Chmura Analytics and Area Development recently named the Tampa-St. Petersburg-Clearwater a leading metro area based on its economic growth, ranking it #8 for growth in the United States. The study looked at areas "poised for long-term growth [that] are often hubs of high-tech industry where workers may benefit from an affordable cost of living."
Chris Chmura, PhD, founder and CEO of Chmura Economics & Analytics noted that the areas that fared the best in this ranking are the ones with long-term growth "whose metrics show them in a significantly better place today than they were before the COVID pandemic, even if they took an understandable dip in the middle."
Some of the important factors in the study include:
- Local gross domestic product and how it’s trending
- Unemployment rates
- What kinds of jobs are growing
- How well the needs of employers are matching with what the labor market has to offer
- Activity in such hot sectors as high-tech manufacturing and R&D, and other occupations linked to science, technology, engineering, and math (STEM)
The Tampa Bay region was the third-highest ranked metro area in Florida after Miami and the Space Coast.
A related Area Development commentary, "Metro Areas with Solid Prime Workforces Garner Significant Investment," notes that
Some of the top-ranked metros in Area Development’s report that we also see appearing frequently on the shortlist for office clients...are growing geographies with an educated workforce that is generally not oversaturated by competition, and they present talent cost savings opportunities, especially versus gateway coastal markets. On top of these factors, these locations also boast high quality of place and unique local character, which is attractive for clients looking to promote the relocation of employees from existing offices to their newly opened locations.
St. Petersburg's growth, talented workforce, effortlessly cool quality of life, and inimitable character make it an attractive choice for companies looking to relocate or expand.
Visit "2023's Leading Metro Locations: Hotspots of Economic Growth."
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