Average Annual Wages by Target Sector Across Florida Metros
For many years, and certainly since the nadir of the Great Recession, there has been significant and concerted effort by the several Tampa Bay EDOs to attract, retain, and encourage the expansion of firms in these sectors.
The chart that follows depicts how wages in these targeted sectors fare compared to the three other large Florida metros (JAX-ORL-SFL), the 19 comparison markets (RCR Average) and the nation (United States).
Like the preponderance of Tampa Bay counties, the JAX-ORL-SFL group finds its highest average wage in Finance and Insurance. Outside the state of Florida, Information provides the largest average wage. With respect to each of the four target sectors, Tampa Bay sees its sector wages rank last across the board. In many cases, the Tampa Bay metric is significantly below the JAX-ORL-SFL average, let along the RCR and United States averages.
In the context of the Tampa Bay region’s relatively low Gross Regional Product per capita, these wage discrepancies likely point to a mix of specific industries with a lower value add within each broad sector, versus the comparison markets.
(Source: Bureau of Labor Statistics, Quarterly Census of Employment and Wages)