The Regional Competitiveness Report is a regional benchmarking tool designed with the understanding that what gets measured is what gets done. For seven years, it has been a trusted resource by business, government, and nonprofit leaders throughout Tampa Bay, who use the data to shape their strategic priorities and investments in the community.
This year, the narrative illustrated through the data is essential to understanding the drivers between workforce and a ordability trends in our region. And while some might say it is simple economics, a nod to the balancing act of supply and demand, there is more to the story.
Tampa Bay is, once again, first in net migration and in the top five for in-migration ages 25-34 and business startup rates. We remain a highly attractive area for migrating talent, families, and businesses, a cornucopia of fresh talent. However, increased volume impacts transportation infrastructure and creates higher demand in the housing market. The places where residents choose to live and work are shi ing, and organizations across Tampa Bay feel the challenges associated with workforce attraction and retention.
From a macro perspective, there is much to celebrate. Tampa Bay has improved annual performance in 33 of 61 indicators (excluding six indicators that used new metrics for assessment). Annual performance shows improvements in many of the national Talent indicators. However, there is concern that graduation rates fell, and we find a 12-percentage point di erence between economically disadvantaged and non-economically disadvantaged students in Tampa Bay.
We also saw improvements in average wages and wages for the service sector, yet poverty rates for full-time workers grew, as did the percentage of ALICE families in Tampa Bay. Additionally, the median household net worth is now $173,619, a reduction from last year, while the national average increased. What used to be manageable, or "enough," is no longer su icient, and many households are digging into their reserves to stay afloat.
These flags indicate a need to expand support to advance equitable opportunities. We must also seek opportunities to alleviate cost burdens where possible to help households build and maintain their wealth.
The research also gives new insights into a ordability. On average, Tampa Bay households use 42.61% of their budgets to pay for housing expenditures. This is 12.61% higher than the general rule that housing should not account for more than 30% of a household's budget. And when we add transportation expenses, the average household spends $0.57 of every dollar earned on those two categories.
Tampa Bay ranks in the top half in 12 of the 58 indicators we can compare against the national competitive set (22.41%). Unfortunately, the region ranks in the bottom quintile in 27 indicators (46.55%). This means that although we are making great strides in areas of importance to our residents in the region, we have opportunities to stand out against similarly sized metros across the nation.
The 2024 Regional Competitiveness Report indicators tell the story of a burgeoning, successful, and bright region on the rise but one with a very real a ordability crisis. The Tampa Bay region's growth is only positive if the cost of doing business in the sunshine does not hinder residents' well-being.
Lastly, we are pleased to unveil a new website to help make the data more interactive and actionable for your organizations. Each indicator is part of a grouping of related or complementary indicators. Additionally, Tableau dashboards will allow you to manipulate visualizations to compare against available data, including (where possible) demographic information, county-level drilldowns, and time-based performance trends. Data is power, and the measurements help us to track where we are and set goals for where we want to go.
Please visit www.stateo heregion.com to learn more. We look forward to learning how you will apply the data to create a brighter future for Tampa Bay.
Marlene President & CEO Community Foundation Tampa Bay
Bemetra Simmons President & CEO
Tampa Bay Partnership
Spalten
The 65+ indicators of the Regional Competitiveness Report were selected via the collaborative expertise of more than 100 business, government, and nonprofit leaders and are assessed by community stakeholders once a year.
The resulting report tracks regional performance and progress against 19 peer and aspirational communities as well as the national average. Many organizations use the data to define community challenges, prioritize activities, and allocate resources.
The drivers of our regional economy – identified as Economic Vitality, Innovation, Infrastructure, Talent, and Civic Quality – represent the critical needs of our residents and businesses. Together, they create a framework for prosperity and lead to critical Outcomes that indicate whether our economy is growing and if that growth is being enjoyed by everyone.
Our comparison communities reflect metro areas that are similar to Tampa Bay based on factors such as population, demography, the size of the economy, and the presence of regional assets – including ports and research universities – as well as the frequency of competition for economic development projects.
The Tampa Bay region is comprised of eight counties: Citrus, Hernando, Hillsborough, Manatee, Pasco, Pinellas, Polk, and Sarasota. For the purposes of this report, data is either composed by combining individual county-level data or data from the four Metropolitan Statistical Areas (metros):
Tampa-St. Petersburg-Clearwater (Hernando, Hillsborough, Pasco, and Pinellas)
Homosassa Springs (Citrus)
Lakeland-Winter Haven (Polk)
North Port-Sarasota-Bradenton (Manatee and Sarasota)
When metro-level data is used to create a regional value, the component values are weighted by an appropriate factor (population, number of households, etc.). It should be noted that o en, the Tampa Bay regional value remains close to the value of the Tampa-St. Petersburg-Clearwater metro due to its size (it is the 10th largest metro in the nation).
THE 2024 REGIONAL COMPETITIVENESS SUMMARY REPORT is provided as a resource for the entire community to help each of us make a positive impact on the competitiveness and prosperity of Tampa Bay. Understanding how to read and analyze the information presented within the report is key to it becoming the most useful and relevant tool for everyday use.
The absolute value for Tampa Bay is noted to provide additional context to the relative ranking. When displayed in green, the value improved. When displayed in red, the value worsened. When displayed in black, the value remained the same.
Where available, information for the U.S. is included to illustrate how Tampa Bay compares to national performance. In the Florida Talent indicators, this section of the tile is the state average.
This is the top performer among the 20 markets, and its value.
The ranking highlights Tampa Bay’s relative position among the cohort in the 2024 report, and the ranking next to it indicates its position in the 2023 report. When the arrow appears in green, the ranking improved over the previous year. When displayed in red, the ranking worsened. When there is no arrow, the ranking remained the same.
THE COMPLETE DATA SET for each indicator, including the ranking and performance for all 20 markets, as well as the data source, can be found at www.stateo heregion.com.
Disclaimer: The Tampa Bay Partnership Foundation has, to the best of its ability, compiled the information contained within and used it to produce this publication. The data is believed to be the latest available at the time of production, accurate, and from reliable sources. The Tampa Bay Partnership Foundation welcomes feedback from the community. For more information on the methodology for this report, please contact Dr. Lucia Farriss, Senior Director of Research, Analytics, and Public Policy, at Lfarriss@tampabay.org.
THE REGIONAL COMPETITIVENESS REPORT is made possible through the engaged support of business and community leaders throughout Tampa Bay, both past and present.
This project expands and advances previous regional e orts, such as the Economic Market report and the Regional Economic Scorecard, led by the Tampa Bay Partnership and the former University of South Florida Center for Economic Development and Research (CEDR).
The strategic vision and leadership of Chuck Sykes, President and CEO of Sykes Enterprises and the chair of the Regional Indicators Task Force, was instrumental in the creation of the inaugural Regional Competitiveness Report in 2017, along with that of the participating task force members, including:
Robbie Artz
Michael Baughen
Len Becker
David Call
Gino Casanova
Bob Clifford
David Cohen
Tom Corona
David Doney
Nathaniel Doliner
Lee Evans
Gina Gallo
Scott Garlick
Brett Lafferty
Marty Lanahan
Rhea Law
Mark Lilly
Chad Loar
Suzanne McCormick
Seth McKeel
David Pizzo
Dr. Ed Rafalski
Amy Rettig
Nick Setteducato
Marlene Spalten
Matt Spence
William Walsh
Chuck Warrington
Melanie Williams
We rely on the feedback and guidance of subject matter experts to shape the indicators we track. The following regional stakeholders shared their time and insight during the annual review process. Their contributions will help us make future editions of the Regional Competitiveness Report a better, more useful resource for the community, and we send our sincere thanks.
Matthew Battista
Alison Barlow
Diana Bender-Bier
Cassandra Borchers
Glenn Brown
Jay Burkey
Rick Casey
Sarah Combs
Jesse Coraggio
Anna Corman
Sheff Crowder
Ashley Dietz
Jason Druding
Josh Dunn
Chelsea Favero
Kelly Flannery
Richard George
Yassert Gonzalez
Laurie Hill
Sharon Hillstrom
Kim Jowell
Carl R. Lavender, Jr.
Ryan Lewandowski
Yvette Lewis
JoLynn Lokey
Steven Meier
Marcia Mejia
Michelle Moeller
Tom Morrissette
Stephany Musino
Aaron Neal
Meghan O'Keefe
Linda Olson
Abigail Perez
David Pizzo
Wade Reynolds
Yanina Rosario
Michele Routh
Sumitra Sankarasubramanian
Jessica Scites
Dave Sobush
Thomas Williams
David Zirilli
The data found in the 2024 Regional Competitiveness Report was compiled and produced, with thanks, by: Lucia Farriss, Ph.D., Barbara J. Caldwell, Ph.D., and Abdulsalam Abubakar Nwandu.
Outcomes measure the growth of the regional economy, the extent to which economic growth is being enjoyed by everyone, and the attractiveness of the region for its current and potential residents.
Tampa Bay remains a top locale to move to in the 2024 report. We rank 1st in Net Migration for the second consecutive year with a rate of 2.80%. The young adult in-migration rate improved to 9.73%, and we increased another four steps in the rankings, arriving at 4th place. Most populations in the comparison communities set have in-migration rates between 7 and 10%, which shows a relatively mobile working-age population.
Tampa Bay’s GRP Growth Rate increased in rank to 8th but fell in value from 7.64% to 4.39%. The U.S. average fell from 6.24% to 2.08%, and the top performer from last year, Nashville, fell from 12.02% to 6.26%.
Our GRP per Capita, Poverty Rate, and Youth Poverty Rate improved in year-over-year performance, but our full-time worker poverty rate performance decreased and fell in ranking. While we are improving as a region in serving those that fall within poverty guidelines (our most at-risk populations), this trend may reflect the a ordability crisis and demonstrate an increase in obstacles the general working population faces due to overall cost of living increases.
Economic Vitality measures the quantity and quality of jobs within a region, the relative incomes that its residents earn, the wealth they attain, and economic opportunities for its entrepreneurs.
The regional annual performance showed improvements in 7 of the 11 indicators but fell for Job Growth Rate, Median Household Net Worth, Advanced Industry GRP Growth Rate, and Existing Home Sales Price Growth Rate. The growth in median home prices decreased in value from 26% last year to –3.46% in 2024. Given the pressures of high interest rates, this was an anticipated correction, but housing prices remain elevated compared to pre-pandemic levels.
The housing crisis continues, as local wages have not kept pace with rising housing costs. We do see year-over-year increases for Average Wage and Average Wage Service Sector. Tampa Bay has an average wage of $60,843 and ranks 18th among comparison communities. The average household income for the lowest quintile is a mere $15,351 annually. Tampa Bay’s Median Household Income increased to $68,859 and ranked 20th in our competitive set for the fourth consecutive year. For context, ALICE data published by United Way in their Household Survival Budget dashboard states that, on average, for a family of four in Tampa Bay to be able to meet basic needs, the household income must be $72,348 or more.
Additionally, the research shows a decline in Median Household Net Worth for Tampa Bay, while for the United States as a whole, the value improved. This could indicate that Tampa Bay residents are depleting their savings or liquidating assets to combat a ordability concerns.
Tampa Bay is still very attractive for establishing new businesses, ranking 5th in Business Establishment Start Rate. The region creates new companies at a rate of 13.45%, beating out the national average of 10.50%.
Infrastructure measures the quantity and quality of the investment a region makes in underlying structures, including transportation and broadband internet.
Transit is a systems-level issue, and progress does not o en occur in annual increments. However, Tampa Bay is in dire need of transit funding and regional solutions. Of the ten indicators tracked under this driver, year-over-year performance for the region fell in seven of them. Our rank decreased in 6 indicators, and we had no change in 4. Given the increase in net migration, Tampa Bay’s roads are more full, less safe, and additional frequency and modalities of public transit are paramount needs.
The value of Pedestrian and Cyclist Fatalities per 100,000 Residents has increased from 4.38 to 5.58, and our ranking has fallen to last place. This is in contrast to the U.S. average performance, which shrank from 2.25 fatalities per 100,000 residents to 1.62.
Regionally, we see slight improvements in digital access and walkability. Yet the region’s performance in Transit Ridership per Capita and Transit Vehicle Revenue Miles per Capita (TVRM) have gotten worse in both value and ranking. While the U.S. average in ridership is 24.35 per capita, Tampa Bay is 5.54 per capita. Tampa Bay has 7.30 TVRM per capita at 7.30, less than half the U.S. average value of 15.27.
There were no updates to the Pavement Condition Good or Fair source data. The information provided is from the 2022 edition of the Regional Competitiveness Report, which references a 2020 data set, the latest available data at the time of publication.
Talent measures who is working today and how well the region's talent pipeline is being prepared for the jobs of tomorrow.
Tampa Bay's year-over-year performance saw improvements in 8 of the 12 Talent indicators. The region fell four spots up in the ranking for high school graduation rates, going from 10th to 14th in 2024. Rates decreased from 89.07% to 86.07%. The data also shows a decline in rank and performance for economically disadvantaged students' high school graduation rates. Falling rates may be partially linked to the demands and increased stresses of broader a ordability concerns but may also reflect changes to the availability and funding of programmatic support. Solutions that help support this population will be essential to close the educational divide.
The region also saw annual improvements in disconnected youth (represented by the Share of Population Ages 16-24 Neither Employed nor Enrolled in School), improving from 12.19% in 2023 to 11.29% in 2024. Our rank fell two spots to 16th place. The top performer in this indicator is Minneapolis-St. Paul who improved from 8.63% to 6.93%.
Tampa Bay has also improved the rate of residents aged 25-34 who have attained a bachelor's degree or higher, improving by 1.6 percentage points year-over-year. In comparison, the U.S. average increased by only 0.66 percentage points. Austin, the top performer at 58.07%, outpaces Tampa Bay's performance by over 20 percentage points.
Florida Talent measures specific educational pipeline indicators tracked by the state of Florida, and compares the Tampa Bay metro against 3 other comparison metrosJacksonville, Orlando, and South Florida.
Despite overarching improvements in year-over-year performance, only 50.28% of Tampa Bay students are ready for kindergarten (compared to 49.45% in the last report), and the region ranks in the bottom half of the state for science, which can impact STEM proficiencies in the future. Additionally, while we see a greater share of students testing for AP course credit in Tampa Bay, our rank for passing rate fell.
*Please note, the results for grades 3-10 ELA FAST, 3-8 Mathematics FAST, and the B.E.S.T.-aligned Algebra 1 statewide assessments are based on provisional achievement level cuts that are linked to the Florida Standards Assessment scale. Therefore, comparisons should not be made between the 2023 data and previous years’ data.
Innovation measures the extent to which a community and its institutions are generating new ideas, and the market’s reception of these ideas.
University Research and Development Expenditures increased by nearly $52 million, and our rank held steady at 16th place. Tampa Bay's University Technology Licensing income increased by nearly 82% to $3,910,273, and our rank increased to 11th place. Our regional patent awards per 10,000 residents decreased slightly to 3.00, while our rank improved from 17th to 16th place. Small business awards for innovation and technology transfer research (SBIR/STTR) decreased from $4.02 per capita to $2.95, while the national average rose to $11.22 per capita.
Civic quality measures the affordability of a region, the health and safety of its citizens, and the recreational opportunities that impact its quality of life.
A ordability remains a top concern for Tampa Bay residents. Housing costs now account for 42.61% of a household’s average expenses, an increase of over three percentage points in a single year.
When looking at the a ordability of housing and transportation combined, we see a national increase in expenses of about 2.5 percentage points. In all of the top twenty comparison communities, more than half of every dollar earned is now spent on transportation and housing. For Tampa Bay residents (rank 18th), we now spend 57.06% of our household budget on housing and transportation. Minneapolis-St. Paul is ranked 1st at 52.47%, 4.59 percentage points less expensive than our region. However, in South Florida, transportation and housing expenses account for just under 60% of every dollar.
When looking at our regional performance, year-over-year, we do see a positive li in 6 out of 12 of the Civic Quality indicators, including new cultural and recreational establishments. There is growth in healthcare metrics as well. Tampa Bay residents have more access to mental health and primary care providers, and 89.13% of Tampa Bay residents now have health insurance. The data also shows the number of residents facing food insecurity fell 1.58 percentage points, although we continue to rank 16th in this indicator.
Although we are making positive strides in the rankings, many of the metros in our competitive set are progressing faster than Tampa Bay. Our rankings fell in 5 indicators and stood still in 4.
Tampa Bay continues to have lower crime rates than most of the comparison communities and is tied for first place for the lowest rates in Total Crime.
This chart presents each indicator's quintile (five equal groups) rankings for each comparison community in an "at a glance" fashion. Deeper shades indicate stronger performance, while lighter values denote a less competitive position. While readers are discouraged from using this tool to assume an overall score, this graphic can help establish trends among peers and aspirant markets and drive us to investigate best practices.
In the Economic Vitality driver category, Tampa Bay ranks in the top half of the competitive set in Business Establishment Start Rate, Job Growth Rate, Advanced Industry Gross Regional Product (GRP) Growth Rate, and Median Household Net Worth. This can be associated with developing and attracting new business sectors, which can increase the number of higher-paying jobs. Our Median Household Income and Average Wages continue to exacerbate the a ordability crisis in our region.
This year, we continue to attract new residents at a high rate. While we see positive increases in the Gross Regional Product Growth Rate, population growth increases the demand for limited resources such as housing. Full-Time Worker Poverty Rates and ALICE households are on the rise. We are in danger of pricing out existing residents.
Rank 1-4
Rank 5-8
Rank 9-12
13-16
University R&D Expenditures
University Technology Licensing Patents per 10,000 Residents SBIR/STTR Awards per Capita
Pavement Condition Transit Ridership per Capita Transit Vehicle Revenue Miles per Capita
Bicycle and Pedestrian Safety
Airline Passenger Growth Annual Hours Lostin Congestion Household Digital Access Average Commute Time Commuters with 1+ Hour Commutes Walkability
Tampa Bay
Atlanta Austin Baltimore Charlotte
Dallas-Ft. Worth
Denver
Houston
Jacksonville
Mpls-St. Paul
Nashville
Orlando
Phoenix
Portland
Raleigh-Durham
San Antonio
San Diego
Seattle
South Florida
St. Louis
Systems change occurs slowly. Unsurprisingly, our opportunities for growth and improvement continue to be clustered in the Talent and Civic Quality indicators. Although locally, we see year-over-year improvements, educational attainment, and workforce participation rates are lower than most of our competitive set. Tampa Bay improved in ranking for university-led technology licensing and patent production, but we still have room to improve.
Regarding Infrastructure, Tampa Bay's transportation remains a critical issue, especially considering population growth. This summary shows that the region is in the lower area of the ranking tables in most indicators.
In sum, while the Tampa Bay region has positive economic growth and continues attracting new residents and businesses, additional e ort is necessary to advance performance in several driver categories to support this growth and improve the quality of life for existing residents.
We look forward to helping convene and activate around this data and hope you will share with us how your organization has applied this data to drive your strategies for the coming year. Let us continue the good work.
Neither Employed norin School
16-24 Year Olds
Certificate Production per 10,000 Residents Degree Production per 10,000 Residents
STEM Degree Production per 10,000 Residents
High School Graduation Rate
High School Graduation Rate
Economically Disadvantaged
3& 4-Year Olds Enrolled in School
Educational Attainment Rate: AA/AS+
Educational Attainment Rate: BA/BS+
Educational Attainment Rate: Graduate/Professional
25-34 Year Old Educational Attainment Rate: BA/BS+
Labor Force Participation Rate: Age 25-64
Cultural/Recreational Establishments per 10,000 Residents Mental Health Providers per 10,000 Residents
A ordability: Costsas Percentageof Income
A ordability: Housing
A ordability: Transportation
FoodInsecurityPrimaryCarePhysicians per 10,000 Residents
AirQualityHealthInsurance Coverage Rate
Total Crime Index Violent Crime Rate Index Share of Children in Foster Care Unemployment Rate
25-34 In-Migration Rate
NetMigrationPopulationAge
Gross Regional Product (GRP) Growth Rate Per Capita Gross Regional Product (GRP)
Financial Instability Rate: ALICE+Poverty Poverty Rate Youth Poverty Rate
Full-Time Worker Poverty Rate
On behalf of the collaborating team, the authors wish to recognize the board leadership of Community Foundation Tampa Bay, United Way Suncoast, and the Tampa Bay Partnership. Thank you for your engagement and your commitment to a more competitive and prosperous Tampa Bay.
(Leadership lists are current as of December 15, 2023.)
COMMUNITY FOUNDATION
TAMPA BAY BOARD OF TRUSTEES
Oscar J. Horton, Chair Sun State International Truckers, LLC
Barry Alpert Alpert Financial Group, Inc.
Ronald L. Ciganek Commercial Banking Executive
Richard J. Dobkin Retired Finance Executive
Patricia I. Douglas Retired Attorney
Dr. Andrew Hafer Innovation Entrepreneur
Thomas F. Kennedy Westpro Group, Commercial Real Estate
Karen B. Lanese Lanese & Associates CPA Firm
Christopher C. Lykes Banking Executive
Sareet Majumdar
ICTC Global Manufacturing Solutions
Andres S. Prida Prida, Guida and Perez P.A.
Julie A. Rockwell Rockwell Financial Group
Mark D. Sena MediaSphere Partners, LLC
Linda O. Simmons R.R.Simmons Construction
Dr. Kevin Sneed University of South Florida
Marlene M. Spalten Community Foundation Tampa Bay
Mike M. Starkey Liveperson AI
Willie C. Tims Jr. Retired Executive
Susan L. Touchton Volunteer Community Leader
Kay Annis Wilson Retired CEO, Volunteer Community Leader
UNITED WAY SUNCOAST BOARD OF TRUSTEES
James Camp, Chair Eagle Asset
Robbie Artz Tampa Bay Rays
Lori Baggett PODS Enterprises, LLC
Sam Blatt Amazon
Bruce Body Raymond James
Cheri Coryea Coryea Consulting
Scott Curtis
Raymond James Financial
Mike Daigle M&J Daigle, LLC
Tammy Davis
StevenDouglas
Jacki Dezelski Manatee Chamber of Commerce
J.P. DuBuque Rivero, Gordimer & Company
Jamie Egasti Voyant Beauty
Michelle Grimsley The Southern Group
Carl Harness Hillsborough County
Laura Hurd PwC
Devaney Iglesias Florida Power and Light
Robert Lane Kerkering, Barberio, & Co.
Traci Larsen Regions Bank
Mary Lifland CAN Community Health
Chad Loar PNC Bank
Melva McKay Bass Suncoast Credit Union
Asena Mott
South Florida State College
Sara Nichols Appspace
Candy Olson Community Volunteer
Rebecca Pickett Better Choice Company
David Pizzo Florida Blue
Thomas Rametta
Brian Auld, Chair Tampa Bay Rays
Christina Barker
Vinik Family O ice
Brian A. Butler Vistra Communications
Nikky Flores JPMorgan Chase
Andrew Koenig CITY Furniture
Rhea F. Law University of South Florida
Chad Loar PNC Bank
Carolyn Monroe Old Republic National Title Holding Co.
John A. Moore
Bayfront Health St. Petersburg
David Pizzo Florida Blue
Benjamin J. Pratt The Mosaic Company
Cary Putrino Fi h Third Bank
Melissa Seixas Duke Energy Florida
Jyric Sims HCA Healthcare, West Florida
Helen Wesley TECO Peoples Gas System
Ultimate Medical Academy United Way Suncoast Board of Trustees continued
Stacy Baier Helios Education Foundation
Pierre Caramazza Franklin Templeton
Bob Cli ord WSP USA
Robin W. DeLaVergne Tampa General Hospital
Keri Eisenbeis BayCare Health System
Melanie Fowler HDR Engineering, Inc.
April Grajales Regions Bank
Steve Griggs
Tampa Bay Lightning
Christine S. Kefauver Brightline Trains
Jill Kermes TD Synnex
Atul Khosla
Tampa Bay Buccaneers
Kara Klinger Deloitte & Touche, LLP
Don Lowery
Nielsen
Thomas Mantz
Feeding Tampa Bay
Merritt Martin Mo itt Cancer Center
Andy Mayts
Shumaker, Loop & Kendrick, LLP
Iwan Mohamed Truist Bank
Thais Rodriguez-Caez EY
R. Anthony Rolle, Ph.D. University of South Florida
Sonja Rosario Citibank
Emily Scott BayCare Health System
Alex Sink Community Volunteer
Michael Smith Fi h Third Bank
Robert Thompson Community Volunteer
Gerhard Toth GTE Financial
Sean Wilkinson Publix
Jessica Muro United Way Suncoast
Edwin Narain AT&T
Keith O’Malley USAA
Steve Raney
Raymond James Bank
Robin Roark, MD McKinsey & Company
Marlene Spalten Community Foundation
Tampa Bay
Dierdre White Grow Financial Federal Credit Union