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‘Future Ready:’ Tampa Bay EDC outlines catalyst initiatives
“I’m pleased at how far we’ve come, and I’m excited about the future for us.”
Tampa Bay’s economic development experts believe the region can solidify its status as a global leader by collectively capitalizing on three catalytic initiatives: Artificial intelligence, digital infrastructure and blue technology.
The Tampa Bay Economic Development Council has released its 2026-2028 strategic plan, following eight months of intensive assessments. It outlines foundational activities to sustain the region’s success and introduces “catalyst initiatives” that build on existing assets and industry strengths to drive competitiveness.
CEO Craig Richard said emerging trends highlighted in the plan, Future Ready: Tampa Bay, are opportunities to “compete successfully” in a rapidly evolving economic landscape. He also stressed the importance of regionalism.
“When you’re talking to somebody from London about relocating to the Tampa Bay area, they have no idea where city and county lines are – it’s one market,” Richard said. “The regionalism aspect, whether we want to acknowledge it or not, it’s here.”
Several economic development stakeholders, including Mayors Ken Welch (third from left), Jane Castor (third from right) and Bruce Rector (second from right), attended a trade mission in London in June 2025.
The first catalyst initiative, artificial intelligence (AI), is “pervasive in just about everything that comes up now,” Richard said. Economic development stakeholders also have a new, related asset to leverage – the University of South Florida’s Bellini College of Artificial Intelligence, Cybersecurity and Computing.
The college is the nation’s first dedicated to unifying those subjects. Richard called it a “beacon” for AI and tech companies seeking specialized talent and partnership opportunities with USF, which are “equally important.”
MacDill Air Force Base uniquely hosts U.S. Central Command (CENTCOM) and U.S. Special Operations Command (SOCOM). Richard noted that both require an immense amount of new technology to remain successful and keep soldiers safe on a global stage, and the local ecosystem has grown exponentially over the past decade.
“The big defense contractors typically locate in close proximity to (Washington) D.C., for lobbying and advocacy reasons,” he explained. “When the technology becomes more specialized, then you tend to see them co-locate closer to the users of that technology. And that’s what we’re seeing now.”
Future Ready: Tampa Bay calls for creating a new business development position that focuses on the AI, cybersecurity and defense sectors. Stakeholders should also “develop a deep understanding” of industry challenges and opportunities to discern how the region can offer companies a competitive advantage.
Richard believes “a lot of education needs to occur” regarding the second catalyst initiative, digital infrastructure. The term encompasses data centers, which are used to power AI.
Investments in fiber optic networks and Tampa Bay’s proximity to data centers “are going to be critical for our competitiveness,” Richard said. Many people believe the metro area lacks available space to construct the latter.
Richard said Tampa Bay is already home to about 14 data centers. While those are not massive facilities that “get all the attention,” like a recently announced project in Polk County, “there are different-sized data centers for different needs.”
“Finding the types of data centers that make sense for our region is something that’s going to require more information, more education, to really uncover what those opportunities look like,” he added.
The strategic plan states that stakeholders should partner with utility and internet service providers to identify sites and needs for data centers. Although the facilities notoriously require vast amounts of energy, Richard said new technologies are creating efficiencies.
He noted that Tampa Bay is well-positioned to capitalize on the third catalyst initiative, blue technology. The area, particularly Pinellas County and St. Petersburg, already has an abundance of related assets.
The St. Petersburg Innovation District is home to the USF College of Marine Science, the Maritime and Defense Technology Hub and several other public and private organizations that will help position Tampa Bay as a global destination for blue tech innovation.
Port Tampa Bay and MacDill are also critical to regional and national maritime defense. Richard said his organization “stands ready” to assist, support and collaborate with regional partners to build a globally competitive blue tech ecosystem.
Tampa Bay is already one of the 10 most economically diverse regions in America. Maintaining and building upon that success requires fostering new startups, growing established businesses and attracting major companies, Richard said.
“If your local business community is growing and thriving, it will attract others,” he continued. “With the right environment, the right access to capital, the right access to technology transfer and innovation, you have all the right assets necessary to grow companies.”
Richard stressed the benefit of having local elected leaders who “get” the importance of regionalism. He said it was “fun to see” St. Petersburg Mayor Ken Welch, Tampa Mayor Jane Castor and Clearwater Mayor Bruce Rector “get together and really pitch Tampa Bay” during a trip to London in June 2025.
“It’s one market, and I think more and more people are starting to understand that,” Richard reiterated. “We are great partners. We know how to work together. We do work together on a lot of different initiatives.
“I’m pleased at how far we’ve come, and I’m excited about the future for us.”
Members of the Tampa Bay Economic Development Council at their annual meeting in November 2025.
