Economic Development in the Tampa Bay Area



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With its dynamic and positive business climate, Tampa/Hillsborough County is one of the leading business locations in the world. As the economic hub of Hillsborough County and the Tampa Bay region, Tampa enjoys ongoing and remarkable job growth, affordable business and living costs, an able and abundant workforce, excellent educational opportunities, and unmatched weather and amenities.

INDUSTRY CLUSTERS

» BIOSCIENCE
» CORPORATE HEADQUARTERS
» FINANCIAL SERVICES
» MANUFACTURING & DISTRIBUTION
» PORT MARITIME

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.

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 for 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.

Hillsborough County has a number of community planning programs.

For more details on our region and state, please click onto economic development organizations including the Tampa Bay Partnership, the Florida High Tech Corridor and Enterprise Florida.