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Business Observer Friday, Oct. 27, 2017 3 years ago

Surge continues

Tampa Bay region economic growth ranks No. 3

The Tampa-St. Petersburg-Clearwater metropolitan statistical area continues to see a rush of economic growth, according to U.S. Bureau of Economic Analysis figures released in early October.

The surge is so strong that the Tampa Bay region's 2016 economic growth output ranks third-best — behind only No. 1 San Francisco and No. 2 Seattle — among the 20 largest U.S. metro areas.

The uptick has been largely driven by the finance, insurance and real estate sectors, according to a report from SpareFoot, an Austin, Texas-based online marketplace for storage facilities and publisher of moving guides. The professional and business services and construction sectors also made large contributions to the region's economic growth, the release notes. The only sector in the region to see a year-over-year decline was arts, entertainment and recreation.

In total, according to the SpareFoot report, the region boosted its economic output from $121 billion in 2015 to $126 billion in 2016, up 4.2%. The increase also continues a positive trend for the region: From 2014 to 2015, economic output increased by 2.8%.

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