Consulting Services, Economic & Target Industry Analysis

The City of St. Petersburg (City) is seeking proposals from qualified firms to conduct a Target Industry Study for the City. The study shall include a comprehensive economic and market assessment analyzing economic conditions, labor market trends, and industry performance at the local, regional, state, and national levels. This assessment shall also evaluate workforce demographics, educational assets, underemployment, location quotients, and emerging and innovation-driven sectors relevant to the City’s economic growth.

Stakeholder engagement will be a key component of the study. The selected firm shall gather input through interviews, focus groups, and/or surveys with a broad range of stakeholders, which may include employers, small businesses, educational institutions, healthcare and social service providers, business organizations, and public-sector partners. This engagement should ensure that diverse and equitable perspectives are incorporated into the study findings. The study shall also benchmark St. Petersburg against peer cities and national best practices to assess the City’s competitive position. This analysis shall identify successful models, competitive advantages, barriers to industry cluster development, and the continued relevance of the industry clusters identified in the 2014 Grow Smarter Initiative.

Based on the results of the assessment, stakeholder engagement, and benchmarking analysis, the study shall provide clear recommendations regarding retained, refined, and new target industry clusters, along with an actionable implementation framework for the City.

The Grow Smarter Strategy, developed in 2014 through a partnership between the City of St. Petersburg and the St. Petersburg Area Chamber of Commerce, served as a comprehensive economic development plan intended to strengthen the City’s competitive position and support diversified, inclusive economic growth. The strategy was informed by broad community engagement, including interviews, focus groups, and surveys, and was centered on strengthening the workforce, expanding access to quality jobs, and enhancing St. Petersburg’s overall sense of place.

As part of that effort, the strategy identified five target industry clusters considered well-positioned for growth within the City:

• Marine and Life Sciences
• Data Analytics
• Specialized Manufacturing
• Creative Arts and Design
• Financial Services

Implementation of the Grow Smarter Strategy contributed to several significant economic development initiatives and outcomes, including the creation of the St. Petersburg Economic Development Corporation (EDC), the formalization of the Innovation District, and continued support for small business and entrepreneurial development programs.