St. Pete Posts Record $1.44 Billion Construction Value as 2025 Jobs and Incomes Rise
Updated
Updated · St. Pete Rising · Jun 5
St. Pete Posts Record $1.44 Billion Construction Value as 2025 Jobs and Incomes Rise
1 articles · Updated · St. Pete Rising · Jun 5
Summary
$1.44 billion in 2025 construction value marked a record for St. Petersburg, with more than 54,000 permits issued and activity boosted by rebuilding after Hurricanes Milton and Helene.
3.6% unemployment underscored the city's broader gains: employment rose 12.1% over the past decade, the labor force grew 10.6%, and median household income climbed 18.5% in five years.
$36 billion in citywide taxable value, up from about $15 billion in 2015, added to signs of expansion, while South St. Petersburg's redevelopment area more than doubled to $2.5 billion since 2020.
9.1% office vacancy and 6% retail vacancy showed softer spots in 2025, though downtown office vacancy held at 4.9% and average office rents increased to $31.25 per square foot.
2,289 active residential recovery cases and a planned $2.7 billion SPAR infrastructure program frame the city's next phase as it balances storm recovery, housing growth and long-term resilience.