Charlotte County has become one of the top spots for economic growth and job creation among small metro areas in the country.
In only a year, the Punta Gorda metro area, which includes all of Charlotte County, jumped from 39th to a top-tier rank of 11th for Small Cities MSAs (Metropolitan Statistical Areas) in the Milken Institute Best-Performing Cities 2021 Foundations for Growth and Recovery report.
The Small Cities category consisted of 201 MSAs around the nation.
The report highlights areas driving economic growth nationwide — including those with businesses creating new jobs — and showcase policy and investment choices that have a positive influence on the community's economy.
For Charlotte County's jump in rank, the report notes one-year wage growth, short-term job growth and a positive year-on-year job growth, "despite the prominence of service work for the local economy."
Service work is considered retail trade, food services, health care and social assistance, and professional services, which make up roughly half of all jobs in the metro area, according to 2020 data from the U.S. Bureau of Labor Statistics.
WHAT DOES THIS MEAN LOCALLY?
For the city of Punta Gorda, reports like this lead to a spike in visits to the city's website and create a buzz about the community.
Punta Gorda Manager Greg Murray
"The city of Punta Gorda remains a beautiful place to experience," said Punta Gorda Manager Greg Murray. "We will continue to strategically provide the resources and support necessary to sustain this vibrant community."
For Charlotte County, the report highlights the county's focus strategic planning and infrastructure investment.
“It’s gratifying to see Charlotte County’s efforts succeed in creating an economic climate where large and small businesses can thrive, while maintaining affordability and public safety for our residents," said County Administrator Hector Flores.
Charlotte County Administrator Hector Flores
Flores said the report also notes the county’s strategic planning and investments in public amenities and infrastructure through the voter-approved 1% local option sales tax, which is collected on taxable purchases in the county, as well as other revenues.
AREAS OF IMPROVEMENT
Improvements can still be made in some areas for the county, especially in the high-tech industry where it ranked 170th of 201 MSAs.
The area can also do better in affordable housing, which is seen as a liability to the area in the report.
"The County Commission made affordable housing a strategic focus area three years ago and revised its goal earlier this year to add 200 affordable housing units per year for the next five years," said County Communications Manager Brian Gleason.
Preservation of Punta Gorda's current assets and improvement in the availability of affordable housing are two large areas of current focus in the city of Punta Gorda, as well.
SOME POSITIVE TAKEAWAYS
The report also noted that the county's age distribution is a positive, citing a population of only 56% of the population aged 65 and older as a positive.
The report also noted investment in Punta Gorda's recovery after 2004's Hurricane Charley and the development of the area's tourist industry.
"The report signals that people are taking notice of the quality of place in Punta Gorda," said Assistant City Manager Melissa Reichert. "The investment in amenities such as the Harborwalk, Punta Gorda Pathways, historic bricked streets and downtown amenities like the Herald Court Centre parking garage has helped create an environment to attract visitors and new residents."
The report attributes the county's high local real estate demand to investments in amenities such as local parks and an improved downtown area due to careful planning.
OTHER RANKINGS
Idaho Falls, Idaho, earned the top rank in the Tier 1 Small Cities category.
The report also ranked the 200 Best-Performing Large Cities MSAs. The top rank went to Provo-Orem, Utah.
The North Port-Sarasota-Bradenton MSA ranked 46 among "Tier 2 Cities" in the Best-Performing Large City category.
The Milken Institute is a nonprofit, nonpartisan think tank focused on creating practical solutions to global challenges.
The report — designed in collaboration with the Center for Regional Economics — uses an "outcomes-based set of metrics" that includes job creation, output growth and wage gains.
These are used to evaluate and compare the relative performance of MSAs across the nation.
The rank of each MSA is determined from these outcomes-based measurements, as well how the best-performing cities generate economic gains accessible to all their residents.
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