ECONOMY INTERVIEW
Clipping along Regional economy moving at a strong pace allowing Hillsborough to meet the needs of its 30,000 new residents annually
Sandra Murman Commissioner – Hillsborough County To what do you attribute the significant population growth in the Hillsborough County region? The region’s economy continues to clip along at about 4% growth rate per year (gross regional product per the U.S. Bureau of Economic Analysis). This allows us to really help meet the needs of the 30,000 new residents that are moving into Hillsborough County every year. Especially during the winter months, the Tampa Bay area is able to capitalize on the extreme weather most Northeastern states experience. Visit Tampa Bay is strategic about advertising in those communities so those residents can see the beaches and beautiful weather available in this region. Additionally, as a result of efforts like these and the overall economic growth in the region, people consider Tampa Bay when they are looking to change their lifestyle. How is the county handling this influx of new residents to the region? We are preparing and responding to new residents’ needs by investing in high-quality public spaces and infrastructure, including our parks and environmentally-sensitive property, as well as new fire stations, libraries, and cultural facilities. Another area we’re laser-focused on is transportation. People want change in the form of better transportation, and they want a more sophisticated, streamlined public transportation system. We need to look at light rail or another way to move people, especially from major hubs like our universities, downtown, the airport, and Tampa’s Westshore District. If we implement the right infrastructure improvements, that will result in even more significant growth. These investments ensure that we continue to be attractive to high growth companies. How much of a focus is affordable housing for the local government?
Affordable housing boils down to quality of life and the commute. Anyone who is making an average income, typically between $20,000 and $40,000, could benefit from affordable housing. Homes are expensive now, and with the growth in our region, prices have only continued to go up. This year, we invested $25 million into affordable housing. One area where there’s a particular need is with our elderly population; those whose social security and pensions often do not meet their housing needs. This includes smaller developments with more of a community feel and access to assisted-living resources. The recent legislation that passed unfortunately restricts us from forcing developers to build affordable housing. That hurt us because we were hoping to utilize that as an incentive for developers to continue building here. www.capitalanalyticsassociates.com
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