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Tampa Bay 2019An in-depth review of the key issues facing the cities of Tampa,St. Petersburg and Clearwater, featuring the exclusive insights ofprominent industry leaders
ECONOMY OVERVIEWContents:49 Interview: John Couris,President & CEO, Tampa GeneralHospital53Banking & Finance:54 Money makers: Tampa Bay’sbanking sector rides a wave ofsuccess that reflects the city’sown growth55 Interview: Steven Schultz,Regional Banking President Suncoast, Wells Fargo58 Interview: Yvette Segura, VicePresident & General Manager,USAA61 Interview: Rita Lowman,President, Pilot Bank5Economy:6 Economy in numbers8 Interview: Ron DeSantis,Governor, State of Florida10 Outperformer: Tampa Bay leadson a number of economic fronts,attracting jobs, people and money11 Interview: Jane Castor, Mayor,City of Tampa13 Interview: Bob Buckhorn,Former Mayor, City of Tampa14 Market voices: Economicdevelopment16 Interview: Rick Kriseman, Mayor,City of St. Petersburg18 Roundtable: County leaders23 Interview: Dr. Ravi Chari,President, HCA West Florida26 Market voices: Chambers27Technology & Innovation:28 Startup energy: Tampa Bay is onthe rise as a tech hub, with Forbescalling Tampa the country’s No. 2city for young entrepreneurs29 Interview: Marc Blumenthal,Partner, Florida Funders2 Invest: Tampa Bay 2019 CONTENTS31 Market voices: Tech inaccounting64 Roundtable: Community banks32 Interview: Stuart Brown, TampaManaging Director, Accenture67 Interview: Monica Hummel,Central Florida Area Executive,First Citizens Bank33 Interview: Brian Murphy, Founder &CEO, ReliaQuest34 Market voices: Tampa’s techcommunity36 Interview: Dr. Alan List, President& CEO, Moffitt Cancer Center37 Interview: Brian Kornfeld, President,Synapse39Healthcare:40 A new frontier: Adaptingto changes in the country’shealthcare sector, Tampa Bay islaying claim as a top-flight healthmarket41 Interview: Tommy Inzina, CEO,BayCare44 Interview: Brian Adams, CEO,AdventHealth Tampa45 Interview: Gavin Southwell, CEO& President, Health InsuranceInnovations (HIIQ)46 Roundtable: Health providers66 Market voices: Investment funds68 Interview: Chad Loar, RegionalPresident - West & CentralFlorida, PNC Bank
ECONOMY OVERVIEW71Legal:72 Law matters: The law has deeproots in Tampa Bay and the sectoris only getting stronger73 Interview: Gary Sasso, President& CEO, Carlton Fields76 Roundtable: Law firms80 Interview: Murray Silverstein,Managing Partner, GreenspoonMarder83Real Estate:84 Hot, hot, hot: Tampa’s live,work, play lifestyle and favorabletaxes are underpinning a red-hotreal estate market85 Interview: James Nozar, CEO,Strategic Property Partners88 Interview: Mark Metheny, TampaPresident, Lennar Homes89 Interview: Scott Dobbins,Founder & Principal, HybridgeCommercial Real Estate92 Market voices: Tampa’s growth95 Interview: Danny Rice, ManagingDirector & Market Leader,Central & West Florida ColliersInternational97Construction &Infrastructure:98 Sunny side up: Tampa Bay’sconstruction sector is baskingin a positive forecast as newdevelopments dot the skyline99 Interview: Mark Sharpe,Executive Director, TampaInnovation Partnership102 Market voices: Boom town104 Base improvement: Fastgrowing Tampa is aggressivelytackling infrastructure andenvironmental challenges105 Interview: Catherine Stempien,President, Duke Energy Florida107 Interview: T.J. Szelistowski,President, Peoples Gas108 Interview: Sarah MacDonald,President, TECO Services110 Interview: Nancy Tower,President & CEO, Tampa Electric111 Transportation, Aviation& Logistics:112 Smooth ride: Transportimprovements are beingimplemented across the region,and the results are alreadyevident113 Interview: Frankie Jamison,General Manager, AmericanAirlines at Tampa InternationalAirport114 Interview: Joseph Lopano, CEO,Tampa International Airport116 Interview: Thomas Jewsbury,Executive Director, St. PeteClearwater International Airport117 Interview: Eugene Conrad,Airport Director, Lakeland LinderInternational Airport118 Smooth ride: Tampa is doingthe necessary work to ensure itcontinues to grow as a trade andlogistics center119 Interview: Paul Anderson,President & CEO, Port Tampa Bay123 Education:124 Call to action: Academia isrising to the challenge to help fillwww.capitalanalyticsassociates.com 3
ECONOMY OVERVIEWContents:Tampa 2019ISBN 978-0-9988966-1-8President:Abby MeloneChief Financial Officer:Albert LindenbergExecutive Director:Alexandra WilkinsonDesign & Production Lead:Nisha CunninghamContent Manager:Max Crampton-ThomasLead Copy Editor:Mario Di SimineContributing Designer:Md ShahidullahWriters:Ian LeighSean O’TooleIntern:Meagan HarmonCover Photo:Judy Kennamera shortage of the skilled workersbusinesses need125 Interview: Judy Genshaft,President, University of SouthFlorida128 Interview: Randy Avent,President, Florida PolytechnicUniversity129 Interview: Rob Wolf, PresidentTampa Bay Campus, GalenCollege of Nursing135 Tourism, Arts & Culture:136 Stellar feat: Tampa Bay has becomea leading destination for domesticand international travelersPhoto Credits:Contents:pg 2 – Top left – City of Clearwaterpg 2 – Bottom – Tampa HillsboroughEconomic Development Corporationpg 4 – Tampa’s Lowry Park ZooEconomy:pg 5 – Large photo – Visit Tampa Baypg 5 – Small photo – Hillsborough Countypg 10 – Hillsborough Countypg 18 – Keir Magoulaspg 20 – City of St. Petersburgpg 25 – Visit Tampa BayTechnology & Innovation:pg 27 – Large photo – Scanrailpg 27 – Small photo – IMMERTECpg 28, 32 – Accusoftpg 35 – ReliaQuestHealthcare:pg 39 – Large photo – Galen School of Nursingpg 39 – Small photo – Galen School of Nursingpg 40 – Tampa General Hospital4 Invest: Tampa Bay 2019 CONTENTS140 Interview: Santiago Corrada,President & CEO, Visit Tampa Bay144 Market voices: Culture corner149 Sports:150 Sports town: Tampa Bay’siconic sports teams are making asignificant impact on the area’sprosperity and quality of life151 Interview: Brian Ford, COO,Tampa Bay Buccaneers152 Interview: Brian Auld, President,Tampa Bay RaysInvest: Miami is published once a year by Capital AnalyticsAssociates, LLC.For all editorial and advertising questions, please e-mail:contact@capitalaa.comTo order a copy of Invest: Miami 2019, please e-mail:contact@capitalaa.comAll rights reserved. No part of this publication may bereproduced, stored in a retrieval system or transmittedin any form by any means, without the express writtenconsent of the publisher, Capital Analytics Associates, LLC.Whilst every effort has been made to ensure the accuracyof the information contained in this book, the authors andpublisher accept no responsibility for any errors it maycontain, or for any loss, financial or otherwise, sustainedby any person using this publication.Capital Analytics Associates, LLC accepts no responsibilityfor the return of unsolicited manuscripts and/orphotographs, and assumes no liability for products andservices advertised herein. Capital Analytics Associates,LLC reserves the right to edit, rewrite, or refuse material.154 Interview: Steve Griggs, CEO,Tampa Bay LightningBanking & Finance:pg 53 – Large photo – Fifth Third Bankpg 53 – Small photo – Fifth Third Bankpg 54 – Seacoast Bankpg 61 – The Bank of Tampapg 69 – Fifth Third BankLegal:pg 71 – Large photo – Trenam Lawpg 71 – Small photo – Trenam Lawpg 72, 75 – Trenam LawReal Estate:pg 83 – Large photo – RD Managementpg 83 – Small photo – Keir Magoulaspg 84 – Harvard Jollypg 88 – Keir Magoulaspg 94 – Visit Tampa BayConstruction & Infrastructure:pg 97 – Large photo – Plaza Constructionpg 97 – Small photo – Tampa Electric Companypg 98 – Plaza Constructionpg 104 – Tampa Electric Companypg 109 – Ajax Building CorporationTransportation, Aviation & Logistics:pg 111 – Large photo – Tampa International Airportpg 111 – Small photo – Keir Magoulaspg 112 – Tampa International Airportpg 118, 121 – Port Tampa BayEducation:pg 123 – Large photo – University of South Floridapg 123 – Small photo – University of South Floridapg 124 – University of South Floridapg 127 – Ultimate Medical Academypg 128 – Florida Southern Collegepg 132 – Polk State CollegeTourism, Arts & Culture:pg 135 – Large photo – Matt Dinepg 135 – Small photo – Keir Magoulaspg 136 – Rob-Harris Productions, Inc.pg 137 – Kelly Smithpg 138 – Tampa Museum of Artpg 141 – City of Clearwaterpg 145 – The Florida Aquariumpg 146 – Visit Tampa BaySports:pg 149 – Large photo – Tampa Bay Lightningpg 149 – Small photo – Hillsborough Countypg 150 – Tampa Bay Rayspg 152 – Tampa Bay Rowdiespg 155 – Tampa Bay Lightning
Economy:With 150 people a day moving to Tampa Bay, the efforts of governmentand business leaders to revitalize and improve the urban coreare bearing fruit. Jobs are coming, millennials are arriving, andinvestment is pouring in. The region has the wind at its back and issailing into a solid future.www.capitalanalyticsassociates.com 5
ECONOMY OVERVIEWEconomy in numbers:Average weekly wages for all industriesby countyUnemployment rates(Tampa Area, 2nd Quarter 2018)3.9United StatesHernando 7453.73.4Tampa area3.2Pasco 7604.5Hernando Co.4.33.3HillsboroughCo.3.13.8Pasco Co.3.6Hillsborough 1002Pinellas 9133.3Pinellas Co.3.10.01.02.03.04.05Dec-17.0Dec-18Source: U.S. BLS, Local Area Unemployment Statistics.Source: U.S. BLS, Quarterly Census of Employment and Wages.12-month% changes in employmentChange from Dec.Tampa area employment(numbers in thousands)PercentDec.20182017 to Dec. 20184.5NumberPercent4.0Total nonfarm3.5Mining and .72.63.92.0Trade, transportation, and utilities1.5Information1.0Financial activities118.72.52.2Professional and business services243.12.20.9Education and health services215.66.02.9Leisure and mpa areaUnited 0.00.0257.10.70.324.6-0.2-0.8Other servicesGovernmentSource: U.S.BLS, Current Employment Statistics.6 Invest: Tampa Bay 2019 ECONOMYSource: U.S. BLS, Current Employment Statistics.
ECONOMY OVERVIEW12-month% change in CPI-U,December 201812-month% changesin PPIPercentPercent4.012.02.01.91.5General freight truckingHospitalsOffices of lawyers10.01.61.58.06.00.04.0-0.3South regionU.S. city average-2.00.0-2.0-2.8-4.0All ce: U.S. BLS, Consumer Price Index.Source: U.S. BLS, Producer Price Index.Tampa area average annualexpenditures 2016-17Average hourly wages for selectedoccupationsAll other 7,36915.1%OccupationHousing 17,13135.2%Tampa areaTotal, all occupationsHealthcare 3,7827.8% 22.15UnitedStates 24.34Accountants and auditors33.5837.46Registered nurses32.2135.36Bookkeeping, accounting,18.1919.76and auditing clerksPersonalinsurance& pensions 5,77611.9%Customer service representatives15.3917.14Construction laborers13.8918.70Waiters and waitresses13.0412.15Landscaping and groundskeeping12.8714.28workersFood 6,28912.9%Transportation 8,30717.1%Total: 48,654Retail salespersons12.1714.28Security guards11.9113.20Cooks, fast food10.4610.399.8410.64CashiersSource: U.S. BLS, Consumer Expenditure Survey.Source: U.S. BLS, Consumer Expenditure Survey.Source: U.S. BLS, Occupational Employment Statistics, May 2017.Source: U.S. BLS, Occupational Employment Statistics, May 2017.Employer costs per hour worked forwages and selected employee benefitsOver-the-year changes in wagesand salariesPercentPercent3.53.5Private industry, September South Atlantic2018(1)Total compensatio nUnitedStates 31.27 al pay0.941.32Insurance2.422.74Retirement and savings1.241.352.322.66Wages and salarie sPaid leaveVacationSource: U.S. BLS, Employer Costs for Employee -18Source: U.S. BLS, Employment Cost Index.www.capitalanalyticsassociates.com 7
ECONOMY INTERVIEWBold actionCiting a ‘unique opportunity,’ Gov. DeSantis spells out his vision for Florida,pushing the environment, economy and education to the top of the agendaRon DeSantisGovernor – State of FloridaI’m optimistic that this legislative session provides uswith a unique opportunity to advance needed reformsin a variety of different areas that will strengthen ourstate and benefit the people now and in the future.In less than 60 days, my administration has takenbold action to address issues that Floridians careabout: reorienting our environmental policy around thegoal of cleaning up our water; announcing far-reaching education reformsdesigned to make Florida No. 1 in skills-basededucation by 2030; securing hundreds of millions of dollars for stormravaged parts of NW Florida; bringing accountability to entities ranging fromthe Broward Sheriff’s Office to the South FloridaWater Management District; and appointing three spectacular justices to ourSupreme Court.And this is just the beginning.EnvironmentFlorida is blessed with some of the nation’s finestnatural resources. The state’s unique naturalenvironment is central to our economy, our quality oflife, and our identity as Floridians.We are repositioning our water policy to meet theneeds of our citizens, by, among other things: expediting key projects like the EAA reservoir andraising the Tamiami Trail; establishing a blue-green algae task force todevelop policies to fight algae blooms, fight redtide and improve water quality; and appointing a Chief Science Officer to betterharness scientific data and research in service ofFlorida’s most pressing environmental needs.8 Invest: Tampa Bay 2019 ECONOMY
ECONOMY INTERVIEWI’ve requested 2.5 billion over the next four years forwater resources projects and Everglades restoration.This represents a 1 billion increase compared to theprevious four years and will allow us to bring majorprojects to completion. Given the persistent waterproblems we have seen over the past several years, nowis the time to be bold. We cannot leave for tomorrowthat which we can do today.Because the people of Florida should haveconfidence that their interests are being reflectedin policy implementation, I asked and received theresignations of all members on the South FloridaWater Management District. We needed a fresh startand I’m pleased to report that I’ve appointed a numberof good people to this board.EconomyWe are a mobile, highly-connected society and as taxesbecome more onerous and as the business climatedeteriorates in these states, people vote with their feet.Taxpayers and businesses leave.The tax base erodes and the fiscal situations of thesestates get more ominous, yielding massive budgetshortfalls. It is a vicious cycle. We won’t repeat thosemistakes in Florida. We will always remain a low-taxstate. And we will never have an income tax!I have proposed more than 330 million in tax relieffor Florida families, including a property tax cut.EducationMaintaining low taxes and a healthy economic climateare important, but the most important factor regardingFlorida’s economic potential is human capital. I’mproud that Florida’s university system is ranked #1 inthe nation — ahead of Texas, California and New York.This wasn’t always so; the climb atop the rankings hasbeen remarkable.We are poised for growth in finance, technology,healthcare, aerospace and more – let’s support thecontinued ascent of our universities so that theseindustries can grow by employing our own graduatesin good, high-paying jobs in our low-tax, businessfriendly environment.Skills-based education offers a focused, and oftenmore cost-effective means, by which students canacquire the tools they need to be successful.Our workforce education initiatives include grantsto place students in apprenticeships, money to trainteachers in computer science and funds for workforceprograms within our state college system. Thesereforms will make a difference and deserve yoursupport.Education opportunity shouldn’t be limited byparental income or zip code. One way Florida hasexpanded opportunity has been through the TaxCredit Scholarship program for students from lowincome families. More than 100,000 students – nearly70% of whom are African-American or Hispanic, withan average family income of roughly 26,000 per year– are utilizing the scholarship.The results have been positive: the Urban Instituterecently released a study that found tax creditscholarship students are 43% more likely to attend afour-year college and up to 20% more likely to obtaina bachelor’s degree. Students who use the scholarshipmore than four years are up to 99% more likely toattend college and up to 45% more likely to earn abachelor’s degree.HealthcareWe need to enact policies to make health insurance,prescription drugs and medical care more affordablefor Floridians. As you are aware, healthcare is beinghotly debated at the national level, so let me say:Any proposal that seeks to eliminate the privatehealth insurance policies of millions of Floridians isunacceptable. Government has no right to take awaythe policies that Floridians earn through their jobs orpurchase on the individual market.I want Floridians to be able to purchase prescriptiondrugs from Canada at lower prices. There is an avenueunder existing federal law to accomplish this; thepresident is supportive of this effort and has asked meto plow ahead. This could save money for individuals,reduce costs for businesses and relieve pressure onour state budget.Bringing price transparency to healthcare canalso help reduce costs, and I have instructedSecretary Mayhew from AHCA to expedite the pricetransparency database that the legislature required.To make the tool effective, we need legislation toprovide for shared savings policies so that patientsreceive a financial benefit when they choose a morecost-effective option.ClosingMany are called to serve in elected office, but only afew are entrusted with authority by the voters. Fewerstill are presented with the opportunities we see beforeus today. Let’s fight the good fight and lets keep thefaith so that when Floridians look back on the fruits ofthis session, they’ll see it as one of our finest hours.www.capitalanalyticsassociates.com 9
Outperformer:Tampa Bay leads on a number of economic fronts, attracting jobs,people and moneyThe Tampa Bay region, situated on the west coast ofFlorida along the bay for which it is named, is one of thefastest-growing major metropolitan areas in the U.S.and the 18th-largest in the country. With a boominglocal economy bolstered by strong job growth, solidpopulation gains, record-breaking tourism and ahealthy housing market, the Tampa Bay area is poisedto enjoy continued economic prosperity in 2019.The U.S. Census Bureau defines the Tampa/St.Petersburg/Clearwater Metropolitan Statistical Area(MSA) as including Hillsborough, Pinellas, Hernandoand Pasco counties. Pinellas County, Clearwater andSt. Petersburg occupy a peninsula between TampaBay and the Gulf of Mexico, while a large part of theCity of Tampa lies on a smaller peninsula that juts outinto the bay. In 2018, Tampa Bay MSA’s population wasestimated at 3,091,399, and projected to grow to 3.1million by the end of 2019 and 3.3 million over the nextfive years.In 1824, the U.S. Army established Fort Brooke onthe east bank of the Hillsborough River to protect thestrategic harbor at Tampa Bay. However, the region’strue development didn’t begin until it officially10 Invest: Tampa Bay 2019 ECONOMYbecame part of the United States in 1845.In 1884, Henry Plant extended his railroad to theHillsborough River, providing convenient access tonew territories and sparking the construction of lavishhotels along the rail line to entice visitors. In the late1880s, phosphates were discovered in the region,giving birth to the mining and shipping industries,which in turn prompted an explosion of growth andwealth that lasted through the end of the 19th century.Today, Tampa’s port is the largest in Florida, but nowphosphate shipping is supplemented by trade inshrimp and a bustling pleasure cruise industry.In 18
Tampa Bay Campus, Galen College of Nursing 135 Tourism, Arts & Culture: 136 Stellar feat: Tampa Bay has become a leading destination for domestic and international travelers 140 Interview: Santiago Corrada, President &am
