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1 ECONOMIC ELEMENT of the PINELLAS COUNTY COMPREHENSIVE PLAN Prepared By: The Pinellas County Planning Department as staff to the LOCAL PLANNING AGENCY for THE BOARD OF COUNTY COMMISSIONERS OF PINELLAS COUNTY, FLORIDA Adopted March 17, 2009 (Ordinance 09-15) Economic Element 1

2 Preface In the late 1970s and early 1980s, Pinellas County adopted its first Comprehensive Plan for managing growth in the County. In 1985, the Florida Legislature strengthened the growth management provisions of Chapter 163, Florida Statutes, and Pinellas County began to develop its new Plan, with a greater emphasis on integrated planning and consistency with other State and Regional planning efforts. In 1989, the Pinellas County Board of County Commissioners was one of the first governments to meet the new growth management requirements with the adoption of its new Comprehensive Plan. This Plan placed new emphasis on financial feasibility, and the assurance that public services and facilities would be available concurrent with the impacts of development. Chapter 163, Florida Statutes, also includes specific requirements for regularly evaluating the continued effectiveness of the Comprehensive Plan, and requires that local governments update their Plans to address significant issues identified through this evaluation and appraisal process. The first major update to the Comprehensive Plan was adopted by the Board of County Commissioners in In 2008, the Board of County Commissioners adopted the next significant update to the Plan, following a multi-year evaluation process, which included extensive public and agency involvement to ensure that the Plan remained relevant, providing appropriate direction to decision-making and sound guidance for future planning. Today, the Pinellas County Board of County Commissioners has a mature Comprehensive Plan and growth management program, based on over 30 years of comprehensive planning experience. The emphasis and theme of the Plan is the need to plan appropriately today in order to achieve a sustainable future, and a quality community where people will Plan to Stay. The individual Elements and related components of the Plan provide an integrated long range planning program designed to address both existing and future needs. Where multijurisdictional responsibilities exist, the Elements may address the entire County; other Elements address just the unincorporated County. Following are the Elements and related components of the Pinellas County Comprehensive Plan: Planning to Stay, Future Land Use and Quality Communities; Transportation; Natural Resource Conservation and Management; Coastal Management; Housing; Intergovernmental Coordination; Recreation, Open Space and Culture; Potable Water, Wastewater and Reuse; Solid Waste and Resource Recovery; Surface Water Management; Capital Improvements; Public School Facilities, Economic, The Concurrency Management System; and The Monitoring and Evaluation Procedures. Pinellas County complies with the Americans with Disabilities Act. To obtain accessible formats of this document, please contact the Pinellas County Communications Department at (727) / TDD (727) Economic Element i

3 State of Florida Map and Pinellas County Location Economic Element ii

4 Table of Contents PREFACE... i LOCATION MAP... ii GOALS, OBJECTIVES AND POLICIES*... GOPs-1 INTRODUCTION... Intro-1 1- ECONOMIC HISTORY OF PINELLAS COUNTY PINELLAS COUNTY S EXISTING ECONOMY Overview Comparison Areas Demographics and Demographic Trends Economic Data Labor Resources Economic Data Non-Labor Resources Business Industries in Pinellas County LOCAL AND REGIONAL INFLUENCES ON THE PINELLAS COUNTY ECONOMY Overview Distinguishing Factors Location and Geography Diversity of the Local Economy Intergovernmental Opportunities and Challenges Build-Out Redevelopment Costs and Opportunities Other Competitive Strengths and Challenges LONG-TERM ECONOMIC GOALS AND OBJECTIVES Overview Economic Goals to Promote and Achieve Employment and Earnings Goals Targeted Industries Business Retention and Expansion Diverse, Sustainable Economy Policies and Strategies for Achieving Desired Economic Conditions Economic Development Department Adequate Industrial Land Use Base and Location Redevelopment and Revitalization Land Development Regulations and Other Codes Business Support Services Economic Element iii

5 Table of Contents (continued) Business Incentives Programs Maintaining and Expanding Business Assistance Programs Partnership Opportunities Synergy with Environmental and Quality Community Goals Commitment to Unincorporated Areas ASSESSING PROGRESS AND MONITORING OBJECTIVES Data Collection and Monitoring Economic Forecast through Public Education, Marketing and Promotion APPENDICES Appendix A: Growth in Per Capita Wages by Industry, A-1 Appendix B: Post Secondary/Vocational Training Resources... B-1 Appendix C: Employment Growth by Sector in Pinellas County, C-1 Appendix D: Growth in Per Capita Wages by Industry, D-1 DEFINITIONS... Def-1 BIBLIOGRAPHY... Biblio-1 *This item is an adopted component of the Comprehensive Plan Economic Element iv

6 List of Tables 1. Urban and Rural Population of Pinellas County, Population Change over Time Population Projections and Percentage Increase Population by Age Educational Attainment Pinellas County Employment Levels, Average Annual Unemployment Rates, Pinellas County Unemployment Claims Per Capita Income, Poverty Levels Migration Local and State Taxes Average Electricity Costs Pinellas County Vacancy and Rental Rates Impact Fees Assessed Vacant Developable Land Post Secondary/Vocational Training Resources Major Transportation Facilities Transportation and Commuting Options Cost of Living Economic Element v

7 List of Tables (continued) 21. Household Income vs. Price of Existing Single Family Homes Pinellas County Home Sales and Median Price Total Employment by Industry in Pinellas County, Growth in Per Capita Wages by Industry in Pinellas County, Per Capita Income Growth, Top 5 Industries with the Largest Number of Employees in Pinellas County Percent of Workers per Industry in Pinellas County, Top 5 Industries for Employee Earnings in Pinellas County Mean Wage per Industry in Pinellas County, Origin of Visitors to Pinellas County, Tourist Related Industries in Pinellas County Local Governments in Pinellas County Vacant, Developable Land in Pinellas County by Relevant Land Use Category Pinellas County s Targeted Industries Pinellas County Employment Projections through Economic Element vi

8 List of Figures 1. Average Pinellas County Vacancy Rate by Year, Average Pinellas County Rental Rate per Square Foot by Year, Number of Home Sales in Pinellas County, Median Home Sales Price in Pinellas County, Major Employment Sectors in Pinellas County, Per Capita Income Growth, Pinellas County per Capita Income Adjusted for Inflation, Trend Data for Top 5 Employment Industries in Pinellas County Mean Wages for Select Business Industries in Pinellas County, Number of Visitors to Pinellas County, Pinellas County Governmental Jurisdictions Vacant Parcels in North Pinellas County Vacant Parcels in South Pinellas County a. Pinellas County Enterprise Zones b. St. Petersburg Enterprise Zone c. Clearwater Enterprise Zone Urban Job Tax Credit Area Pinellas County Foreign Trade Zones Economic Element vii

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