Tampa Hillsborough EDC’s latest economic indicators report reveals lower unemployment, significantly higher housing starts for Hillsborough County
March 3, 2016
Tampa, Fla. – (Mar.3, 2016) – Hillsborough County’s economic future continues to look bright, according to the Tampa Hillsborough Economic Development Corporation (EDC)’s latest economic indicators report.
Unemployment in Hillsborough County dipped to 4.3 percent in December 2015, one-tenth of a percent less than the month prior. The national average was 4.8 percent, and Florida’s 4.7. With a 4.4 percent unemployment average, the Tampa MSA had fewer people out of work than many of its competing markets, including Jacksonville (4.5%), Atlanta (4.9%) and Charlotte (4.9%).¹
The Tampa area’s industry employment numbers continue to grow as well. From December 2014 to December 2015, the education and health services sector added 11,300 new jobs, and professional and business services employment grew by 10,400.
“Local talent is finding jobs in quality positions that drive our economy,” said Robin DiSalvo, market research analyst for the Tampa Hillsborough EDC and author of the report. “Of the 14 industries analyzed, five saw a positive increase in employment of five percent or more year over year.”
Housing starts are also robust in Hillsborough County. Building permits for single-family homes were up 62 percent since last December, with more than 4,500 filed in 2015.Closed single-family home sales hit more than 1,500, with the average sale price increasing nearly 4 percent to $252,834.
One of the largest decreases in the December economic indicators came from consumer gross sales. Hillsborough County saw a drop of nearly 6 percent, due partially to major decreases in gasoline prices.
For more information on economic indicators or additional economic reports, please visit tampabayedc.com/DataCenter.
¹December 2015 Bureau of Labor Statistics, Local Area Unemployment Statistics – not seasonally adjusted.
About the Tampa Hillsborough Economic Development Corporation
The Tampa Hillsborough Economic Development Corporation works to develop and sustain a thriving economy through the attraction, retention and expansion of high-wage jobs and capital investment in Hillsborough County and the cities of Tampa, Plant City, and Temple Terrace. Our efforts are focused on growing locally established companies as well as recruiting corporate headquarters and regional operations in targeted industry sectors including Information Technology, Financial and Professional Services, Life Sciences, Defense and Security, Manufacturing, and Distribution and Logistics. The Tampa Hillsborough Economic Development Corporation exists because of the generous support of over 100 investors from the local community. For more information, visit tampabayedc.com.
About Hillsborough County, Florida
Hillsborough County is the commercial and industrial heart of Tampa Bay. The fourth largest county in the state of Florida, Hillsborough is home to nearly 1.3 million residents, with thousands more arriving each year. Its strength is drawn from being one of the most advanced economies and having one of the most educated workforces in the state. Hillsborough County and its three municipalities –Tampa, Plant City, and Temple Terrace — offer a competitive business environment and an abundance of regional assets including Port Tampa Bay, Tampa International Airport, and MacDill Air Force Base. County government is focused on creating economic prosperity for residents and businesses throughout the area. To learn more, visit hillsboroughcounty.org.