Report: Positive Tampa Bay economy drawing more people
By Jo-Lynn Brown
Tampa Bay Business Journal
Published: Aug 19, 2013

The Tampa Bay area economy received a positive outlook in the new quarterly report by PNC Financial Services Group.

The report predicts that the area, which incudes the Tampa and North Port-Bradenton-Sarasota metro areas, will continue to perform above average because the area still has many positives that were not diminished by the recession, the report said.

Citing the low cost of doing business in the area and the area serving as the state's financial services "hub.”

Below are some other takeaways from the Tampa Bay Market Outlook.

Jobs

Payroll growth in the area was more than twice as fast as the national average between the fourth quarter of 2012 and the second quarter of 2013, according to the report. Income growth was ahead of the national average and the jobless rate dropped below the national average for the first time since the recession.

The report predicts that unemployment will drop to 6.8 percent in the fourth quarter of 2013.

Housing The median price of homes in Tampa Bay cost 2.6 times the median income in 2006 compared to 1.4 times the median income today.

Construction of single-family homes is now more accurately aligned with household formations, in comparison to previous years, the report said. Implying that existing excess inventory will be drawn down. Demographics

Job creation and housing prices is increasing migration to the Tampa Bay area, the report said.

The findings indicated that the area would continue to see more migration during the next 10 years.

Jo-Lynn Brown is Editorial Assistant for the Tampa Bay Business Journal.