Pinellas County is a year-round tourist destination for its 35 miles of powdery white beaches. Spanning 280 square miles with 588 miles of coastline. Some of the nation’s award-winning beaches are found in Pinellas County such as Fort De Soto Park, Clearwater Beach, St. Pete Beach, Caladesi Island State Park, and Honeymoon Island State Park. It is also the most densely populated county in Florida with 3,347 people per square mile. In addition to tourism, retirement living is important to the economic health of Pinellas County.
With over 45,000 businesses calling Pinellas County home, the top key business sectors are in health services, manufacturing, and financial services. Generating $19 billion in revenue and accounting for more than 200,000 jobs, Pinellas County’s healthcare, business services, and education sectors spell great potential even as the county nears buildout. Not to mention the 100,000 employees and $12 billion in revenue generated by food services, bars, and retail sales, and the 44,000 employees and $8.5 billion generated in finance, insurance, and real estate.
In fact, commercial real estate in Pinellas County in 2020 saw an overall increase in the average lease rate. Residential real estate shows promising trends, too. The number of closed sales increased by 11.8%, the median sale price increased by 17.%, and inventory decreased by 43.3% indicating high demand. This trend holds steady for both single-family residences and multi-family real estate such as townhomes and condos, which also means Suncoast Solution has seen an increase in permits requested by those in Pinellas County.
An extensive, multi-chapter plan provided by Pinellas County, chapter four titled “Challenges of Buildout in Pinellas County” says, “it is clear that residents, businesses, and local leadership must adjust, and are adjusting, to the challenges that confront Pinellas County as it emerges the first county in Florida to reach buildout. But opportunities as well as challenges present themselves; no longer having to concentrate on keeping ahead of the demands imposed by rapid growth, the County and its municipalities are able to focus more resources on improving the quality of the urban experience and the natural environment.”
We are excited to see the continued buildout plan of Pinellas County and are looking forward to continuing business with the developers, architects, and others who require permitting services in the area.