2025 Suncoast Economic Forecast

On Thursday, January 30, the Lambda Alpha International (LAI) FL Suncoast Chapter hosted its second meeting as an official LAI Chapter. The IMPACT article, Announcing the LAI FL Suncoast Chapter, celebrates the chapter charter presented on October 16 at the Annual Gathering in Phoenix.

Michael Snipes, Ph.D. Associate Professor of Instruction of Economics, University South Florida, Sarasota, Manatee, presented on the 2025 Suncoast Economic Outlook.

Built in 1929 on Sarasota Bay, the 
Powell Crosley Estate was a perfect 
meeting venue.
Photo courtesy of Holly Elmore Images

Thanks to the generous sponsorship from the Bradenton Area Convention and Visitors Bureau (BACVB) and the Powell Crosley Estate, the event was open to LAI members and prospective members at no charge. The meeting ended with a lovely reception that was much appreciated by the attendees.

After welcoming attendees, official meeting emcee, John McCarthy - V.P. for Regional History at Marie Selby Botanical Gardens -  thanked BACVB Executive Director Elliott Falcione for his much-appreciated sponsorship.

 LAI FL Suncoast Chapter Vice-President John Osborne, CEO and Urban Planner at Green Streets inducted six new members to the thriving new chapter:

• Alan Zirkelbach, Z Construction President
• Sean Fraser, Beaverbrook Accounting Owner
• Sara Kane, Sarasota County Government Sustainability and Resilience Manager
• John Taylor, Ralph Taylor's Nursery Owner
• Michael Barbour, Retired Aquatic Ecologist
• Misty Servia, Desoto County Planning Director

The previously mentioned article, Announcing the LAI FL Suncoast Chapter, details the chapter history during the development stage, the keys to success, and future chapter plans. 

About LAI

LAI is the honorary global network for thought leaders 

in all fields related to the preservation and sustainable development of land.

LAI is a growing network of chapters in the United States, Canada, Mexico, Europe and Asia. Each chapter offers a wide variety of programs with industry leaders, discussion forums, community service projects and networking events.

Membership is highly selective through a nomination process initiated by an LAI member. Nominees for LAI membership must demonstrate ten or more years of experience in their fields, professional distinction, and outstanding contributions to the community in their field of endeavor.

LAI is committed to excellence and high professional standards to make a difference. A value to members is knowing you are someone who helped make that difference.

2025 Suncoast Economic Outlook
For his economic outlook, Michael focused primarily on inflation and labor markets as they showcase the intricacies of the overall economy. 

After a simple explanation of inflation, Michael noted that the Federal Reserve goal is 2% inflation; currently, national inflation is 2.9%, up from 2.5% last month. National inflation drivers include:

• Transportation – 7.3%
• Housing – 4.6%
• Restaurant Meals– 3.6%

Recently egg prices jumped by 37% due to avian flu outbreaks.

Michael Snipes during
his presentation.
Photo courtesy of Holly Elmore Images

According to November 2024 data, the most recent available, the Tampa Bay region inflation is a 1.6%, down from a high of 10.1%. Much of the inflation is driven, directly or indirectly, from the influx of new residents increasing the demand for housing. Energy  and increasing insurance costs also contribute to the area inflation.

The Gulf Suncoast has a higher inflation rate of 3.4%, mainly due to housing costs and homeowner's insurance premiums; the Suncoast's housing costs are 15% higher than the state average.

Michael began the labor market portion of his presentation with an  explanation of the following terms: labor force, labor force participation, and unemployment. Using graphs, Michael shared how the COVID pandemic-induced labor crisis was essentially recovered; the region-labor status is better than the national average. Regionally, the labor force is stronger than pre-COVID with growth in all sectors.

The Suncoast unemployment rate of 3.9% is slightly lower than the national average of 4.1%.

Looking forward, Michael anticipates a slowdown in the housing market due to lower prices, fewer sales, and high mortgage rates. Despite a decrease in 2024, Michael predicts an increase in 2025 tourism due to the Sarasota-Bradenton International Airport (SRQ) recent expansion, additional athletic offerings, and increases in business and international tourism.

The IMPACT article, SRQ: an Economic Driver, showcases how SRQ is a major regional economic driver; the article includes an overview of SRQ CEO Rick Piccolo's impressive presentation at the November 21, 2024 LAI FL Suncoast Chapter meeting.

Although the economic outlook is generally positive, pending policy and other political scenarios may impact the Suncoast economy.

The Holly Elmore Images-photo album, 01-30-25 LAI FL Suncoast Chapter Meeting, gives a pictorial recap of the meeting.

Future Chapter Plans
LAI FL Suncoast Chapter President Holly Elmore closed the meeting with an impressive overview of the chapter status: the chapter-member goal of 30 members was achieved by December 31, 2024! With six new-member inductees at the meeting, the chapter is well on its way to achieving the goal of 40 members by March 31 and 50 members by June 30.

Sunset over the bay
during the meeting
Photo courtesy of Holly Elmore Images

Holly announced the chapter's current focus on member building will shift midyear to creating value for members and the community. Explorations are underway for Affordable Housing and Responsible Development taskforces.

With stellar program chair Jay Brady at the helm of chapter activities, the Board commits to host four presentation-style meetings supplemented by one to two more casual happy hour-style events annually.    

With a strong foundation built, the LAI FL Suncoast Chapter is staged to thrive and soar in 2025!