State of the Economy: Employment, incomes, and construction value rise in St. Pete
/The City of St. Pete recorded a record $1.44 billion in construction value in 2025 while employment, household incomes, and the local labor force continued to grow, according to data presented Wednesday during the city's annual State of the Economy address at the Mahaffey Theater.
Mayor Ken Welch, alongside city officials and economic development leaders, provided an annual update on the city’s current economic standing.
“The state of our economy is not only measured by what we build, but it is also measured by who benefits, who belongs, and who can see a future here,” City Council Chair Lisset Hanewicz said during the address.
“Local governments cannot control interest rates, insurance costs, global supply chains, inflation or the weather, but we do shape conditions that help determine whether people can succeed despite those challenges,” Hanewicz said.
“We decide how to invest in infrastructure, plan for growth, whether our neighborhoods are connected, whether city processes are thoughtful and responsive, and whether we prepare for storms before they arrive rather than reacting afterward.”
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