Justin Hall, District Secretary, Florida Department of Transportation

Justin HallApril 2026 — In an interview with Invest:, Justin Hall, district secretary for the Florida Department of Transportation (FDOT) District 7, discussed how the agency is accelerating project delivery, investing in workforce development, and planning for the next generation of transportation technologies. Hall also emphasized the importance of balancing large-scale infrastructure improvements with community-focused initiatives. “With billions of dollars in construction underway, we need a strong pipeline of skilled workers to support those projects,” Hall said.

What key changes over the past year have most significantly impacted FDOT’s work in District 7?

Over the past year, one of our biggest areas of focus has been improving how we deliver projects. Revenues have plateaued somewhat, so we have to be smarter about how we maximize the resources we have. That has meant looking closely at procurement methods and finding ways to deliver infrastructure faster and more cost-effectively.

One of the approaches we have adopted is a procurement model called Modified Phase Design-Build. This process allows us to move projects into construction more quickly while also identifying opportunities to reduce costs. We have already seen substantial savings using this method, along with meaningful time reductions in project delivery.

That focus aligns with a broader priority from the state: providing congestion relief now rather than decades from now. Florida continues to grow rapidly, and residents want to see improvements that make an immediate difference in their daily travel. By changing how we procure and manage projects, we can get construction underway faster and begin delivering those benefits sooner.

Which major infrastructure initiatives do you see having the biggest impact in the Tampa Bay region?

There is a tremendous amount of activity underway right now. In District 7 alone, we have approximately $12 billion in active construction projects.

One of the most significant projects is the Howard Frankland Bridge expansion. That project is just under $1 billion and will add additional capacity across Tampa Bay, including express lanes that provide more reliable travel times for commuters. About 200,000 people cross that bridge every day, so improving that connection between Hillsborough and Pinellas counties is extremely important.

Another major initiative is the Tampa Westshore Interchange project, which is now getting underway. This project strengthens the connection between Tampa International Airport, Pinellas County, and Hillsborough County. It is a critical link in the region’s transportation network and represents more than $1 billion in investment.

We are also constructing the Downtown Tampa Interchange project. This one is particularly complex because it involves building above an active interstate while maintaining daily traffic flow. It requires extensive coordination with the City of Tampa and Hillsborough County, but it will significantly improve mobility in one of the region’s busiest areas.

In addition, the state launched the Moving Florida Forward initiative, which accelerates major transportation projects that otherwise might not have been completed for 20 to 30 years. One example in our district is the widening of Interstate 275 in Pinellas County. That corridor serves as a critical backbone connecting St. Petersburg and Tampa and carries traffic volumes that are comparable to the Howard Frankland Bridge.

How is FDOT working with partners to develop the skilled workforce needed to deliver projects at this scale?

Workforce development is one of the most important issues facing our industry. With billions of dollars in construction underway, we need a strong pipeline of skilled workers to support those projects.

At the statewide level, FDOT has launched several workforce development initiatives. One example is a mobile classroom program that provides commercial driver’s license training. This allows individuals to gain hands-on experience operating heavy equipment and commercial vehicles, which are essential skills for transportation construction.

The program is designed to lower the barrier to entry for individuals who want to pursue a career in the industry. Many people are interested in these careers but cannot access the training or licensing required. By bringing the classroom directly into communities, we make it easier for people to participate and begin building a career.

In the Tampa Bay region specifically, we also created a program called Onboard Tampa Bay. This initiative connects job seekers with transportation construction opportunities through job fairs and direct engagement with employers.

We also partner with organizations such as the Department of Corrections to help individuals reenter the workforce after incarceration. Providing stable employment opportunities is one of the most effective ways to reduce recidivism, and transportation construction offers long-term career paths.

Another major milestone is the creation of the Florida Transportation Academy, which was funded by the state legislature. This academy provides comprehensive training, education, and licensing so that graduates are ready to enter the workforce immediately. It represents a transformational step in building the next generation of transportation professionals.

What broader trends are shaping transportation and infrastructure planning today?

One of the most exciting developments in transportation right now is advanced air mobility. Many people are familiar with the concept of air taxis or electric vertical takeoff and landing aircraft, and Florida is positioning itself at the forefront of that technology.

FDOT is developing a first-of-its-kind testing and research facility called SunTrax Air. This builds on the existing SunTrax Ground facility, which has been used for testing connected and autonomous vehicles. SunTrax Air will focus specifically on advanced air mobility.

The facility already has one vertiport constructed, with another nearing completion. These vertiports will allow manufacturers and technology companies to test and refine new aircraft systems in a controlled environment.

What is particularly interesting about this initiative is that it generates new research opportunities across multiple fields. For example, aviation meteorology has traditionally focused on high-altitude conditions because commercial airlines operate at those levels. Advanced air mobility aircraft operate much closer to the ground, so we need entirely new datasets that track weather conditions at lower altitudes.

How is FDOT strengthening community engagement when planning large infrastructure projects?

Community engagement is a critical part of how we plan and deliver transportation projects. We still use traditional engagement methods such as public meetings, hearings, and workshops to gather feedback and keep residents informed.

We are expanding how we communicate with communities. Social media has become an increasingly important tool for sharing updates and reaching people who may not attend public meetings.

One initiative we are particularly proud of is something we call Transportation Talks. Instead of presenting a finished project to the community, we meet with residents early in the process and ask them directly about their transportation concerns.

This approach allows us to incorporate community feedback into our planning process before projects are finalized. Sometimes the solutions are large infrastructure improvements, but other times they are small changes that make a big difference.

For example, during one meeting in East Tampa, a resident raised concerns about damaged sidewalks near her home that made it unsafe for children walking to school. Within a week, our team repaired the sidewalks, trimmed trees, and improved the area. It was a relatively small project, but it had a meaningful impact on that community.

Moments like that demonstrate the value of listening and responding quickly to residents’ concerns.

What are FDOT’s key priorities for the next two to three years?

Our priorities focus on three main areas: innovation, efficiency, and community impact.

From an innovation perspective, advanced air mobility and emerging transportation technologies will play an increasingly important role in the future of our transportation network.

We will continue refining how we deliver projects so we can build infrastructure faster and more efficiently. That includes procurement innovations such as Modified Phase Design-Build and other strategies that maximize the value of every dollar invested.

Finally, we remain focused on maintaining the right balance between large-scale infrastructure improvements and local community projects. In District 7, our five-year work program includes approximately $5 billion in planned investments that address both regional mobility and neighborhood-level needs.

The growth of the Tampa Bay region makes these investments essential. By expanding capacity, improving connectivity, and engaging communities throughout the process, we can ensure that the transportation system supports both economic growth and quality of life for residents across the region.

Tampa Bay is building the infrastructure for the next 50 years

Key points:

  • • Tampa Bay is investing billions in infrastructure to reduce congestion and support long-term growth.
  • • Major projects and new procurement models are accelerating timelines and improving regional connectivity.
  • • Workforce development and emerging mobility initiatives are positioning the region for future demand.

Tampa BayMarch 2026 — Tampa Bay has outgrown its own roads, and the race to catch up is now one of the most consequential economic stories in the Southeast.


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Justin Hall, district secretary for the Florida Department of Transportation’s District 7, which covers the Tampa Bay area, is at the center of that effort. His agency currently oversees approximately $12 billion in active construction, reflecting both the scale of the region’s ambitions and the urgency behind them. 

“Revenues have plateaued somewhat, so we have to be smarter about how we maximize the resources we have,” Hall said, in an interview with Invest: Tampa Bay. That has meant rethinking what gets built and how, adopting a procurement model called Modified Phase Design-Build that compresses timelines and cuts costs without sacrificing scope.

Megaprojects reshaping regional connectivity

The projects underway across Tampa Bay are structural investments in the region’s long-term competitiveness. The Howard Frankland Bridge expansion, a nearly $1 billion project, will add express lanes serving those 200,000 daily commuters linking Hillsborough and Pinellas counties. The Tampa Westshore Interchange — exceeding $1 billion in investment — strengthens the connection between Tampa International Airport and both counties, a critical node for the region’s logistics network and corporate travel ecosystem.

Meanwhile, the Downtown Tampa Interchange project is being built above an active interstate, requiring deep coordination with the City of Tampa and Hillsborough County. It is among the most technically complex projects in the region’s history, and its completion will directly improve mobility in one of Tampa Bay’s highest-traffic corridors.

These projects are being fast-tracked through Florida’s Moving Florida Forward initiative, which is accelerating major congestion relief work decades ahead of the original schedule. The I-275 expansion in Pinellas County alone is expected to reduce travel delays by up to 85% and generate more than $1.4 billion in regional economic value. 

Statewide, Florida has committed more than $68 billion to transportation improvements over the next five years. For businesses evaluating Tampa Bay, these investments translate directly into reduced friction from shorter commutes for employees and faster freight movement to improved access to the region’s major employment and logistics centers.

A workforce pipeline built for scale

Transportation investment at this magnitude requires human capital to match. “With billions of dollars in construction underway, we need a strong pipeline of skilled workers to support those projects,” Hall said.

FDOT is addressing this through a layered workforce strategy. A mobile classroom program brings commercial driver’s license training directly into communities, removing barriers to entry for careers in transportation construction. The Onboard Tampa Bay initiative connects job seekers with construction employers through targeted outreach and job fairs, while partnerships with the Department of Corrections create reentry pathways into the trades.

The capstone is the Florida Transportation Academy, a state-funded institution that delivers comprehensive training, education, and licensing. Hall called it “a transformational step in building the next generation of transportation professionals.”

Positioning Tampa Bay for the next era of mobility

Beyond roads and bridges, FDOT is making a longer-term bet on Tampa Bay’s relevance in emerging transportation sectors. The agency is developing SunTrax Air, a first-of-its-kind research and testing facility for electric vertical takeoff and landing (eVTOL) aircraft — the foundation of the commercial air taxi market. With one vertiport already constructed and another nearing completion, the facility will allow manufacturers and technology companies to test new systems in a controlled environment, generating research activity and attracting investment from an entirely new industry vertical.

The initiative also creates spillover opportunities. Low-altitude aviation meteorology, for example, is an emerging field with no existing data infrastructure, the kind of greenfield research opportunity that draws university partnerships and federal funding alike.

Infrastructure as a competitive signal

Large-scale public infrastructure investment serves as a forward-looking signal about a region’s trajectory. Tampa Bay’s growth is the outcome of long-horizon investment and aligned economic fundamentals. 

FDOT’s community engagement model reinforces that picture. Through its Transportation Talks initiative, the agency works with residents before projects are finalized, gathering input that improves planning outcomes and reduces costly revisions. In one instance in East Tampa, a resident raised concerns about damaged sidewalks near a school, and FDOT repaired them within a week. It is a small example of a broader governing philosophy that prioritizes responsiveness.

“By expanding capacity, improving connectivity, and engaging communities throughout the process, we can ensure that the transportation system supports both economic growth and quality of life for residents across the region,” said Hall.

Want more? Read the Invest: Tampa Bay report.

Five years in: Research for Invest: Jacksonville’s anniversary edition is underway

Key points:

  • • Jacksonville’s growth is driven by a diversified economy, strong infrastructure, and sustained population inflows.
  • • Key sectors such as logistics, finance, healthcare, and emerging tech continue to attract investment and talent.
  • • Invest: Jacksonville 5th Edition will provide a comprehensive outlook on the region’s opportunities, challenges, and long-term trajectory.

Invest: Jacksonville mainMarch 2026 — As one of the fastest-growing metropolitan areas in the United States, Jacksonville is experiencing economic expansion through diversification and infrastructure investment.

Ranked No. 3 among the top-performing large cities for economic growth, the region continues to attract businesses, talent, and capital across industries, from logistics and financial services to healthcare and emerging technology.

Now in development, the fifth edition of Invest: Jacksonville will provide a comprehensive analysis of the region’s evolving economic landscape, featuring exclusive insights from more than 200 leaders across business, government, and education, alongside caa’s sector-by-sector breakdown of the market.

“Jacksonville continues to stand out as one of the most dynamic and business-friendly markets in the Southeast,” said Abby Lindenberg, founder and CEO of caa. “This next edition will explore how the region is leveraging its strategic advantages to position itself for long-term success.”

Diversified base

Jacksonville’s economic strength is rooted in its diversified industry base, with logistics, finance, healthcare, and manufacturing driving sustained growth in recent years. The city’s strategic location and infrastructure, including JAXPORT and extensive rail and highway connectivity, continue to position it as a critical logistics and distribution hub for both national and international trade.

Northeast Florida’s financial services sector remains one of the largest in the region, with more than 13% of all employees working in this sector, supporting a strong employment base and attracting continued investment. Healthcare systems and related services are also expanding, responding to both population growth and increasing regional demand.

Growth opportunities

Jacksonville’s continued population growth is playing a central role in shaping its economic trajectory. The region has seen steady inbound migration, with more than 100 new residents moving to Northeast Florida every day, contributing to a growing labor force and increased demand for housing, services, and infrastructure.

With a competitive cost of living and business-friendly environment, Jacksonville is an attractive destination for both companies and professionals seeking alternatives to higher-cost markets.

Beyond its established industries, Jacksonville is gaining recognition as an emerging technology hub, supported by an influx of remote workers, startup activity, and workforce development initiatives. The city’s affordability and quality of life continue to attract tech talent relocating from more saturated markets, contributing to the expansion of fintech, digital services, and innovation-driven companies.

Steady expansion

As companies expand and new sectors gain traction, the region is expected to strengthen its role as a key economic engine within Florida and the broader Southeast.

The Invest: Jacksonville 5th Edition will explore these trends in depth, highlighting the leaders, projects, and strategies shaping the region and providing a platform for stakeholders to share their vision with a national and global audience.

About caa & Invest: Jacksonville

caa is an integrated media platform that produces in-depth business intelligence through its annual print and digital economic reviews, high-impact conferences and events, and top-level interviews via its video platform, Invest:Insights.

Invest: Jacksonville 5th Edition is an in-depth economic review of the key issues facing the greater region, featuring exclusive insights from more than 200 economic leaders, sector insiders, elected officials, and institutional heads. The publication aims to 1) equip local, national, and international investors with comprehensive insights on the region and 2) promote Jacksonville as a competitive, innovative, and collaborative place to do business.

The report conducts a deep dive into the top economic sectors in the region, including real estate, construction, infrastructure, banking and finance, legal, healthcare, education, and tourism. The publication analyzes the leading challenges facing the market and uncovers emerging opportunities for investors, entrepreneurs, and innovators.

The caa team is currently connecting with stakeholders across the region to gather perspectives and analysis that will define this year’s edition. Invest: Jacksonville is a unique opportunity for the business community to share its story with a national and global audience.

For more information, contact:

Ana Karen Gonzalez

Executive Director

[email protected]

Mariana Hernandez

Content Manager
[email protected]

Want more? Read the Invest: Jacksonville report.

Spotlight On: Jim Themides, Florida Gulf Coast Commercial Banking Market Executive, Wells Fargo

Key points:

  • • Wells Fargo’s growth in West Florida is driven by talent expansion and the lifting of its asset cap.
  • • Lower interest rates and increased focus on AI are shaping commercial banking decisions.
  • • Long-term strategy centers on relationship banking, community investment, and supporting clients through all growth stages.

Jim Themides Spotlight onMarch 2026 — Invest: spoke with Jim Themides, Florida Gulf Coast commercial banking market executive of Wells Fargo, about the bank’s renewed growth trajectory, talent strategy, and the commercial banking landscape in West Florida. “The one thing that I always tell them is that they can’t outgrow us,” Themides said.

What changes over the past year impacted Wells Fargo in Tampa Bay, and in what ways?

I’ll start with a little context. I’ve been with Wells Fargo, and predecessor bank Wachovia, for almost 40 years, so I’ve lived through several economic cycles. I lead commercial banking in West Florida, covering the Tampa Bay market through Sarasota and Naples, and also including Lakeland. We work with privately held and publicly traded companies with annual revenues generally ranging from $25 million to $2 billion, across a wide range of industries.

At the company level, the biggest change over the past year was the lift of the asset cap. To me, that reflects the hard work that thousands of employees have done over many years to strengthen the company and improve outcomes for our stakeholders. Just as importantly, it means we can grow again after nearly a decade of limits on growth.

Locally, we’re expanding our commercial banking team in West Florida. We’re adding bankers to meet the needs of companies that are growing here and relocating here. We’re also adding specialized bankers in industries that require deeper subject matter expertise. Healthcare is one example. In 2025, we made the decision to have a dedicated healthcare banker covering healthcare companies throughout Florida, and that person happens to sit in our Tampa office. Those moves are directly tied to what our clients are asking for and how the region is evolving.

How is Wells Fargo attracting, developing, and retaining top banking and financial services talent in a competitive market like Tampa Bay?

Technology has evolved tremendously, but the importance of high-quality people has never wavered. If anything, it’s even more important today, because relationships still matter, and clients want bankers who understand their business and can help them navigate through change.A big part of our talent strategy is what we call the Early Talent Program. It starts with college students through internships with our commercial banking teams across the country. They spend time learning what the work looks like, how teams operate, and how we serve clients. After graduation, many join our Early Talent Program, beginning with two years as commercial banking analysts. That phase builds a strong foundation in credit knowledge and the disciplines that support client relationships.

After that, they move into an associate program in local markets, where they continue developing on the credit side while also spending time with senior bankers, meeting clients, and learning what strong engagement looks like. It’s designed as a four-year investment before someone is placed on the front line as a relationship manager.
After that pathway, people can move into relationship management, portfolio management, or product specialties such as treasury services, depending on their strengths and interests.

The benefits of the city of Tampa also helps us recruit. There are only a handful of cities that are especially attractive for young, college-educated professionals to launch their careers, and Tampa is one of them. The quality of life and the market’s momentum make it a compelling place for talent, which strengthens our ability to recruit and retain.

What trends in commercial banking are most shaping the financial services landscape in Tampa Bay right now?

One major trend over roughly the last 18 months is that short-term interest rates have come down meaningfully. That affects how middle-market CEOs and CFOs evaluate the cost of debt capital. With borrowing costs lower than they were, companies are more willing to use debt to support growth. It’s simply easier to make expansion decisions when the cost of capital is more attractive than it was 18 months ago.

Most economists have also suggested that in 2026 there will be one to two more rate reductions, and whether that prediction lands exactly or not, the overall sentiment is that financing conditions are less restrictive than they were.

The other trend that has accelerated, especially since the COVID years, is investment into technology and AI. In meetings with owners and CFOs, those topics come up frequently. Companies are looking for ways to improve efficiency, mitigate risk within their company, and create new paths to growth by using technology and AI more intentionally. From what I see, many organizations are still in the learning stages with AI, and we’re in the early innings of understanding what it can do at scale.

How is Wells Fargo engaging with Tampa Bay’s business community, nonprofits, and economic development organizations to support inclusive growth?

Community engagement is a core part of how I think about leadership. I’ve always felt that we serve four constituents, and none is more important than the others: our customers, our employees, our shareholders, and the community.

There are two primary ways we give back. One is with our money, and the second is with our time. Through the Wells Fargo Foundation, we’re a significant investor in nonprofits throughout Tampa Bay, contributing upwards of a million dollars a year to organizations that help make the community stronger. One example is the $1 million Wells Fargo gave to Volunteer Florida to help people after the hurricanes of late 2024, particularly with housing-related needs. We also provided $315,000 to St. Petersburg College to support personal finance literacy.

The second part is volunteerism. Across our lines of business, our employees contribute thousands of volunteer hours each year, ranging from hands-on work like Habitat for Humanity builds to serving on board positions with important local organizations. Our people understand that giving back is part of our DNA, and I believe giving time can be as important as giving money because it builds long-term capacity and trust.

How would you assess the overall health of Tampa Bay’s banking and finance sector right now?

Very healthy. Florida has been one of the faster-growing states in the country for several years. Growth may be slowing, but companies and people are still relocating here, and that immigration supports economic momentum.
The banking industry follows business activity, so as companies move in and expand, more banks come here. I view that as positive. Competition makes institutions better, and it’s good for clients. Tampa Bay has a healthy, robust economy, and I believe there’s room for strong banks to be successful as long as they execute well and stay focused on serving clients.

Looking ahead, what are your key goals and priorities over the next two to three years?

We are very bullish on Florida and Tampa Bay. The state has a strong business climate, an overall business-friendly atmosphere, and a quality of life that continues to attract people and employers. Those fundamentals support continued growth.

Our priorities are to keep adding bankers as needed, continue building specialized expertise where client demand requires it, and keep serving our clients as they expand. We want clients to feel confident that Wells Fargo can support them through every stage of their life cycle. The one thing that I always tell them is that they can’t outgrow us. We bank very small companies that one day become very large companies, and we can be there for them throughout that life cycle.

Want more? Read the Invest: Tampa Bay report.

She Was Always in the Arena

Key points:

  • • Roosevelt’s “Man in the Arena” reflects the reality of leadership, one that women have long embodied without recognition.
  • • Data shows women remain underrepresented in leadership despite active contributions across industries.
  • • Organizations are challenged to better recognize and elevate women already driving impact within their teams.

In the arenaMarch 2026 — I have a confession: Teddy Roosevelt is my favorite president. I love his brashness, his relentless curiosity, his obsession with the natural world, and his absolute refusal to be anything other than himself. He was a sickly child who became a cowboy, a war hero, a conservationist, and a president — all because he decided, early on, that the only place worth being was in the fight. Historians have even called him the great male feminist of his era. As a Harvard senior, he wrote his thesis advocating for marriage equality and urged women not to change their names upon marriage. As a New York assemblyman, he introduced legislation to punish men who abused their wives. And in 1912, he became the first presidential candidate in American history to formally endorse women’s suffrage. So when I tell you one of his quotes has been living rent-free in my head this month, it should surprise no one.

In 1910, Roosevelt stood before a crowd in Paris and delivered what would become one of the most quoted speeches in history, “Citizenship in a Republic.” You’ve likely heard the centerpiece, often cited as the “The Man in the Arena” passage: 

“It is not the critic who counts; not the man who points out how the strong man stumbles … The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again … but who does actually strive to do the deeds.”

He wrote “The Man in the Arena” a full decade before American women could even vote. But here’s the irony: the man who wrote those words was actively working to change the world that made them true. In 2026, every single word of this quote describes something women have been doing throughout all of history, while rarely being handed the credit for it.

Women were always in the arena. They just weren’t “supposed” to be.

The numbers don’t lie

At caa, we’ve spent 10 years conducting business reviews across 18 U.S. markets. We interview hundreds of CEOs annually — not just Fortune 500 leaders, but the full spectrum of American business: small companies, midmarket firms, family businesses, startups. The leaders who are actually running the economy.

Only 18.43% of our interviewees are women. And it’s not just our data that show this disparity. A Grant Thornton report illustrates a recent trend: the number of women in senior leadership roles is, in fact, declining. In 2026, only 31% senior leadership roles are held by women, down from 34% in 2025, and 35% in 2024.

Those numbers bother me deeply. Not because the women aren’t there — they are. They’re leading, building, striving, failing, and showing back up every single day. They are absolutely in the arena. But something continues to keep them from the seat at the table where they’d be seen, heard, and counted.

What Roosevelt was really describing

What made that 1910 speech so enduring wasn’t its bravado. It was its honesty about what leadership actually looks like. Not the clean version. Not the highlight reel. The unglamorous grind of someone who commits so fully to a worthy cause that they’re willing to be wrong, fall short, and be visibly marked by the effort.

Face marred by dust and sweat and blood” is not a description of men. It is a description of every leader who has ever truly led.

I see it constantly in my own organization — in the women on my team who push through challenges that would make many fold, who mentor and hold people accountable without drama, who get out of their comfort zones again and again and never once ask for a standing ovation. They are in the arena. They have always been in the arena.

What this means for you

As CEOs, Women’s History Month can feel like a moment for reflection that doesn’t quite connect to the Monday morning decisions on your desk. I want to change that.

This is not about a diversity checkbox. It’s about something far more practical: Are you actually seeing the people in your organization who are doing the hardest work? Because if the data is any guide, a meaningful number of them are women, and they are performing without the title, the compensation, or the visibility that their output has earned.

Roosevelt’s “Man in the Arena” passage  ends with the idea that the person in the arena, even if they fail, “at least fails while daring greatly,” and that their place will “never be with those cold and timid souls who neither know victory nor defeat.” That’s the standard real leaders hold themselves to. And it’s the standard we owe to the people on our teams who are already living it.

This Women’s History Month, I don’t want to just celebrate the names in the history books. I want to honor the women who are in the arena right now — in your company, on your team, perhaps sitting two desks away — daring greatly, every single day.

The question is whether you’re paying attention.

Ask yourself this: Who on your team is quietly in the arena — striving, falling short, coming back, doing the work — and what would change in your organization if you truly saw them, elevated them, and gave them the platform their effort has already earned?

Have something to say? You can become a contributor by reaching out to caa today!

Nashville’s real developers? Healthcare and higher ed

Key points:

  • • Universities and healthcare systems are anchoring long-term development and shaping regional growth patterns.
  • • Higher borrowing costs and tighter lending standards are driving more selective, fundamentals-based project evaluation.
  • • Workforce alignment and institutional collaboration are becoming critical to sustaining Middle Tennessee’s expansion.

NashvilleMarch 2026 — Healthcare systems, universities, and financial institutions are playing an increasingly central role in shaping how and where development takes place across Nashville. As population growth continues and capital markets tighten, institutional investment and financial discipline are emerging as key forces behind the region’s real estate activity.

“When universities and healthcare systems invest in land and facilities, they are making a long-term commitment to that community,” said Harry Allen, executive vice president of financial excellence and chief financial officer at Belmont University, during the Invest: Nashville 4th Leadership Summit. “These are not short-term investments. They are meant to shape the community for decades.”

Anchor developments

Education and healthcare campuses often anchor surrounding development, influencing nearby business activity, workforce formation and long-term land use patterns. From a research perspective, they play a critical role in sustaining economic momentum. 

“These institutions bring stable employment and long-term activity to the region,” said Murat Arik, director of the Business and Economic Research Center at Middle Tennessee State University. “They are not going anywhere, and that stability creates a foundation for growth around them.” 

Healthcare development, in particular, is driving both economic and physical expansion across Middle Tennessee. Ascension Saint Thomas, one of the largest health systems in the region, announced more than $537 million in capital investments to expand facilities, modernize hospitals and increase capacity across multiple counties. Smaller-scale projects are also contributing to that growth, including a $25 million expansion at TriStar Centennial Medical Center in Nashville, following multiple projects by HCA Healthcare. 

“We are seeing a shift toward care being delivered closer to where people live,” said Blake Bratcher, partner and executive vice president at Flagship Healthcare Properties. “That is changing how and where healthcare real estate is developed.”

This trend is influencing site selection and development patterns, as providers prioritize accessibility and proximity to growing population centers. Across the United States, more procedures are moving into outpatient settings, as a result, ambulatory surgery center volumes are expected to grow by about 9% between 2023 and 2028, outpacing hospital outpatient departments. It is also expanding the scale of the sector, with procedure volumes projected to increase by more than 20% over the next decade. 

As these systems expand, their impact extends beyond real estate into workforce development. Colleges, universities, and healthcare providers are increasingly working to align training programs with labor market needs, helping address workforce gaps while supporting regional growth. 

“Workforce development does not happen in silos,” said John Cunningham, director of healthcare partnership solutions at Nashville State Community College. “It requires coordination between education providers, employers and institutions to make sure training aligns with real opportunities.”

Development in a more selective market

Panelists noted that financial conditions are reshaping how projects are evaluated and financed. Borrowing costs remained elevated compared with prior years, with new commercial real estate loans in 2025 averaging around 6.2%, up from roughly 4.7% on loans originated earlier in the decade, according to S&P Global Market Intelligence. Rates vary widely depending on the asset and structure, with many deals pricing between 5% and 8.75% in early 2026. 

“It is a different calculation to get deals to pencil today. Costs are higher, rates are higher, and sponsors are having to bring more equity and stronger fundamentals to each project,” said Bradford Vieira, regional president & CEO at ServisFirst Bank. 

This discipline is also visible in lending conditions, with banks maintaining tighter standards compared with historical norms and requiring stronger fundamentals across projects.
“Deals are getting done, but they are getting done with a lot more scrutiny. Everyone is paying closer attention to fundamentals, whether that is location, demand or long-term viability,” said Alex Sanders, president and CEO of Pinnacle Construction Partners.

Banks have kept commercial real estate lending standards tight compared with historical norms, according to Federal Reserve data, while lower loan-to-value ratios and higher return thresholds are requiring developers to bring stronger fundamentals and more equity into each project.
“There is still capital in the market, but it is being deployed more selectively,” said Kelley Kee, Tennessee state president at United Community Bank. “Lenders are looking closely at fundamentals and making sure projects are positioned for long-term success.”

Even as financing conditions change, population gains, job creation and business expansion continue to support investment across Middle Tennessee. As projects become larger and more capital-intensive, development is increasingly defined by how well institutions, investors, and operators align early in the process, particularly in a market where long-term demand remains strong but financing has become more selective.

“Success really depends on having the right team together from the start,” said Sanders.

Interested in reading the Invest: Nashville report? Sign up today!

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Six cities, 10 lessons: What business leaders are seeing

Key points:

  • • caa’s leadership summits focus on candid, cross-sector dialogue about regional challenges and opportunities.
  • • Events emphasize the human element behind economic growth, bringing leaders together for real-time insight sharing.
  • • Findings from Q1 2026 highlight key priorities shaping business communities across multiple U.S. markets.

LeadersMarch 2026 — Abby Lindenberg has a habit that tends to unsettle people. Before every leadership summit, before every panel, before the coffee goes cold and the networking turns to attentive listening, she asks a room full of 250-plus industry leaders a question most conference organizers shy away from: What are the hills still left to climb?

Lindenberg, the founder and CEO of B2B multimedia outlet caa, has built a decade-long business on the conviction that the most valuable thing you can do for a business community is tell the truth, about where it’s thriving, where it’s stalling, and what it’s going to take to close the gap.

In the first quarter of 2026, Lindenberg tested that conviction across metros from sunshine-soaked Palm Beach County to the northern reaches of New Jersey. Back-to-back summits, each one drawing hundreds of executives, civic leaders, developers, healthcare executives, and educators into the same room to do the thing Lindenberg believes the business world has quietly stopped doing enough of: talk to each other, face to face, about what’s actually happening. In effect, bringing the human element back to decision-making.

“At caa, we don’t just report on the economics of a region,” Lindenberg said. “We report on the humans behind it. Because we know those two things are inseparable.”

In 2025 alone, CAA hosted hundreds of speakers across more than 50 panels and welcomed over 3,000 attendees across 18 markets. The organization’s research consistently shows that executives who attend its events are more engaged in their local communities, make more economic impact, and carry what Lindenberg calls a growth mindset — “not only for themselves but for their companies and their communities.”

When it comes to the “hills left to climb,” these events yielded numerous takeaways. Download your free Q1 2026 Leadership Summit brief to read the 10 key things these communities said this past quarter, as voiced by the leadership panel members across numerous cities, as well as the data explaining why they matter.

Want more? Read the Invest: reports.

Spotlight On: Andria Herr, Commissioner Chairwoman, Seminole County

Key points:

  • • Seminole County combines strong workforce fundamentals with a high quality of life to attract business investment.
  • • A diverse, innovation-driven economy supports long-term stability and growth.
  • • Success is defined by balancing expansion with preserving community character and livability.

Andria Herr Spotlight onMarch 2026 — A highly educated workforce and emphasis on quality of life have made Seminole County a standout for businesses targeting Florida for relocation and expansion. In an interview with Invest:, Commissioner Chairwoman Andria Herr shared what makes the county unique and the key wins pushing Seminole County forward. “If we can preserve our character while expanding opportunity, our resident’s benefit. That is our definition of success,” said Herr.

How would you describe Seminole County’s position within the Greater Orlando region, and what makes it distinct in Florida?

Seminole County is in a very strong position within the Greater Orlando region. We are a County of nearly a half million residents, with a highly educated workforce, strong household incomes, exceptional k-12 public education and employment numbers that continue to compare well regionally.

What makes Seminole County distinct is that we have managed to grow while staying very intentional about the kind of community residents desire. We are part of one of the most dynamic regions in the country, but we have preserved a character and quality of life that residents value deeply. That combination of economic strength, fiscal discipline, and thoughtful growth is not easy to achieve, and it is one of the reasons Seminole County stands out in Florida. 

With high-wage investments such as the BNY Mellon expansion drawing regional attention, what does that demonstrate about how national and global firms view Seminole County?

The BNY Mellon expansion sends a very clear message. Global companies do not make major long-term investments unless they have confidence in the workforce, the business climate, the infrastructure, quality of life and the overall direction of a community. In Lake Mary, BNY Mellon expanded to more than 300,000 square feet, and County and regional economic development leaders have pointed to that investment as a sign of confidence in Seminole County’s talent pipeline, economic stability and overall desirability. To me, it shows that Seminole County is not simply a place where local businesses thrive. It is a place where national and international firms know they can compete, grow, and attract top talent. 

How would you characterize Seminole County’s economic mix today, and where do you see the strongest and most sustainable drivers of growth emerging?

I would describe Seminole County’s economy as diverse, resilient, and increasingly innovation-driven. We are not dependent on any one industry. Our employment base includes professional and business services, health care, retail, construction, finance, manufacturing, and technology-related sectors. That diversity matters because it gives us stability during economic shifts. Looking ahead, I see the strongest and most sustainable drivers of growth coming from high-skill professional services, financial technology, health care, advanced manufacturing, and the continued alignment between employers and our regional education and workforce partners. We are also seeing tourism and sports-related activity create value, but our long-term advantage will continue to come from a well-prepared workforce and a business environment that supports entrepreneurs, mid-sized and major employers. 

How does the county translate quality of life into land-use policy, infrastructure investment, and reinvestment of tourism revenues?

For Seminole County, quality of life is a governing principle, not a slogan. Land-use decisions are measured against whether they protect the character of our communities, support long-term livability, and make sense for existing infrastructure. We invest in the fundamentals that people count on, including parks, trails, public safety, stormwater, utilities, and community spaces. On the tourism side, we have been deliberate about using those resources to strengthen the visitor economy in ways that also benefit residents. Tourist development tax revenues support tourism promotion and cultural programming. 

As transportation assets become a greater priority, how critical is mobility to the county’s long-term competitiveness and quality of life?

Effective mobility is absolutely critical. If people cannot move efficiently through a community, you limit economic opportunity, strain quality of life, and make it harder to compete for investment. In Seminole County, mobility is viewed broadly. It is roads, certainly, but it is also regional connectivity, transit, trail systems, sidewalks, and the ability to move people safely and reliably between where they live, work, learn, and recreate. Regional and county planning documents increasingly reflect that multimodal approach, with continued emphasis on roadway improvements, active transportation, and transit connections, including SunRail and related mobility planning. In the years ahead, communities that solve mobility challenges thoughtfully will be best positioned to succeed, and Seminole County understands that. 

Looking ahead three to five years, what will define success for Seminole County?

Success for Seminole County over the next three to five years will be defined by balance. We plan to continue growing jobs and opportunities without losing the quality of life that makes this County special. Success means remaining fiscally responsible while investing in infrastructure, public safety, mobility, and the amenities residents expect. It means continuing to attract the right employers, supporting our existing business community, and making sure our workforce pipeline stays strong.

It also means delivering visible results that residents can feel in their daily lives, from shorter waits and better mobility options to stronger parks, safer neighborhoods, and a County government that stays focused on service. If we can preserve our character while expanding opportunity, our resident’s benefit. That is our definition of success.

Want more? Read the Invest: Greater Orlando report.

Charlotte tests office-to-residential conversions amid rising vacancy

Key points:

  • • Charlotte is testing office-to-residential conversions as vacancy in older buildings rises.
  • • Projects face major structural and financial constraints, limiting widespread adoption.
  • • Adaptive reuse is gaining traction as part of a broader shift toward mixed-use, higher-density development.

Charlotte office marketMarch 2026 — Charlotte is beginning to test whether aging office towers can be repositioned as housing, as elevated vacancy persists across older buildings. The shift reflects growing pressure on legacy office inventory in the city’s urban core.

The most prominent example is the Brooklyn & Church redevelopment. According to a JLL press release, the project will convert a former Duke Energy office tower into about 460 luxury apartments with ground-floor retail. Delivery is expected in 2027. Developers are preserving the structural core of the building and redesigning the façade to accommodate residential units.

“This transformative project will set a new standard for luxury living in Uptown Charlotte,” said Taylor Allison, a member of JLL’s Capital Markets Debt and Equity Advisory team, in a press release.

The project is widely viewed as a test case. It signals how owners may reposition older assets that struggle to compete with newer construction. Similar strategies have gained traction in larger U.S. markets over the past two years. In Washington, D.C., developers are converting two vacant office buildings near Dupont Circle into more than 500 apartments. According to npr, the nation’s capital has delivered roughly 2,000 units through 11 completed conversions since 2024. 

In New York City, the former office tower at 25 Water St. is being redeveloped into about 1,300 apartments, the largest office-to-residential conversion in the United States to date, according to The Architect’s Newspaper. These projects demonstrate how adaptive reuse is being used to address both elevated office vacancy and persistent housing shortages in major urban markets. 

Vacancy pressures older assets

Office vacancy in Uptown remains elevated, with Charlotte’s overall rate reaching about 26% in 2025, according to Charlotte Business Journal. That figure marks a record high. Market participants note it was partly skewed by Vanguard Group vacating more than 565,000 square feet and moving into an owner-occupied campus.

Even with that distortion, vacancy remains well above a balanced market. Large blocks of space returning to inventory have weighed on absorption.

Leasing demand has concentrated in newer, amenity-rich buildings. Class A assets account for the majority of recent deals, particularly in Uptown and South End. Older Class B towers continue to lag and face higher availability.

This gap is driving early conversations around conversion. Market participants say older assets without recent capital investment are the most likely candidates. Buildings that cannot attract new tenants may require alternative uses to retain value.

Even so, conversion activity remains limited. Charlotte trails larger markets where adaptive reuse has already scaled. The current environment reflects more exploration than execution.

Not every building qualifies

Only a small portion of office inventory can realistically convert to residential use. Structural and financial constraints limit feasibility across much of the market.

Buildings must meet several physical criteria. Floor plates need to be narrow enough to allow natural light into units. Window spacing must align with residential layouts. Structural systems must support plumbing and mechanical retrofits across multiple floors.

Many Charlotte towers were developed with large, deep floor plates optimized for office use. Those configurations reduce residential efficiency and often require major structural changes to make units viable.

Economics presents an even larger hurdle. Research from Brookings Institution shows most office conversion projects are not financially feasible without public support. In a national analysis of multiple markets, the majority of buildings studied generated negative returns after accounting for acquisition, construction, and financing costs.

Conversion costs frequently exceed $300 per square foot in many markets. That can rival or surpass ground-up development. As a result, projects depend on a narrow set of conditions, including discounted acquisition, strong residential demand, and, in many cases, tax incentives or subsidies.

Conversion is not a universal solution. It works on a building-by-building basis, shaped by design, market rents, and the availability of policy support.

Suburban sites enter pipeline

Conversion interest is not limited to Uptown. Developers are also evaluating suburban office properties for redevelopment as vacancy rises in older assets.

In Ballantyne, Northwood Ravin has filed plans to convert the Rushmore One office building into a multifamily project. According to the Charlotte Business Journal, the proposal outlines about 411 units across a mix of apartment buildings and townhomes on the 16-acre site.

The property, built in 1997, recently lost its sole tenant after Synchrony Financial relocated to SouthPark. The vacancy has created an opportunity to reposition the site as residential rather than pursue new office tenants.

The project remains in the early planning stages. It reflects a broader shift underway in Ballantyne, where office-heavy development is being rebalanced with housing, retail, and entertainment.

Northwood’s broader Ballantyne Reimagined initiative includes new apartment towers, mixed-use retail, and public space. The strategy aims to transition the area from a traditional office park into a more diversified, walkable district.

This evolution mirrors national trends. Suburban office campuses with excess capacity are increasingly being repositioned to support residential growth and mixed-use environments.

Long-term shift takes shape

Local policy is beginning to align with adaptive reuse. The City of Charlotte Planning, Design & Development Department has emphasized higher-density, mixed-use development through the Charlotte Future 2040 Comprehensive Plan, according to a press release. That plan calls for more housing in employment centers and reinvestment in underutilized commercial areas. The city’s Unified Development Ordinance, implemented in 2023, further supports this approach by allowing more flexible, by-right development in certain districts and reducing zoning barriers for residential and mixed-use projects.

“With the introduction of the Community Area Plans, we are taking significant strides towards realizing Charlotte’s future goals,” Monica Holmes, planning director for the city of Charlotte, said in the January press release. “These plans not only enhance our ability to manage growth effectively but also foster vibrant, resilient neighborhoods that reflect the diverse needs and aspirations of our residents.”

Planning efforts have also focused on streamlining approvals. City officials have prioritized more predictable permitting processes and greater coordination across departments to facilitate redevelopment of existing properties, including aging office buildings.

Want more? Read the Invest: Charlotte report.

Pittsburgh is closing the workforce gap one partnership at a time

Key points:

  • • Education and industry are aligning to create more flexible, work-integrated learning models.
  • • Adaptability and AI skills are becoming core workforce requirements.
  • • Infrastructure and partnerships are critical to preparing job-ready talent.

Pittsburgh workforce development mainMarch 2026 — Pittsburgh has always been a city that rebuilds. But the next reinvention may be its most consequential, and the biggest opportunity lies in closing the gap between the classroom and that first career job.

At the Invest: Pittsburgh Leadership Summit in late February, Southwestern Pennsylvania’s key leaders discussed what happens when educators and businesses start building something together.

A not-so-linear path

“I don’t think you’re going to see this linear model of higher education anymore,” Roger Davis, president of the Community College of Beaver County (CCBC), pointed out during one of the summit’s panel discussions on workforce development.

He’s watching it happen in real time, with employers frustrated by the lag between what’s taught on campus and needed in the workplace. Davis thinks the answer isn’t to abandon higher education, but to rewire it. Students should be moving fluidly between work and school, not waiting until graduation to step into a professional environment, he noted. “If you partner with us, we will get you the formula that you need to get the type of employees you’re looking for.”

CCBC’s Aviation Sciences Center has a national reputation for training air traffic controllers, and the college is mid-construction on a $22 million aviation facility at the Beaver County Airport where students learn to land planes in a real professional setting from day one.

Cultivating the ‘adaptive mind’

While there’s a temptation, especially now, to reduce the workforce conversation to a checklist of technical skills from AI and robotics to automation, Washington & Jefferson College President Elizabeth MacLeod Walls thinks that framing misses something important.

“Technical skills are really important, but we also need those next-level leaders to be able to adapt, problem-solve, and co-create,” Walls told more than 200 industry leaders at the summit.

To make her point, she pointed to someone sitting in the room — a W&J history major from 2012 who now works as a chief estimator for mission-critical data centers. “It’s that critical thinking that allows a history major to advance the mission.”

W&J is backing that philosophy with concrete moves. A new Urban Planning major is in the works, and their partnership with UPMC Washington now puts nursing students on-site at the hospital for two full years before they return to campus to finish their degrees. It’s the kind of arrangement that MacLeod Walls wants to be the norm.

Integrating AI

In the world of business, adaptability is the skill that C-suite executives around the globe are hunting for. But adaptability without technological fluency is only half the equation.

“We need Gen AI embedded in all curriculum in higher ed,” Adam Smith, partner at Forvis Mazars, shared.

Speaking on the panel, Smith pushed educators to get closer to industry and understand how AI is being used at the firm level. “Training and learning development is not a one-time event; it has to be constant and evolving,” said Smith.

Infrastructure sandbox

But not every piece of the workforce puzzle lives inside a university building. Presenting the workforce development panel, Westmoreland County Commissioner Doug Chew reminded the room that none of this works without the right foundation underneath it — and right now, that foundation is broadband.

Westmoreland County has laid 400 miles of new fiber infrastructure, and Chew is direct about why it matters. “Reliable broadband is no longer an option; it’s a foundational economic infrastructure component,” said Chew.

The county is also investing in career academies that use project-based STEAM education to give students and the employers who hire them a shared language around skills and readiness. When a company brings on a Westmoreland graduate, Chew wants them to possess the technical competence and the ability to contribute from day one.

Pittsburgh workforce development
Moderator and panelists at the Invest: Pittsburgh Leadership Summit in late February.

Measuring purpose

David Ballard, vice president at One Mind at Work and panel moderator, brought the conversation back to why any of this matters in the first place, focusing on workplace mental health and purpose. The panelists said that the goal is to embed fearlessness in the next generation entering the workforce and for people to be genuinely equipped to lead lives of meaning and purpose.

And in a region that’s spent decades reinventing itself, that might be the most Pittsburgh idea of all.

Want more? Read the Invest: Pittsburgh report.