Make us your home page
Instagram

Tampa Bay's economic recovery looks healthier compared to other metros

Tampa Bay's economy, comparatively speaking, is doing much better these days.

The bay area's economic recovery ranks 30th among the 100 largest metros in the country, with a big drop in its unemployment rate largely responsible for pushing it into the top third.

The news, from a quarterly MetroMonitor analysis by the Brookings Institution, is a far cry from a year ago when Tampa Bay's recovery was among the 20 weakest in the country, held down by posting the third-weakest growth in economic output since hitting its low point here in early 2010.

In surging in the standings, Tampa Bay benefitted from a weaker field, with most cities slowing their rate of recovery between the first quarter and second quarter this year.

The analysis measured the rate of economic recovery, not overall economic strength.

"In the race to recovery, metro areas are running at slow speeds with some tripping along the way," said Alec Friedhoff, a research analyst with Brookings' Metropolitan Policy Program who also was lead MetroMonitor developer.

Employment growth softened in the second quarter across the metro areas. The unemployment rate dropped in about half the metros, but still remained above 6 percent in all but 12. Housing continued its tortured path to recovery, with 87 metro housing markets hitting new lows on prices.

The report tracked the recovery of metros from their recessionary low points in four key areas: change in employment; change in unemployment rate; change in the gross metropolitan product (or economic output); and change in housing prices.

Tampa Bay's stronger performance was driven in part by the fact it posted the ninth best recovery in unemployment among all metros, with its jobless rate dropping from a peak of 12.5 percent down to 9 percent as of June.

However, the analysis doesn't take into account that the area's unemployment rate rose to 9.4 percent in July. Moreover, a recent report by state economists indicated much of the recent drop in unemployment may be overstated. About 91 percent of retraction in the state's unemployment rate since January was due to Floridians dropping out of the workforce and not due to job creation, according to the state report.

Among other yardsticks in the MetroMonitor update, Tampa Bay ranked:

• 14th best recovery in housing prices from their low point.

• 26th best in addition of jobs since the beginning of 2010.

• 70th in economic improvement, with its economic output up 4.5 percent from the low reached at the end of 2009.

Like the rest of the metros, a recent slowdown is evident, however. The bay area's economic output rose just 0.2 percent in the latest quarter.

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

Tampa Bay's economic recovery looks healthier compared to other metros 09/18/12 [Last modified: Tuesday, September 18, 2012 11:36pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Appointments at Port Tampa Bay and Tampa General Medical Group highlight this week's Tampa Bay business Movers & Shakers

    Business

    Government

    Port Tampa Bay announced that Jamal Sowell has been named director of special projects. Sowell, a former member of the U.S.Marine Corps, will support internal, external and special projects, assist the executive team with management oversight and serve as a liaison on a variety of port …

    Port Tampa Bay announced this week that Jamal Sowell has been named director of special projects. [Handout photo]
  2. Drones restrictions coming at Tampa Bay area airports

    Airlines

    Starting Sept. 1, Tampa International Airport officials will be enforcing new height restrictions for drones and other unmanned aircraft systems, according to a press release.

    In this February 2017 file photo, a drone flies in Hanworth Park in west London. Starting Sept. 1, Tampa International Airport officials will be enforcing new height restrictions for drones and other unmanned aircraft systems,
[John Stillwell/PA via AP, File]
  3. Gov. Scott backs off boycott of companies doing business in Venezuela

    State Roundup

    TALLAHASSEE — Gov. Rick Scott will ask the Florida Cabinet next month to prohibit the state's investment managers from doing something they already do not do: invest in companies or securities owned or controlled by the Venezuelan government.

    Florida Governor Rick Scott interacts with people as he holds a Venezuelan Freedom Rally at El Arepazo 2 restaurant on July 10 in Miami. [Joe Raedle | Getty Images]
  4. Superior Uniform Group reports $65.6 million in sales for second quarter

    Corporate

    SEMINOLE — Superior Uniform Group Inc. reported sales of $65.6 million in net sales for the second quarter, up a percentage point from the same quarter last year, the Seminole-based company reported Thursday.

    Superior Uniform Group Inc. saw a sales increase for the second quarter, the company reported Thursday. Pictured is Michael Benstock, CEO. | [Courtesy of Superior Uniform Group]
  5. Air bag inflator ruptures, driver killed in Pasco County

    Autos

    DETROIT — Automaker Honda says a driver from Pasco County died in a crash earlier this month that involved an exploding Takata air bag inflator.

    Honda says a driver near Tampa has died in a crash that involved an exploding Takata air bag inflator. 
[Associated Press]