Manufacturing shows promise in Sarasota and Bradenton while strong job growth and a declining inventory of homes for sale provide a ‘flicker of light’ in Naples.
Sarasota/Sarasota County
Issues to Watch
» Local merchants have been squaring off with the city over an ambitious improvement project to make Main Street more pedestrian-friendly. A major point of contention: The city's plan to convert a number of angled parking spaces to parallel spots to allow for the widening of sidewalks. While several restaurants favor the change because it would create space for outdoor dining, a number of shop owners have objected, saying the resulting decrease in parking spots would hurt their businesses.
What's Hot
 Sam Shake is president and CEO of BioLife, maker of WoundSeal. The company is expanding beyond Florida. [Photo: Mark Wemple] |
» Manufacturing: Tervis Tumbler, a manufacturer of insulated cups, has more than tripled its revenue and workforce over the past three years. The company secured licensing agreements with Disney and professional sports leagues such as the MLB, NBA, NFL and NHL and doubled its production capacity last year. Sun Hydraulics is planning a $16-million expansion that will include 60,000 square feet of manufacturing space and 16,000 square feet of additional office space. The company designs and makes high-performance hydraulic cartridge valves and manifolds.
What's Not
» Community banks: While the pace of bank failures has slowed considerably, undercapitalized community banks are struggling. Sarasota's Sabal Palm ended 2011 with a net loss of $490,000, and Bradenton-based First America reported a 2011 net loss of $3.1 million. The Bank of Commerce in Sarasota reported the largest loss at $8.12 million. Bauer Financial gave the Bank of Commerce zero stars, the lowest rating for financial health.
Businesses to Watch
» FCCI Insurance: The Sarasota property and casualty insurer, which ranks 51st among private companies in Florida Trend's ranking of companies based on revenue, is expanding into Maryland and Texas this year and has also applied for licenses in Louisiana and Arkansas.
» Sunovia Energy Technologies: After failing to get a foothold in the solar industry, Sunovia has shifted its focus to producing LED lighting. Erich Hofer, a Sunovia board member, has replaced Art Buckland as CEO following Buckland's ouster in January, and the company has hired VM5 Ventures, a lighting industry consulting firm, to help the company build its brand and presence in the lighting industry.
People to Watch
 Software entrepreneur Jesse Biter is recruiting high-end tenants for retail space he's purchased in downtown Sarasota. [Photo: Rachel S. O'Hara/The Sarasota Observer] |
» Jesse Biter: The software entrepreneur has big plans for downtown Sarasota. The 35-year-old millionaire is purchasing 11,000 square feet of retail space along Palm Avenue and is recruiting high-end tenants that will stay open late and, he hopes, create a bustling nightlife. He also purchased the old Century Bank building in downtown Sarasota from the FDIC and is rehabbing it to serve as an incubator for technology startups. On the political front, Biter is serving as state director for Rick Santorum's campaign for president.
» Randall Reid: The new county administrator, who held the same position in Alachua County for 12 years, replaces Jim Ley, who resigned in May following revelations of widespread problems in the way the county handled contracts.
» Jeanne Corcoran: The director of the Sarasota County Film & Entertainment Office since 2007 has helped to invigorate Sarasota's boutique film industry. Under Corcoran's leadership, the county has attracted film projects that have generated close to $9 million in direct spending over the past 4½ years.
| Sarasota Population: 388,356 | ||||
| Population Growth Rate (2008-12): 0.73% | ||||
| Population by Age: | ||||
| 0-14 | 15-19 | 20-39 | 40-64 | 65+ |
| 12.52% | 4.75% | 16.99% | 33.60% | 32.14% |
| Per Capita Income: $58,916 | ||||
| Jobs | ||||
| MSA | Dec. 2011 | Dec. 2010 | % Change | Jobless Rate |
| Bradenton/Sarasota/North Port | 269,913 | 266,823 | +1.2% | 9.8% |
| Cape Coral/Fort Myers | 243,805 | 241,175 | +1.1% | 10.2% |
| Naples/Marco Island | 129,546 | 129,632 | -.07% | 9.5% |
| Punta Gorda | 62,636 | 61,424 | +2.0% | 10.0% |
| Source: Agency for Workforce Innovation | ||||
| Homes - Single-family, existing-home sales | ||||
| MSA | 2011 Sales | 1-Year Change | 2011 Price | 1-Year Change |
| Fort Myers/Cape Coral | 14,134 | -7% | $107,100 | +15% |
| Punta Gorda | 3,231 | +5% | $97,500 | -2% |
| Sarasota/Bradenton | 10,901 | +8% | $152,000 | -4% |
| Source: Florida Realtors; year-end sales, median price | ||||
| Sarasota County Consumer Bankruptcies | ||
| 2010 | 2011 | Change |
| 2,233 | 1,567 | -29.8% |
| Source: National Bankruptcy Research Center | ||
Bradenton/Manatee County
A number of companies say they are having trouble filling positions because they can't find enough skilled workers. To help bridge the gap, a new non-profit called CareerEdge Funders has been partnering with companies in Manatee and Sarasota counties to help them develop strategies to resolve workforce challenges. Over the past couple of years, the group has partnered with several area hospitals to provide funding for training and system changes that have helped kitchen workers, housekeepers and patient transporters move into higher-paid positions as certified nursing assistants, registered nurses and surgical technicians. The group, which receives the bulk of its funding from private foundations and employers, has also provided assistance to manufacturing firms like PGT Industries and Tervis Tumbler in neighboring Sarasota County and is in the process of helping some local insurance companies work with community colleges to create a curriculum to produce the workers they need.
The county's manufacturing sector continues to grow, meanwhile, thanks to several recent business relocations. Ipe Clip Fastener, which designs and manufactures fasteners for decks, recently relocated from South Carolina to Manatee County and plans to hire 80 employees over the next five years. Global Components has also selected Manatee for its U.S. operations and plans to create 50 jobs over the next several years. C Products Defense, which uses robotic welding units to make ammunition magazines, recently relocated from Connecticut and plans to add 100 employees over the next five years.
Businesses to Watch
 Feld Entertainment, led by Chairman and CEO Kenneth Feld, is building a new facility in Ellenton and plans to create 235 jobs. [Photo: Jeffrey Salter] |
» Feld Entertainment: The company, which owns Ringling Bros. and Barnum & Bailey circus and produces other shows such as Disney on Ice and Disney Live!, is spending $20 million on a new facility in Ellenton, where it plans to consolidate its headquarters and house all operations related to the design and production of its tours. The expansion will preserve 148 local jobs and create 235 new ones.
| Manatee Population: 338,015 | ||||
| Population Growth Rate (2008-12): 1.48% | ||||
| Population by Age: | ||||
| 0-14 | 15-19 | 20-39 | 40-64 | 65+ |
| 17.09% | 5.66% | 20.58% | 32.89% | 23.77% |
| Per Capita Income: $42,155 | ||||
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Fort Myers/Cape Coral/Lee County
 Chico's plans to add 150 jobs as it expands its headquarters in Fort Myers. [Photo: Chico's] |
While retail vacancy rates in Lee County have fallen from 9.6% in 2009 to 8.6% in 2011, office vacancy rates have remained stuck at about 16.8% for the past three years. Gary Tasman, executive director of Cushman & Wakefield, says flat employment conditions are to blame and that office space absorption is unlikely until jobs increase. Long reliant on home building, the area is still waiting for its residential real estate market to return to health. "The economy is improving, but slowly. Like a lot of places in Florida, this real estate overhang has really ultimately got to be cleared away before we see any sort of accelerated recovery," says Jim Moore, director of the Lee County Economic Development office.
Businesses to Watch
» TZ Insurance Solution: Since locating to Lee County in early 2011, TZ Insurance Solutions has hired 141. The company, headquartered in Fort Lee, N.J., had projected it would hire 125 originally but grew faster than expected.
| Lee Population: 648,082 | ||||
| Population Growth Rate (2008-12): 1.48% | ||||
| Population by Age: | ||||
| 0-14 | 15-19 | 20-39 | 40-64 | 65+ |
| 16.28% | 5.39% | 21.85% | 32.28% | 24.20% |
| Per Capita Income: $41,237 | ||||
Naples/Collier County
Chamber President and CEO Mike Reagen has teamed up with other leaders to create The Partnership for Collier's Future Economy, which aims to foster business growth.
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Businesses to Watch
 Arthrex's $47-million expansion is expected to create 600 jobs in the next five years. [Photo: Arthrex] |
» Arthrex: Already one of the county's largest employers, Arthrex is in the beginning stages of a $47-million expansion that will create an estimated 600 jobs over the next five years. The medical device company is planning to build a 160,000-sq.-ft. facility in Ave Maria and is also adding 100,000 square feet of space at its North Naples corporate campus. Arthrex's revenue has increased from $610.9 million in 2007 to $996.9 million in 2010.
| Collier Population: 337,421 | ||||
| Population Growth Rate (2008-12): 1.60% | ||||
| Population by Age: | ||||
| 0-14 | 15-19 | 20-39 | 40-64 | 65+ |
| 15.97% | 5.50% | 20.02% | 30.91% | 27.61% |
| Per Capita Income: $62,225 | ||||
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Charlotte County
 Cal Ripken |
| Charlotte Population: 164,939 | ||||
| Population Growth Rate (2008-12): 0.69% | ||||
| Population by Age: | ||||
| 0-14 | 15-19 | 20-39 | 40-64 | 65+ |
| 11.29% | 4.41% | 14.67% | 34.17% | 35.45% |
| Per Capita Income: $39,116 | ||||
Hendry/Glades Counties
 Universal Space Network is investing $5 million in a satellite communications tower. |
In neighboring Glades County, Lykes Bros. and A. Duda & Sons are moving forward with plans to build a logistics center on 4,700 acres on the outskirts of Moore Haven and have hired Cushman & Wakefield to begin marketing the facility, which will include distribution centers, warehouses and manufacturing facilities.
| Hendry Population: 39,786 | ||||
| Population Growth Rate (2008-12): 0.39% | ||||
| Population by Age: | ||||
| 0-14 | 15-19 | 20-39 | 40-64 | 65+ |
| 23.45% | 7.74% | 28.49% | 28.55% | 11.79% |
| Per Capita Income: $30,196 | ||||
| Glades Population: 13,488 | ||||
| Population Growth Rate (2008-12): 1.41% | ||||
| Population by Age: | ||||
| 0-14 | 15-19 | 20-39 | 40-64 | 65+ |
| 16.22% | 5.07% | 24.81% | 31.87% | 22.03% |
| Per Capita Income: $24,908 | ||||
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DeSoto/Highlands/Hardee Counties
 National Solar Power will build a 200-megawatt solar farm in Hardee County. |
While Hardee County lost out on its bid to become home to the world's largest solar farm — the project went to Gadsden County — National Solar Power will build a 200-megawatt solar farm in Hardee County. The $700-million project is expected to create 200 jobs during the five-year construction phase and as many as 50 permanent operations jobs.
| DeSoto Population: 35,815 | ||||
| Population Growth Rate (2008-12): 1.03% | ||||
| Population by Age: | ||||
| 0-14 | 15-19 | 20-39 | 40-64 | 65+ |
| 15.97% | 5.50% | 20.02% | 30.91% | 27.61% |
| Per Capita Income: $25,155 | ||||
| Highlands Population: 105,597 | ||||
| Population Growth Rate (2008-12): 1.48% | ||||
| Population by Age: | ||||
| 0-14 | 15-19 | 20-39 | 40-64 | 65+ |
| 15.18% | 5.07% | 17.71% | 29.39% | 32.66% |
| Per Capita Income: $30,963 | ||||
| Hardee Population: 28,302 | ||||
| Population Growth Rate (2008-12): 0.63% | ||||
| Population by Age: | ||||
| 0-14 | 15-19 | 20-39 | 40-64 | 65+ |
| 23.44% | 7.03% | 28.19% | 28.16% | 13.18% |
| Per Capita Income: $30,196 | ||||