// 2016
TAMPA PULSE
The Tampa Bay area has fully recovered from the severe impacts
of the recession and housing crisis, comparable to Florida overall.
Employment in the Tampa Bay area has surpassed previous peak
levels seen in 2006 by nearly 44,500 jobs, and is experiencing
some of the fastest private sector job growth in the state, as
local companies continue to be attracted to the metro area. The
strong employment opportunities and favorable business climate
have also led to Tampa Bay being one of the top ten markets for
in-migration in the nation, particularly among domestic migrants
entering the area from out of state.
Tampa Bay, like much of the Southeast, is the beneficiary of
natural and economic growth drivers. With a preferable climate, a
favorable cost of living, and pro-business environment, the region
is slated for strong economic growth in the near future. Centrally
located within Florida, Tampa Bay has excellent access to the
state’s talent workforce, and companies are increasingly targeting
Tampa for potential location due to that fact – over the previous
two years, Amazon.com, Johnson & Johnson, and iQor have
all opened up substantial operations in Tampa Bay in order to
leverage these attributes.
As Tampa Bay increasingly enters the forefront for national
companies, the metro area is entering an exciting time, and is
ripe for strong growth over the next five years, with the real estate
community at the heart of this potential. Development has been
keeping pace with population growth, with 6,580 multifamily units
built in the previous two years and an additional 1,424 units under
construction in the urban core alone, which will cater to the growing
Millennial population. In addition, there are several long-term
projects in the pipeline that will reshape the metro area into a major
destination in the Southeast for people and businesses alike.
Marc L. Miller
Research Manager, Florida