Real estate slow-down shows need for diverse economy
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The slow-down in Sarasota County’s residential real estate market affects many people whose livelihoods depend on that industry. It also illustrates why our community needs to broaden, or diversify, its economy beyond the traditional – and often cyclical – industries of real estate and tourism.

The Economic Development Corporation of Sarasota County (EDC) works with many community partners, governments and volunteers to foster growth in diverse business sectors such as specialty manufacturing, life and environmental sciences, creative services, and technology. These sectors provide high-wage jobs and often sell their products or services outside the local market, bringing new wealth to the community.

The trends are promising, as reported by the EDC earlier this year in an economic profile of the county:
• The average wage in Sarasota County ($35,442) continues to climb.
• The rate of growth in jobs and firms for all of the business sectors targeted by the EDC’s strategy significantly outpaced the county average.
• While many regions lost manufacturing jobs in 2005, the Sarasota-Manatee region held steady and even gained.
• Professional and technical services grew at a rate almost double the county average, with the greatest growth in management/technical and other related services. The diverse pattern of growth in this sector means the region is highly attractive to the types of businesses that use brain power for their products.
• Creative services jobs and firms grew at more than twice the county’s overall rate, and the growth was in diverse fields within the sector.

We still have much work ahead in helping local businesses overcome obstacles to expansion, and helping new companies locate their high-wage jobs in the community. The key to success will be continuing to focus on maintaining the quality of life in our community as the local economy evolves.