Tampa is commonly known as one of Florida’s vacation hotspots. Soon it’ll be known as one of the top places to start a business as well. Here are some reasons why.
Low Cost of Living
The Tampa metropolitan area has a lower cost of living (COL) than comparable areas. According to the Tampa Hillsborough Economic Development Corp, the COL index was approximately 92 in the third quarter of 2016. The index was nearly eight points lower than the national average, and the lowest among Orlando, Jacksonville, Atlanta and similar metropolitan areas. This means the cost of housing, groceries, and healthcare is lower in Tampa than in most areas surrounding the city.
Influx of Workers Seeking Jobs
Tampa is a leader in job creation. In the third quarter of 2016, 8,500 jobs were added with the addition of professional and business services, an industry making up 18 percent of the area’s employment. This job creation showed an increase of 4 percent between September 2015 and September 2016.
Tampa Mayor Bob Buckhorn is helping businesses become established in the city by streamlining the permit process for new developments. Also, a ferry pilot service is being planned to connect both sides of Tampa Bay for increased access to jobs. As a result, you’ll have a greater talent pool with which to work.
Continual Economic Grow
As a result of large numbers of workers moving to Tampa, local real estate, rental and leasing rates increased over 6 percent between September 2015 and September 2016. Part of the increase was because of more permits being issued for single-family homes during that time. Employment rates continued increasing while unemployment stayed low, further contributing to economic growth.
According to the New York Times, employment in the Tampa metropolitan area increased 24 percent between December 2009 and March 2016. During that time, Tampa had the fastest-growing job market in Florida and the fourth-fastest growing job market in the country.
In March 2016, the Tampa-St. Petersburg-Clearwater area added 42,800 private-sector jobs, reducing the area’s unemployment rate from approximately 12 percent to less than 5 percent. Professional and business services added 12,400 jobs while education and health services added 11,000 jobs.
When deciding where to start your business, remember to consider all the benefits of Tampa. Then get in touch with USA Staffing Services for all your startup needs!