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10/24/05 St. Petersburg Economy Healthy and
Setting Records
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$413 million
in total new construction value citywide in FY05; the highest ever and the
first year over $400 million
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City has set
new construction records three of the last four years
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City reports
over $1.2 billion in new building underway downtown; highest ever
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Current
unemployment rate 3.9% (July 2005); this is down 13% since April 2001 and
down 43% since the post-9/11 high of 6.9% (Jan. 2002); and 25% lower that
the July 2005 national unemployment rate of 5.2% (Source: U.S. Bureau of
Labor Statistics)
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Historic
renaissance in Midtown continues
St. Petersburg,
Fla. (October 19, 2005) B It=s been another
great year in St. Petersburg, said Mayor Rick Baker, as he announced today
that the city set a new record for the value of development permitted in
the city=s last fiscal year (October 1, 2004-September 30,
2005).
With year-end figures just in from
Fiscal Year 2005, the city issued permits for $413 million in new
construction over the last 12 months. At the same time, unemployment has
dropped 43 percent over the past three and a half years, from 6.9 percent
in January, 2002 to 3.9 percent in July, 2005.
AThere is
currently more than one billion dollars in new developments underway in
downtown St. Petersburg@ said Mayor Baker at a press
conference today along St. Petersburg=s bustling
downtown streets. AThis city is on a roll, and the
momentum is building.@
New developments are occurring
throughout downtown and the city as a whole, in every sector of the
community. Downtown projects include commercial developments, such as
Progress Energy=s new headquarters and a new Marriott
Hotel in the historic Pennsylvania Hotel on Fourth Street; mixed-use
developments such as Parkshore Plaza, 400 Beach Drive, and the Grand
Bohemian hotel and condominiums; residential projects such as the McNulty
Lofts, the Sage and 1010 Central; cultural developments including the
Mahaffey Theater expansion, Dali relocation, the new Chihuly Collection and
expansion projects at the Museum of Fine Arts and the Museum of History;
educational enhancements such as USF St. Petersburg=s new
residential facility and St. Petersburg College=s new downtown
campus; and substantial medical developments at All Children=s Hospital,
Bayfront Medical Center and St. Anthony=s Hospital.
The historic renaissance within Midtown
also continues with numerous health, cultural, educational and business
improvements including a new Wal-Mart SuperCenter, Family Dollar Store,
Sweetbay Supermarket in the new Tangerine Plaza, the coming SunTrust Bank
on 22nd Street S., Three Oaks Commerce Center, Euro-Bake
expansion, Commercial Bedding Company relocation, the new Midtown Post
Office, Johnnie Ruth Clarke Health Center, Royal Theater, Greeno Painting
Services, St. Petersburg Clay Company and the Manhattan Casino restoration.
As new developments rise, so have the
number of new jobs in our community. With one of the lowest unemployment
rates in years (3.9 percent), companies such as Raymond James &
Associates, First Advantage, MTS Medication Technologies, American
Collegiate Financial Services, Mercury Insurance and Bright House Networks
have fueled thousands of new jobs in the city.
Since 2001, the value of total construction
projects permitted in the city has increased by 66 percent, from $249
million to $413 million. In recent years, the downtown area has experienced
a renaissance unlike any other in the city=s history. This
in turn has helped lower the tax burden on the rest of the city.
As another sign of the dynamic forces
at play in St. Petersburg, city transportation officials reported that
traffic on the Looper downtown trolley has also seen a dramatic increase.
In July, ridership was up 141 percent over the previous year. The mayor
credits the increased ridership to extended hours of the Looper, which now
caters to a downtown that is increasingly becoming a 24 hour destination
for working, living, shopping, dining and entertainment.
Last year also was another banner year
for new downtown events that attracted visitors to the city, including the
Inaugural Honda Grand Prix of St. Petersburg and the Monet exhibition at
the Museum of Fine Arts. In December, the city welcomes the return of
Cirque du Soleil, presenting Varekei. Each year, there are more than
a thousand special events in city facilities, parks and downtown venues.
Next Spring, the Rays baseball team debuts under new ownership for the 2006
season at Tropicana Field, and the 2006 Honda Grand Prix of St. Petersburg returns March 31 to April 2, 2006.
AThese
development statistics tell a great story, but it is not the only story to
tell in St. Petersburg,@ said Mayor Baker. AAmid these new
developments, we continue to protect and enhance the unique quality of life
that sets St. Petersburg apart from other cities. Last year, we were
recognized as one of America=s Most Livable
Communities, and last month as one of the best places for young people in America. It=s a great time
to be living and working in St. Petersburg.@
For more information on this
announcement contact Rick Mussett, Administrator City Development, at (727)
892-5400 or business@stpete.org
Click
here to view list of downtown projects
Click
here to view list of significant job creation projects
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