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. Tampa man pleads guilty to forging check for fake investment

    Personal Finance

    A Tampa resident was convicted Thursday for forging a check for a fake investment. The Florida Office of Financial Regulation said that Eric Franz Peer pleaded guilty. He served 11 months in jail and will have to pay $18,000.

  2. Minority business accelerator launch by Tampa chamber to aid black, Hispanic businesses

    Business

    A "minority business accelerator" program was launched Thursday by the Greater Tampa Chamber of Commerce geared toward helping black and Hispanic business owners identify and overcome barriers to grow their companies. The accelerator, known as MBA, will provide participants with business tools to cultivate opportunities …

    Bemetra Simmons is a senior private banker at Wells Fargo, The Private Bank. She is also chair of the new minority business accelerator program for the Greater Tampa Chamber of Commerce. [Photo, LinkedIn]
  3. Terrier Tri brings unique triathlon training to South Tampa

    Business

    Over a decade ago, Robert Pennino traded late nights in the music studio for early mornings in the Terrier Tri cycle studio.

    Terrier Tri, a cycling studio in South Tampa celebrates a grand opening on June 27. Photo courtesy of Tess Hipp.
  4. New bistro hopes to serve as 'adult Chuck E. Cheese'

    Business

    YBOR CITY — Inside Cheezy's Bistro and Speakeasy, a new restaurant opening in Ybor City, customers will find a mix of family recipes, games and secrecy.

    Cheezy's Bistro and Speakeasy readies to open in Ybor City. Photo courtesy of Cheezy's Bistro and Speakeasy.
  5. Ramadan having an economic impact on local charities, businesses

    Economic Development

    TAMPA — Dodging the rain, a few families and customers gathered inside Petra Restaurant on Busch Boulevard. Around 8:30 p.m., the adham (or call to prayer) music begins, signaling Iftar, the end of the daily fast. Customers grabbed a plate to dig into the feast.

    Baha Abdullah, 35, the owner of the Sultan Market makes kataif, a common dessert that is eaten during the month long celebration of Ramadan in Tampa. [OCTAVIO JONES   |   Times]