Growing Up: Our Thriving Local Economy

By Jacqueline Miller • Header Photo by Nancy Guth • October 2023

You can see it, feel it, and yes, even get a bit testy about it. Whether its new homes or businesses, we have lots more of them than ever. It’s called GROWTH and with it comes lots of mixed feelings and blessings.  

If you’re selling your home, you love this time. If you’re buying one, maybe not so much. Prices are high, but so is demand. If you’re starting a new business, with our population growth, the odds for success are in your favor. If you’re looking for work, there are lots of jobs for those ready, willing, and able.

Yes, life in Sarasota and Manatee is exciting, vibrant, and shows no signs of losing its luster anytime soon. So just how much have we grown? Where is everyone coming from? What can we expect for the future? 

For some of the answers, we asked Real Estate Association of Sarasota-Manatee President Brian Tressider of William Raveis Real Estate, Economic Development Corporation of Sarasota County President & CEO Erin Silk, and Economic Development Corporation of Manatee County President & CEO Sharon Hillstrom to share what they know.

BRIAN TRESSIDER

Most of the new buyers purchasing homes or condos in the Sarasota and Manatee area are coming from the Northeast part of the country. In fact, the top three states that we see migration from into the Sarasota area are in the Northeast. This is a departure from what we saw several years ago when the buyers from the Northeast migrated to the East Coast of Florida, and Sarasota and Manatee would get a lot of buyers from the Midwest.

New construction has jumped significantly in the last two years. Starting in 2021, Sarasota and Manatee counties have seen a 76% and 61% increase respectively in new construction starts from the prior years, and we don’t see much reason to think those will slow down. Our area is still experiencing very high buyer demand, which has been outpacing our new construction starts, keeping us in a very strong seller’s market. With the hope and expectation that we will see interest rates drop sometime in 2024, this will only help add to demand on our already low housing supply levels.

Even though real estate sales are currently significantly lower than what we saw in 2021 and 2022, I believe our market is strong. We have returned to similar activity in the market to what we experienced before COVID and even though sales have fallen, we see median sales prices holding steady. This is a testament to the draw our area has even during this time of very high-interest rates and homeowner insurance concerns. We very well could see prices resume an upward journey if interest rates come down in the future.

ERIN SILK

The Economic Development Council of Sarasota County is a public/private partnership dedicated to diversifying the Sarasota County economy through supporting the growth of and attracting diverse industry. We do this to support a resilient and strong economy. 

I came to the EDC nearly five years ago and transitioned to become its president and CEO for the nine months prior to officially serving in this capacity commencing June 16 of this year. It is an honor to lead this organization following Lisa Krouse, who is such a strong and respected leader, and I also feel a lot of pride to lead the organization as we celebrate its 20th anniversary next year!

When it comes to business, Sarasota is definitely on the map! With all the recent accolades, we’ve been getting a lot of business attention. These 2023 accolades include being tapped as the “second most booming city in the country” by the Today Show and being listed as one of the “best places for young professionals” by U.S. News & World Report (#8). The Boyd Company, a respected provider of corporate site selection research, this year ranked Sarasota as one of the 30 best locations in the U.S. for headquarter operations.  

It has been an exciting time to be in Sarasota. There is an energy and creativity that is vibrant here, and businesses are attracted to it. Many of the new businesses we’ve worked with are in technology. They chose to be in Sarasota because of the connectivity and the business-friendly environment. The EDC team has met a lot of new Sarasota-based entrepreneurs and investors from all over the world, and we expect the interest to continue. We hope that through targeted branding and marketing we can grow the buzz about business in Sarasota. 

SHARON HILLSTROM

As I review our progress at the Bradenton Area EDC, I believe the positive results we deliver flow from our deeply intentional strategic plan. We have forged and followed a plan based on solid research, creative ideas, and collaborative partnerships. We are an innovative and nimble organization that can flex the plan in response to local, state, and national trends. We think of it as strategic planning and doing.

Looking ahead, I believe one of the Bradenton area’s strongest growth sectors will be aviation and aerospace. Just as we pioneered an intentional, successful focus on the sports performance sector, we are leading the way in Florida on creating a robust aviation ecosystem. Research conducted for our strategic plan identifies a five-year growth rate of 14% for the sector, based on projected job growth, average earnings, and previous wins in the sector. Through our partnerships with Sarasota Bradenton International Airport (SRQ), Manatee Technical College, USF Sarasota-Manatee and others, the Bradenton area’s aviation ecosystem supports local, established businesses while attracting attention from prospects nationally and overseas. This ecosystem provides resources like available building sites on and near the airport, the aviation maintenance training program planned at SRQ, creative and customizable incentive programs, and more.

Since 2009, the Bradenton Area EDC and its partners have assisted more than 200 businesses with expansions and relocations. These companies are projected to deliver more than 9,200 jobs and over $2 billion in wages from direct and indirect jobs through 2028. Equally important, they plan to make capital investments exceeding $1.5 billion. Additionally, in the past 12 months, our team conducted over 1,000 direct interactions with local, established businesses.

So, you see, our economic future continues to look very bright. We are no longer just a pretty place where people just come to retire. Let the interest rates drop and our real estate continue to thrive, let more corporate headquarters come our way, and let the good times continue to roll.