Business Climate

The Tampa region boasts a long tradition of manufacturing that is gaining further momentum with sectors such as electronics, lasers, automotive parts, boat building, aviation and avionics, medical equipment and computers. CorpTech of Woburn, Mass., recently ranked the Tampa Bay area one of the nation’s top areas for high-tech manufacturing job growth. Most metropolitan areas, including Tampa, are trying to recruit high tech industries, which results in higher employment in the service industry. The service industry currently makes up approximately 55 percent of the total employment in the area. Retail is also a large part of the area’s workforce due to Tampa’s stature as a tourism destination. Theme parks, historic shopping and entertainment districts, and proximity to Orlando all contribute to the success of the retail industry.

There are more than 150 Fortune 500 companies with substantial operations in the area, including GTE, State Farm, Bank of America, IBM, MetLife and Chase Manhattan.

The Tampa Bay area has recently enjoyed its share of corporate relocations and expansions. A strong labor pool, coupled with low employment costs and cooperation between industry and government, is driving more companies to make long-term commitments to the area.