With optimism across the
nation over the re-election of president
Obama and the economy showing signs of recovery, business communities across
Tampa see a favorable year ahead .With factors like; favorable demographics,
booming industries backed by a tax free state shall set the tone for recovery of jobs in Tampa.
Factors that could Drive Tampa’s
Economy:
·
Relatively discounted commercial property rates.
·
Zero income tax regime in the state.
·
Cost of doing business relatively low as compared to other states.
Employment Across Industries-
Tampa is home to several
companies across manufacturing and particularly for service industries viz.
financial services, insurance, banking, retail, healthcare, and high technology
industries like aerospace, medical technology, and food processing firms.
Prospective Industries
1.
Tourism - Since the city is bestowed with parks and vast beaches,
tourism is another industry that contributes significantly to Tampa’s jobs and
with the economic recovery back on the wheels, discretionary spending shall
improve the prospects of tourism industry in the region.
2.
Financial services - An increasing number of
private equity firms are moving to Tampa bay to take advantage of tax arbitrage
in the state of Florida.
3.
Construction– Construction jobs have
shown a growth of 2100 jobs in January 2013 on a year to year basis, with the
property rates at steep discounted levels backed by the low mortgage rates and
with number of immigrants increasing, construction industry will play a
significant role in Tampa jobs market.
Employment in numbers -
Improvement in employment
rate of some leading industries (an year on year comparison as on Jan 2013)–
Education and health - 4.8% ,followed by Other services - 5.8 %, Construction
industry - 4.1%, trade, Transportation & utilities - 3.2 %, Financial
activities - 2.1 %, Professional & Business services - 3.8 %, , Leisure and
Hospitality industry - 3.5 %.
Unemployment rate has come
down to 8 % as on January, 2013 from 10% p.a. on year to year basis which means
120629 employable workforce have entered the labour force during the period. This
could be clearly understood from the tantamount change in the employment rate
of few of the leading industries in Tampa
