Originally Published November 7, 2017
You can’t go anywhere between Tampa Bay and Orlando along the I-4 Corridor without hearing a good news story about business growth, population growth and economic growth.
Between Tampa and Orlando, our region has the ability to be a corporate powerhouse with a skilled labor force, educated talent pool, innovative mindset, friendly business climate and sunshine to top it off. We could surpass even more MSAs soon on our growth path.
How Tampa Bay Measures Up
When you look at Tampa Bay as a region and Florida’s strength relative to the nation, we are above average and should feel good about prospects for growth that could outrun and outlast the larger economy as a whole. We might even see faster growth due to tight conditions in the labor markets, higher profits, more construction jobs, boosted tourism, continued population growth from retirees, and relatively low fuel costs.
Nationally, consumer confidence has reached its highest level since the year 2000, and the turn of the century. Contrary to that news, the Leading Economic Index declined in September for the first time in a year, partly due to the impact of recent hurricanes in Texas, Florida and the Caribbean. Those declines were concentrated in the labor markets and residential construction. Strong Consumer Confidence is making a statement though, suggesting the national economy will continue to expand in the short-term, for the remainder of the year. Considering the weather storms and political controversies the past few months, I would say the trends show a statement in resilience across our United States.
Add to that the fact that the Employment Trends Index had one of the largest monthly increases ever, even after 2 declines due to the hurricanes, and it further suggests an economy on stable ground. Growth should stay solid in the coming months.
More Positive Statistics to Review
If you’re into stats, here are more good stats to review:
Manufacturers Orders for Goods are up 1.4%
Quarterly Profits for Manufacturers are up $0.5 Billion
International Trade of Goods & Services are up 1.7%
Construction Spending is up 0.3%
Homeownership Rate is up 0.4%
Personal Income and Outlays are up 0.4%
New Residential Sales are up 18.9%
Advance Monthly Retail Sales are up 1.6%
Retailers Quarterly Profits are up $4.3 Billion
Consumer Price Index is up 0.5%
Producer Price Index is up 0.4%
GDP is up 3.0%
Call Fortress Commercial Real Estate, so we can talk expert advice on where your real estate strategy should be focused in West Central Florida. Fortress CRE adds value to business owners looking to grow through their real estate, office and building needs.
Contact us online, call us at 813.444.3330 or email us at kostas@FortressCRE.com for more sound advice.