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How much did Tampa Bay’s GDP grow in 2022? New federal data explains

After a booming year, growth across the region slowed.
 
Golf cart tour customer Sybil Furman, of Reno, Nevada, inquires about the tallest buildings in Tampa’s skyline while on a golf cart tour of Tampa on Friday, May 19, 2023. Tampa Bay’s gross domestic product — a measurement of economic performance by totaling the value of goods and services — did slow last year compared to 2021, federal data released Thursday shows.
Golf cart tour customer Sybil Furman, of Reno, Nevada, inquires about the tallest buildings in Tampa’s skyline while on a golf cart tour of Tampa on Friday, May 19, 2023. Tampa Bay’s gross domestic product — a measurement of economic performance by totaling the value of goods and services — did slow last year compared to 2021, federal data released Thursday shows. [ DOUGLAS R. CLIFFORD | Times ]
Published Dec. 7, 2023|Updated Dec. 7, 2023

Last year, Tampa Bay’s post-pandemic economy boost showed signs of slowing.

In 2022, the region was a national leader in inflation spikes. The Federal Reserve raised interest rates to decelerate the rapid rise in prices. The housing market began to cool. Brick and mortar businesses reported less traffic in stores.

Tampa Bay’s gross domestic product — a measurement of economic performance by totaling the value of goods and services — did slow last year compared to 2021, federal data released Thursday shows.

But there were still signs of growth.

Tampa Bay’s GDP went up 4.9% in 2022 to $187.7 billion, according to the Bureau of Economic Analysis, which defines the Tampa-St. Petersburg-Clearwater area as Hernando, Hillsborough, Pasco and Pinellas counties. In 2021, the metro grew by 8.2%.

While 2022′s growth was significantly slower than the year before, the gains were still higher than in the years preceding the pandemic. Between 2018 and 2019, the metro area’s GDP rose by 3.3%.

County by county breakdown

In Tampa Bay, Hillsborough grew the fastest last year at 5.4%. It’s Florida’s fourth-largest county in size at $109.7 billion following Miami-Dade, Broward and Orange counties. Hillsborough generated nearly $8 billion more than the entire state of New Mexico.

Meanwhile, Pasco reported the biggest slow down.

In 2021, Pasco was the area’s fastest-growing GDP at 10.7%. This year, the county’s growth was the weakest in at 3.9% to generate $16 billion. There’s been a similar trend in the housing market that shows suburban zip codes across Pasco and south Hillsborough that had the fastest appreciation in 2021 have also seen the steepest declines in home values even into 2023.

Pinellas grew 4.3% to total $57 billion and Hernando grew 4% reaching $4.8 billion.

How did Tampa Bay compare to the U.S. and Florida overall?

Tampa Bay and Florida continued to outpace the nation which grew by 1.9% in 2022. The region was slightly ahead of the state’s 4.6% GDP growth to a total of $1.28 trillion.

The Bureau of Economic Analysis releases annual GDP data by metro area and county every December. Tampa Bay’s GDP data from this year won’t be released until December 2024.

But the federal agency releases statewide data more frequently. Florida’s GDP continued to grow by nearly $49.5 billion in the first half of 2023, according to the report released Tuesday.

Economists have warned for over a year that a recession is imminent, but a report on Florida’s economy from the University of Central Florida’s Institute of Economic Forecasting said that a slowdown is “slipping, slipping, slipping into the future.”

And even if the nation’s growth slows this year or next, the UCF report said, Florida might be better positioned than in past recessions that directly impacted the state’s housing market and tourism industry.