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Business Observer Friday, Nov. 15, 2019 3 weeks ago

On the move: City a top draw for urban transplants

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Tampa ranks among the top U.S. metro areas for net migration.

As more and more people relocate to the Tampa Bay region, real estate analysts continue to go beyond the numbers in order to delve into who’s on the move and, crucially, why.

One of the latest nuggets: The Tampa Metropolitan Statistical Area is one of the top destinations for people moving from other metropolitan statistical areas. Using the latest U.S. census data released in August, Commercial Café, a Santa Barbara, Calif.-based commercial real estate blog, found that with 17,603 new residents arriving from other MSAs between 2013 and 2017, Tampa ranks No. 10 in terms of net migration.

Overall, Southeast and Sun Belt MSAs dominate the rankings. With a net migration gain of 42,869, Phoenix takes the top spot, while Orlando checks in at No. 6, with a net migration gain of 22,608.

According to Commercial Café’s study, Tampa is drawing new residents primarily from New York and Miami, neither of which appears in the top 10. The area’s strong business climate, led by large financial services and insurance firms headquartered locally, has been a major draw, the report says.

Commercial Café also found a correlation between migration from other MSAs and strong growth in Tampa’s production, transportation and material moving industry. Employment in that sector rose by 6.9% between 2013 and 2017.

Tampa gained 5,612 residents from Orlando but lost 7,560 to the theme park capital of the world, for a net loss of 1,948. Orlando’s numbers are similar to Tampa’s, with Miami and New York being the top sources of new residents.

To read the full report, visit: https://bit.ly/2JkLArT.

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