2 min read April 2023 — In an interview with Invest:, Craig Richard, president and CEO of Tampa Bay EDC, discussed the organization’s main efforts, their success in attracting businesses and the region’s ability to meet talent demands. Additionally, Richard shared the projects that he is most excited about.
What is top of mind for Tampa Bay EDC in 2023?
As a business development organization, we’re doubling down on our efforts for recruiting new companies and helping our local companies expand. However, our placemaking initiatives are keeping us busiest. Everyone knows that the ability to attract and retain quality talent fuels business development, and a good quality place fuels the availability of talent. Our placemaking initiative has gained a lot of steam, with a big focus on revitalizing and redeveloping areas that require investment to thrive. We’ve been doing a lot of work in East Tampa to develop catalytic projects that will generate good-quality jobs and spur investment in the area.
Recently, we joined forces with TGH to create a partnership that will promote Tampa as a global destination and establish a world-class medical and research district in Tampa. This partnership will also create an area known for world-class healthcare. We’re excited about this opportunity as it will help us tell our story. Both initiatives are placemaking-related, and community members want to feel excited about the place they’re living in and the opportunities presented there. These initiatives are probably what’s keeping us busiest at the moment.
What would you say has made the Tampa Bay EDC so successful at attracting and relocating businesses?
I think economic development is a team sport. There’s no single entity that is the silver bullet. It’s all of us combined, working together, rolling in the same direction. When we bring in prospects, we’re able to involve our partners, such as the city, the county, the universities, and other business and industry leaders. When they all say the same thing, the messaging is more authentic, and that’s something other locations find hard to compete with. When we bring in elected officials or business leaders to talk about what it’s like to do business here, and they all say the same thing, the messaging is consistent. That demonstrates to our prospects that we’re all in this together. I think that resonates with companies that are investing millions and resources into a new location. It takes away some of the uncertainty and insecurity and gives our prospects a sense of belonging because their business leaders and peers are saying the same thing.
How would you describe the region’s ability to supply the workforce demands to attract and develop talent?
Workforce and talent availability are really what drives our success in recruiting companies and helping our local companies expand and grow. In Tampa, we’re fortunate to be one of the top in-migration destinations in the country. Though it accelerated during the pandemic, it hasn’t let up. People are migrating here from some of the markets that you cover. If there are talent gaps, the beauty of Tampa is that we can recruit the missing talent. At the end of the day, people want and cherish a good quality of life, which we offer in an affordable manner. While it may not be as affordable as it used to be, it’s still affordable compared to other major markets in the U.S. One of the benefits of being in Tampa is that we have an abundance of labor talent, and we have excellent universities within a 60-mile radius. We can develop and recruit talent, which is one of our major advantages here.
Is there anything in the regulatory arena that you are keeping an eye on?
From a state perspective, we always have our eye on any legislative issues that may affect our competitiveness as a state and region. Conversations about things like tort reform and taxes are always ongoing, and I believe they impact our competitiveness. Therefore, we have a keen interest in such matters. Locally, we are interested in policies that support our infrastructure, such as ports, airports, highways and even fiber. These are essential for moving people, products and information in and out of our community, serving as the backbone of our economic development efforts.
What are some of the upcoming initiatives that you’re excited about?
We are excited about heading in new directions, such as talent attraction and placemaking. However, we are also committed to making an impact in areas that have historically not received the same economic momentum as the rest of the region. We are doubling down on these initiatives, ensuring that we continue to be a good partner to those working in these areas. We are conscious of staying in our lane and focusing on employment and investment opportunities that lead to high-quality outcomes. We are thrilled about the impact that our efforts will have on these communities, as well as the new investment opportunities that we are being presented with. For example, phase two of Water Street is coming, which is exciting, and the Gas Works district and the newest piece of the Gas Works area around the harbor. Additionally, Midtown just announced another office building right in the middle of a new and exciting development there. There are some really cool things on the horizon for Tampa, and we are excited about the role we play in bringing them to fruition and marketing them to a wider audience.
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