Advertisement
  1. Business

Financial services sector bolsters Florida's economic growth in June

The SunTrust Financial Centre in downtown Tampa. [LUIS SANTANA   |   Times]
The SunTrust Financial Centre in downtown Tampa. [LUIS SANTANA | Times]
Published Jul. 19, 2019

Florida's economy remained strong in June, and the financial service sector is partly to thank.

Florida's unemployment rate stayed at 3.4 percent from May to June, and the state added 16,100 jobs over the month (up less than 1 percent). It has gained and 218,800 jobs since last June (up 2.5 percent).

Business and professional services, which includes the financial service sector, added the second-most jobs between June 2018 and last month (40,500 jobs), following education and health services (54,700 jobs).

The growth in jobs for the sector is because of a strong talent pipeline from as early as high school, PNC economist Abbey Omodunbi said. He said that's especially true for Tampa Bay, the "financial services capital" of the state.

"Professional and business services have remained strong in Tampa," Omodunbi said. "What we're seeing is strong demographics, especially from the strong talent pool."

The only sector to lose jobs was information (500 jobs), which includes newspapers.

Tampa Bay's unemployment rate rose to 3.5 percent in June from May's 3.1 percent. Hillsborough County's unemployment rate jumped to 3.4 percent from 3 percent, Pinellas County increased to 3.2 percent from 2.9 percent, Hernando County jumped to 4.7 percent from 4.1 percent and Pasco County increased to 3.8 percent from 3.4 percent.

The bay area lost 7,500 jobs over the month (down half a percent) but has added 29,300 jobs over the year (up 2.2 percent), the second-highest annual job gain of any Florida metro after Orlando (48,600 jobs).

Concerns of a recession have slowed consumer spending some, Omodunbi said.

"We're at the latter stages of the (economic) expansion," he said. "People are not as eager to spend as they were five or six years ago. Folks are being more cautious."

Omodunbi expects the expansion to continue into 2020. The biggest headwinds economic expansion in the U.S. will face, he said, are an escalation of trade tensions with China and any effect Brexit has on the global economy.

Contact Malena Carollo at mcarollo@tampabay.com or (727) 892-2249. Follow @malenacarollo.

ALSO IN THIS SECTION

  1. Yacht StarShip, a dining and water taxi company, has added the Lost Pearl pirate ship to its fleet just in time for Gasparilla. [Yacht StarShip]
    After years entertaining tourists in Virginia Beach, the Lost Pearl is settling into its new Tampa Bay home.
  2. Bank OZK CEO and chairman George Gleason, left, and managing director Greg Newman are photographed at the OZK Wynwood branch in Miami on November 13, 2019. [CARL JUSTE | Miami Herald] [Carlt Juste | Miami Herald]
    In fact, Bank OZK has emerged as a powerhouse in commercial lending generally.
  3. Flooding from an October king tide in Miami Shores fills streets, sidewalks and driveways at its peak. [Miami Herald]
    And it could lose up to 35 percent of its value by 2050, according to a new report.
  4. Delta Air Lines said Friday it will launch five new round-trip routes a day between Tampa and Miami starting May 4. (AP Photo/Mark Lennihan, File) [MARK LENNIHAN  |  AP]
    Delta says the daily nonstop Miami service will create new connections for Tampa travelers to fly to Latin America and other international destinations.
  5. The Undercroft — the new home to a branch office of TheIncLab, an artificial intelligence firm — provides work space for several cybersecurity companies in one of Ybor City’s most historic structures, the El Pasaje building on E Ninth Avenue. RICHARD DANIELSON | Times [Richard Danielson]
    The Washington, D.C.-area company expects hiring 15 developers and engineers in the next twelve months and partnering with bay area universities to augment its staff with student interns.
  6. FILE - In this Dec. 17, 2019, file photo Amazon packages move along a conveyor prior to Amazon robots transporting packages from workers to chutes that are organized by zip code, at an Amazon warehouse facility in Goodyear, Ariz. Cashless shopping is convenient, but it can be a budget-buster. This year, make it more difficult to spend money online. This could help cut out some of your impulse purchases. (AP Photo/Ross D. Franklin, File) [ROSS D. FRANKLIN  |  AP]
    Here are some tips to avoid wasting money when you shop.
  7. Lori Baggett, managing partner of Carlton Fields in Tampa. [Carlton Fields]
    The Carlton Fields firm announced her promotion earlier this month.
  8. A new Publix in the Channell district located on the corner of E Twiggs Street and N Meridian Avenue in Tampa. [OCTAVIO JONES   |   Times] ["OCTAVIO JONES   |   TIMES"  |  Tampa Bay Times]
    Meanwhile in Tampa, the Westshore store could open soon.
  9. The Sears at University Mall near the University of South Florida in Tampa is in the process of being torn down to make way for a new mixed-use development project. [RD Management]
    This is what developers plan for the old Sears stores at University Mall and Citrus Park.
  10. Dave Bautista, shown here at his South Tampa office, has been named grand marshal of the 2020 Gasparilla Parade of Pirates.
    The Guardians of the Galaxy star will lead the Pirate invasion along with Tampa police Lt. Travis Maus, who recently served in the Middle East.
Advertisement
Advertisement
Advertisement