During the past few decades Florida’s economy has diversified from having a heavy dependence on tourism and agriculture to a more balance economy with new sectors like service businesses and technological industries. An indication of the healthy economy in the state is the noticeable increase in employment rates during recent years and the steady unemployment rate at roughly 4.5%-5.5% during the last five years. Florida is divided into five main economic regions which are then subdivided into Major Statistical Areas (MSA).
The Tampa-St. Petersburg-Clearwater Metropolitan Statistical Area (MSA) consists of Hillsborough, Pinellas, Pasco and Hernando County as defined December, 1992 by the Federal Committee on MSA’s. Located midway along the west coast of Florida, the Tampa Bay Area benefits from a diverse and strong economy. This economy is nourished by the area’s warm climate, location, and geographic shape.
The Tampa-St. Petersburg-Clearwater MSA is the largest MSA in Florida, with an estimated 2005 population of 3,776,611 persons, representing 21.42 percent of Florida's estimated 2005 population of 17,633,938 persons. The Area’s population has increased steadily over the last fifteen years at an approximate 1.5% to 2.0% rate. Projections reveal that this rate of increase will continue for the next five years.
Economy
Although tourism has been responsible for boosting Tampa Bay’s economy for a large period, over the last twenty years the Area’s economy has diversified. Apart from tourism, these varied industries include electronic equipment and biomedical manufacturing, citrus canning, shrimping, paint production, brewing, phosphate mining, transportation and finance and government sectors.
Tampa Bay is also known to some as "Technology Bay." Over 30 percent of Florida's high tech employees live and work in the Bay region. The area is home to three of the nation's Fortune 500 companies, and home to seven Fortune 1000 companies. Nearly half of Florida's medical technology companies reside in the Tampa Bay region.
Tampa Bay also hosts one of the most popular and admired airports in the world, Tampa International Airport (TPA). The Bay Area also hosts the largest port in the southeast, the Port of Tampa, serving as both a pleasure and industrial port.
Employment
According to the US Department of State, one out of every 10 jobs in the United States was created in Tampa Bay during the year 2000. This area has been gaining ground at a rapid pace in terms of job growth, population gains and labor force increases.
Tampa Bay is a recognized leader that now ranks among the world's fastest growing economies. Its 3.7 million residents and 2.4 million member labor force have empowered the region with incredible economic clout. In 1999, the Tampa Bay region registered the largest percentage increase in employment of all of the nation's big labor markets. Tampa Bay also added 62,400 jobs to its employment roster in 1998, which was the biggest increase in actual jobs in the entire state. At its current pace, Tampa Bay will continue to be at the top in job growth, income growth and residential growth through 2015.
Transportation
The majority of air transportation to the bay area is through Tampa International Airport, highly regarded and served by most national and international airlines, accommodating both passenger and freight service. Tampa International Airport is in western Hillsborough County near Interstate 275 and is less than thirty minutes travel time from most points in the Tampa Bay market.
The Port of Tampa, as Florida's largest port, handles nearly 50 million tons per year, or half of the State's total seaborne cargo tonnage. The Port of Tampa is also the largest economic engine in West Central Florida. It continues to grow and diversify, attracting new investment and facilitating trade growth while enhancing security and safety.
Major traffic corridors feeding into the area include Interstate 4 and Highway 60 bringing travelers from points east, Interstate 75, Interstate 275 and Highway 301 accommodates those traveling from points north and south. Two 15-mile toll roads exist in this Metropolitan Area, the Veterans Expressway (State Road 589) and the Lee Roy Selmon Expressway (State Road 618).
Education
The University Of South Florida (USF) is the second largest university in the Southeast with nearly 42,000 students and a budget of more than $1 billion. USF offers 200 programs at the undergraduate, masters, specialty and doctoral levels. In the 2003-04 academic year, USF awarded 7,800 degrees. USF, part of Florida's State University System, has graduated 190,000 students since the initial commencement in 1964.
USF’s medical center and nationally recognized USF-affiliated health-care institutions have made USF the regional center of medical, biotechnology and bioscience development. The university is widely recognized for work in the fields of genetics, aging, anti-bioterrorism, neuroscience, marine science, alternative fuel polymers and material science.
The University of Tampa, pictured to the left, is a medium-sized comprehensive, private university located in downtown Tampa that offers more than 65 programs of undergraduate study and pre-professional programs through a core curriculum rooted in a liberal arts tradition. The university enrolled approximately 4,800 students during the 2003-2004 school year.
Hillsborough Community College serves approximately 40,000 students and ranks ninth in size among the state's 28 community colleges.
Recreational Facilities
Recreational facilities in the Bay area are exceptional, including: Raymond James Stadium, which is home to the Tampa Bay Buccaneers professional football team and is shared with The University of South Florida Bulls; the St. Petersburg Times Forum, which is home to the Tampa Bay Lightening professional hockey team; Tropicana Field which hosts the Tampa Bay Devil Rays major league baseball team; and Legends Field which is the winter home and spring training headquarters for the New York Yankees and also hosts the Tampa Yankees minor league baseball team. Additionally, other attractions besides sporting venues include two theme parks (Busch Gardens / Adventure Island), the Ford Amphitheater, the Florida Aquarium, Greyhound and horse racing, and many well-maintained county parks offering a variety of activities. Many national tourist attractions are within 60 miles, including Walt Disney World, EPCOT Center, MGM Studios, Universal Studios, Cypress Gardens, Sea World, and Busch Gardens.
Tourism
Tha Tampa Bay Area is the most popular tourist destination on Florida's Gulf of Mexico with over 12.9 million visitors in 2003.
Two of the top five beaches in the United States are located in Pinellas County, according to America's Best Beaches. Fort De Soto Park, America's No. 1-rated beach, offers 35 miles of white-sand beaches on some eight major barrier islands. Caladesi Island, America's No. 4-rated beach, and Clearwater Beach, ranked No. 1 for city beaches in the Gulf of Mexico area are part of the major attractions to the area.
With the exception of the years 1988, 1991 and 2002, tourism in the area have continued increasing since 1985. Tourism provides a partial explanation for the amount of people involved in retail and services industries.
Conclusion
The Tampa Bay Area population has grown significantly in the past ten years, and this rate of growth is expected to continue into the immediate future. Expansion of the service related sectors of the Area’s economy are expected to continue, with relocation of major corporate centers fueling demand for residential housing. Tampa Bay should continue to be the banking and insurance center for the west coast of Florida because of its central location and high quality linkages to the surrounding areas.
The Tampa Bay Area economy is well diversified. The majority of the work force is employed in basic industries, providing stability to the economy. It should continue to receive a continuing influx of corporate relocations because of the available labor supply, wage and salary levels, and housing availability.
|