Make us your home page
Instagram

Report: Tampa Bay is second worst among financially distressed metros

Tampa Bay persists as one of the most financially distressed major metros in the country, ranking second only to Orlando in an analysis released today by credit-counseling agency CredAbility.

The usual suspects of high unemployment, a struggling housing market and lower net worth are partly to blame.

But the latest quarterly index singles out one area where Tampa Bay places dead last among the top 30 metros: We're lousy savers.

Tampa's savings rate of 2.02 percent was far shy of the national average of 3.8 percent and even further from what Cred­Ability deems as a healthy savings rate of 7 percent.

If they're not saving, however, at least more consumers appear to be putting their money to good use. An earlier report from credit bureau Equifax found Tampa Bay consumers were paying down their debt at a faster pace than most of the country in the third quarter.

Household budget is one of five categories crunched by Cred­Ability in its index. In other areas, Tampa Bay ranked:

• fourth most distressed in employment (with the unemployment rate at 9.1 percent, up from 8.7 percent in the previous quarter).

• fourth worst in housing (a slight improvement with mortgage delinquencies falling slightly).

• sixth worst in credit scores.

• fourth worst in net worth.

Tampa Bay was one of 17 metros scoring low enough in the index to indicate households are under distress. The bay area dipped slightly from its third-worst overall ranking last time, but other cities — namely Chicago, Las Vegas, Detroit, Philadelphia and Pittsburgh — suffered bigger drops in financial strength.

Households in Washington, D.C., Minneapolis-St. Paul and Boston remain the strongest.

Report: Tampa Bay is second worst among financially distressed metros 11/15/12 [Last modified: Thursday, November 15, 2012 6:00am]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. New apartment complex delivers unique floor plans



    Business

    RIVERVIEW — A new luxury apartment community has opened in the Progress Village area touting itself as a distinct living option just 10 miles from downtown Tampa.

    Alta at Magnolia Park dubs its new apartment community, that opened earlier this year in Riverview, a modern and distinct option for living just 10 miles from downtown Tampa.
  2. 'Road to Nowhere' is back: Next phase of Suncoast Parkway coming

    Roads

    Despite intense public opposition and dubious traffic projections, the Florida Department of Transportation has announced that construction of the toll road known as "Suncoast 2" is expected to start in early 2018.

    The Suncoast Parkway ends at U.S. 98 just south of Citrus County. For years residents have opposed extending the toll road, a project dubbed the "Suncoast 2" into Citrus County. But state officials recently announced that the Suncoast 2 should start construction in early 2018. [Stephen J. Coddington  |  TIMES]
  3. A sports rout on Wall Street

    Retail

    NEW YORK — Sporting goods retailers can't shake their losing streak.

  4. Grocery chain Aldi hosting hiring event in Brandon Aug. 24

    Retail

    BRANDON — German grocery chain Aldi is holding a hiring event for its Brandon store Aug. 24. It is looking to fill store associate, shift manager and manager trainee positions.

  5. Lightning owner Jeff Vinik backs film company pursuing global blockbusters

    Corporate

    TAMPA — Jeff Vinik's latest investment might be coming to a theater near you.

    Jeff Vinik, Tampa Bay Lightning owner, invested in a new movie company looking to appeal to a global audience. | [Times file photo]