How has demand evolved over the past year in your observation?

Over the past year, we’ve been fortunate to experience an uptick in our business, which has been busier than ever. Florida heavily relies on tourism as its top revenue generator, and with the downturn that began last March, there’s a potential decrease in tax revenue directed towards government agencies. This could potentially impact public projects. However, the residential market is booming, and demand for our services in that sector is increasing exponentially statewide. This surge in residential work is expected to offset any potential losses we might face in the public sector. Factors like low interest rates and taxes in Florida have empowered people to afford more, contributing to heightened demand for our services.

Which areas within Tampa Bay are witnessing the most significant surge in new development activity?

Pinellas County is already quite developed, leading to more redevelopment activities rather than entirely new projects. However, expansion along the 1-4 Corridor from Tampa to Orlando is where substantial development is taking place. As new developments emerge, the need for infrastructure improvements becomes paramount—enhancing transit, transportation, water, and sewer systems. Some towns along this corridor are envisioning significant expansions, doubling their sizes in the coming years. We’ve had to expand our workforce, hiring additional crews and environmental scientists for these expanding residential projects, and we foresee this trend continuing in the foreseeable future.

What market trends do you consider significant, and what are your immediate priorities?

At Pennoni, we have a dedicated team focusing on sustainability and resilience, particularly vital in Florida due to concerns about sea-level rise. We’re proactively designing for these factors, and municipalities are revising their codes to accommodate these challenges. Additionally, FEMA floodplain maps are undergoing revisions. Diversifying between public and private work stands as a top priority for us. Typically, we maintain a 50-50 ratio between the two sectors, as public work tends to sustain us during economic downturns. However, there might be a shift in this dynamic in the coming years. It’s encouraging that our proposal activity remains robust, indicating no immediate downturn. We’re receiving new requests for proposals regularly, as developers are eager to move swiftly, especially with the significant influx of people—over 1,000 per day—moving to this area. Adaptability and meeting the needs of developers will be crucial for continued success in this landscape.