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🔥Tampa is Booming! $40B Expansions & Mortgage Growths

🔥Tampa is Booming! $40B Expansions & Mortgage Growths

Check out what's happening in the Pasco and Tampa economies this week.

Sean Bates
October 31, 2024

Happy Thursday!

And happy Halloween if your family is participating in the festivities!

We’ve got good news to check out for Tampa Bay this week. Pasco’s manufacturing sector continues to grow, and TPA is getting more funding for its expansion.

We’re also taking a look at housing market predictions for 2025.

—Sean

💥 Pasco’s Manufacturing Boom: Soule Expands Again

Driving the news: TPasco County continues to be a hub for economic growth as The Soule Co., a medical product manufacturer, expands into a large speculative warehouse at North Tampa Bay 75 Business Center. This marks Soule's second expansion in under four years.

Details:

Tenant: The Soule Co., which makes patient positioning products that help prevent pressure injuries, has leased 127,820 square feet in the business park.
Investment: The company will invest $400,000 in its newest location, adding jobs to the Pasco County workforce.
Development: The facility, part of the former Overland Business Park redevelopment, was developed by Atlanta-based Rooker Co. in collaboration with Pasco County.

Why it matters: The Soule Co.’s growth highlights the area’s appeal as a manufacturing hub, supported by strategic partnerships and infrastructure investment. The expansion not only brings new jobs but reinforces Pasco's reputation as a destination for medical manufacturing, benefiting the local economy and healthcare supply chain.

The big picture: The North Tampa Bay 75 Business Center spans 85 acres and will eventually feature 850,000 square feet of industrial space across four buildings. Rooker’s investment in this project, supported by a $3.7 million forgivable loan from the Penny for Pasco sales tax, is pivotal in transforming the area into a major economic driver.

Between the lines: Public-private partnerships, like the one between Pasco County and Rooker Co., play a crucial role in driving industrial development and attracting significant employers to the region.

What’s next: North Tampa Bay 75 Business Center will continue expanding, and additional businesses are expected to follow Soule’s lead. The long-term vision is to establish Pasco County as a powerhouse for industrial and manufacturing firms.

The bottom line: Pasco County’s strategic initiatives are bearing fruit, as evidenced by The Soule Co.’s continued investment and growth. The county's business-friendly environment and infrastructure improvements set the stage for sustained economic expansion.

🏡 A $999,900 Masterpiece of Luxury and Comfort in Tampa!

7 Beds | 6 Baths | 5,523 sqft

Built in 2019 inside the prestigious K-Bar Ranch gated community, this home is catching a lot of attention! Designed for both personal and professional growth, this home combines modern elegance with functional design, making it perfect for large families or those who love to entertain.

With recent updates and enhanced interior amenities, you’ll also get to enjoy breathtaking conservation views on your patio, offering a serene and natural backdrop for relaxation and gatherings.

Located in the heart of New Tampa, this home is part of a master-planned community offering a wealth of amenities, including a swimming pool, tennis and basketball courts, playgrounds, and more.

📍 19258 Briarbrook Dr, Tampa, FL 33647

✈️ $40M Boost for TPA’s Airside D Expansion

Driving the news: Tampa International Airport (TPA) has secured $40 million in federal funding for its highly anticipated Airside D, a major milestone in the airport’s $1.5 billion expansion effort.

Details:

Source of funds: The Federal Aviation Administration (FAA) awarded this grant as part of the Federal Bipartisan Infrastructure Law, aimed at modernizing transportation across the United States.
Scope of use: Funds will support key components like boarding bridges and the guideway connecting Airside D to the main terminal.
Timeline: The Airside D project, which spans approximately 600,015 square feet, will break ground in December and finish design by 2025, with an opening slated for 2028.

Why it matters: Tampa Bay's rapid growth in tourism, population, and business has placed increasing pressure on airport infrastructure. The expansion will enable TPA to better serve travelers, boosting passenger capacity from 25 million annually to an estimated 35 million by 2037.

This upgrade will ensure smoother, more efficient travel for residents and visitors alike.

The big picture: TPA’s funding is part of a broader $970 million FAA investment benefiting 125 airports across 46 states, plus territories like Guam and Palau. By strengthening aviation infrastructure nationwide, the federal initiative aims to enhance economic growth, create jobs, and maintain travel safety.

What they’re saying:

TPA CEO Joe Lopano emphasized the project’s importance: “Airside D will be critical in accommodating the tourism, population, and business growth we’re experiencing…”
U.S. Transportation Secretary Pete Buttigieg highlighted the broader impact: “Investing in America’s airport infrastructure isn’t just about upgrading runways and terminals — it’s about growing local economies and creating jobs.”

What’s next: As TPA prepares to break ground on Airside D in December, the project remains on track to elevate the airport experience by 2028.

Final design work will continue through 2025, with plans for shopping, dining, and premium lounges that promise to enhance passenger comfort.

The bottom line: With robust federal support, Tampa International is ready to meet future demand and keep pace with the region's dynamic growth. The Airside D project is a win for Tampa Bay, promising economic benefits and an upgraded travel experience.

🤔 Will 2025 Be the Year of Mortgage Growth? MBA’s $2.3 Trillion Forecast Says Yes

Driving the news: MThe Mortgage Bankers Association (MBA) recently projected a promising rise in mortgage origination volume, reaching $2.3 trillion in 2025, a significant boost from the $1.79 trillion expected in 2024.

This growth aligns with forecasts of stabilized mortgage rates and a resilient demand for housing despite economic challenges.

Details:

Purchase originations are expected to increase by 13% to $1.46 trillion.
Total loan originations are projected to jump 28%, with an estimated 6.5 million loans in 2025.
Mortgage rates will likely settle around 5.9% as rate cuts begin impacting the market.

Why it matters: For prospective homebuyers, a stable mortgage rate environment near 6% could ease the “lock-in effect,” making homeownership more accessible. Inventory growth, particularly in newly built homes, may provide relief in markets where previously owned starter homes are scarce.

The forecast also indicates greater market activity, supporting buyers and lenders who have faced challenges in recent years.

The big picture: The MBA expects a decelerating U.S. economy in 2025, with unemployment edging up to 4.7% and inflation easing towards the Fed's 2% target.

While these factors may curb economic growth, the stable rate outlook has industry leaders optimistic about the housing market's resilience.

Between the lines: First-time homebuyers are increasingly turning to newly built homes as affordability challenges persist. With MBA experts emphasizing demographic factors, the influx of younger buyers should sustain demand, especially if inventory continues to grow.

Additionally, production profitability is improving after significant losses, hinting at a more sustainable landscape for lenders.

What’s next: The MBA remains “bullish” on the spring 2025 market, anticipating a modest uptick in housing demand and origination volume. As younger generations enter the market, the combination of stable rates and increased inventory may offer a more balanced environment for buyers and lenders alike.

The bottom line: MBA’s forecast provides a hopeful outlook for 2025, balancing rate stability with a gradual economic cooldown. 2025 could bring increased opportunity amid steady market conditions for homebuyers and the mortgage industry.