2021
REGIONAL COMPETITIVENESS SUMMARY REPORT
THE 2021 REGIONAL COMPETITIVENESS REPORT IS PRODUCED BY THE TAMPA BAY PARTNERSHIP FOUNDATION, IN COLLABORATION WITH THE COMMUNITY FOUNDATION OF TAMPA BAY AND UNITED WAY SUNCOAST, AND IS AFFILIATED WITH THE STATE OF THE REGION INITIATIVE. WWW.STATEOFTHEREGION.COM
WELCOME
WELCOME TO THE 2021 REGIONAL COMPETITIVENESS SUMMARY REPORT. What a year it’s been. As we entered 2020, we found ourselves enjoying an unprecedented run of success. People, businesses and investments were flocking to Tampa Bay. Our research highlighted some areas of concern, but momentum was on our side, and we were ready to take on our biggest challenges. Until a devastating public health and economic crisis changed everything. COVID-19 laid bare our vulnerabilities and shed light on deep racial disparities, particularly between our Black and white residents. It also brought out the best in us, as we mobilized and responded to the very sudden, and very real, needs of our community. We’re only now beginning to understand the full impact of the pandemic and how best to navigate the days ahead, but we hope that the Regional Competitiveness Report provides you with the facts and data you need to prioritize resources and make the smartest possible decisions during this challenging time. You might notice a few changes in this fourth annual publication of the report. Just as most of our interactions with each other moved to an online environment this year, so has much of the data tracking our regional competitiveness and prosperity. Inside this summary report, you’ll find a snapshot of each indicator that provides an at-a-glance view of our 2021 performance and peer ranking. Meanwhile, at a newly updated www.stateoftheregion.com, you’ll find the detailed data for each of the indicators you’ve come to rely on and appreciate in the print edition. We want this website to be a valuable tool for our community leaders, and we’ll continue to enhance it in the months ahead, so we welcome your feedback and suggestions regarding how we can make it more useful and user-friendly. Whether you turn to this publication, or dig deeper into the data online, you’ll find that it tells the same story, year after year. We’re growing, but we’re leaving our most vulnerable residents behind. If there’s any silver lining to the unimaginable circumstances of this year, it’s that we have the opportunity to change this narrative. We can accelerate our recovery and create a stronger, more inclusive economy. With a shared vision for the future, we can start working toward that new tomorrow, today. We hope you’ll join us in this important effort.
Sincerely,
Rick Homans President Tampa Bay Partnership Foundation
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Jessica Muroff President & CEO United Way Suncoast
2021 REGIONAL COMPETITIVENESS SUMMARY REPORT
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Marlene Spalten President & CEO Community Foundation of Tampa Bay
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ABOUT THIS REPORT
MORE THAN 100 BUSINESS, GOVERNMENT AND NONPROFIT LEADERS joined forces to select over 60 indicators that, if moved in the right direction, can create a more prosperous future for all residents of Tampa Bay. Each year, we measure our performance, and track how we’re doing against 19 peer communities and the country as a whole. The drivers of our regional economy - identified here as Economic Vitality, Innovation, Infrastructure, Talent and Civic Quality - represent the critical needs of our residents and businesses. Together, they create a framework for prosperity and lead to critical Outcomes that indicate whether our economy is growing, and if that growth is being enjoyed by everyone. Our comparison communities reflect both peer and aspirational relationships with Tampa Bay. Factors such as population and demography, the size of the economy, and the presence of regional assets – including ports and research universities – were considered, as well as the frequency of competition for economic development projects.
COMPARISON COMMUNITIES Atlanta
Denver
Orlando
San Diego
Austin
Houston
Phoenix
Seattle
Baltimore
Jacksonville
Portland
South Florida
Charlotte
Minneapolis-St. Paul
Raleigh-Durham
St. Louis
Dallas-Ft. Worth
Nashville
San Antonio
Tampa Bay
Seattle Portland
Minneapolis-St. Paul
Baltimore
Denver
Raleigh-Durham
St. Louis Nashville
San Diego
Charlotte
Phoenix Atlanta
Dallas-Ft. Worth
Jacksonville Austin Orlando San Antonio
Tampa Bay
Houston
South Florida
For the purpose of this report, the data presented as the Tampa Bay region reflects the eight counties of Citrus, Hernando, Hillsborough, Manatee, Pasco, Pinellas, Polk and Sarasota, a combination of four Metropolitan Statistical Areas (MSAs) including: Tampa-St. Petersburg-Clearwater (Hernando, Hillsborough, Pasco and Pinellas), the 18th largest metro area in the country; Homosassa Springs (Citrus); Lakeland-Winter Haven (Polk); and North Port-Sarasota-Bradenton (Manatee and Sarasota). In instances where we combine county-level data, or MSA-level data, to create a regional value, we do so by weighting the component values by an appropriate factor (population, number of households, etc.). It should be noted that, in most instances, the Tampa Bay regional value remains close to the value of the Tampa-St. Petersburg-Clearwater MSA. 3
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USER GUIDE
THE 2021 REGIONAL COMPETITIVENESS SUMMARY REPORT is provided as a resource for the entire community, to help each of us make a positive impact on the competitiveness and prosperity of Tampa Bay. Understanding how to read and analyze the information presented within the report is key to it becoming a more useful and relevant tool for everyday use.
INDIVIDUAL INDICATOR’S NAME
2021 VALUE: The absolute value for Tampa Bay is noted to provide additional context to the relative ranking. When displayed in green, the value improved over the previous year. When displayed in red, the value worsened. When displayed in black, the value remained the same.
Gross Regional Product (GRP) Growth Rate
2021 Value
3.75 % United States
2.12 %
UNITED STATES: Where available, information for the United States is included to illustrate how Tampa Bay compares to national performance.
2021 Ranking
3
12
Top Performer
Seattle 5.07%
2021 RANKING: The bold ranking highlights Tampa Bay’s relative position among the cohort in the 2021 report, and the ranking below it indicates its position in the 2020 report. When the arrow appears in green, the ranking improved over the previous year. When displayed in red, the ranking worsened. When there is no arrow, the ranking remained the same.
TOP PERFORMER: We’ve noted the top performer among the 20 markets, with its 2021 Value.
THE COMPLETE DATA SET for each indicator, including the ranking and performance for all 20 markets, as well as the data source, can be found at www.stateoftheregion.com.
Disclaimer: The Tampa Bay Partnership Foundation has, to the best of its ability, compiled the information contained within and used to produce this publication. The data is believed to be the latest available at the time of production, accurate, and from reliable sources. The Tampa Bay Partnership Foundation welcomes constructive criticism and corrections of the errors that may appear in a project of this complexity. For more information on the methodology for this report, please contact Dave Sobush at dsobush@tampabay.org.
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ECONOMIC VITALITY
Economic Vitality measures the quantity and quality of jobs in a community, the relative incomes that its residents earn, the wealth they attain, and the economic opportunities seized by its entrepreneurs.
ECONOMIC VITALITY
Average Wage
2021 Value
49,800
Average Wage Service Sector
2021 Ranking
19
$
United States
59,202
$
19
Top Performer
Seattle $84,433
58,241
$
United States
65,712
$
2021 Ranking
20 20
Top Performer
Seattle $94,027
Median Household Net Worth
2021 Value
106,302
2021 Ranking
11
$
United States
96,701
$
9
Top Performer
Mpls-St. Paul $176,100
6.02% United States
2.55% 5
15
$
United States
29,233
15
Top Performer
Seattle
$
$57,489
2021 Value
14,283
United States
19
14,521
18
Top Performer
Seattle
$
$22,088
Advanced Industry Job Share
2021 Value
15.03% United States
14.52%
-4.40% United States
-8.72%
4 11
Top Performer
Phoenix -2.99%
Business Establishment Start Rate
2021 Ranking
$
2021 Ranking
2021 Value
2021 Ranking
11 10
Top Performer
Seattle 19.10%
2021 Ranking
2021 Value
11.18% United States
9.15%
5
8
Top Performer
Orlando 12.55%
Advanced Industry Gross Regional Product (GRP) Growth Rate 2021 Ranking
2021 Value
6.30% United States
5.44%
9
2021 Ranking
4 8
Top Performer
Charlotte 10.29%
2021 Value
-14.02% United States
1.33%
2021 Ranking
19
6
Top Performer
2021 REGIONAL COMPETITIVENESS SUMMARY REPORT
Baltimore 29.20%
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16
Top Performer
Merchandise Exports Growth Rate
Existing Home Sales Price Growth Rate
2021 Value
28,362
2021 Ranking
Mean Household Income (Lowest Quintile)
Median Household Income
2021 Value
2021 Value
Job Growth Rate
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Austin 12.27%
INNOVATION
INNOVATION
Innovation measures the extent to which a community and its institutions are generating new ideas, and the market’s reception of these ideas.
University R&D Expenditures ($1,000s)
2021 Value
591,973
$
United States
n/a
2021 Ranking
15 13
Top Performer
Baltimore $3,248,449
University Technology Licensing
2021 Value
2021 Ranking
3,261,148
11
$
United States
n/a
Patents per 10,000 Residents
11
Top Performer
Raleigh-Durham $63,890,400
2021 Ranking
2021 Value
3.34 United States
5.09
17
Top Performer
SBIR/STTR Awards per Capita
2021 Value
0.60
$
United States
5.83
$
6
2021 Ranking
19 19
Top Performer
San Diego $28.61
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Seattle 25.65
INFRASTRUCTURE
INFRASTRUCTURE
Infrastructure measures the quantity and quality of the investment a community makes in getting people here, getting them around and keeping them safe while they’re on the move.
Average Commute Time
Pavement Condition Rated Fair or Good
2021 Ranking
2021 Value
77.0%
3 5
Top Performer
United States
42.0%
Nashville 82.2%
Share of Households with Computer and Dedicated Broadband Internet Access
79.2%
15 n/a
Top Performer
United States
78.0%
Seattle 87.4%
Pedestrian and Cyclist Fatalities per 100,000 Residents
2021 Ranking
2021 Value
4.21
United States
2.19
28.1
United States
27.6
2021 Ranking
11 9
Top Performer
St. Louis 26.0
19
19
Top Performer
Mpls-St. Paul 0.91
2021 Value
7.65% United States
4.00%
2021 Ranking
6
n/a Top Performer
Nashville 11.45%
Transit Ridership per Capita
2021 Value
8.66 United States
43.54
2021 Ranking
2021 Value
9.2%
United States
9.8%
12
13
Top Performer
St. Louis 5.6%
Walkability
Airline Passenger Growth
2021 Ranking
2021 Value
2021 Value
Share of Commuters with 1+ Hour Commutes
2021 Ranking
20 20
Top Performer
Seattle 71.55
2021 Ranking
2021 Value
9.62% United States
39.97%
11 11
Top Performer
South Florida 53.33%
Transit Vehicle Revenue Miles per Capita
2021 Ranking
2021 Value
9.65 United States
18.86
20
Top Performer
Annual Hours Lost in Congestion
2021 Value
21
United States
99 7
2021 Ranking
2
n/a Top Performer
Orlando 16
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Seattle 37.31
TALENT
TALENT
Talent measures who’s working today, and how well a community is preparing its workforce pipeline for the jobs of tomorrow.
Share of 3&4-Year Olds Enrolled in School
2021 Value
49.74% United States
48.94%
Educational Attainment Rate: AA/AS+
2021 Ranking
10
40.11%
Top Performer
United States
12
South Florida 63.43%
Educational Attainment Rate: Graduate/Professional
2021 Value
11.20% United States
12.79%
2021 Ranking
19 19
Top Performer
Raleigh-Durham 19.81%
Share of Population Age 16-24 Neither Employed nor Enrolled in School 2021 Value
12.36% United States
n/a
2021 Ranking
36.10 United States
40.97 8
41.74%
2021 Value
30.51% United States
36.94%
2021 Value
Top Performer
United States
Mpls-St. Paul 6.59%
19
19
Top Performer
Raleigh-Durham 56.20%
30.37
2021 Ranking
18 19
Top Performer
Raleigh-Durham 53.55%
9 9
Top Performer
Raleigh-Durham 60.62
2021 Value
86.08% United States
n/a
30.18% United States
33.13%
2021 Ranking
19
Top Performer
Raleigh-Durham 47.44%
2021 Ranking
2021 Value
76.30% United States
78.60%
20 20
Top Performer
Mpls-St. Paul 85.80%
97.80
Top Performer
United States
10
Phoenix 67.47
2021 Ranking
15
15
Top Performer
Austin 92.18%
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2021 Ranking
2021 Value
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2021 REGIONAL COMPETITIVENESS SUMMARY REPORT
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Degree Production per 10,000 Residents: AA/AS+
High School Graduation Rate
2021 Ranking
2021 Ranking
2021 Value
Labor Force Participation Rate: Age 25-64
Certificate Production per 10,000 Residents
26.63
17
2021 Ranking
Age 25-34 Educational Attainment Rate: BA/BS+
18
STEM Degree Production per 10,000 Residents
2021 Value
2021 Value
Educational Attainment Rate: BA/BS+
126.75
15
15
Top Performer
San Diego 186.09
High School Graduation Rate: Economically Disadvantaged
2021 Ranking
2021 Value
13
80.54% United States
n/a
11
Top Performer
WWW.STATEOFTHEREGION.COM
Austin 89.24%
TALENT
Florida Talent Indicators: SAT Scores
2021 Value
1007 Florida
1001
Florida Talent Indicators: AP Passing Rate
Florida Talent Indicators: AP Testing Rate
2021 Ranking
2
2
Top Performer
Jacksonville 1034
2021 Value
22.70% Florida
23.30%
2021 Ranking
4 4
Top Performer
Orlando 35.35%
2021 Ranking
2021 Value
3
48.63% Florida
50.45%
3
Top Performer
South Florida 56.27%
Florida Talent Indicators: Kindergarten Readiness
2021 Value
53.75% Florida
53.36%
2021 Ranking
3
n/a Top Performer
Jacksonville 56.06%
NOTE: Due to the statewide closure of schools during the spring of 2020, Florida Standards Assessments and End of Course exams were not administered for the 2019-2020 school year. For continuity of this report, and in acknowledgement of their importance as indicators of talent and the future workforce, the 2018-2019 data is available online at www.stateoftheregion.com.
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CIVIC QUALITY
Civic Quality measures the affordability of a community, the health and safety of its citizens, and the recreational opportunities that enhance its quality of life.
CIVIC QUALITY
Cultural & Recreational Establishments per 10,000 Residents 2021 Value
4.24 United States
4.71
Share of Children in Foster Care
2021 Ranking
13 13
Top Performer
Nashville 8.14
Crime Rate per 100,000 Residents
2021 Value
1,963.7 United States
2,476.6
7.02
United States
7.51
2021 Ranking
38.5% United States
39.0% 10
United States
2.0%
2021 Value
2
295.0
Top Performer
United States
2
Raleigh-Durham 1,481.0
87.51%
Top Performer
United States
20
Houston 1.0%
366.7
2021 Ranking
14 14
Top Performer
Portland 10.09
2021 Ranking
18 18
Top Performer
Mpls-St. Paul 35.4%
2021 Value
14.36 United States
24.80
14.5% United States
14.4%
90.83%
2021 Ranking
13
Top Performer
Mpls-St. Paul 95.48%
12.81%
Top Performer Raleigh-Durham 256.9
United States
4
2021 Ranking
2021 Value
4
11.50%
16
13
Top Performer
Mpls-St. Paul 7.22%
Affordability: Costs as a Percentage of Income
2021 Ranking
17 n/a
Top Performer
Portland 50.97
2021 Ranking
16 17
Top Performer
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Food Insecurity
Affordability: Transportation Expenditures as a Percentage of Income 2021 Value
2021 Ranking
2021 Value
15
Mental Health Providers per 10,000 Residents
Affordability: Housing Expenditures as a Percentage of Income 2021 Value
2.1%
2021 Ranking
Violent Crime Rate per 100,000 Residents
Primary Care Physicians per 10,000 Residents
2021 Value
2021 Value
Health Insurance Coverage Rates
Seattle 12.9%
2021 Ranking
2021 Value
53.0% United States
53.4%
18 18
Top Performer
Mpls-St. Paul 48.4%
Median Daily Air Quality Index
2021 Ranking
2021 Value
41
United States
n/a
3 3
Top Performer
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Portland 38
OUTCOMES
OUTCOMES
Outcomes measure the growth of a community’s economy on the whole and on a per person basis, the extent to which economic growth is being enjoyed by everyone, and the attractiveness of the area for current and potential residents.
Unemployment Rate
2021 Value
10.55% United States
10.46%
Poverty Rate
2021 Ranking
16 11
Top Performer
Austin 6.76%
Full-Time Worker Poverty Rate
2021 Value
2.55% United States
2.50%
3.75 % United States
2.12 %
11
12.17% United States
12.34%
2021 Ranking
17 16
Top Performer
Seattle 7.79%
2021 Ranking
15 17
Top Performer
Seattle 1.03%
2021 Ranking
3
12
Top Performer
Seattle 5.07%
2021 Value
1.72% United States
0.18%
2021 Ranking
2021 Value
17
17.43% United States
16.75%
16
Top Performer
Seattle 8.52%
Millennial In-Migration
Net Migration
Gross Regional Product (GRP) Growth Rate
2021 Value
2021 Value
Youth Poverty Rate
2021 Ranking
2 1
Top Performer
Austin 2.15%
2021 Ranking
2021 Value
9
8.33% United States
n/a
14
Top Performer
Raleigh-Durham
Per Capita Gross Regional Product (GRP)
2021 Value
$42,563 United States
$51,622
2021 Ranking
20
20
Top Performer
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Seattle $96,142
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11.50%
ACKNOWLEDGEMENTS
THE REGIONAL COMPETITIVENESS REPORT is made possible through the engaged support of business and community leaders throughout Tampa Bay, both past and present. This project expands and advances previous regional efforts, such as the Economic Market Report and the Regional Economic Scorecard, led by the Tampa Bay Partnership and the former University of South Florida Center for Economic Development Research (CEDR). The strategic vision and leadership of Chuck Sykes, President & CEO of Sykes Enterprises and the chair of the Regional Indicators Task Force, was instrumental in the creation of the inaugural Regional Competitiveness Report in 2017, along with that of the participating task force members, including: Robbie Artz, Michael Baughen, Len Becker, David Call, Gino Casanova, Bob Clifford, David Cohen, Tom Corona, David Doney, Nathaniel Doliner, Lee Evans, Gina Gallo, Scott Garlick, Brett Lafferty, Marty Lanahan, Rhea Law, Mark Lilly, Chad Loar, Suzanne McCormick, Seth McKeel, David Pizzo, Dr. Ed Rafalski, Amy Rettig, Nick Setteducato, Marlene Spalten, Matt Spence, William Walsh, Chuck Warrington and Melanie Williams. The production of the 2021 Regional Competitiveness Report relied upon the feedback and guidance of the following stakeholders across the region, who shared their time and insight to help us make this a better, more useful resource for the community: Ruthann Atchley, Stacy Baier, Alison Barlow, Devon Barnett, Rick Bennett, Vik Bhide, Jennifer Brackney, Ruth Reyes Burckard, Rick Casey, Duggan Cooley, Jesse Coraggio, Elizabeth Cordes, Jacki Dezelski, Robin DiSalvo, Shauna Donahue, Anders Douglas, Tonya Elmore, Amy Farrington, Chelsea Favero, David Ferguson, Roxanne Fixsen, Ben Friedman, Gina Gallo, Wayne Gaither, Beau Giles, Gordon Gillette, Yassert Gonzalez, David Hamilton, Sharon Hillstrom, Miranda Hilton, Bill Hoffman, Dianne Jacob, Jeff Johnson, Kim Jowell, Janet Kahn, Heather Kasten, Melissa Knight Nodhturft, Carl Lavender, JoLynn Lokey, Sean Malott, Veronica Massa, Noel McCormick, Nicole Mills, Tom Morrissette, Linda Olson, Nichole Pena, Ardath Prendergast, Taylor Ralph, Cyndi Raskin, Yanina Rosario, Michele Routh, Jessica Scites, Lesa Shouse, Erin Silk, Kelley Sims, Jackie Skryd, Nadine Smith, Barbara St. Clair, Jill St. Thomas, Carlos Valdes, Casey Welch, Johnny Wong and Lindsay Zimmerman. On behalf of the entire collaborating team, the authors wish to acknowledge and recognize the volunteer leadership of the Community Foundation of Tampa Bay, United Way Suncoast, and the Tampa Bay Partnership. Thank you for your engagement within our community, and your commitment to a more competitive and prosperous Tampa Bay.
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