Diverse landscape: Tourism may have been the engine that drove Tampa Bay before, but the area is proving it’s more than just beaches The Tampa Bay region is known around the world for its beaches. Situated on the Gulf of Mexico, with almost 70 miles of barrier islands from North Pinellas to Venice, the region attracts millions of tourists from all over the world. But after COVID hit, it became evident that the region is much more than just tourism. The resilience of the Tampa Bay metro area in the absence of tourism painted a picture of a much more diverse economy that includes financial services, healthcare, IT, avionics and defense. Despite the pandemic, there were several bright spots in 2020 for the region. Most importantly, the Tampa Bay Metropolitan Statistical Area (MSA), which includes the cities of St. Petersburg and Clearwater, had the lowest COVID-19 incidence rates among comparable MSAs, according to the University of South Florida (USF) Muma College of Business 2021 E-Insights Report, compiled in tandem with the Tampa Bay Partnership. The report also indicated the region is on its way to recovery. The pandemic also failed to put a damper on the area’s sports: the Super Bowl went ahead at Raymond James Stadium and the Tampa Bay Buccaneers took the championship. The National Hockey League’s Tampa Bay Lightning won the Stanley Cup. But there are challenges. The E-Insights Report 12
| Invest: Tampa Bay 2021 | ECONOMY
suggests that the Tampa Bay MSA has work to do regarding its economic competitiveness compared to similar MSAs, landing in the bottom half in terms of unemployment rate and poverty. Geography and history The Tampa Bay MSA is the fourth-largest metro area in the Southeastern United States, with 3.24 million residents living in the region in 2020, according to the Federal Reserve Bank of St. Louis. The United States acquired the state of Florida from Spain in 1819 and by the end of the Civil War, Tampa had a population of around 800. Its growth was catalyzed by the discovery of phosphate and the arrival of the railroad. Just 30 years later, toward the end of the century, Tampa was one of the largest cities in the state. In the early 20th century, the region became a magnet for Spanish and Cuban cigar workers, who moved to Tampa to work in the factories and the city simultaneously became a destination of choice for celebrities. Protected at the innermost point of the Gulf of Mexico, the Tampa region is free from many of the extreme weather events that characterize the state. This, combined with a year-round semi-tropical climate, ( )
