Tampa Bay Partnership and USF Muma College of Business sharing their 2026 State of Region reports. Photo by Leah Burdick.
The Tampa Bay region continues to see economic growth in employment and income. But a new study finds that housing costs remain a major concern.
Tampa Bay Partnership’s Regional Competitiveness Report determined that average wages have increased and household median incomes have gone up. However, its not increasing fast enough to keep up with the price of housing.
Bemetra Simmons is the President and CEO of Tampa Bay Partnership and she said the average wage increased to $67,000.
Although there is growth, Simmons said United Way prepares what it calls a survival kit report. Families of four are still projected to struggle.
“That budget for our region is a little over $100,000 in Hillsborough, so even though we are encouraged in wages and increase in household income, we still have ways to go where all our residents are able to live in a comfortable manner,” Simmons said.
She said they are excited to see that the region keeps improving every year.
“Innovation in Tampa Bay is present but competition is intense. Education outcomes are improving but still require our attention. Talent continues to relocate to the region, but sustaining that momentum will require greater housing affordability and improve mobility options,” said Sarah Burgoyne the senior director of research and public policy at the Tampa Bay Partnership.
Burgoyne said labor force participation increased 80%, which is just below the national average.
“What we create through policy, investment and leadership will determine whether the next generation of innovators choose to stay, build and lead here in Tampa Bay,” she said.
Manish Agrawal is a Professor at the USF Muma College of Business.
“Wage growth is not keeping pace with rent, threatening quality of life from our population. A driver behind that pressure is wealth migration. In 2022, nearly 44,000 high-income individuals moved to Tampa Bay. Our ranking improved significantly from 15 to 9. We are no longer just a retirement destination,” Agrawal said.
In his E-Insights report, Agrawal said the region must attract more high-wage jobs, especially as earnings for college graduates remain the same.
The report showed housing affordability is putting a strain on the quality of life across the region. Roughly 3 out of 5 renters are spending 30% or more of their income on housing, according to the report
He recommends focusing on more technological jobs, like artificial intelligence, to find higher-paying jobs.
In both reports, the region saw increases in educational attainment at every level. And healthcare access for seniors continues to improve.