Economies run hot and cold, fluctuating between periods of stubbornly high unemployment and relatively strong growth. However, the current rate of unemployment in Tampa is low and the economy is booming.
The Tampa Bay region has become one of the true fast-revving economic engines in Florida and experienced the biggest increase in jobs across the Sunshine State over the past year.
The Tampa Bay area created an impressive 44,000 new private sector jobs. These numbers are larger than the size of some small Florida cities.
That economic growth and low unemployment in Tampa is certain to continue attracting new residents to the region. Because of the rapid pace of growth, there is a huge demand for new home construction.
That’s why Domain Homes remains committed to building new, affordable homes in some of the Tampa Bay area’s most appealing and desirable neighborhoods. The newly built homes in these locations help convince families that settling in Tampa is a smart move and offers them a great lifestyle.
Stunning Economic Success
In the Tampa area, the jobs just keep a-coming. St. Petersburg is doing quite well, also.
The Florida Department of Economic Opportunity reported that Pinellas County has an unemployment rate of 3.9 percent, well below the national average of 4.4 percent. The unemployment rate in the Tampa-St. Petersburg-Clearwater area isn’t much higher at 4.1 percent.
Why is the region doing so well? The region attracts many businesses. The businesses entice home buyers who want to be a part of the success.
The Pier District in downtown St. Petersburg is a good example of that. Lambert Advisory, a consulting firm hired by the city, reported that construction on this project should result in an $80 million economic impact for the entire city. The completed district will create 325 full-time jobs.
Lambert also predicted that this project would bring the city $15 million annually in the way of hotel room bookings. St. Petersburg Mayor Rick Kriseman said he expects the Pier District will become a world class tourist destination.
Good Jobs Being Created
Tampa also benefits from attracting positions created in higher-paying industries. The professional and business services sector led the way, creating 10,700 new jobs in the region. Health services, another top field, created 7,100, just below the 8,600 new jobs created by the construction industry.
Tampa is also ranking first in the state when it comes to demand by local businesses for high-skill positions in STEM (Science, technology, engineering, and math) fields. That includes 14,301 job openings in March.
Tampa has also become a popular destination for college graduates looking for the best place to start their careers. WalletHub just issued a report comparing the 150 largest markets in the U.S. based on 23 key indicators. Tampa ranked in the top 20 for career friendliness.
The area also ranked 20th for professional opportunities and 5th for the availability of entry-level jobs.
Tampa follows a trend seen throughout the Southeastern United States. A growing number of large metro areas are posting low unemployment rates. In Florida, the rate of unemployment in Tampa ranked just below Orlando’s unemployment rate of 3.9 percent and tied with Jacksonville at 4.1 percent.
Another critical sector of the Tampa economy is tourism. The world-famous beaches around Tampa and St. Pete’s, theme parks like Busch Gardens and historic attractions like Ybor City continue to bring visitors there. The summer vacation season should be a strong one, boosted by falling gas prices.
Gas prices in Florida have been falling, and the least expensive gas in Florida is in the Tampa and Orlando areas. If gas prices are down, chances are that travelers will spend that extra money on other things, like eating at local restaurants or visiting area museums during their stay.
Low Unemployment in Tampa, High Demand for Homes
Tampa Bay’s economy is close to being on steroids right now and is clearly exercising its muscle. Families and individuals are relocating to Tampa hoping to take advantage of all the job openings being created.
Obviously, what’s needed now is a guarantee that there will be enough homes available for these newcomers – and at an affordable price, and in the most desirable locations.
Domain Homes has been building in the region for three decades and guarantees this. We define ourselves as an urban renaissance new home builder.
The sites where we build homes are all in Tampa Bay’s most sought-after neighborhoods, from South Tampa to North Hyde Park, the Heights, and St. Petersburg – locations close to great schools, shopping, and downtown. These are ideal neighborhoods for new residents to start their new life in.
It’s important to act fast! The real estate market in Tampa is strong, and certain to get stronger. The time to act is now, not when the competition for new homes gets even more stiff.
Contact Domain Homes today and learn more about the beautiful homes we have for sale in Tampa Bay.