SARASOTA - The Suncoast is standing out across the country, being recognized as only one in five -- but it's not something to brag about. The US Bureau of Economic Analysis released its annual Personal Income Growth Report and the numbers aren't good.
The Suncoast showed gains in personal income growth of only 0.8%, while the national average is at 2.9%. But despite the low rank, local experts say the news isn't as bad it sounds.
The news about the Suncoast's ranking on last year's Personal Income Growth Report didn't come as a surprise. “We have been in this economic downturn for several years, and with so many people unemployed in our area, those that are getting jobs are happy to have jobs, and taking it for lower wages,” says Robin DiSabatino, Manatee County Commissioner.
The report essentially takes the earned income from wages and adds property income.
Dr. Robert Anderson at USF Sarasota-Manatee says the Suncoast's poor ranking isn't necessarily a sign of a failing local economy, and he attributes it to the demographics. “In Manatee County, about 24% of the population is 65 and over. In Sarasota County, it's between 30-31%.”
Dr. Anderson says many of the areas that did well in the report are either manufacturing communities, or have a high percentage of government and military employees. “We are a victim of our own success, and that is being a nice place to live when you're almost completely done with work.”
DiSabatino says Manatee County is trying to do something about that. “The county has been working very hard in economic development and neighborhood services, and have brought forth about 4,400-4,500 jobs over in the next few years. And they're giving incentives to companies that come here, to stay here, to grow their business here.”
Mark Huey, President and CEO of the Economic Development Corporation of Sarasota County, says things are on the up swing, but, “Our economy isn't as diversified as maybe it should be and businesses and companies, they recognize that.”
According to the EDC, the report does have a positive side. Officials there say it helps bring a lot of partners to the table, and lets employers from outside the area know that we have a workforce who's ready to go to work.
