South St. Petersburg’s Economy

Business. Consumer Market. Commercial Landscape. Labor Market
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Size of the business sector

Census data show 3,200 self-employed residents In South St. Pete and 1,088 business establishments. Citywide, over the last 35 years, the number of black owned firms grew seven-fold (from 300 to 4,481).

Business income

Census data show $913 million in revenue to private establishments in South St. Petersburg. Excluding Wal-Mart - which was $113 million of the total – establishments had average revenue of $500,041.

Self-employment earnings

Census data show total self-employment income of $87 million for Southside residents; and revenues of $115 million to black owned firms citywide.

Growth

  • CRA residents are closing the gap: the self- employment rate climbed 2 points from 2000 to 2014 (to 8% in the CRA vs 10% citywide).
  • Self-employment income is a bigger part of Southside residents’ income, compared to others in the City.

Challenges

  • Black owned firms continue to struggle for scale and sustainability. Several larger firms folded in the past decade. Over the last 30 years measured, black owned firms’ average revenue fell 63%.
  • Businesses in the CRA are smaller, less formally organized, and create fewer jobs. Only 18% of the CRA’s self-employed people have incorporated businesses vs 48% citywide.

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