The Brookings Institute released their June report of the economic condition of the 100 largest economies in the country. The Tampa Metro Area was ranked 91 out of 100. Florida dominated with 7 areas noted on the list of the 20 Weakest Performing Areas. (…State of the Economy)
My Opinion: Its not surprising to see the Tampa region or other Florida areas on this list. The State has long relied too heavily on Tourism and Construction to support the economic base. Both of these sectors are among the most severely hit by the recent economic downturn. The frustrating part for those of us wanting a more robust market and all the energy that comes with it is the lack of progress that has been made to not only diversify our economy, but also to bring it in to the 21st century. Florida, unfortunately, has rarely placed education near the top of the list of priorities. Without a leading education system, not only do we struggle to create our own organic job growth (See the Research Triangle in NC or Austin, TX), but we also place ourselves at a competitive disadvantage for Next Generation companies looking to relocate or expand their companies. As proof, for two years running (and probably the third consecutive year when the report comes out next month), the Tampa area was ranked at the top of the list for “Worst Cities for Young Professionals,” by Forbes, but the reality is the report is one small measure, depicting a symptom, if you will, of the current malaise in which the area finds itself. Leadership and a strategic plan that focuses on Florida for not only the next election cycle, but also the next 100 years is the clear answer. I am not sure we have either at the present moment.
