Tampa is no longer about to become one of the best places to live and work in the U.S. It’s already happening. Statistics on the growing population show people are moving to Tampa in droves to live in one of the city’s great neighborhoods, while businesses continue to relocate here.
The two often go hand-in-hand. As more people move to Tampa, businesses have a larger talent pool to draw from for employees. It’s a situation playing out in a big way in Tampa.
A recent report from the data-driven real estate site Redfin provides an example of the explosive growth in Tampa. The site reported that in 2020, Tampa ranked fourth on the list of cities with the biggest net inflow of residents (those moving in subtracted by those moving out).
According to the report, the net inflow of new residents was higher in Tampa than in Austin, Texas, often named as one of the biggest “hot spots” in the nation.
Why Businesses Want to Move to Tampa
Tampa offers many advantages for businesses and employees. It’s become even more popular as more companies offer remote work. That makes the nearby beaches, sunny weather, growing food scene and many outdoor activities a big draw.
Here’s a rundown of eight reasons why businesses are choosing to relocate in Tampa.
No Income Tax
Like everyone else, business leaders like the idea of not paying a state income tax on their earnings. Tampa also offers one of the lowest costs of living in the southeast, making the money saved on taxes go even farther.
A Growing Talent Pool
The increase in residents has translated into a larger talent pool in Tampa with a diverse set of skills. Tampa has a young, educated workforce of 1.97 million with a median age of 38. One glance at some of the many business owners in Tampa – including many who relocated from elsewhere – shows how diverse and strong the business environment has become.
Education plays a key role in business development. The Tampa Bay area is home to almost 80 colleges, universities and technical schools. That includes the University of South Florida, which has rapidly become one of the premier research universities in the country. U.S. News now ranks the university as one of the Top 50 best public universities in the country.
J.D. Powers ranked the Tampa International Airport the No.2 airport in the country in 2020. Both domestic and international travel is convenient from TIA, including daily flights to every major city in the country.
While other areas have experienced issues with utilities services, Tampa Electric Company ranks highly for reliability. It also is among the leaders in using cutting edge technology, including the first ever field trial of distributed intelligence-enabled meters and applications to improve customer relations.
Tampa ranks highly for healthcare. Tampa General Hospital and St. Joseph’s Hospital both offer comprehensive healthcare, and the Johns Hopkins All Children’s Hospital now operates across Tampa Bay in St. Petersburg.
A Growing Tech Scene
Tampa is part of the Florida High Tech Corridor, a 21-county area in Central Florida. The corridor had 285,000 tech jobs in 2019. In addition to new startups, tech companies have relocated or opened offices in the area. For example, Boston-based Drift picked Tampa over cities that included Denver and Atlanta to open a new office. Tech jobs now make up about 8% of the total workforce.
Tampa Mayor Jane Castor is the first openly gay mayor the city has had, another sign of the diversity in the area. Tampa scored a perfect 100 on LGBTQ equality by the Human Rights Campaign Foundation. The city also has a strong Spanish and Italian influence.
These represent some of the top reasons why businesses want to move to Tampa. It’s a place that is only expected to grow in the coming years as more businesses discover what it has to offer.