October economic indicators show more positive growth for Tampa MSA

January 17, 2018

The Tampa MSA’s most recent indicators for October 2017 highlight positive growth across the board, from major industry employment numbers to rental rates and single-family home building permits.

The unemployment rate remained low, with Hillsborough County coming in at 3.2 percent, down 1.3 points from the 4.5 unemployment rate seen at the same time last year. Unemployment in the Tampa MSA was just 3.3 percent. Both unemployment rates were lower than the state of Florida’s 3.6 percent and the national average of 3.9 percent.

The Tampa area’s major industry employment growth was also robust. The Professional & Business Services sector added 6,500 jobs, and Educated & Health Services added 2,300 from October 2016 to October 2017. Overall, the Tampa MSA added 27,000 new private-sector jobs for a total year-over-year increase of 2.3 percent.

The region’s housing market is heating up as well. Building permits for single family homes went up 26 percent, while rental rates for multi-family homes saw a year-over-year increase of nearly 12 percent from October 2016 to October 2017. The average home price for single family homes in Hillsborough County shot up six percent to $284,048.

For a complete look at the October 2017 economic indicators, please download the report here.