Year-over-year nonfarm employment change, Tampa market performs better than competing markets in several key sectors
December 7, 2020
Using data from the U.S. Bureau of Labor Statistics, the Tampa Bay EDC has analyzed Tampa’s nonfarm employment change from October 2019 to October 2020. This analysis shows how the Tampa market stacks up against competitive markets and the national average.
Compared to last October, all markets saw a negative impact; however, Tampa’s total nonfarm employment performed better than many competing markets, including Nashville, Washington D.C., Charlotte, Chicago, Raleigh, Orlando, New York, and the nation. Tampa also performed better than the nation in five key industry sectors: professional and business services; transportation, warehousing and utilities; manufacturing; leisure and hospitality; and education and health services.
While manufacturing jobs were down 5% nationally, Tampa was among only three competitive markets showing job gains in manufacturing, following Denver and Austin. The Tampa metro area started showing job gains in this sector in September with 800 new jobs and then an additional 200 more in October.
Some other takeaways from the year-over-year analysis:
- All competitive markets are still showing double digit employment loss in leisure and hospitality compared to last year. In April, Tampa saw a loss of over -73,000 jobs. By October, Tampa is slowly gaining momentum with a loss of -29,700 jobs year-over-year considering Tampa had 160,700 residents employed in this sector in January and now has 133,500 in October.
- Education and health services is the other sector all competitive markets are still showing negative employment from last October. Raleigh saw the most job loss of -14% compared to Tampa’s loss of -3%.
- All three Florida markets had more year-over-year job loss in retail trade than the nation. Jacksonville had the most job loss of -8.7%, followed by New York (-6.5%), Orlando (-4.4%), and Tampa (-4.1%).