Tampa Bay Partnership LogoTAMPA, Fla. – November 8, 2023– The Tampa Bay Partnership has received $250,000 from JPMorgan Chase to measure the depth and breadth of the regional housing crisis. The two-year investment will support research and reporting on housing affordability needs across Hillsborough, Pasco, and Pinellas counties over five-years. More specifically, the research will:
- Measure the available housing stock today and how it aligns to residents’ needs based on various income levels.
- Define how many dwellings must be created to support the forecasted growth of Tampa Bay communities.
“We are grateful for the generous support from JPMorgan Chase, which will make this research possible,” says Bemetra Simmons, President and CEO of the Tampa Bay Partnership. “The housing crisis is a critical issue for our region, and a concerted effort is underway to support each county’s residents. Having a housing needs assessment allows us to see the full scale of the issue and then set goalposts and map realistic goals. We will know if 5,000 units in an area brings us closer to 50% of our goal or if we have a longer road ahead. Having a number in mind will allow local leaders to inform their future decisions.”
Housing affordability is a complex, interconnected issue. Tampa Bay ranked first in net migration amongst 19 other comparison communities, giving the region an influx of over 100,000 new residents in 2021 alone. That, in turn, increased demand for housing, and prices skyrocketed by 26%, an increase of nearly 2.5 times the national average. Research from the 2023 Regional Competitiveness Report also shows that, on average, households are spending $0.54 of every dollar on housing and transportation. To retain existing talent and sustain future growth, leaders must create thoughtful development strategies and alleviate affordability concerns.
The research strategies follow a three-pronged approach. First, define and categorize the number of affordable and attainable housing units currently available or under development. Secondly, assess the number of units needed in the next five years, so there is a realistic target to overcome existing gaps and support Tampa Bay’s working community. Last, the Partnership will convene city and county leadership to solicit feedback and discuss opportunities to cohesively measure and address the issue. These insights will inform recommendations on how leaders can reduce residents’ hardships and propose time-tested approaches to accelerate solutions for Tampa Bay.
“Affordable housing is a prominent issue in communities throughout Florida, especially in Tampa Bay which has experienced exceptional growth in recent years,” said Maria Escorcia, Southeast Region Executive, Global Philanthropy for JPMorgan Chase. “We believe strongly in approaches that not only seek to measure the needs of residents today, but that encompass planning for the future. Our support of this work by the Tampa Bay Partnership is one more way that we, as a firm, are supporting the Tampa Bay community and helping it thrive.”
The completed report is anticipated to be released in August of 2025.
# # #
About the Tampa Bay Partnership
The Tampa Bay Partnership is a coalition of regional business and nonprofit 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 Tampa Bay’s top employers and a diverse group of government and nonprofit partners to identify and address our region’s greatest challenges and create new opportunities for the future. Learn more at www.tampabay.org/.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorgan Chase had $3.9 trillion in assets and $317 billion in stockholders’ equity as of September 30, 2023. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
For more information, please contact:
Media Contact:
Shannon Kalahar
Senior Director of Strategic Communications,
Tampa Bay Partnership
(727) 741-5440 (cell)
skalahar@tampabay.org
Media Contact:
Allison Reed
JPMorgan Chase
(240) 506 7897 (cell)
Allison.Reed@jpmchase.com