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🔬 New STEM school for Pasco, Straz reno project, & housing market trends

🔬 New STEM school for Pasco, Straz reno project, & housing market trends

Here's some good news about Tampa Bay and Pasco this week.

Sean Bates
September 06, 2023

Happy Wednesday!

I hope that you had a great Labor Day weekend full of fun and relaxation.

This week I’ve got good news for Pasco and Tampa residents as our area’s economy continues to grow.

Enjoy!

—Sean

🔬 New Pasco Magnet School Offers STEM Pathways to Students

Driving the news: There’s a brand new magnet school in Pasco County that is preparing students for careers in STEM.

Details: The Angeline Academy of Innovation opened its doors at the start of the semester for 250 students in grades 6 to 10.

The new school offers four career and technical pathways:

Bio design with a medical focus
Engineering with applied robotics
Cyber security with applied computer science
Artificial intelligence (program will be added next year)

The Angeline Academy of Innovation has a very narrow focus on STEM. You won’t find programs at this school for fine arts and physical education beyond the state requirements for graduation.

Why it matters: The demand for workers with STEM skills is growing rapidly. The Bureau of Labor Statistics projects that employment in STEM occupations will grow 17% from 2020 to 2030, much faster than the average for all occupations.

The school's curriculum is designed to give students in Pasco the skills and knowledge they need to succeed in these fields.

Admissions: The school is open to all students in Pasco County, but admission is by lottery. Students must apply to the school and be accepted to attend. Students who are accepted must have a grade point average that would allow them to graduate from high school.

What’s next: The Angeline Academy of Innovation will add additional grade levels in the coming years and expand its offerings to include more STEM-related courses.

The school is also planning to partner with local businesses to provide students with internships and other opportunities to gain real-world experience.

The bottom line: The Angeline Academy of Innovation will be a major advantage for students in Pasco County. The hyper-focused curriculum will give graduates better opportunities to succeed in their careers and strong applications for universities.

✨ Straz Center Faces Renovation Delays

Driving the news: The Straz Center for the Performing Arts in downtown Tampa is facing delays for its major renovation project.

The big picture: The city’s downtown Community Redevelopment Agency (CRA) committed $25 million in 2021 to Straz as part of an $80 million project meant to transform the waterfront property with an expanded event and outdoor space and a public rooftop terrace overlooking the Riverwalk.

Details: Inflation and supply chain issues have caused the project costs to increase beyond the proposed plan of $80 million.

Straz will likely need an extension to fulfill the contract requirements to obtain the $25 million from CRA and will also need to look for more funding.

Why it matters: The Straz Center is a major cultural institution in Tampa, and its redevelopment is seen as a way to revitalize downtown.

Between the lines: The downtown CRA has been criticized for its use of tax money to fund projects that benefit a small area of the city. The Straz Center is one of several projects that have received funding from the CRA, and the extension of the contract is likely to further fuel those criticisms.

What’s next: The Straz Center is expected to request the extension at a meeting of the downtown CRA board in October.

The board will need to decide whether to approve the extension.

The bottom line: The Straz Center renovation project will be a great way to revitalize the area, but funds have to be properly approved to move forward.

🔑 Half Of Those Purchasing Homes In 2023 Are First-Time Home Buyers

Driving the news: A new report from Zillow finds that first-time home buyers made up 50% of the market in 2023, the highest share ever recorded by the company.

Details: The report, which analyzed data from over 1 million home buyers, found that the share of first-time buyers has been steadily increasing in recent years, from 37% in 2021 to 45% in 2022.

The increase is being driven by a number of factors, including rising home prices and mortgage rates, which have made it less lucrative for repeat buyers to afford a home.

Why it matters: The rise in first-time home buyers is significant because it suggests that the housing market is still relatively healthy, even in the face of rising interest rates.

First-time buyers are often seen as a leading indicator for the housing market, as they are more likely to be motivated by factors like job growth and household formation.

The big picture: The report also found that affordability remains a major challenge for first-time buyers, as it now takes an average of almost 12 years to save for a down payment in the U.S.

What’s next: With no sign of interest rates dropping or inventory levels rising. We could see new trends like this in the housing market for years to come.

The bottom line: The housing market is expected to remain volatile in the coming months and years, but the long-term outlook is positive.

📊 Our Current Local Market Data:

The Pasco and Tampa markets are still hot for several reasons:

Inventory is low
Our job market is desirable
Many people are moving to the area

If you are thinking about buying a home in the area, you should be prepared for a competitive market. You will need to be pre-approved for a mortgage and be ready to act quickly when you find a home you like.

I am happy to help you create a home-buying strategy that will allow you to navigate the current market.

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