Happy Thursday!

Let's look at what is happening in Tampa Bay's economy this week.

A global leader in building supplies is creating a $77.6M manufacturing facility in Zephyrhills, and the Tampa Bay Rays have set an ambitious timeline for the new stadium.

We’re also taking a look at inventory levels and the recent mortgage rate drop.

—Sean

💸 Zephyrhills Lands $77.6M MiTek Manufacturing Facility

Driving the news: MiTek, a global leader in building supplies, is making a significant investment in Zephyrhills, Florida.

The company plans to establish a new $77.6 million, 480,000-square-foot manufacturing facility in the city, supported by economic incentives from Pasco County and Zephyrhills.

Details:

• The facility will be located on a 111-acre site in North Tampa Bay Industrial Park.
  

• Pasco County approved a 10-year, $3.15 million tax reimbursement package and a workforce training grant.
  

• The Zephyrhills City Council approved a $2.9 million incentive package, including waiving or reimbursing transportation impact and permitting fees.
  

• MiTek's new facility will retain 125 jobs from existing locations in Largo and Tampa, with 25 new jobs created at an average salary of $71,286.
  

Why it matters: This investment is a substantial boost for the local economy, providing high-paying jobs and reinforcing Zephyrhills as a hub for manufacturing.

The development aligns with efforts to promote job-creating land uses in the area, enhancing the city's economic stability and growth prospects.

The big picture: MiTek's decision reflects the attractiveness of Pasco County as a manufacturing destination, partly due to its strategic location near CSX rail lines, which will serve the new plant.

What's next: Construction is already underway, with the first phase focused on the site research.

MiTek aims to break ground by the end of the year, with the facility expected to be operational by early 2026.

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🏟️ Inside the Rays’ $1.3 Billion Bet
on St. Pete’s Future

Driving the news: The Tampa Bay Rays have set an ambitious timeline to break ground on their new stadium in downtown St. Petersburg, targeting a completion date before the 2028 season.

With government approvals in place, the focus now shifts to overcoming the significant logistical and financial challenges associated with building the $1.3 billion ballpark.

Details:

• The Rays and their development partner, Hines, will kick off construction in early 2025.
  

• The stadium, designed by Populous, will have a capacity of around 30,000, with potential for expansion during special events.
  

• St. Petersburg Mayor Ken Welch highlighted that key tasks like bond issuance and site design are still underway, with site preparation about 30% complete.

Why it matters: This project is not just about a new home for the Rays; it’s poised to be the largest economic development effort in the region's history.

The stadium and its surrounding mixed-use development will serve as a catalyst for growth in downtown St. Petersburg, potentially boosting local business investments and creating a more vibrant community space.

The big picture: As the Rays aim to complete the stadium by 2028, they are betting on increased revenue from the Historic Gas Plant district to fuel future team investments.

This could reshape the franchise’s financial landscape, attracting more fans and businesses alike.

What’s next: The next major milestones include finalizing the stadium’s design and securing the budget, with preliminary pricing expected in the coming months.

The team’s leadership is confident that, despite the ambitious timeline, they have the experience and partnerships to deliver the project on schedule.

The bottom line: While the project faces scrutiny over taxpayer contributions, the commitment from the Rays and local government signals a shared vision to revitalize St. Petersburg.

If successful, this development will not only provide a state-of-the-art venue for baseball but also foster long-term economic and cultural growth in the area.

🏠 How Falling Mortgage Rates and Rising Inventory Are Shaping 2024

Driving the news: The U.S. housing market is experiencing significant changes, with a substantial increase in housing inventory and a notable decrease in mortgage rates.

Details: According to Realtor.com’s July Housing Report, active listings surged by 36.6% compared to the same period last year, reaching a new post-pandemic high.

At the same time, mortgage rates have fallen to their lowest level in 2024.

• Inventory Increase: The total number of homes for sale nationwide grew by 22.6%, marking the ninth consecutive month of growth.
  

• Regional Variations: The South saw a 47.6% increase in listings, while the West experienced a 35.4% rise.
  

• Price Adjustments: The share of listings with price cuts rose to 18.9%, the highest since October 2023.
  

• Mortgage Rates: Rates dropped to 6.34%, with potential for further decline.
  

Why it matters: These changes create a more favorable market for buyers. Increased inventory means more options and less competition, while lower mortgage rates make homeownership more affordable.

The big picture: The housing market is showing signs of recovery and balance. With more homes on the market and price reductions becoming common, buyers have better chances to find desirable properties at manageable prices.

Between the lines: Sellers are adjusting expectations, which is evident from the rise in price cuts, which is encouraging for potential buyers who have been priced out previously.

However, it's important to consider your local market dynamics before you list your home or start searching for one.

What’s next: As mortgage rates continue to dip, the market might see a surge in buyer activity. Buyers who were hesitant may now re-enter the market, making this a prime time for both buyers and sellers to act.

The bottom line: The combination of increased housing inventory and falling mortgage rates is transforming the housing market into a buyer-friendly environment.

This shift presents opportunities for both buyers looking for affordable options and sellers aiming to capitalize on renewed buyer interest.

📊 Our Current Local Market Data:

The Tampa and Pasco markets are still hot as fall approaches.

I am happy to help you create a real estate strategy that will allow you to navigate the current market.

If you ever have questions, don’t hesitate to ask.

If you’re curious how much your home could sell for now, then reply “What’s my home value” or you can get an estimated value here.

Or if you’re just curious about how the current market affects your situation & what’s going on in your specific neighborhood, just reply & ask.

📰 In Other News:

• Tampa Tops List of Most Desirable U.S. Cities in New Survey
  

• 2024 Paris Olympics: Florida athletes medal tracker
  

• Back-to-school events in the Tampa Bay area this weekend

That’s all for today, I hope you have an amazing week!

If there’s ever anything you need:

• a custom market or home value report

• a home services list for a reliable contractor or services professional

• feedback or a professional opinion on a home project

Just let me know! We’re here to help with all your home needs.

Talk soon,

- Sean, and the Bello Home Team

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