Tampa Bay area ranked among top 20 U.S. metros for economic growth
March 3rd, 2017
The Tampa Bay area was recently ranked in the top 20 U.S. metros by the Brookings Metropolitan Policy Program. The program tracked the economic performance of the nation’s 100 largest metropolitan areas along the three dimensions of growth, prosperity, and inclusion, and published their findings in their 2017 Metro Monitor.
Tampa ranks 18th in the nation for growth from 2010-2015 based on gross metropolitan product, number of jobs, and number of jobs at young firms, and 17th for inclusion, which measures changes in employment and how income is distributed among individuals.
“The Brookings Report rankings prove Tampa continues to rise as a major economic driver within the state of Florida,” said Craig J. Richard, CEcD, President and CEO of the Tampa Hillsborough Economic Development Corporation. “We’ve worked hard to secure major company investments and create high-wage, high-skilled jobs for the area, and we’re thrilled that Tampa continues to be recognized for these efforts.”
In December, Milken Institute’s annual Best-Performing Cities analysis of the largest 200 U.S. metro areas reported that the Greater Tampa Bay area rose from No. 86 in 2014 to No. 33 in 2016. In addition, KPMG has ranked Tampa in the top five among U.S. cities for a favorable tax structure that offers the lowest cost of doing business.
Tampa’s economy includes a thriving financial and professional services sector that has seen investments from Bristol-Myers Squibb, USAA, the Depository Trust & Clearing Corporation, and Citi, adding thousands of new jobs in the last three years. The city also has the highest job demand for STEM-related occupations in the state of Florida, and a healthy startup community that is drawing more entrepreneurs, investors, and young talent than ever before.
Attracting a talented young workforce and fostering entrepreneurship have been top priorities for Tampa with the THEDC conducting research, called the Millennial Matter Project, to delve into the mindset of millennial corporate decision makers across numerous markets. Tampa’s research indicated that Millennial decision makers are looking for a vibrant urban environment with easy commutes, strong quality of life, and low income taxes: all key attributes of the Tampa Bay area.
“Companies continue to invest and grow in Tampa due to the exceptional talent found in the area, whether within STEM-related fields, financial services or the growing startup community,” said Richard. “That, combined with the stellar quality of life in the area, is making Tampa the top place do business in the U.S.”
Link to Metro Monitor 2017 here.