, arts and culture make it an appealing regional destination for millennials and young professionals. As part of one of the largest consumer markets in Florida and 13th largest television market in the nation, the city of St. Petersburg has proven itself as a mature marketplace with retailers and beyond.(St. Pete Pier -LEFT)

The city of St Petersburg is a leader in the state in buying power, retail sales, food sales, bank deposits, and consumable goods and services. St. Petersburg is an enriched community that cultivates a diverse economy with an attractive working environment, energized by its qualities of life.  Labor and Workforce St. Petersburg offers a large and abundant regional workforce of over 1.4 million. The city’s diverse employers have access to the region’s youthful and well-seasoned talent base with employees ranging from entry level to the highly technically skilled.

The average wage for Pinellas County is $44,980 which is 17% lower than the national average (U.S. Bureau of Labor Statistics, 2016). Apart from the higher education portals for workforce recruitment, the area provides excellent customizable workplace training curriculum and service centers. In addition, the area offers an abundance of opportunities for the workforce to access continuing education credentials. 

Education and Workforce Development The city offers five centers of higher education. These include the University of South Florida-St. Petersburg , St. Petersburg College , Eckerd Liberal Arts College , Stetson Law College , Job Corps  and Pinellas Technical College . These institutes of higher education draw approximately 110,000 students annually to embrace all the City of St. Petersburg has to offer during their pre, present, and post educational lives. St. Petersburg is part of the Pinellas County school district , the 7th largest district in the state.

Programs offered include: Magnet Programs offering intensive study in specialized, themed curricula, attracting students who are especially gifted in areas such as music, art, science or technology. Fundamental Schools emphasizing parental and student responsibility, homework, and a strict dress code. Charter Schools, operated by nonprofit organizations, providing more individualized learning programs, encouraging innovative approaches to education and requiring strong internal accountability for the quality of education they provide. International Baccalaureate Programs providing highly gifted students an extremely challenging curriculum. Students undertake advanced, college approved courses during their high school years and upon successful passage of the IB exam, are awarded an IB Diploma.

Tax Benefits of Doing Business in The Area

The city of St Petersburg has the first and only U.S. Job Corps Center  along Florida’s west coast, situated in the city’s South St. Petersburg CRA district. The Center trains 300+ students annually in the fields of automotive, construction, health care, manufacturing, information technology, and hospitality.  Fiscal and Tax Advantages of St. Petersburg, Florida: NO corporate income tax on limited partnerships NO corporate income tax on subchapter S-corporations NO state personal income tax guaranteed by constitutional provision NO corporate franchise tax on capital stock NO state-level property tax assessed NO property tax on business inventories NO property tax on goods-in-transit for up to 180 days NO sales and use tax on goods manufactured or produced in Florida for export outside the state NO sales tax on purchases of raw materials incorporated in a final product for resale, including non-reusable containers or packaging NO sales/use tax on co-generation of electricity.

For additional information check out this story about why it is a good idea to launch your business in Florida. Another great story to consider is why you should shop local and support your local economy here.

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