The Sarasota - Bradenton MSA is noted for its attractive barrier islands such as St. Armands Key, Longboat Key, Siesta Key, Casey Key and Anna Maria Island, all of which have been heavily developed over the last 50 years. Population growth in the MSA -- 49.3 percent between 1980 and 1995 -- has also spread eastward into the woodland area that features Sarasota's popular Myakka River State Park. The eastern regions of Manatee County, however, remain largely agricultural.

Tourism is a major industry in the Sarasota - Bradenton MSA, as are agriculture, retailing, electronics, health care, banking, and real estate development. The region is home to a number of national and international corporations. Major companies with corporate headquarters in the area include GevityHR, Tropicana Dole Beverages, Hoveround Corporation, Sun Hydraulics, Vinyl Tech/Progressive Glass Technology, Wellcraft Marine, Tropitone Furniture Company, Inc., Beall's Department Stores, Aldon Industries, Champs Sports, Chris Craft Boat Company of Bradenton, Uniroyal, and Signs Now. The area is also attractive to out-of-state companies desiring to relocate because of the mild weather, projected growth in the area and excellent transportation resources. National and international companies with major operations in the Sarasota - Bradenton MSA include: Del Monte Foods, Sysco Foods, SecurityLink From Ameritech, HiStat Manufacturing, Eaton Corporation, Donzi Marine, and OMC Corporation.

Major thoroughfares serving the MSA include Interstates 75 and 275, US Highways 19, 41 and 301, and State Roads 64, 70 and 72. Scheduled passenger and air freight service is available at Sarasota - Bradenton International Airport which straddles the Manatee/Sarasota county line, while Venice Municipal Airport in south Sarasota county accommodates charter and private planes. Port Manatee on Tampa Bay in Manatee County has both ocean freight as well as cruise passenger facilities and services, and the area is also served by CSX Railroad and numerous motor freight carriers. Both Sarasota and Manatee Counties operate public transportation systems.

Incorporated areas in Sarasota County include Venice, North Port and Sarasota, the county seat. Incorporated areas in Manatee County include Anna Maria, Holmes Beach, Bradenton Beach, Palmetto and Bradenton, the county seat. The incorporated town of Longboat Key lies in both Manatee and Sarasota Counties, while the incorporated towns of Englewood and North Port lie in both Sarasota and Charlotte Counties..

Demographics

During the decade of the 1980's, the population of the Sarasota - Bradenton MSA increased 39.58 percent from 350,693 to 489,483. Between 1990 and 2000, the rate of population growth declined considerably from the average annual rate of 3.96 percent recorded between 1980 and 1990 to a healthy but more manageable 2.05 percent rate. The rate of growth was estimated to have declined still further to an annualized 1.93 percent between 2000 and 2003. Throughout this period, the greater growth was recorded in Manatee County, e.g., 53.0 percent between 1980 and 1995 as compared with Sarasota County’s 46.6 percent.

The dramatic drop in median age noted in the above table is especially significant in describing not only the demographic changes that have occurred in the Sarasota-Bradenton MSA over the last twenty years, but the general character of the region as well. Although it remains an extremely popular retirement area, the population as a whole is geeting much younger. This is reflective of two factors: local job growth and the area's increasing popularity as a bedroom community of the much larger Tampa-St. Petersburg-Clearwater MSA immediately north. The decline in the female median age is especially noteworthy as it is by far the largest component of the retirement community.

Employment

Employment in the Sarasota-Bradenton MSA is highly diversified, although services; wholesale and retail trade; finance, insurance and real estate; and government are the most significant sectors as indicated in the following table.

Since Sarasota County’s employment is some 42 percent greater than Manatee County’s, differences between the indicated percentages are more apparent than real. For example, although Manatee County has a higher percentage of government employment, Sarasota County has some 30 percent more in absolute terms. The essential point of the preceding table is to illustrate the overall diversity of employment in the MSA, particularly as regards such relatively high paying sectors as finance, insurance and real estate and manufacturing.

Although local economic declines uniformly reflect the situation at the national level, employment growth in the Sarasota - Bradenton MSA has generally outpaced the U.S. economy over the past two decades. Moreover, in terms of relative job growth, the region ranked third amongst all MSAs in 1996 and first in 1997 and 1998. Non-farm employment in 1997 totaled 251,900, increasing 7.94 percent to 271,900 in 1998 including a 1.29 percent drop in public sector jobs. With a gain of 8.88 percent, the Sarasota - Bradenton MSA also led the nation in private sector job growth between 1997 and 1998 and was one of only three MSA's in Florida to add manufacturing jobs between 1990 and 2002.

The current unemployment rate is estimated at 3.8 percent, well below the statewide rate of 5.3 percent, as well as the national rate of 6.2 percent.

Income

The Sarasota - Bradenton MSA ranks as one of the most affluent in the nation. The high concentration of wealthy retirees and seasonal residents, combined with relatively high paying high tech manufacturing jobs found in the area, and the strong economic growth experienced throughout most of the recent past, has led to a higher standard of living than in most other U.S. urban areas. In fact, Sarasota County has the highest per capita income in the state with Manatee County not far behind. The MSA as a whole is second only to Palm Beach in Florida and is the sixth wealthiest in the United States.

As indicated in the preceding table, per capita income increased 110.42 percent, from $7,920 to $16,665, between 1980 and 1990. In 2000, per capita income was estimated at $23,671, indicating an average annual gain of 4.20 percent, well above the rate of inflation.

Retail Sales

Retail sales are an excellent indicator of the viability of an area's economic base. In addition, retail sales reflect both changes in population and the propensity of area residents and visitors to buy retail goods. According to Sales & Marketing Management, total retail sales in the Sarasota - Bradenton MSA increased at an average annual rate of 8.4 percent between 1990 and 1995. By way of comparison, total retail sales statewide increased at an average annual rate of 7.2 percent during the same period. Moreover, per capita retail sales in the Sarasota - Bradenton MSA is estimated at $11,665 as compared with $9,768 statewide and $8,891 nationally.

It is generally accepted that tourist destination areas, such as Florida in general and the Sarasota - Bradenton MSA in particular, record higher per capita retail sales due to purchases by the de facto population. However, it must be recognized that prices in Florida tend to be lower than those in most other parts of the country.

Tourism

Tourism is a major industry in the Sarasota -Bradenton MSA, generating more than $300 million in revenue each year. Most visitors are attracted by the beaches and, although the winter season is dominant, the area is also a popular summer destination for Florida residents as well as large numbers of Europeans.

The barrier islands are largely built-out and small, independent lodging facilities are typical. Major flag hotels in the area include the Hilton Beach Resort and Holiday Inn on Longboat Key; the Harley/Helmsley Sandcastle, the Radisson, and the Holiday Inn on Lido Key; the Hyatt in downtown Sarasota; and the Holiday Inn Riverfront near downtown Bradenton. A $130 million Ritz-Carleton was recentlydeveloped in downtown Sarasota and the Hyatt and Radisson have been expanded. There are numerous other lower-end franchised operations throughout the MSA, including many largely limited service facilities that cater to those traveling on Interstate 75. There are also a great many condominium apartments utilized as seasonal rentals, as well as several interval ownership properties and many RV parks. The Sarasota - Bradenton MSA attracts a large number of seasonal residents who spend three to six months in the area every year. The vast majority of the seasonal residents own their own homes, including sigle-family residences, condominium apartments and manufactured homes.

Visitor attractions located within the Sarasota - Bradenton MSA itself include Sarasota Jungle Gardens, the Gamble Plantation, Myakka River State Park, the Ringling Museum complex, Mote Marine Science Museum, Bellam's Cars & Music of Yesterday, Marie Selby Botanical Gardens, and the South Florida Museum. Walt Disney World, Sea World and Universal Studios near Orlando; the Salvadore Dali Museum and Museum of Fine Arts in St. Petersburg; and Busch Gardens, the Museum of Science and Industry and Lowry Park Zoo in Tampaare all within a two-hour drive.

Transportation

The Sarasota - Bradenton MSA is served by Interstates 75 and 275. Interstate 75 is one of the country's primary north-south throughways, running from near Miami westward to the Gulf coast, then northward as far as the Canadian border. Along its route, Interstate 75 intersects Interstate 95 (indirectly, via the Everglades and Palmetto Expressways) and Florida's Turnpike in the Ft. Lauderdale/Miami and Wildwood areas respectively, as well as Interstate 4 near Tampa and Interstate 10 near Lake City. Interstate 275 forms a rough southwesterly arc from Interstate 75 at the Hillsborough/Pasco County line through the cities of Tampa and St. Petersburg, once again intersecting Interstate 75 in northern Manatee County. Along its route, it meets the terminus of Interstate 4 in Tampa and crosses Tampa Bay via the Howard Frankland and Sunshine Skyway (toll) bridges. The MSA is also served by U.S. Highways 19, 41 and 301, and State Roads 64, 70 and 72, with major additions and improvements ongoing. Together, these roadways provide easy and convenient access throughout most of the MSA and beyond. While the Sarasota - Bradenton MSA is not generally thought of as a distribution center, the Interstate 75/275 interchange in northern Manatee County, together with its proximity to Port Manatee, offer great potential in that regard.

Scheduled passenger and air freight service, as well as general aviation support are available at Sarasota - Bradenton International Airport in south Manatee County, while Venice Municipal Airport in south Sarasota county accommodates charter and private planes.

Port Manatee on Tampa Bay in Manatee County has both ocean freight as well as cruise passenger facilities and services. Port Manatee, which provides the shortest sea route of any U.S. port to the Panama Canal, is a designated Foreign Trade Zone and its operations are being continually expanded. Currently, a 100+/- acre industrial park is being developed at the port with the first tenant, a builder of high performance yachts, already in residence. Del Monte is also expanding its operations at the port and they will ultimately be the company's largest worldwide. Although it is less than 30 years old, Port Manatee is Florida's seventh largest deep water port in terms of total tonnage and largest in terms of container shipments. Major products shipped through Port Manatee include frozen concentrated orange juice, tropical fruits and vegetables, cement, aggregates and automobiles. Major port tenants include Tropicana Products, Eastern Cement, Independent Aggregates, Lafarge Corporation, Del Monte and Regal Cruise Lines.

The Sarasota - Bradenton MSA is adequately served by CSX Railroad and Greyhound Bus Lines and numerous motor freight carriers operate in the area. Both Sarasota and Manatee Counties operate public transportation systems.

Health Care

Health care is a dynamic field nationwide but, owing to the great many retirees and older seasonal residents, it is even more so in the Sarasota-Bradenton MSA. Existing facilities are extensive and both counties are constantly making the latest medical technology and procedures available. In addition to the area’s five major hospitals, there are also a number specialized treatment and diagnostic clinics, nursing homes, and assisted living facilities of all types.

Education

Both Manatee and Sarasota Counties operate excellent public school systems and a system of specialized charter/magnet schools is being developed; the first such school, specializing in the performing arts, opened Palmetto in 1998. In addition, there are a number of highly regarded private and parochial schools including Bradenton Academy, Bradenton Christian Academy and St. Stephans Episcopal School in Bradenton, and Cardinal Mooney High School in Sarasota.

The secondary educational needs of the Sarasota - Bradenton MSA are served by the Sarasota - Manatee Campus of the University of South Florida (USF), the state's third largest public university; New College, the honors college of the state university system, also in Sarasota; Florida State University's School of Performing Arts in Sarasota; the Sarasota campus of Nova Southeastern University; the University of Sarasota, which offers graduate programs through the doctoral level in psychology, education and business; Ringling School of Art and Design, which offers undergraduate programs in computer animation, fine arts, graphic design, illustration, interior design and photography; the Sarasota campus of Keiser College, which offers associate degree programs in medicine, computer science and business; the Sarasota campus of Goshen College; and Manatee Community College, with campuses in both Manatee and Sarasota Counties, which offers university parallel associate degree programs in a wide array of subjects.

Other nearby, i.e., within 50 miles, educational resources include: the University of South Florida in Tampa, together with additional campuses in St. Petersburg and Lakeland, which offers undergraduate and graduate degree programs through the doctoral level in numerous disciplines including medicine; Stetson University School of Law in Gulfport; the University of Tampa in Tampa and Eckerd College in St. Petersburg, private liberal arts colleges; St. Petersburg College; and Florida Southern College in Lakeland, which represents the largest collection of Frank Lloyd Wright - designed buildings in the world.

Sports, Recreation and Cultural Resources

Major sports activities in the Sarasota - Bradenton MSA include Spring Training by Major League Baseball's Pittsburg Pirates in Bradenton and Cincinnati Reds in Sarasota; a Pirates Rookie League Team in Bradenton and a Boston Red Sox Florida State League (A) in Sarasota; the Suncoast Offshore Power Boat Race; parimutual greyhound racing at the Sarasota Kennel Club; drag and modified stock car racing at De Soto Speedway in Manatee County; and the Sarasota Polo Club, which offers seasonal low- to medium-goal play and is the third largest polo club in North America.

Other nearby sports include the NFL's Tampa Bay Buccaneers, the NHL's Tampa Bay Lightning, and the Arena Football League's Tampa Bay Storm in Tampa; Major League Baseball's Tampa Bay Devil Rays in St. Petersburg; and Major League Baseball Spring Training in St. Petersburg (Tampa Bay Devil Rays), Clearwater (Philadelphia Phillies), Dunedin (Toronto Blue Jays), Port Charlotte (Texas Rangers), and Lakeland (Detroit Tigers). Tampa's Winter Equestrian Festival features a total of seven grand prix events including the Tampa Invitational, a World Cup qualifier. Parimutual horse racing is held at Tampa Bay Downs in Oldsmar; the Tampa Bay Polo Club in Plant City offers seasonal low- to medium-goal play; and there is parimutual dog racing at Derby Lane in St. Petersburg. Automobile racing includes the St. Petersburg Grand Prix and drag and modified stock events at Sunshine Raceway in Clearwater.

Recreational resources in the Sarasota - Bradenton MSA are abundant and diverse. The Gulf of Mexico, mile-wide Manatee River, numerous bays and many lakes provide for virtually all types of water sports. One of America's first golf courses was built in Sarasota in the late 1800s. Since that time the game has taken deep root and today there are 72 courses in Manatee and Sarasota Counties. Tennis is also very popular and Bradenton is the home of the Nick Bolletteiri Tennis Academy which counts the likes of Andre Agassi, Monica Seles and Pete Sampras amongst its alumni.

Often refered to as "the Culture Coast", Sarasota boasts more art galleries per capita than anywhere in the United States. The performing arts community is also extremely active. There are theater groups in virtually every community and several professional theater companies including the Asolo Theater Company, Florida Studio Theater, Golden Apple Dinner Theater, and Theater Works. The Sarasota Film Festival is a popular international event and there is also the Sarasota Ballet, Eddy Toussaint Ballet, Sarasota/Manatee Community Orchestra, Florida West Coast Symphony, and Sarasota Opera. Facilities include the Manatee Convention and Civic Center in Palmetto; Van Wezel Performing Arts Hall, Florida State University Center for the Performing Arts and Asolo Center for the Performing Arts in Sarasota; and the Bradenton Civic Center, Manatee Riverfront Theater and Neel Auditorium in Bradenton. Major museums and similar facilities include the Ringling Museam of Art, with one of the largest collections of Dutch and Baroque paintings and sculpture in the world, Marie Selby Botanical Gardens, and Mote Marine Science Aquarium in Sarasota; South Florida Museum, and De Soto National Memorial in Bradenton; and the Gamble Plantation in Ellenton.

Conclusion

The Sarasota-Bradenton MSA is an attractive and desirable place to live and work. Owing to the broad-based nature of the local economy, the Sarasota - Bradenton MSA was less affected by the most recent recession than almost any area in the country. Real estate values continue to increase throughout the area with lower vacancy rates, primarily due to the relocation of companies to the area and increased employment.

Recently, most retail development has been in the form of renovations and expansions of existing improvements combined with new development dominated by the activities of such "big box" retailers as Wal-Mart, Target, Home Depot and Best Buy. In addition, Walgreens and Eckerd Drugs are continuing to relocate to new, free-standing facilities and many of their former shopping center spaces are being expanded into by adjacent supermarkets. Likewise, Wal-Mart has been expanding to free-standing "superstores" and that company's former shopping center stores are being taken over by such firms as Steinmart, Ross Dress for Less, Beall's, Service Merchandise and Chuck E. Cheese. The preceding not withstanding, anchored community shopping centers are being built in the new communities largely east of Interstate 75.

New office construction remained highly constrained through 1996 which had the effect of reducing existing inventories and increasing rents. Over the last five years office development, particularly in suburban areas but also including the Bradenton and Sarasota CBDs, has resumed. Meanwhile, residential construction continues unabated at healthy levels consistent with household growth. New industrial development is also less constrained but largely confined to owner-occupied facilities. Most of the newer industrial development is concentrated in south Manatee County where taxes and impact fees are lower. This area also has good accessibility to Sarasota - Bradenton International Airport and Interstate 75.