Jobs in Tampa – Green shoots ahead

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