Paradise, charm, natural beauty, abundant sunshine, dream destination; all are phrases married to any description or introduction to Florida's gulf coast town of Sarasota. Scores travel from all over to experience the miles of white sandy beaches, an art and theater scene that rivals those of cities with hundreds of thousands of more residents, world-class golf and dining, the circus capital of the world, and the ever present near perfect weather. These characteristics are evident even to Sarasota's passer by, but, what may come as a shock to all of those who don't call the place home, is how much is achieved between 9 to 5 in its shops, offices, and cubicles.
Despite a state of violent flux rarely seen in our country's history, Sarasota has maintained. There is no denying the fact that the tourism industry, the backbone of the local economy,has taken a hit, with fewer snowbirds making the trek south,and those who do, spending less. However, there hasn't been the catastrophic downturn that many regions have felt. The one area that has seen the most dramatic slide is real estate; and frankly, no discussion of Sarasota business is complete without touching on housing. It's one of the truly unique ingredients in the stew that is the city and region's economy. In recent years, the rise and subsequent fall has not only fore shadowed more wide spread market changes but has made the moves with more pronounced intensity. Prices inflated to exorbitant levels and people paid them.The attractiveness of the area blinded buyers, and they paid in many instances twice what properties were worth. For instance, a desirable 1/1 waterfront condo at 590 Golden Gate Point demanded between $500k and $600k less than three years ago, and now struggles to sell for less than $300k. The same trend followed nationally soon after. Global realty companies like Sotheby's hustled to SRQ to stake their claim.
After a year or two of Realtor bliss, reality set in, and all the money that people were pouring into homes dried up. Several multi-million, even billion dollar development projects, including plans for a "W" Hotel on South 41, reached a standstill and are now represented only by a sign and overgrown vacant lot. The market was inundated with everything from luxury waterfront homes to condominiums. It hasn't had a crushing effect on the city as transactions are picking up again and stability appears to be approaching.
The majority of businesses in Sarasota are sturdy and have weathered the real-state and economic storm. The strength of business in this town is reflected in a number of prominent rankings. For instance, Inc. magazine recently ranked Sarasota-Bradenton-Venice No. 8 on a list of 393" boomtowns," in 2007, and No. 3 for growth among mid-size cities.
But who exactly are the people and what are the companies that work through all the "seasons" to contribute to the commercial notoriety of Sarasota? Believe it or not, more than 30 corporations make their headquarters in SRQ, an impressive number for a town of just over 50,000 residents. These include Turvis Tumbler, a maker of distinct plastic wear that can be found adorned with your favorite mascot in just about every college bookstore; Boar's Head Provisions, one of the nation's elite distributors of deli meats and cheeses for over a century; and MoneyShow, the world's leading producer of investment conferences and cruises, hosting more than a dozen events all over the world.
While tourists flock to the area to enjoy the weather, executives come to Sarasota to train and address regional business. Banks like Bank of America, M&I, Northern Trust, and Sun Trust, to name a few, have large regional offices in downtown SRQ. Their buildings share a leading role in the city's modest skyline with luxury condominiums. There are an estimated 30,000 millionaires living in Sarasota County; and, according to a Kiplinger's article from 2006, has a higher concentration of wealth than places like DC, NYC, and Honolulu. Twelve point six percent of the residents had a million dollars in the bank, good for eighth highest in the country in 2006. This alone is cause for the banking activity here and also why the city's semi-pro football team is called, believe it or not, The Millionaires.
There's no Place Like Home...
Forbes.com/Milken Institute has ranked the Sarasota-Bradenton area as the 39th "Best Place to Live" out of 294 U.S. metro areas (2002).
Money Magazine named Sarasota one of the nation's "Best Places to Live" ranking the community seventh on a list led by New York City.(December, 2001)
Money Magazine named Sarasota the "Best Small City in the United States." (December, 2000)
Modern Maturity named Sarasota the "3rd Best Big City in Which to Retire." (May-June, 2000)
Expansion Management named Sarasota the "6th Best Metropolitan Area for Standard of Living" in the Country. (November, 2000)
Money Magazine named Sarasota as the "21st Best Place to Live in the United States."
Money Magazine ranked Sarasota as one of the "Top 20 Places to Retire."
Entrepreneur Magazine placed Sarasota as the "6th Best Medium-sized City in the United States." It also named Sarasota as the "8th Best City in the South." (regardless of size)
Sarasota Memorial Health Care System is recognized among America's 50 Best Hospitals by U.S. News & World Report and in 2008, was recognized among 10 of the largest safe hospitals in the nation by Forbes.com.
Expansion Management Magazine has rated Sarasota a four star community, one of only two to achieve this rank in all of Florida (2003)
Business Development Outlook Magazine has selected Sarasota as one of the "25 Choice Cities"- the most desirable cities into which a business can relocate or expand for 2001-2002. (November/December, 2001)
Sarasota was ranked "37th Best Place for Business and Careers" out of 200 metro areas nationwide by Forbes Magazine. (May, 2001)
Employment Review and BestJobs.USA has selected Sarasota as the "Best Place in Florida to Live and Work" and the "3rd Best Place in the Nation to Live and Work." (June, 2001)
BizMiner Business Vitality Review ranked the Sarasota/Bradenton metro area as the "3rd Best Second-Tier Metropolitan City for Business Relocations Nationwide." It is ranked 1st in Florida.(May, 2001)
Sarasota/Bradenton MSA received five stars (the highest rating) by www.bizjournals.com.(September, 2000)
The U.S. Bureau of Labor Statistics ranked the Sarasota/Bradenton area "3rd in the Nation in Job Growth."
A New Business Opportunity Index developed by two professors in the College of Business Administration at the University of Texas at El Paso ranks Sarasota "7th among 316 Metropolitan areas in the US" for a variety of key conditions that positively influence business climate.
