Metro Economic Outlook: Tampa

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1 Metro Economic Outlook: Tampa With strong job growth across several industries, Tampa s economy has seen steady gains as of late. The next step to ensure the region s future success may lie with a series of infrastructure and transportation upgrades. Transportation has become the number one issue, said Rick Homans, president and CEO of the Tampa Bay Partnership, a regional non-profit that promotes economic development in the Tampa Bay area. We re in a different era than we were even five years ago. Any planning that s underway today needs to look 20 years out. Among the proposals are a $3.3 billion plan to add express lanes on interstates 4, 75, and 275 in order to TAMPA METRO: VITAL STATS Total working age population: 1,738,872 out of a total population of 2,975,225 Number of households: 1,166,704 Consumer price index: (goods and services that cost $100 in cost $ in 1 st half of 2016) Percentage of local residents with bachelor s degrees: 18.6 With graduate or professional degrees: 10.3 Workers in STEM industries: 20 per 1,000 residents Sources: Census Bureau (2015), Bureau of Labor Statistics (1 st half of 2016), American Institute for Economic Research (2015) Unemployment rate Source: Bureau of Labor Statistics (November 2016) alleviate traffic congestion, and a rebuild of a bridge that connects two counties in the Tampa region. A regional transit study is also underway that will conclude with an application to enter the federal government funding process, Homans said. Ultimately, the region s services could blend current uses with potential future uses such as express bus lines, commuter trains, light rail service, rideshare and autonomous vehicles, he said. We want to start with a clean slate, Homans said. We have a need for a regional system that provides multimodal connectivity. It s a big step forward. At the end of 2016, the region s job growth was up 3 percent from the previous year and its gross regional product rose by 2.7 percent, Homans said. Unemployment and most CPI data updated monthly. Other data updated once annually as it becomes available.

2 The Tampa metropolitan region Labor force makeup spans four counties Mining and logging 0.3 in west central Construction 64.8 Florida and includes Manufacturing 61.5 the cities of Tampa, Trade, transportation and utilities St. Petersburg and Information 25.7 Clearwater. Financial activities Professional and business services All eyes are on Education and health services Tampa s downtown Leisure and hospitality at the moment, Other services 43.1 where a development Government team has started a $2 Total nonfarm billion makeover of a ,000 1, acre section of Number in thousands the city. It will encompass 6 million Source: Bureau of Labor Statistics (January 2016) square feet of new commercial, residential and retail space, and among its provides services to the insurance and managed care anchor tenants will be a new home for the University industries, is also expanding its Tampa headquarters of South Florida s Morsani College of Medicine. and will create 1,000 new jobs by The company already has more than 600 local employees. Some of the region s notable job growth recently has included a headquarters expansion at financial services Locally-headquartered Fortune 500 companies include interest USAA, which is in the process of adding 1,200 Clearwater-based computer hardware and software new jobs in Tampa. HealthPlan Services, which distributor Tech Data, electronics designer and manufacturer Jabil Circuit in St. Working age categories Petersburg and WellCare Health Plans, a Tampa-based provider of 191,214, 11% 175,012, 1 managed care services for Medicare and Medicaid. 208,666, 12% 413,449, 24% 367,076, 21% 383,455, 22% 20 to to to to to to 64 Tampa International Airport is also in the midst of a $1 billion renovation project that will double its capacity and allow the airport to accommodate 35 million passengers annually. Work is expected to be complete during the fourth quarter of Source: Census Bureau (2015) 2

3 Employee Benefits Data 25% 15% 1 5% Employers offering consumer-driven health plans 19% 8% Employers in the Tampa metro area are less likely to offer consumer-driven health plans compared with the national average, by a margin of 11 percent Employers offering domestic partner benefits 5 9 They are significantly more likely to offer domestic partner benefits, by a margin of 40 percent above the national rate. Source: SHRM Health Care Benchmarking Database (2016) Retirement Employee 401(k) participation rate % 62% The rate of employee 401(k) participation in the Tampa metro area s workforce is slightly lower than the national level, by a margin of 4 percent. 1 Source: SHRM Retirement & Welfare Benefits Database (2016) 3

4 Income and Turnover Data 25% Overall turnover rate 15% 1 19% 19% The turnover rate in the Tampa metro area s work force is on par with the national average. 5% Source: SHRM Human Capital Benchmarking Database (2016) $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 Median household income $56,516 $48,911 Median household income in the Tampa metro area is lower than the national level, by more than $7,000 annually. $0 Source: Census Bureau (2015) Per capita income $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $29,979 $28,339 Per capita income in the Tampa metro region is also lower than the national level, by more than $1,000 annually. $5,000 $0 Source: Census Bureau (2015) 4

5 Top Management Salaries Data Median salaries, top management *Top legal executive *Chief information officer *Top HR executive *Chief financial officer $379,100 $322,100 $314,200 $280,500 $287,100 $265,000 $407,100 $384,600 Median salaries for top management level employees in the Tampa metro area are generally higher than national levels. *Florida state median data *Chief executive officer $810,000 $650,000 $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 Source: Willis Towers Watson Data Services 2016 Survey Report on Top Management Compensation Project lead: Project contributors: External contributors: Copy editing: Joseph Coombs, Senior Analyst, Workforce Trends, SHRM Shonna Waters, Ph.D., VP of Research Rick Homans, Tampa Bay Partnership Katya Scanlan, copy editor This report is published by the Society for Human Resource Management (SHRM). All content is for informational purposes only and is not to be construed as a guaranteed outcome. SHRM cannot accept responsibility for any errors or omissions or any liability resulting from the use or misuse of any such information Society for Human Resource Management. All rights reserved. Printed in the United States of America. These materials and the data contained within them are copyrighted by SHRM, another copyright holder (where noted), or are government-owned. SHRM hereby grants permission for users to copy and use these materials and the data contained within them only if proper attribution is given to SHRM (or the noted copyright holder) as the source of the material. For more information, please contact: SHRM Research Department 1800 Duke Street, Alexandria, VA 22314, USA Phone: (703) Fax: (703) SHRMResearch@shrm.org Web: 5