ST. PETERSBURG, Fla. — Population is growing in Pinellas County, and St. Petersburg is leading the way.

That's according to information in this year's "State of the Economy" presentation for the city. It was held at the ARK Innovation Center.

CEO Cathie Wood was one of the guest speakers. She told the audience that when it came to finding a new home for her company, ARK Invest, St. Pete quickly became the clear choice.

What You Need To Know

  • St. Petersburg held its State of the Economy presentation on Wednesday

  • Among the topics touched on were the redevelopment of the Historic Gas Plant District, programs to help entrepreneurs, and the need for more office space

  • According to the presentation, St. Pete was responsible for half of Pinellas County’s population growth from 2020 to 2023

  • Business tax receipts and construction permits issued also increased during that time

“The most important variable was this city was — is — ready to explode,” Wood told Spectrum News after the event.

She said it was the city’s openness to innovation that drew her in.

“ARK Invest is all about investing in disruptive innovation — nothing but. We are now part of this innovation center. We’d like to be part of bringing startups to this community by starting an early stage venture capital effort,” Wood said.

City officials noted ARK as an example of a business that makes St. Petersburg the anchor of Florida’s tech corridor. They also said they’re working to support a range of entrepreneurs through programs like the South St. Pete CRA Microfund and the new Office of Supplier Diversity. It comes as the county — and city — are seeing that steady population growth.

“One that really jumped off the screen to me was how St. Pete is driving the growth of Pinellas County,” said Mayor Ken Welch.

Officials said Pinellas’ population grew by more than 15,000 people from 2020 to 2023 and that St. Pete accounts for about half of that. The next closest city was Largo at 12%. During that same time, growth was also seen in the amount of certificates the city issues to businesses so they can operate and in construction permits.

The redevelopment of the Tropicana Field site and surrounding Historic Gas Plant District was also discussed. According to information from the city, it’s expected to bring $1.4 billion in economic impact to the county at full build-out.

“This project will be a massive job creator in both construction jobs and permanent jobs,” said Tampa Bay Rays President Matt Silverman. “Plus, with new office buildings, hotels, and shops, there will be activation on a daily basis, whether there’s a baseball game or not.”

A final deal on the project will have to be approved by the city council and the county commission.

“We’re nearing the completion of this, and we want to make sure it’s done right,” said Welch. “So, there’s no deadline. We’re in the best position that we’ve been in, and I’m confident we’re going to get it done.”