The City of St. Pete recorded a record $1.44 billion in construction value in 2025 while employment, household incomes, and the local labor force continued to grow, according to data presented Wednesday during the city's annual State of the Economy address at the Mahaffey Theater.

Mayor Ken Welch, alongside city officials and economic development leaders, provided an annual update on the city’s current economic standing.

“The state of our economy is not only measured by what we build, but it is also measured by who benefits, who belongs, and who can see a future here,” City Council Chair Lisset Hanewicz said during the address.

“Local governments cannot control interest rates, insurance costs, global supply chains, inflation or the weather, but we do shape conditions that help determine whether people can succeed despite those challenges,” Hanewicz said.

“We decide how to invest in infrastructure, plan for growth, whether our neighborhoods are connected, whether city processes are thoughtful and responsive, and whether we prepare for storms before they arrive rather than reacting afterward.”

New district markers now welcome residents and visitors to the Grand Central District, a neighborhood that has steadily grown into one of the Sunshine City’s most active, walkable neighborhoods.

One of the metal sculptures now stands at the intersection of Central Avenue and 16th Street in front of the Arte apartment complex.

Created by international artist Volkan Alkanoglu, the towering piece resembles a bird’s plumage.

A second structure, designed to resemble a palm tree, was installed next to the Vantage St. Pete apartments at 1st Avenue North and 16th Street.

“These were designed to reflect the artistic vibes and progressive feel that define the Grand Central District,” District Director Chris Arnold said during a Tuesday ribbon cutting.

The installations mark the culmination of a five-year effort by the Grand Central District Association, which reviewed more than 100 submissions from artists across the country before selecting the final designs.

BankUnited, a regional bank headquartered in Miami Lakes, is opening a new branch at 900 Central Avenue, on the southwest corner of Central Avenue and Dr. Martin Luther King Jr. Street North in downtown St. Pete. The bank will occupy 2,700 square feet on the first floor of the building.

Built in 1918 as the Western Hotel, and renamed the St. Petersburg Hotel two years later, the three-story brick structure is the EDGE District's oldest building.

Over more than a century, the building has housed a post office sub-station, a drug store, a grocer, and a string of other businesses. The first-floor space BankUnited will occupy was most recently home to an Anytime Fitness location, which closed in late 2022.