Tampa Bay economy remains fifth among six similar regions

“We’re continuing to see improvement in Tampa Bay’s employment numbers, building upon the growth seen in the last scorecard and moving the region’s job creation ranking from fourth to second,” Bill Johnson, vice president of Coca-Cola Refreshments and chairman of the Partnership’s scorecard initiative said in a statement. “This shows that we are moving in the right direction, but need to ramp up the momentum in innovation, employment, income and productivity.”

Tampa Bay remains in fifth place among six similar regions in a semi-annual economic performance scorecard released Tuesday by the Tampa Bay Partnership    .

The bright spot: the Tampa Bay region added 15,500 jobs from the third quarter of 2010 to the third quarter of 2011, the largest increase since the September 2007 scorecard.

Top-ranked Dallas added nearly 66,000 jobs during the same period and had an unemployment rate of 8.44 percent, compared to 11.16 percent in eight-county Tampa Bay area.

Tampa Bay recorded an absolute annual wage of $39,922 – an increase from the $39,467 reported in the previous scorecard, but last among the six regions and the only one below $40,000.

The scorecard measures the six economic driver categories of employment and work force: income and productivity; housing; innovation; education; and transportation; and compares the region’s economic performance against Atlanta, Charlotte, N.C., Dallas, Jacksonville, and Raleigh-Durham, N.C.

While the overall indicator ranking remains low, there are some bright spots in this edition of the scorecard including improved rankings in the categories of employment and work force, income and productivity, and transportation.

Adapted from the Tampa Bay Business Journal Online | Originally posted on Tuesday, March 13, 2012 | Read the entire article here. 

Apartment Buyers and Sellers Expectations Converge in Tampa

A solid pace of job growth and limited construction will keep the Tampa apartment market on track for an additional decline in vacancy in this year’s final quarter, according to the Marcus & Millichap Tampa-St. Petersburg Metro Area Apartment Market Research Report for the fourth quarter of 2011.

Tenant demand continues to strengthen across the entire market, reducing vacancy for seven consecutive quarters through the third quarter this year. Read full article…

The Coming Rental Housing Wave

While widespread recovery continues to elude the housing sector, the apartment market has become one of the real estate industry’s — and the broader economy’s — best hopes for a return to the good old days, with robust property values attracting keen investor interest. And it has the Great Recession to thank for it.

The multifamily market is benefitting from changing demographics and consumer attitudes toward renting resulting from the growing number of financially stressed households. The increase in young and newly formed households that have decided to postpone or even reject homeownership in favor of the lower debt and flexibility afforded by renting during these last unsettled economic years.

Renters now make up more than 40 million households – about one-third of total U.S. households.

Tampa/St Petersburg’s Office Vacancy Decreases

The Tampa/St Petersburg Office market ended the third quarter 2011 with a vacancy rate of 13.6%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 252,649 square feet in the third quarter. Vacant sublease space decreased in the quarter, ending the quarter at 429,465 square feet. Read full article…

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Before you select a firm to represent your purchase or sale, contact our brokerage team for a free consultation. We cover the Tampa and Central Florida area (or can refer you to another CCIM professional outside of the area.)

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