Over the last century, Florida’s population numbers have skyrocketed with more and more people migrating to the Sunshine State. According to the Urban Land Institute's (ULI) 2022 Trend Report. Out of all the markets in Florida, Tampa/St. Petersburg (which includes Manatee County) ranked as No. 5 in overall prospects in the country, while ranking No. 2 in homebuilding prospects.
Manatee County is set to see increases in homebuilding projects, with county administrator Scott Hopes telling the Herald that 50,000 homes were approved for East Manatee. The Tampa/St. Pete market is also listed as a “Super Sun Belt magnet” city in the ULI report.
WHAT'S A "SUPER SUN BELT "?!? A Super Sun Belt is described as large and diverse metro areas, with an average of more than five million residents, that attracts a wide range of businesses through “powerhouse economies.”
WHAT'S A MAGNET MARKET: “Magnet markets are migration destinations for both people and companies, they are growing more quickly than the U.S. average in both population and job, and have faster economic growth prospects with higher proportions of millennials and Gen-Xers and relatively fewer seniors and retirees.
By the end of 2021, the Super Sun Belt markets are expected to regain all jobs lost during the COVID-19 pandemic, while the United States is projected to be down nearly two percent, the ULI report said. The Tampa/St. Pete market ranked as the strongest in the nation in development and redevelopment opportunities. And the report’s survey included the Tampa/St. Pete market having the highest buy recommendation in the country for retail property at 46 percent.
Here is the: Urban Land Institute’s 2022 Emerging Trends in Real Estate
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