Jobs & employment drive real estate values in Tampa Bay

 

Jobs and employment drive real estate values in Tampa Bay

In Feb 2015 Associated Press published the  annual economic rankings of 300 cities worldwide. The analysis was conducted  by the Brookings Institution and JPMorgan Chase. Tampa moved up 30 places from last year on the list, to 141. The top place in the world was Macau

Historical trends show that  Tampa Bay follows the general trend of the US economy but what ever happens in the US is magnified in Tampa Bay. The highs are higher and the troughs are deeper

According to TBBJ Overall, the number of jobs in Florida was 8,248,800 in March 2016, up 234,300 compared to a year ago. The state’s seasonally adjusted unemployment rate was 4.9 percent in March 2016, down from 5.6 percent a year ago. That compares with the U.S. unemployment rate, which stood at 5.0 percent in March.

Looking at Tampa Bay specifically The unemployment rate for Hillsborough and Pinellas counties each stood at 4.2 percent while the unemployment rates for Pasco, Polk and Sarasota were 5.0 percent, 5.2 percent and 4.3 percent, respectively. The rates for Hernando and Manatee counties were 5.8 percent and 4.3 percent, respectively.

Employment in the Tourism industry is an important factor in the Florida economy. Tourism continues to grow in Florida. That’s good for business. That’s good for investment in real estate.
In the first three months of 2017, 31.1 million people visited Florida. That is a 2.5% increase over the same period for 2016.  During that period, Hillsborough County brought in 10.1 million tourists dollars. Pinellus County was the beneficiary of $17.5 million from tourists
In March and April 2017 Tampa international airport and had its busiest period ever. So many tourists come to visit Florida for spring break. This was helped by the expanding routes for Tampa international airport in, both domestic and international. The airport for predicts that 2017 could be a record breaking your for travel

 

In 2011 The Tampa-St Petersburg-Clearwater area ranked 51 on a list of the 2011 BEST CITIES FOR JOB GROWTH Published by Forbes Magazine

 

2012 economic data on the employment rate in Tampa bay shows that this  analysis was correct. Tampa Bay has been a bargain from the employers point of view. In recent times the unemployment rate in Tampa Bay has been dropping more quickly than the nation as a whole

 


2007-2009: Tampa Bay Jobs

Analysis of the change in the number of jobs year to year shows that as compared to the US, Tampa Bay entered the recession well before the rest of the US. It is also cllear that the economic effect of the recession on Tampa Bay employment was much deeper than the US as a whole

 

The unemployment rate in Tampa Bay is still more than 10% but the good news is that over the next three years companies are planning to expand or move into Hillsborough County
As of November 2011, 4,116 new jobs have been committed to by companies that are planning on relocating into or expanding within Hillsborough County. That is twice the number of jobs that were committed to in 2010 and at least three times the goal for 2011 that was  for this year set by the Tampa Hillsborough Economic Development Corporation. The expansions are expected to bring the area hundred and $190 million in capital investment. Appox 40% of these companies received economic incentives to encourage them with the job creation
The economic development Council has identified nine industries to target for growth that dovetail with Hillsborough Counity resources. They include  medicine and medical management, defense and security, biotechnology and medical devices,  hospitality and entertainment

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