Market Updates

Despite Looming Recession, Sarasota Economic Development Corp. Optimistic, Says 70 Companies Interested in Moving In

The iconic Cocoanut Avenue street sign in the historic of downtown Sarasota. October 1, 2022. Sarasota, FL, File photo: Heidi Besen, Shutter Stock, licensed.

SARASOTA, FL – Despite the fact that economists have predicted there is currently a 60 percent chance that the United States will be in a recession before the end of 2023, the Economic Development Corp. (EDC) of Sarasota, Florida remains optimistic for the future, with the organization noting they are currently speaking with up to 70 companies that are looking to move to the county. 

EDC President and CEO Lisa Krouse noted that Florida’s business-friendly climate, the lack of state income tax, and the allure of its many beaches and local attractions are making it relatively easy to attract many high-profile businesses to set up shop in Sarasota

“There isn’t a whole lot of convincing we have to do,” she said. 

The announcement comes as businesses large and small are sweating amongst reports of record-high inflation, recent struggles on the part of several high-profile banks, and a potential economic recession looming around the corner.  

However, Sarasota County is poised to buck that worrisome national trend, Krouse noted, saying that North Port in south Sarasota is “growing like gangbusters” with numerous projects, including the addition of new retail establishments and commercial buildings and an increase in residential home development. 

Among the new additions to Sarasota, according to Krause, include the new Longboat Key headquarters of conservative video-sharing platform Rumble, which is expected to generate up to 140 jobs; The Bay, a new $200 million bayfront park in downtown Sarasota; the $92 million expansion of Shelby Gardens; Longboat Key’s $800 million Residences at St. Regis project; and the upcoming Hyatt-branded Thompson Hotel in downtown Sarasota, which is expected to begin development once the current Hyatt Regency standing in its place is demolished. 

“Is there any part of Sarasota County that will look the same 10 years from today? I say no,” Krouse said. “We are witnessing a really big transformation in this county.” 

Florida Gulf Residential specializes in the areas of SarasotaSiesta KeyBradentonLakewood RanchLongboat KeyVenicePalmer RanchOspreyAnna Maria Island and other Gulf Coast communities. Feel free to give us a call at (941) 304-1975 so we can answer any questions you may have.



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