A new report released today by the Tampa Bay Partnership, with analysis by the Tampa Bay Regional Planning Council (TBRPC), finds that eliminating critical equity gaps for Tampa Bay’s Black and Hispanic residents could add up to 375,000 new jobs and $50 billion to the regional economy.
The Partnership’s recent Regional Equity Report highlighted dramatic disparities for residents of different racial and ethnic backgrounds, both within Tampa Bay and compared to a set of 19 peer communities across the country. In most categories, the region’s Black and Hispanic residents notably lagged the performance of their white neighbors. In response, the Partnership asked TBRPC researchers to model an alternative scenario, where outcomes for Black and Hispanic residents equaled those of white residents in key metrics related to earnings, educational attainment and home ownership.
While the model predicts that prices of certain goods and services could increase to support an increase in wages, the overall impact on the regional economy is positive.
Key findings include:
- a 13.88% increase in regional employment (375,000 new jobs);
- a 20% increase in Gross Regional Product ($50 billion);
- an 11.38% increase in labor force, as 266,000 workers return to the labor market and people migrate to Tampa Bay for economic opportunity;
- and a personal income increase of $6,470 per capita, or more than $51 billion across the region.
The report also analyzed the findings in the context of the Partnership’s annual Regional Competitiveness Report and identified profound improvements in Tampa Bay’s rankings among its comparison set. The region would move into first place in Job Growth Rate (currently ranked 11th) and GRP Growth Rate (currently ranked 12th), and maintain the top spot in Net Migration. The GRP Per Capita would also increase substantially, but would not be enough to boost Tampa Bay’s last-place ranking.
“The data shows us that a more equitable economy would not only make our residents more prosperous, but also enhance our competitiveness as region,” said Partnership President and CEO Rick Homans. “We hope this new report, particularly when paired with our previous research, will help our leaders develop thoughtful and deliberate strategies to close the gaps and eliminate the disparities in Tampa Bay.”
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About the Tampa Bay Partnership
The Tampa Bay Partnership is a coalition of regional business leaders, joined by a shared commitment to improving the personal and economic well-being of Tampa Bay residents. Formally incorporated in 1994, and re-established in 2016 as a regional research and public policy organization, the Partnership works with the region’s top employers, and a diverse group of government and nonprofit partners, to identify and address the toughest challenges facing our community, and create new opportunities for the future.