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The 2018 Jobs Outlook for Tampa

The 2018 Jobs Outlook for Tampa

Whether you’re a candidate looking for a new job in Tampa or a growing business in need of a recruitment agency, it’s important that your vision for the future is grounded in the realities facing your industry and the economy. Here we’ve gathered the most recent expectations for employment and hiring in Tampa through 2018:

Strong Job Growth for Tampa

The Tampa Bay area saw the second highest overall job growth among major metro areas in the country between June 2016 and June 2017. Employment in Tampa grew by 3.6 percent during the same time period. The Orlando-Kissimmee-Sanford metro area had the highest job growth in the country, with a 4 percent employment increase, while Jacksonville had the 4th highest employment increase in the country at just under 3.6 percent.1

The statewide unemployment rate in Florida rose from 3.6 percent to 3.7 percent between November and December 2017. During the same period in Tampa, the jobless rate dipped from 3.6 to 3.4 percent. Both the state and the Tampa Bay region experienced lower unemployment than the national average of 4.1 percent during that time.2

Economists expect the Florida economy to remain strong through 2018. Job growth is projected to be steady, but slower than it was in 2017 as the state hovers nears full employment.3

A Rapid Rise in Tech Talent

Some of Florida’s continued job growth is likely to be in the tech industry, where the state's available talent is growing rapidly. The Tampa-area technology labor pool is the second fastest growing in the country, following only Charlotte, North Carolina. Between 2011 and 2016, the Tampa metro area added more than 16,000 tech workers, an increase of 55.3 percent.4

The non-profit tech accelerator, Tampa Bay Wave, recently announced 13 technology and data startups they would support in their development and expansion. Many of the companies were co-founded by women, minorities, and veterans.5

A 53-acre waterfront property in Tampa, acquired by real estate developer Jeff Vinik and Bill Gates’ Cascade Investment fund, is slated for an urban tech development that will include residences and the technology infrastructure for business development and startup incubation.6

Existing Tampa Organizations Expand

In September, 2017, construction began on the long-planned Morsani College of Medicine and Heart Institute of the University of South Florida. The new campus is the cornerstone of a $3 billion redevelopment of more than 50 acres of downtown Tampa that will include office towers, hotels, residences, parks, and retail. Like the planned waterfront urban tech development above, this project has been spearheaded by a real estate firm funded by Vinik and Gates’ Cascade Investment.7

USAA, a banking services and insurance provider for military personnel, is building a new 240,000-square-foot building on its Tampa headquarters campus. The new facility will have room for an additional 1,000 employees. The financial services firm expanded its headquarters in 2016, adding 1,200 new jobs at the time. After the building opens in 2019, USAA expects to employ 4,500 Tampa-area workers.8

Need assistance with your hiring in Tampa? Contact Hudson.

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Sources

1 Times Staff Writer. "Tampa Bay, Orlando, Jacksonville Rank in Top Five U.S. Metros for Job Growth." Tampa Bay Times. Web. 3 Aug 2017.
2 Carollo, Malena. "Florida's Economy Expected to Stay Strong for 2018." Tampa Bay Times. Web. 18 Jan 2018.
3 Ibid.
4 Manning, Margie. "Talent Tech Labor Pool Growing at a Fast Pace, Report Shows." Tampa Bay Business Journal. Web. 20 July 2017.
5 Times Staff. "Tampa Bay Wave Picks 13 Data and Tech Companies for Startup Accelerator." Tampa Bay Times. Web. Jan 23 2018.
6 Shieber, Jonathan. "As a Relieved Tampa Assesses Its Future, One of Its Millionaires Plants a Flag for VC and Tech." TechCrunch. Web. 13 Sept 2017.
7 Griffin, Justine. "Construction Starts on USF Medical School, the First Piece of Tampa's Water Street Project." Tampa Bay Times. Web. 20 Sept 2017.
8 Gurbal Kritzer, Ashley. "USAA Plans Major Expansion of Tampa Campus." Tampa Bay Business Journal. Web. 16 Aug 2017.

 

 

 

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