Craig Richard, President & CEO, Tampa Bay Economic Development Council

The Tampa Bay region’s number one strength is its well-diversified economy. “If one sector goes down, we have other sectors that can pick it up. That’s served us well,” said Craig Richard, President & CEO of the Tampa Bay Economic Development Council in an interview with Invest:.

What’s the general sentiment now following hurricane season 2024?

I think the sentiment now is improving. Coming off of a tough hurricane season, one thing that Tampa Bay has proven is that it is very resilient and that this is not our first rodeo. We know how to handle these types of events.

Yes, this was a tougher-than-usual season, and we’re still in recovery mode, but you can already sense that the business community is rallying around to get up and running as quickly as possible. These are the types of things that we know how to prepare for, and we’re already on the road to recovery. It will take some time, but we have the leadership in the community to do that. It’s already improving.

Why is your region so attractive today?

When you look back to the time when the Economic Development Corporation (EDC) was part of the Chamber of Commerce, and then became an independent organization in 2009, our local economy wasn’t as diversified as it is today.

We were heavily loaded on hospitality and tourism and distribution and logistics. Now we are one of the most diversified local economies in the country. Hillsborough County is the fourth most diversified economy in the country, according to Chmura Analytics. 

It’s served us well because we’re not subject to the long economic cycles like other communities. If one sector goes down, we have other sectors that can pick it up.

As a result, people are located here because of our stability, quality of life, and economic opportunities. According to the Wall Street Journal, Tampa has one of the hottest job markets in the nation. Young professionals want to go somewhere where they can have a career that they are excited about and live in a place where they not only survive, but they thrive.

What are the sectors driving the economy in your region?

Life sciences and healthcare are among the strongest sectors in the Tampa Bay area, driving more job growth than nearly any other sector over the past decade. This growth is no accident. Tampa Bay is home to some of the nation’s leading healthcare providers. Tampa General Hospital is recognized as a top-performing hospital across numerous categories, Moffitt Cancer Center is one of the top cancer research institutions in the country, and BayCare and AdventHealth both are investing billions to provide first-class healthcare across the region.

In addition to these providers, the region boasts the critical assets needed to support the broader life sciences industry. Local universities are focused on offering degrees and certificates that align with employer needs, ensuring a strong talent pipeline for the sector.

As a result, life sciences companies such as Pfizer, Amgen, Johnson & Johnson, and Bristol Myers Squibb are choosing to locate in Tampa Bay, drawn by the availability of skilled talent, the strength of the area’s educational institutions, and its robust healthcare ecosystem.

This mix of assets makes the region increasingly attractive to these industries, solidifying Tampa Bay as a growing center of excellence in life sciences and healthcare. The outlook for the region’s position in these sectors is not just good but promisingly better. It’s an exciting time to see Tampa emerge as a hub for innovation and growth in these fields.

What is the EDC doing to achieve the expected results for the business community?

We achieved the Accredited Economic Development Organization from the International Economic Development Council (IEDC), which is in comparison to getting the Good Housekeeping seal of approval. It’s a validation that your organization is operating at a high level and has competent professionals and top-notch leadership to guide the organization. IEDC is an acclaimed professional association of economic developers. Being one of only 79 economic development organizations to have attained that certification, it’s impressive. 

We’re proud of our team and we know that we’re one of these best-in-class organizations, but there’s always room for improvement. We’re working towards excellence and striving for excellence in every one of the areas that we focus on.

Are there any specific developments that you could share that might help to continue to drive this growth? 

As an economic development organization, we focus less on any one particular development. Instead, we try to sell the market and all the different parts of the market that make us a special place. 

When you look at things like the Historic Gas Plant District Redevelopment, Water Street, Armature Works, GasWorx, Midtown, and Westshore, all of these areas make up a special place. It’s not any one area that does it. It’s the composition of all of those parts.

We’ve seen an increase in prospect activity from international markets, something that typically wasn’t on the top of your mind when you thought about Tampa Bay. But now, if you examine our project pipeline, nearly half of our project pipeline is made up of international companies. 

Last year, we had seven foreign direct investment projects located here. We’ve gotten more traction from international companies because of all of these different assets that make up Tampa Bay, including the best-in-class airport, one of Florida’s largest seaports with Port Tampa Bay, and the leadership, of course, that comprises these organizations, as well as the vision and direction of the leadership of our communities.

Are there any emerging industries or sectors where you’re seeing the biggest opportunity moving forward?

We’ve seen quite a bit of activity in tech sectors like cybersecurity. Defense and security are another area that is continuing to emerge. We’ve had defense contractors located here to take advantage of the skills and opportunities that are coming out of MacDill Air Force Base, which is a tremendous economic engine for our region.

When you think about distribution and logistics, we’re fortunate that we sit at the crossroads of an intersection that is like the bullseye of Florida. Having access to the I-4 corridor and I-75, we’re fortunate that not only do we attract the distribution companies, but now the distribution and logistics and tech that surrounds these industry sectors are located here. We have all these different things that are emerging and creating an even more diverse and economically competitive economy right here in our backyard.

What is your outlook for the next two to three years?

I’m bullish on Tampa Bay. I wouldn’t want to be anywhere else right now. This is the place that has the most potential. More importantly, when I was interviewing for this position, I remember the interview committee telling me, ‘we’re tired of hearing about how much potential we have and want to start realizing our potential.’

That was eight years ago, and I think it’s safe to say we’re starting to realize our potential. You look at the growth and economic enthusiasm and excitement that’s going on in this marketplace, the cat is out of the bag.

We’re no longer a best-kept secret. Tampa Bay can definitely say that we have arrived and that we will continue to thrive. That’s why I’m so bullish on this community and region. I’m excited about the EDC and how we’re positioning ourselves to be relevant in the growth and prosperity of this region in the next two to three years. Next year, we’re actually embarking upon a new strategic plan, which we do every three years.