Tampa Bay boasts a diverse collection of individuals and communities, companies and opportunities, special places, rich history and innovative ideas, making our region a world-class destination that appeals to visitors, residents and businesses alike.
In recent decades, the once disparate communities that comprise the region have grown and evolved, creating a thriving economic market with an increasingly expansive reach. For the purpose of this report, the data presented reflects the eight counties of Citrus, Hernando, Hillsborough, Manatee, Pasco, Pinellas, Polk and Sarasota.
The region can also be described as the combination of the four Metropolitan Statistical Areas (MSAs) that comprise the vast 7,733 square miles of the Tampa Bay region. At the heart of the market lies the Tampa-St. Petersburg-Clearwater MSA (Hernando, Hillsborough, Pasco and Pinellas), the 18th largest metro area in the country. Its bordered by Homosassa Springs (Citrus) to the north, Lakeland-Winter Haven (Polk) to the east, and North Port-Sarasota-Bradenton (Manatee and Sarasota) to the south.
More than 4.7 million people call the Tampa Bay region home. After welcoming nearly 485,000 new residents between 2010-2018, the rapid rate of population growth is expected to slow down over the next five years, but will likely still far exceed the national average. By 2023, Tampa Bay’s population is estimated to reach over 5 million people. In the coming years, Manatee County is expected to have the fastest population growth rate (11.6 percent) and Pinellas County the slowest (4.1 percent).
The region’s population by share of race closely resembles the nation as a whole. At 18.5 percent, Tampa Bay’s Hispanic population is also more reflective of the U.S. average (18.3 percent) than Florida’s (25.9 percent). Hillsborough is the region’s most diverse county, and Citrus is the least.
With an average age of 44.7, the residents of Tampa Bay are older than those in Florida (42.3) and the U.S. (38.3). The region’s youngest residents live in Hillsborough County (37.1) and its oldest residents live in Citrus County (57.6).
Tampa Bay’s median household income of $52,274 continues to fall short of the median household income in both Florida ($52,594) and the U.S. ($60,336). The region’s highest median household income can be found in Sarasota County ($58,400) and its lowest in Citrus County ($43,548).
Healthcare, hospitality and retail continue to provide the largest share of employment opportunities for Tampa Bay residents, but construction, manufacturing, finance and insurance, and professional services are becoming stronger components of the regional economy.
|2017 Private Employment By Industry||Total||Share|
|Health Care and Social Assistance||259,357||16.3%|
|Accommodation and Food Services||182,987||11.5%|
|Administrative and Waste Services||126,961||8%|
|Professional, Scientific, and Technical Services||117,647||7.4%|
|Finance and Insurance||95,301||6%|
|Other Services (except Public Administration)||52,641||3.3%|
|Transportation and Warehousing||45,076||2.8%|
|Arts, Entertainment, and Recreation||39,944||2.5%|
|Real Estate and Rental and Leasing||35,918||2.3%|
|Management of Companies and Enterprises||35,437||2.2%|
|Agriculture, Forestry, Fishing and Hunting||16,571||1%|
|Mining, Quarrying, and Oil and Gas Extraction||1,132||0.1%|
|Total Private Industry||1,589,423||100%|