Wednesday, August 15, 2018
Business

Tampa Bay's economy grows 2.7 percent, now 26th largest in the country

Tampa Bay's economic output rose from $127.3 billion in 2014 to $133.8 billion last year, a 2.7 percent rise that outperformed most other metros, according to government figures released Tuesday.

The bay area's economy currently ranks as 26th largest in the country among all metros, just ahead of Cleveland and just behind Indianapolis. Miami has the 11th largest economy and Orlando came in at 31st.

The Tampa-St. Petersburg-Clearwater metro area includes Hillsborough, Pinellas, Pasco and Hernando counties.

Out of 382 metro areas that were dissected by the Bureau of Economic Analysis, 292 improved from 2014. The collective growth of all metros was 2.5 percent last year after increasing 2.3 percent in 2014.

As usual, nowhere came close to the country's biggest metro economy: New York/Newark/Jersey City passed the $1.6 trillion mark. Second-highest was Los Angeles-Long Beach-Anaheim with a $930.8 billion economy.

Of the large metro areas with populations greater than 2 million, the Texas tandem of San Antonio and Austin were the two fastest-growing. Washington, D.C., and Cleveland were slowest-growing among large metros.

Driving the growth overall was an increase in professional and business services; wholesale and retail trade; and finance, insurance, real estate, rental and leasing, according to the government statistics.

Contact Jeff Harrington at [email protected] Follow @JeffMHarrington.

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