Metro Economic Outlook: Tampa

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1 Metro Economic Outlook: Tampa Job gains across a variety of industries and a signature redevelopment project have injected new life into the Tampa region s economy. 12 Unemployment rate The trajectory is still strong and heading in the right direction, said Rick Homans, president and CEO of the Tampa Bay Partnership, a regional non-profit that promotes economic development in the Tampa Bay area. Hiring and business expansions continue to be regular occurrences. It seems to be very sustainable, versus a boom and bust cycle. All eyes are on Tampa s downtown at the moment, where a development team is planning a $2 billion makeover of a 40-acre section of the city. It will encompass 6 million square feet of new commercial, TAMPA METRO: : VITAL STATS Total working age population: 1,707,790 out of a total population of 2,915,582 Number of households: 1,149,735 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: 17.9 With graduate or professional degrees: 9.7 Workers in STEM industries: 20 per 1,000 residents Sources: Census Bureau (2014), Bureau of Labor Statistics (1 st half of 2016), American Institute for Economic Research (2015) Source: Bureau of Labor Statistics (August 2016) residential and retail space, and among its anchor tenants will be a new home for the University of South Florida s Morsani College of Medicine. Over the next five years, Tampa s downtown skyline will change demonstrably, Homans said. St. Petersburg has had similar new development in recent years. It s a level of investment previously unseen. That s obviously key for our ability to attract young talent, to have that all happening together. The Tampa metropolitan region spans four counties in west central Florida and includes the cities of Tampa, St. Petersburg and Clearwater. The Tampa Bay Partnership serves a broader, eight-county footprint of west central Florida. Some of the region s notable job growth in recent months has included a headquarters expansion at Unemployment and most CPI data updated monthly. Other data updated once annually as it becomes available.

2 financial services interest USAA, Labor force makeup which is in the process of adding Mining and logging 0.3 Construction ,200 new jobs in Manufacturing 61.5 Tampa. Trade, transportation and utilities HealthPlan Services, Information 25.7 which provides Financial activities Professional and business services services to the Education and health services insurance and Leisure and hospitality managed care Other services 43.1 industries, is also in Government the midst of Total nonfarm expanding its Tampa ,000 1,500 headquarters and will create 1,000 Number in thousands new jobs by The company Source: Bureau of Labor Statistics (January 2016) already has more than 600 local employees. and Medicaid. Some of the region s locally-headquartered Fortune 500 companies include Clearwater-based computer hardware and software distributor Tech Data, electronics designer and manufacturer Jabil Circuit in St. Petersburg, and WellCare Health Plans, a Tampabased provider of managed care services for Medicare 203,937, 12% 411,852, 24% 183,917, 11% Source: Census Bureau (2014) Working age categories 176,300, 1 362,115, 21% 369,669, 22% 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. Managing all of the recent growth has also created its own set of challenges, Homans said. Efforts have been turned toward improving multimodal transportation in the city and surrounding areas. 20 to to to to to to 64 Employers and business leaders say this is needed, Homans said, as we re competing with other metro areas for talent. Making it easier to get around is important to the younger generation, and it s an integral part of building our community for the future. One of the challenges is, we don t have the same level of density as other metropolitan areas, but that s on the horizon. 2

3 Employee Benefits Data 3 25% 15% 1 5% Employers offering consumer-driven health plans 24% 17% Employers in the Tampa metro area are somewhat less likely to offer consumer-driven health plans compared with the national rate, by a margin of 7 percent. Employers offering domestic partner benefits % They are more likely to offer domestic partner benefits, by an 8 percent margin above the national rate. Source: SHRM Health Care Benchmarking Database (2015) Retirement Employee 401(k) participation rate % 61% 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 1 percent. Source: SHRM Retirement & Welfare Benefits Database (2013) 3

4 Income and Turnover Data Overall turnover rate 25% 15% 1 18% The turnover rate in the Tampa metro area s work force is slightly higher than the national level, by a margin of 2 percent. 5% Source: SHRM Human Capital Benchmarking Database (2015) Median household income $60,000 $50,000 $40,000 $30,000 $20,000 $53,657 $46,876 Median household income in the Tampa metro area is lower than the national level, by nearly $7,000 annually. $10,000 $0 Source: Census Bureau (2014) Per capita income $35,000 $30,000 $25,000 $20,000 $15,000 $28,889 $27,173 Per capita income in the Tampa metro region is also lower than the national level, by nearly $2,000 annually. $10,000 $5,000 $0 Source: Census Bureau (2014) 4

5 Top Management Salaries Data Median salaries, top management *Top legal executive $303,000 $310,100 *Chief information officer $301,000 $270,000 **Top HR executive $230,000 $223,000 *Chief financial officer $390,000 $350,400 *Chief executive officer $786,000 $623,200 $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 Median salaries for top management level employees in the Tampa metro area are generally on par with or higher than national levels. *Florida state median data **Florida state median data, without labor relations experience Source: Towers Watson Data Services 2015 Survey Report on Top Management Compensation Project lead: Joseph Coombs, Senior Analyst, Workforce Trends, SHRM Project contributors: Alexander Alonso, Ph.D., SHRM-SCP, VP of Research; Jennifer Schramm, M. Phil., SHRM-SCP, Manager, Workforce Trends External contributors: Rick Homans, Tampa Bay Partnership Copy editing: 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 SHRM Human Capital Database 1800 Duke Street, Alexandria, VA 22314, USA Phone: (703) Fax: (703) SHRM Compensation Data Center SHRMResearch@shrm.org Web: 5