The numbers are in, Hillsborough’s economy got a bump in June
August 9, 2017
The Tampa Hillsborough Economic Development Corp. released its economic indicator report on Wednesday for June, showing an overall increase in the area’s economy over last year.
Unemployment in Hillsborough County is down .07 percent to 4 percent from June 2016, putting the county’s unemployment below both the state and national average, which are 4.3 percent and 4.5 percent, respectively.
Hillsborough’s unemployment rate translates to about 29,000 unemployed residents out of a 730,000 resident labor force, the report said.
Building permits, a key indicator for economic development activity, rose from 667 permits last June to 692 this June. The total permits filed this year are 3,896, which is a 21 percent increase over the same time frame in 2016.
The report showed an increase of 44,700 jobs over the past 12 months including more than 16,000 in business services and more than 8,000 new construction jobs.
Tampa ranked first in the state for job openings in high-skill, high-wage job openings in science, technology, engineering and math fields. In June, there were nearly 15,000 openings, the report said.
Single family home sales, another indicator of economic stability in a region, was up 7 percent over last year with 2,020 home closings compared to 1,885 last June.
The average home price in the area was $308,695 this June. It was $286,800 last year.
Rental rates in multifamily homes in Hillsborough County were up 4 percent and 3 percent in Tampa.