With new jobs coming to Tampa Bay, it will have many benefits for the real estate industry. New people moving to the area means more homes are needed.
Since both private and public institutions have started working hard to attract new companies to the Tampa area, it has created more jobs. Job growth leads to relocation for employees, which helps the real estate market move forward. Here's a look at some of the job growth that has started to help the Tampa real estate market continue to row.
Amazon Fulfillment Center
With Amazon investing in a one-million-square-foot fulfillment center in the area, more than 1,000 jobs have been created. The center cost around $204 million and it's considered to be the largest industrial development in Hillsborough County ever.
Depository Trust & Clearing Corporation (DTCC) Continues to Grow
The DTCC has been using local talent to help grow their financial services firm. The company continues to grow throughout Tampa and believes it's a great location due to easy access to a large airport, excellent communities, good schools and plenty of talented employees. The company has stated that the University of South Florida, University of Central Florida and University of Tampa have helped them grow to new levels. They have also been one of the leaders in hiring veterans coming from the McDill Air Force Base.
Expansion of ReliaQuest
It may be one of the latest companies to announce expansion in the Tampa area, but ReliaQuest certainly shouldn't be ignored. They will add 150 new employees to their company as they move into a new downtown Tama building. The company is also in the process of building the new RQ Innovation Team to help create advanced IT monitoring systems.
Bristol-Myers Squibb and Johnson & Johnson Both Expand
Two very high-profile businesses have make efforts to expand in the Tampa Bay area. They have both added new jobs to the city and may be the start of others looking closely at Tampa for relocation or opening new locations.
Stats Supporting Job Growth in Tampa
Many statistics show that jobs are growing in the Tampa Bay area. In 2016, 29,100 new jobs in the private sector were created in Tampa. The city also ranks as the best in Floris for job openings when it comes to the high-wage STEM occupations. Around 237,000 new private-sector jobs were created in Florida for 2016 and Tampa was responsible for more than 12% of those jobs.
The city also boasted a very low unemployment rate at just 4.5%. This was lower than the statewide rate of 4.9% for December of 2016.
The industries growing the fastest include:
Construction - 8,400 new jobs
Business and Professional services - 6,700 new jobs
Trade, Transportation and Utilities - 4,900 new jobs
Health and Education Services - 4,500 jobs
All of these industries are expected to continue to grow as Tampa Bay adds more jobs and supports a growing real estate market.