In a summer of uncertainty, Tampa Bay’s diversified economy is helping us stay on track
June 30, 2022
Scrolling through the news lately is enough to produce anxiety in the steadiest among us. Rising prices, a flailing stock market, crypto crashes, and talk of a looming recession are taking a toll on Americans who’ve not had a moment of peace since the pandemic arrived in early 2020.
Granted, there is a lot to worry about these days. But when it comes to the Tampa market’s economy, we’re looking at several positive trends that will help us weather this stormy season.
Chmura Economics and Analytics produced a new Economic Diversity Index, which measures how economically diverse a market is and gauges its flexibility and stability in the wake of a disruptive event. The Tampa MSA ranked #7 in economic diversity in the nation in 2022, up from #8 during the last measurement in 2019. Hillsborough County fared even better, ranking #2 among the top 20 counties in America, up from the #4 spot in 2019. Let me repeat that – our county ranked second in the nation (behind Maricopa County, AZ). This is a remarkable achievement, and a testament to the steady business and government leadership we enjoy in Tampa and Hillsborough County. You can learn about these rankings from our research team’s digest report here.
Our EDC Business Development team has a full pipeline of diverse projects in nearly every one of our target sectors, and this is the busiest summer we’ve had in my six years in this role. We’re also making substantial progress on our Placemaking initiatives in East Tampa as well as our talent attraction and development campaigns.
Regardless of what challenges may lie ahead, we remain laser-focused on our mission: to develop and sustain a thriving local economy by focusing on the attraction, expansion and retention of high wage jobs and capital investment. I am confident that the diversified economy that Hillsborough County has carefully cultivated over the last two decades will allow us to push through any headwinds in our path.
Wishing you a happy and safe Independence Day!