April 27, 2024

Economic Yearbook 2006 - Southwest Florida

Rich County, Poor County

It's a tale of two worlds across the 10-county region of Southwest Florida.

Amy Keller | 4/1/2006

Population and job growth in Southwest Florida is a tale of extremes. At one end of the spectrum are less-developed counties like Charlotte, Hardee and De Soto, still hamstrung by damage from the past two hurricane seasons. At the other end are the healthier and wealthier areas of Sarasota, Lee and Collier counties, which accounted for the bulk of the 125,000 new residents -- more than 60% from out of state -- who moved to the region in 2003-04.

Growth throughout the region encompasses a broad range of incomes and occupations. Statistically, the fastest-growing occupations in the Suncoast Workforce Region, which encompasses Sarasota and Manatee counties, are in social and human services, information technology, construction, healthcare and manufacturing. But young professionals are also moving to the area: One networking group that meets weekly in the Sarasota area now boasts of having some 1,500 e-mail addresses. "They're adding a vitality to the area," says Sarasota County Commissioner Shannon Staub.

Despite the population surge, the region is a long way from a glut of labor. "One large service area CEO was telling me the other day that by the end of next year he'll have increased average hourly wages for his employees by 10%," says Staub.

In Collier County, officials have proclaimed 2006 the year of "economic diversification," and Lee County, which welcomed a record 28,000 new residents last year, is striving to expand its employment base beyond tourism and construction. As in most growing areas of Florida, housing prices are a concern: In Lee County, the median sales price for existing homes surged to about $280,000, with the county's average wage at about $33,000.

Cape Coral remains one of the fastest-growing areas. The 11th most populated urban area in the state in 2004, according to the University of Florida's Bureau of Economic and Business Research, Cape Coral has grown in less than two years from 132,379 residents to more than 150,000. In Southwest Florida, St. Petersburg and Tampa were the only other cities listed among the top 10 most populated areas.

The region could see even more growth in the next decade if Florida's Turnpike Enterprise ends up building an east-west route across the state from north Manatee County and an intersecting north-south toll road through the middle of the lower peninsula. The state recently authorized feasibility studies on both proposed multibillion-dollar connector routes.

Key Newcomer

? Palm Beach developer Syd Kitson, chief executive of Kitson & Partners, is planning to build a town for 50,000 people on 17,000 acres of the Babcock Ranch, about 30 miles outside Punta Gorda. Kitson acquired the entire 92,000-acre ranch, the last remaining unbroken strip of land between Charlotte and Lee counties, last year but sold 81% of the property back to the state for preservation.

Tags: Southwest

Florida Business News

Florida News Releases

Florida Trend Video Pick

PSTA announced electric fleet plan
PSTA announced electric fleet plan

The Pinellas Suncoast Transit Authority is going all-electric after receiving a $1.5 million grant.

Video Picks | Viewpoints@FloridaTrend

Ballot Box

Do you think recreational marijuana should be legal in Florida?

  • Yes, I'm in favor of legalizing marijuana
  • Absolutely not
  • I'm on the fence
  • Other (share thoughts in the comment section below)

See Results

Florida Trend Media Company
490 1st Ave S
St Petersburg, FL 33701
727.821.5800

© Copyright 2024 Trend Magazines Inc. All rights reserved.