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Tracy Hunt describes Tampa, Florida as a city with a “small town/big city” vibe. And it is a town that is getting bigger little by little.
Hunt, vice president and general manager of Florida for Swedish builder and developer Skanska, told Construction Dive why he believes Tampa is an excellent market for builders today and his prediction for continued growth.
Tracy Hunt
Permission granted by Skanska
“In the last seven years that I’ve been here, the skyline of Tampa has changed dramatically,” Hunt said, noting that he appreciates the metro for its diverse markets and its central location in the state.
Even friends and visitors have noticed the changes. Hunt told a story in which a friend revisited the city, only to discover how the neighborhoods had evolved.
His friend wanted to stay at a hotel in the Water Street area, which Hunt’s friend knew for its quiet atmosphere at the time. In the decade since his friend had been in Tampa, much had changed.
“I said, ‘Well, get ready because it’s not quiet anymore,'” Hunt warned him.
There is a good reason for the evolution of the city. The Tampa Bay region and all of Florida have seen some of the highest population increases in the country in recent years. The population of Florida grew by 2% from 2021 to 2022, leading all other states. The Tampa Bay region grew from 3.2 million people to nearly 3.3 million during the same period of time.
Construction begins in Tampa/St. Petersburg/Clearwater area give contractors confidence
Non-building and non-residential starts show stability as residential projects return to pre-pandemic levels.
That, along with the Sunshine State’s reputation as a destination for retirees and those looking for year-round warm weather, is a combination that has resulted in a hot multifamily market across the state, and especially in Tampa . Some major projects include 758-bed Park Place near the University of South Florida and the 502 unit Renata in Lakewood Ranch.
Steve Cona
Authorization granted by Associated Builders and Contractors
“I think we’re actually getting a lot more younger people into our region just because of the lifestyle and the business climate,” said Steve Cona, president and CEO of the Florida Gulf Coast chapter of Associated Builders and Contractors. “It’s not usually people coming here to retire, we’re also getting an influx of the younger generation coming to the area.”
Coming out of his shell
But that doesn’t mean construction in Tampa is geared solely toward multifamily. Cona said private equity investment in the region is attracting more business, with healthcare as the main driver. Hospitality and infrastructure projects, such as $787 million Airside D Terminal Expansion at Tampa International Airport, are also on the rise.
Top construction projects in Tampa
SOURCE: Florida Gulf Coast Chapter of Associated Builders and Contractors
However, Tampa faces the same issues that deal with contractors across the country, including labor struggles and supply chain snarls. The latter is healing, but finding workers to work jobs amid high demand is tricky.
Further complicating matters is Florida’s recent adoption of the federal E-Verify systemwhich verifies an employee’s Form I-9 to ensure they are legally authorized to work in the country. Reports of employees leaving jobs across Florida fueled contractor uncertainty just after the change went into effect.
Despite the obstacles, Tampa is still on the rise.
“I think for a while, [Tampa] technically it was a bit neglected and underdeveloped. I think now we’re taking advantage of all the assets we’ve always had,” Cona said.
