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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.
Innovation measures the extent to which a community and its institutions are generating new ideas and inventions, and the market’s reception of these ideas.
Infrastructure measures the quantity and quality of the investment a region makes in underlying structures, including transportation and broadband internet.
Talent measures who is working today, and how well the region’s talent pipeline is being prepared for the jobs of tomorrow.
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.
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.
For the purpose of the Regional Competitiveness Report, the data presented for the Tampa Bay region reflects the eight counties of Citrus, Hernando, Hillsborough, Manatee, Pasco, Pinellas, Polk, and Sarasota.
The Tampa Bay Partnership is a coalition of regional business and nonprofit leaders, joined by a shared commitment to improving the personal and economic well-being of Tampa Bay residents. Through its foundation, the Partnership conducts objective, data-driven research to identify the region’s greatest challenges and measure our progress toward shared community goals. This work includes the Regional Competitiveness Report, which helps measure our region's performance against other communities nationwide.
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.
Average Wages provide an indication of the buying power of the residents of a region. A common refrain during conversations about Tampa Bay's relative economic performance is the perceived difficulty of comparing the market to others, due to the mix of industries in the region. Analysis of the average wage of "service" sector workers enables Tampa Bay leaders to better understand, in context, worker earnings in this major component of the economy.
Average wages for Tampa Bay climbed by 5.14% to $66,671, outpacing national growth rates but still trailing the U.S. average by around $9,000. The region’s rank holds steady at 18th place.
Service sector wages increased to $37,698, slightly ahead of the national average, allowing Tampa Bay to maintain its ranking in 11th place. Tampa Bay is a tourism-driven economy, and the service sector accounts for nearly a quarter of jobs in the region.
Increases to average wages may indicate the presence of high-paying, and/or highly-skilled fields such as advanced manufacturing and professional services.
Lower average wages may indicate a prevalence of retail, tourism, service, and other low-paying jobs.
