Six years ago, the Brookings Institution named the Tampa Bay region one of the most "largely white metro areas" in the South. It won't be able to wear that label much longer. Between 2000 and 2004, the region's Hispanic population swelled modestly, from 10% to 12%. But Hillsborough County's Hispanic population grew to comprise more than 20% of the total. In Pinellas County, the Hispanic population of Clearwater grew 238% between 1990 and 2000 -- from 2,886 to 9,759 -- and is continuing to rise. Businesses are embracing the changing demographics. Spanish-language newspapers are cropping up, and in August, Clear Channel began broadcasting Tampa Bay's first Spanish-language FM radio station.

Elsewhere in the region, an influx of residents is chasing a fast and furious job market, led by Pasco County, which added 8,300 jobs between 2004 and 2005. Many of the new jobs are a product of the real estate market. "Our economy is still driven by population growth, and you see the industries that service growth and that depend on growth -- including real estate, construction and the services industry, particularly food services and tourism -- continuing to be very strong," says Stuart Rogel, president and chief executive of the Tampa Bay Partnership.

Slow-growing salaries, coupled with skyrocketing home prices, are presenting challenges. The median home price has ballooned nearly 80% over the past five years to more than $216,000, while the median income has increased by only 9.8%.

In the hunt for higher-skilled, higher-paying jobs, the area's science and technology sector appears to hold the most promise. Forbes magazine recently named the Tampa area the top location in the state for technology-related jobs. Pinellas County officials are courting SRI International, a Silicon Valley-based research institute that finds commercial applications for new technologies, according to the St. Petersburg Times. SRI is looking at the nanotechnology work that USF researchers have been doing at the university's Center for Ocean Technology.

New Companies

? EarthWorks Environmental, which manufactures high-tech soil remediation equipment to clean up toxic spills, is moving from Sacramento, Calif., to downtown Clearwater.

? Valpak Direct Marketing Systems, a subsidiary of Cox Target Media, is building a manufacturing/printing facility in St. Petersburg's Gateway area to expand its production capabilities. The company, known for coupons mailed in a blue envelope, will close its production facilities in Largo and Elm City, N.C., when the new plant, housing 500 employees, opens some time in 2007, but will maintain administrative, customer services and graphics positions in its Largo office.

? Euro-Bake, a commercial bakery launched six years ago in St. Petersburg's Midtown, has recently opened an $8-million, 55,000-sq.-ft. facility that will allow the company to triple its production of bread products.

? Polyglass USA, an Italian company that manufactures self-adhering roofing material, is investing between $10 million and $15 million in a U.S. headquarters in Winter Haven in Polk County.

? AACSB International moved its headquarters from St. Louis to Tampa at the end of 2004. Formed in 1916 by 17 business schools, the non-profit accredits business schools and puts on professional development seminars around the world for the deans and professors of business schools.

Batter Up: New York investor Stu Sternberg, former managing director of Goldman Sachs, took control of the Tampa Bay Devil Rays last fall. In one of his first moves, he named Matthew Silverman, another veteran of Goldman Sachs, as president of the Major League Baseball franchise.

Tampa

The Tampa Bay region is home to more than 80,000 University of South Florida graduates, and last year the university completed construction of a $43-million edition to its research park. The new Tampa Bay Technology Incubator is a 60,000-sq.-ft. facility on the southwest corner of the school's Tampa campus, providing office and shared lab space for biotechnology and life sciences research. ... The financial services sector also continues to grow at a fast clip. The Depository Trust & Clearing Corp., for instance, opened a new operations center in Tampa last year that created 400 jobs. ... Academic Financial Services, a nationwide provider of federal loan programs, announced last fall it is moving its headquarters to Hillsborough County, a move that will double its workforce to 500 over the next three years. ... Countrywide Home Loans purchased two buildings near Tampa International Airport, where it is opening its first central office campus in the state. It plans to employ between 900 and 1,000. ... HSBC North America plans to add 500 jobs after opening a second Tampa area call center last year. ... Tampa International Airport, which handled nearly 20 million passengers last year, 9.5% more than in 2004, is slated for a major expansion, including a new north terminal complex, over the next decade. ... Majority investor David Wasserman is planning a $100-million facelift for 20-year-old Hyde Park Village. Once a hotspot for upscale shopping, the retail center has been overtaken by International Plaza in recent years. The three-year revitalization project will focus on renovation, road improvements and pedestrian crossings.

Key Newcomers

? Born and raised in Tampa, Habib Skaff returned to the area last year to launch Intezyne Technologies, which develops synthetic polymers for the delivery of cancer drugs. The company, founded by Skaff and three other scientists he got to know while attending the University of Massachusetts at Amherst, is located in the Tampa Bay Technology Incubator.

? Delcie Durham, former program director for engineering design and materials processing and manufacturing at the National Science Foundation in northern Virginia, was recently named associate provost at the University of South Florida and dean of USF's graduate school.

St. Petersburg

? "Projects that we didn't know if they'd happen or not are coming out of the ground." -- St. Petersburg Economic Development Director Dave Goodwin

Ten years ago, the vacancy rate for commercial space downtown was about 30%. Today, it's just under 5%. Since 1999, more than $9 billion has been funneled into construction projects downtown, and more than $91 million in residential projects and $1.1 billion in mixed-use projects are under way. "Projects that we didn't know if they'd happen or not are coming out of the ground," says Economic Development Director Dave Goodwin. ... The city is rethinking its land development regulations to encourage more city dwelling. One consideration: Rewriting the code to allow for garage apartments. ... Midtown is undergoing its own renaissance, thanks in large part to the efforts of St. Petersburg Mayor Rick Baker, who's made reinvigorating the area a top priority. Five smaller retailers will soon join the new Sweetbay supermarket at Tangerine Plaza at 22nd Street and Tangerine Avenue, and a new SunTrust Bank is going up on the adjacent corner. ... The city is providing teachers with $14,000 in interest-free home loans that become grants if the teachers stay in the school system for 10 years. Teachers who buy a home in Midtown can get up to $18,000.

Key Newcomer

? Seattle-based glass sculpture artist Dale Chihuly will permanently showcase his artwork in a new downtown gallery slated to open in 2008.

? City officials say they're excited about small businessmen such as Neil Glazer, who last year relocated his company, The Flying Network, or PilotMall.com, from New York to Albert Whitted Municipal Airport. The company, which sells pilot supplies such as FAA charts and portable anti-collision devices, has committed to a $100,000 advertising campaign featuring the local airport.

Clearwater

In 2000, Clearwater ranked 12th in the state for most populated urban areas. It slipped to 15th in 2004, falling behind cities like Cape Coral, Coral Springs, Gainesville and Port St. Lucie. While the annual growth rate in the Tampa Bay metro area climbed from 1.5% between 1990 and 2000 to 1.9% between 2000 and 2003, Clearwater's growth rate dropped from 1% to 0.4%. The reason? Because of its built-out condition, the city is not absorbing growth within the Tampa Bay region and Pinellas County as it had previously. Major redevelopment projects could stimulate more robust growth patterns. ... The city is counting on its in-progress Beach Walk project, a 3-year effort to build a winding beachside promenade, to boost the region's tourism industry. ... The former Adam's Mark was demolished last year to make way for Taylor-Woodrow's Indigo Beach Residence and Indigo Beach Suites, which will include 112 permanent and 78 rental condos. Doctor and philanthropist Kiran Patel, meanwhile, is building a resort on three Gulf-front acres he purchased for $40 million, to be called the Kiran Grand Resort & Spa.

Pinellas County

The most densely settled county in Florida added more than 19,000 jobs last year, a 4% increase over 2004. ... California-based Mercury Insurance Group recently purchased the building in St. Petersburg where it is located and added 500 jobs. ... With a $20-million investment, medical manufacturer Halkey Roberts, which makes a line of valves commonly used by airlines and the healthcare industry for inflation and pressure relief applications, has created 79 positions.

Lakeland/Polk County

Polk County saw a net in-migration of more than 10,000 residents in 2004, bringing its population to just over 526,910, an increase of 8.86% since the 2000 Census. The region has proved such a popular site for major warehousing, manufacturing and distribution centers that it is essentially out of space, says Steve Scruggs, head of the Lakeland Economic Development Council. ... Wesley Beck is building the 275,000-sq.-ft. Interstate Commerce Park, and Flagler Development Corp. is developing $10-million worth of industrial and office space on 750 acres adjacent to the Publix Super Markets headquarters. ... In January, Southern Wine & Spirits of America, the nation's largest wine and spirits distributor, opened a 653,000-sq.-ft. distribution center on 80 acres in Lakeland. ... Coca-Cola is overseeing a $34-million expansion of its Simply Orange juice plant in Auburndale. ... Keiser College has broken ground on an $8.1-million Lakeland campus along I-4, and USF plans to build a 500-acre campus in Lakeland.

Key Newcomer

CSX commercial officer Clarence Gooden of Jacksonville announced in January that the railroad has purchased 1,250 acres in Winter Haven, where it plans to build a new terminal and intermodal distribution center that will take shape over 10 years and provide 2,500 jobs.

Pasco County

Employment in Pasco County grew 9.5% between June 2004 and June 2005, the largest increase of any big county in the U.S. To encourage more non-construction jobs, the county has designated about 5,000 acres as "employment centers," meaning that those areas will be limited to corporate business parks, certain targeted businesses and high-density residential development. ... Three shopping centers set to open in 2007 are under construction: Cypress Creek Town Center, the Grove at Wesley Chapel and the Shops at Wiregrass. ... Clark Steel Framing Systems, a manufacturer of steel framing for the construction industry, is investing $4 million to merge its Ocala and Tampa facilities in Dade City. ... Electro Mechanical Solutions, which makes semiconductor processing equipment, is building a new 41,000-sq.-ft. facility in Odessa.

Hernando County

While new residents flock to the area -- 9,400 people moved into Hernando County in 2004 -- a large number still commute to the Tampa area for work. Mike McHugh, director of Hernando County's office of business development, says the county is focused on "workforce interception," trying to keep residents from commuting out of the county. ... With affordable land, a favorable tax structure and easy access to major transportation routes, the county has been successful in luring companies. Emery-Thompson Machine and Supply Co., the world's largest manufacturer of ice cream-making equipment, left New York and set up shop at Hernando County Airport Industrial Park last year. ... Property values have increased 15.1% in the past year, and the value of new construction reached an all-time high, topping $354 million.

Citrus County

About 8,200 people moved into Citrus County in 2004, but 4,379 people left, leaving the area with a net in-migration of about 3,800. Progress Energy is the largest employer in the area, providing jobs for about 1,100 at the Crystal River complex and generating about 30% of the local tax base. As Progress considers building another nuclear power plant in the state, Citrus County is eagerly awaiting word on whether it will be built there. "Everybody's talking about the Progress Energy project. Our hat is in the ring for that one," says Brett Wattles, executive director of the Citrus County Economic Development Council.
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