Manatee Gains Momentum: Celebrating Economic Development Week 2021

Ruth A. Buchanan, MBA, CEcD, is the Economic Development Manager for Manatee County. She is responsible for developing, managing and executing strategies and programs to retain, expand and attract businesses to Manatee County.

Something amazing is afoot at this southern corner of the Tampa Bay Region. An interesting, forward-facing momentum is gaining ground in Manatee County. While the effects of the pandemic are still being felt in the community, there are clear and persistent signs of economic recovery showing up in likely and unlikely places.

Joining the rest of Florida, the housing market in Manatee County is on fire. All manner of inventory (single family, multi family, condo, etc.) is moving “as fast or faster than it was during the housing boom of the first half of 2000s,” shared Matt Drews, Senior Development Manager of CASTO Southeast Services. “With one major difference, a positive one — the source of the capital movement is happening at the consumer level from varying demographics that have the actual savings to invest into Manatee County… COVID-19 has recalibrated the American buying pattern, and Manatee is benefiting from it.”

“COVID-19 has recalibrated the American buying pattern, and Manatee is benefiting from it.”

This sentiment is backed by reports from prominent economists. Dr. Jerry Parrish of the Florida Chamber Foundation reported in January that compared to the state’s increase of 5.5%, Manatee County increased its high-paying jobs by 13.8% (the US grew this sector by only 1.6%). Within the same month Dr. Hank Fishkind, during his annual Outlook Report with the Bradenton Area EDC, showed how the economic recovery has an unusual K-shaped pattern in which some sectors are understandably suffering from the ill effects of the disruption, while some sectors are surprisingly thriving.

For Manatee County, the demand for retail and office space has shrunk and absorption (new renters) will continue to be weak, however, the demand and absorption for warehouse space is at enviable levels equal to the levels seen in the 2015–2018 period. He also highlighted the fact that the master-planned community of Lakewood Ranch continues to be an economic attractor, ranking #2 overall in the country, together with two other Florida communities.

If these positive developments are not enough to inspire and encourage us, how about this great news: South Bradenton (basically the County’s Southwest TIF District, SWD) has been ranked 11th overall by Hub Wallet as Best Small City for Starting a Business! Scoring very high in “access to resources,” the County’s thoughtful, sustained and combined efforts of attracting capital, incentivizing job growth and helping expand financial access is starting to bear fruit. It’s no coincidence that these outcomes match the Southwest District’s 5 Point Strategy mapped out by the County in 2018.

Our place-making and infrastructure connectivity efforts round out an ambitious yet feasible public sector-led plan for increased prosperity. And it seems to be working, resulting in the Southwest District besting better known business destinations such as Bend, Ore., Greenville, S.C., and Boca Raton, Fla.

If these trends don’t fully convince you that the Manatee Momentum is real, consider this: Well-heeled individuals have been redirecting their dollars into Manatee County for a little while now. According to the Florida Scorecard, these well-informed investors have invested $7.5 billion in annual adjusted gross income from 1992 to 2018, in the order of $417.5 million annually. They must have known something that the rest of us did not know? Well, now you know.

Come celebrate and join the Momentum. The Manatee magnet is no longer just a momentary movement. Because not only has our government been consistently investing in the economic well-being of Manatee County, but the private sector has followed suit. Since the Economic Development Incentives were created in 2009, for every $1 that the County invested in an economic development project, the private sector committed to bring in an additional $57. This trend is compelling. As the adage goes, wealth attracts more wealth, growth begets more growth.

There is good reason to celebrate Manatee’s collective successes despite the difficulties of 2020. Come join us at our Economic Development Week events this week to feel the #ManateeMomentum, aiming toward robust, resilient and inclusive economic development. Please call or email me to learn how Manatee County’s Redevelopment and Economic Opportunity team can help your business open or thrive in the Southwest District! I love hearing about your business dreams and aspirations.