St. Petersburg Economy | Improved Unemployment Rates
Ten years ago, the recession hurt the St. Petersburg economy. But now, the city has overcome that hit and is experiencing economic growth. According to Margie Manning, a writer for the the St. Pete Catalyst, the local economy is thriving.
Unemployment rates are near all-time lows, median wages are on the rise, and business earnings are up. Furthermore, major local companies are expanding and the future looks bright. Even the real estate industry is experiencing improvement. With low vacancy rates, the local market shows marked improvement.
According to the CEO of the St. Petersburg Area Chamber of Commerce, the improving economy is a result of the city’s newfound confidence. He believes that the city now sees itself as a “business destination.”
But that’s not all. One long-time city government employee believes that the growth is also due to a resolution of the city’s identity crisis. Sophia Sorolis explains that the city found its own identity. By developing an identity, the city became a place for new businesses to thrive. As a result, companies feel more comfortable making roots in the community.
As the city becomes more appealing to new businesses, more jobs open up. In October 2018, the unemployment rate in the Tampa-St. Petersburg-Clearwater area was only 2.9%. That was a major improvement over the rate of 11.7% in January 2010.
If you want to learn more about the change in the local economy, click here.