Tampa Surpassed Miami and Orlando in Brookings Recovery Ranking

Published by nora | Filed under Buyer / Seller Tips, Market Trends, Miscellaneous, Real Estate

The city of Tampa has been showing its strength in recovering from the recession. In a study of the economies of 150 cities worldwide before, during and after the so-called Great Recession, Tampa ranked 74th in terms of economic growth over the 2009 to 2010 period. This was a sharp improvement from its 120th ranking over the 2007 to 2010 period. Its ranking was even better during the 1993 to 2007 period, when it ranked 83rd.

The 150 cities studied by Brookings Institution in its Global Metro Monitor were chosen not by their per capita income, but by their positions as areas of high-value and high-impact economic activity in their respective regions and nations. Their gross per capita income varies from less than $1,000 in Kolkata, India to about $70,000 in Zurich, Switzerland or San Jose, California. Additionally, nearly 80 percent of these cities have average incomes that are higher than those of other cities in their regions or nations.

With the above criteria, the selection of Tampa as one of the 150 cities for the Global Metro Monitor means that Tampa is a high-value and high-impact city in Florida. Brookings carried out the study together with the London School of Economics and Deutsche Bank Research.

The two other high-value Florida cities chosen for the study are Miami and Orlando. Before the recession, Orlando had the strongest economy among the three, with a ranking of 40th. Miami followed with a ranking of 66th. Tampa was then 83rd. But over the 2009-2010 period, Tampa surpassed them in terms of economic growth rate. Miami ranked 78th while Orlando ranked 85th.

• 74th   –   Tampa
• 78th   –    Miami
• 85th   –   Orlando

Worldwide, the fastest-growing city in the wake of the recession was Istanbul in Turkey, with an income growth rate of 5.5 percent and an employment growth rate of 7.3 percent over the 2009-2010 period. The top ten cities based on income and employment growth rates were:

1. Istanbul, Turkey
2.  Shenzhen, China
3. Lima, Peru
4. Singapore
5. Santiago, Chile
6. Shanghai, China
7. Guangzhou, China
8. Beijing, China
9. Manila, Philippines
10. Rio de Janeiro, Brazil

Among the three Florida cities, Tampa posted an income growth rate of 2.5 percent rate over the 2009-2010 period. Orlando posted 1.7 percent while Miami posted 1.6 percent.
Before the recession – over the 1993 to 2007 period – Orlando was the most prosperous among the three cities. It ranked 40th on the Global Metro chart with an income growth rate of 2.2 percent and a job growth rate of 2.9 percent. Miami had an income growth rate of 2.1 percent.

Tampa has been recovering faster than Miami and Orlando partly because it didn’t have the condo overbuilding problem of Miami and the sudden-growth challenges of Orlando. Additionally, Tampa has been able to maintain the community spirit that makes a city thrive amid challenges.