City

The latest updates on St. Pete’s economy

Mayor Ken Welch gave the Burg’s first “State of the Economy” presentation since 2021.

March 28, 2024 • 
Patrick Sidwell
A photo of St. Pete City Hall up close. The angle is upward toward the historic building with palm trees flanking the yellow-brown structure. Blue skies are above with sun shining through the trees.

St. Petersburg City Hall opened in 1939.

Photo by City of St. Petersburg

Earlier this week, Mayor Ken Welch and other St. Pete officials gave an update on the Burg’s economic outlook over an hour-long presentation.

Luckily for you, we’re here to give you the info considerably quicker. Here are some of the numbers you need to know:

  • Pinellas County has seen a population increase of 15,000 people since 2020, with St. Pete’s 48% growth the highest in the area.
  • The Sunshine City’s 2.7% unemployment rate is lower than the Tampa Bay area’s 2.9%, Florida’s 2.9%, and the nationwide 3.6%.
  • In 2023, there were 33,000+ construction permits issued, with a total estimated value of $1.3 billion.
  • The city wants to add ~3,000 more affordable housing units in the near future.

The new Rays stadium was also a topic of discussion, with the team’s lease at the Trop set to expire in 2027. Welch voiced his confidence about the project’s timely completion. The stadium would bring St. Pete an estimated $1.4 billion in economic impact.