PO Box 1212
Tampa, FL 33601

Pinellas
(727) 726-8811
Hillsborough
(813) 258-5827
Toll Free 1-888-683-7538
Fax (813) 258-5902

Click For A FREE Quote
TOOLS
CONVERSION CHART
STANDARD DEVIATION
MORTGAGE CALCULATOR

Updated November 2024


RETURN TO NEWS INDEX

Florida and its other regions outpace Tampa's recovery
By MICHAEL SASSO
Tampa Tribune
Published: Sep 13, 2011

The Tampa Bay area's economy actually grew last year but the region still lags Orlando and Florida's other big cities in rebounding from the recession.

On Tuesday, the federal Bureau of Economic Analysis released the growth rates for gross domestic product for 366 metropolitan areas in the United States. GDP measures the value of all goods and services produced in a geographic area over a year, and it's a useful tool for measuring an economy.

The numbers were sobering.

The Bay area's GDP hit about $102.9 billion last year when adjusted for inflation. That was up about 0.9 percent from 2009.

While any growth is welcome, the Bay area lagged the statewide growth rate of 1.4 percent last year, said Sean Snaith, an economist with the University of Central Florida in Orlando.

"Tampa, as are many areas of Florida, is in a very deep hole as it tries to get out of the recession," said Snaith, who studies regional economies.

The Bay area also trailed Florida's other big metro areas.

Orlando's tourism industry has rebounded well since the recession and helped that region's economy grow by 2.4 percent – or nearly triple the Bay area's rate.

Jacksonville's GDP grew by about 2.1 percent, while the Miami-Fort Lauderdale-West Palm Beach area grew by 1.1 percent, the federal data show.

In the long term, the Bay area and all of Central Florida probably will grow faster than the Miami area, partly because that area is running out of land, Snaith said.

He also said property insurance rates will cause more people to move inland and away from the coasts, boosting the economies of inland Florida areas.



| INTRO | FAQ | RESIDENTIAL | COMMERCIAL | NEWS | RESOURCES | TOOLS | TEAM | CONTACT | CLIENTS LOGIN | PRIVACY |

FacebookTwitterLinkedin
Copyright 1999-2024, Appraisal Development International, Inc