Make us your home page
Instagram

Brookings' report: Tampa Bay's economic recovery picking up steam

Tampa Bay's economy finally has momentum on its side.

A year ago, Tampa Bay was pinged for eking out the third-weakest economic recovery from the Great Recession among the country's 100 largest metros.

The latest snapshot released Wednesday by the Brookings Institution is a bit more uplifting. The bay area now ranks 73rd out of 100 metros in its economic growth since the recession's low point in early 2010.

Even more encouraging: With other measures factored in —such as employment growth since the recession's trough, a huge drop in its unemployment rate and recent housing price increases — Tampa Bay cracks into the top 20 for overall recovery.

"Among the Florida metros, Tampa is performing among the best, if not the best," said Alec Friedhoff, a research analyst with Brookings.

But he acknowledges the "best" recovery in Florida is a relative term, given how the housing bust decimated the state.

"A lot of hard-hit areas were late to come out of the recession," he said. "Tampa Bay's pace of recovery is strong now, but it still has among the furthest to go. The hardest hit still have a long way to climb."

In its quarterly Metro Monitor report, Brookings singles out a widespread rise in housing prices as the biggest difference this time around.

Tampa Bay ranked 20th for its change in home prices since the bottom of the recession. Among other factors, it ranked 26th for employment growth and 10th best nationwide for its drop in unemployment since it peaked at 12.5 percent in January 2010.

Though the last measure was the strongest, comparatively speaking, it also may be the least accurate. Florida's drop in unemployment has been largely misleading, state economists have said, because thousands have given up job hunting in frustration and are no longer counted among the jobless.

"You take that (unemployment) ranking with a grain of salt," Friedhoff said.

Jeff Harrington can be reached at jharrington@tampabay.com or (727) 893-8242.

Brookings' report: Tampa Bay's economic recovery picking up steam 12/19/12 [Last modified: Wednesday, December 19, 2012 8:25pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Tampa Bay cools down to more moderate home price increases

    Real Estate

    The increase in home prices throughout much of the Tampa Bay area is definitely slowing from the torrid rate a year ago.

    This home close to Bayshore Boulevard in Tampa sold for $3.055 million in August, making it Hillsborough County's top sale of the month. [Courtesy of Bredt Cobitz]
  2. With successful jewelry line, Durant High alum Carley Ochs enjoys 'incredible ride'

    Business

    BRANDON

    As a child Carley Ochs played dress up, draped in her grandmother's furs.

    Founder Carley Ochs poses for a portrait in her Ford Bronco at the Bourbon & Boweties warehouse in Brandon, Fla. on September 19, 2017. Ochs is a Durant High and Florida State University graduate.
  3. At Menorah Manor, planning paid off during Irma

    Nursing Homes

    ST. PETERSBURG — Doris Rosenblatt and her husband, Frank, have lived in Florida all of their lives, so they know about hurricanes.

    Raisa Collins, 9, far left, works on a craft project as Certified Nursing Assistant Shuntal Anthony holds Cassidy Merrill, 1, while pouring glue for Quanniyah Brownlee, 9, right, at Menorah Manor in St. Petersburg on Sept. 15. To help keep its patients safe during Hurricane Irma, Menorah Manor allowed employees to shelter their families and pets at the nursing home and also offered daycare through the week. The facility was able to accommodate and feed everyone who weathered the storm there. [LARA CERRI   |   Times]
  4. After Irma, nursing homes scramble to meet a hard deadline

    State Roundup

    TALLAHASSEE — Florida's nursing homes and assisted-living facilities find themselves in an unfamiliar place this week — pushing back against Gov. Rick Scott's administration over new rules that require them to purchase generator capacity by Nov. 15 to keep their residents safe and comfortable in a power …

    In this Sept. 13 photo, a woman is transported from The Rehabilitation Center at Hollywood Hills as patients are evacuated after a loss of air conditioning due to Hurricane Irma in Hollywood. Nine have died and patients had to be moved out of the facility, many of them on stretchers or in wheelchairs. Authorities have launched a criminal investigation to figure out what went wrong and who, if anyone, was to blame. [Amy Beth Bennett | South Florida Sun-Sentinel via AP]
  5. Trigaux: How Moffitt Cancer's M2Gen startup won $75 million from Hearst

    Business

    TAMPA — A Moffitt Cancer Center spin-off that's building a massive genetic data base of individual patient cancer information just caught the attention of a deep-pocketed health care investor.

    Richard P. Malloch is the president of Hearst Business Media, which is announcing a $75 million investment in M2Gen, the for-profit cancer informatics unit spun off by Tampa's Moffitt Cancer Center. Malloch's job is to find innovative investments for the Hearst family fortune. A substantial amount has been invested in health care, financial and the transportation and logistics industries.