Tampa’s Economy

Service, retail, finance, insurance, and real estate sectors lead regional industry. Bioscience and other high-tech industries are expanding, thanks in part to research at university and college campuses throughout the area. Manufacturing is also experiencing increased growth as the regional economy continues to diversify. According to the Florida Governor’s office, Florida leads the United States in job creation, with Tampa/Hillsborough County at the forefront. Hillsborough County has about 740,000 employed people, and planners report that number will increase to 922,000 by 2015. Major employers include Hillsborough County School Board (21,860); Hillsborough County government (8,527); University of South Florida (7,559); MacDill Air Force Base (5,890); Tampa International Airport (4,830); U.S. Postal Service (4,284);City of Tampa (4,069); General Telephone (GTE) (4,010); Publix Supermarkets (3,566); GTE Data Services (3,500), Tampa Electric (TECO) (3,056); Sweet Bay Supermarkets (3,007); Tampa Tribune (2,200); and Busch Entertainment (2,200). Historically, Tampa occupies a major place in the cigar making business, and thousands of cigars are produced here each year. One cigar factory even offers demonstrations for Ybor City tourists and curious local residents, but in terms of employees and economic impact, the industry isn't what it was in the late 19th century when it turned out 88 million cigars a year. Yet costs stay low: Tampa Bay’s Metropolitan Statistical Area (MSA) comprised of Hillsborough, Pinellas, Pasco and Hernando counties, ranks 3rd among all U.S. metro areas for low business costs, according to a KPMG 2004 study. Tampa/Hillsborough County’s median home price increased by approximately 26 percent in 2005, yet is still around $222,700 – far below that of most MSAs. Among more than 300 U.S. urban areas, the regional cost of living remains lower than the average. Florida’s tax environment is designed for growth. Florida has no personal income tax and ranks No. 2 among states in a Tax Foundation study of business-friendly tax climates. Local taxes and fees remain low. In business transportation, Tampa International Airport is a national jewel, regularly ranked by travelers and publications such as Condé Nast, as a leading global airport. The Port of Tampa is the busiest in Florida in tonnage and is home to a rapidly growing cruise industry. Tampa/Hillsborough County is at the nexus of the region’s Interstate Highway system, with I-75, I-275 and I-4 serving the region. Redevelopment is also a priority of the City of Tampa with 4 designated redevelopment districts: Channelside, Drew Park, East Tampa and Ybor City. The city and the state offer incentives for redeveloping the urban core. Sources: Greater Tampa Chamber of Commerce and Why Tampa Bay

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