What will the economy look like in the Tampa Bay area in 2036?\u00a0<\/p>\n
That question was at the center of a panel discussion that took place in St. Petersburg Wednesday evening. The participants were Florida Housing Coalition CEO Ashon Nesbitt, Pinellas County Economic Development director Dr. Cynthia Johnson, Tampa Bay Partnership president and CEO Bemetra Simmons and University of Tampa associate professor of economics Dr. Michael Coon.\u00a0<\/p>\n
The panelists discussed the state of the economy in the region first.\u00a0<\/p>\n
\u201cIf it\u2019s growth, we\u2019re getting an A,\u201d Simmons explained. \u201cIf it\u2019s transportation and infrastructure, we are not getting an A.\u201d\u00a0<\/p>\n
The Tampa Bay region has approximately five and a half million people. A majority of them are \u201cin the prime working ages.\u201d Many people between the ages of 25 and 34 are moving to the area. However, she said, the average wage is about $66,000 a year. This is roughly $11,000 less than the national average.\u00a0<\/p>\n
While salaries have increased every year, home, transportation and food costs are rising at a higher rate. This, Simmons explained, has created an affordability challenge in the region. Nesbitt added that affordable housing is \u201coftentimes not very close to where our job centers are.\u201d\u00a0<\/p>\n
\u201cA lot of folks are coming here because the opportunity is here,\u201d he said. \u201cSo, that starts to shape how housing responds to that.\u201d\u00a0<\/p>\n
However, Johnson explained that the Tampa Bay community supports a wide range of fields. These range from aviation to financial services to technology to homeland security.\u00a0<\/p>\n
\u201cWe have the epicenter of industry happening around our region,\u201d she said. \u201cWhy do I think this is so important? Well, we have a diversified economy here. So, we don\u2019t rely on one industry to carry out our economy, which I think is part of the reason why we were able to do so well as far as coming back from Covid. Just think if tourism was our only industry.\u201d\u00a0<\/p>\n
Coon believes the Tampa Bay region\u2019s economy is \u201cdoing a little better on average than the rest of the country.\u201d However, he argued that not everyone has benefited from the growth.\u00a0<\/p>\n
For example, Coon explained that while the stock market is thriving right now, many individuals do not receive their income from stocks.\u00a0<\/p>\n
\u201cSo, people who are on the upper end of wealth distribution are doing quite well, but the people who are on the bottom end are still struggling,\u201d he said. \u201cThey\u2019re seeing their wages stagnate and seeing prices go up.\u201d\u00a0<\/p>\n
When asked about the future of the economy and trends, Coon emphasized the impact of emerging technologies. \u201cThe wildcard is going to be what happens with artificial intelligence,\u201d he said. \u201cWe\u2019re not really sure how to use it quite yet.\u201d\u00a0<\/p>\n
The tool could have positive benefits on the economy, Coon believes. However, it may have some use cases that could hurt the economy. He explained that new technologies can replace jobs, but also help create different positions. To exemplify, Coon said that the invention of automobiles launched \u201ca whole industry of mechanics and technicians.\u201d\u00a0<\/p>\n
He argued that implementation of AI will be key in determining its benefits. To help educate students on how to effectively utilize the technology, the University of Tampa recently introduced a minor in AI applications.\u00a0<\/p>\n
\u201cWe have a lot of workers here in Tampa Bay who have gotten their skillset through non-traditional educational paths,\u201d Simmons added. \u201cI think there\u2019s a huge opportunity for us to talk about how we can assist them before they are impacted by AI to help them with those critical thinking skills.\u201d\u00a0<\/p>\n
Johnson said that academic systems are becoming more \u201cagile\u201d and are not as \u201cstagnant\u201d as they were in the past. Some colleges and universities are offering short-term training and industry specific certificates. This gives people \u201ca pathway to economic mobility.\u201d\u00a0<\/p>\n
Coon added that individuals do not necessarily need a bachelor\u2019s degree to get a good job. Professionals in industries such as construction, plumbing and electrical have done well.\u00a0<\/p>\n
\u201cAbout half of the employment in the Tampa Bay area is by small businesses,\u201d he said. \u201cEverybody thinks that it\u2019s the corporations coming in and the billionaires that are creating all of the jobs.\u201d\u00a0<\/p>\n
Coon believes that the healthcare system is one of the country\u2019s biggest economic challenges. Small businesses have more difficulty negotiating health insurance agreements for their employees in comparison to large companies.\u00a0<\/p>\n
\u201cIf you\u2019re a small business or you\u2019re self-employed or something like that, it\u2019s almost impossible to pay for a decent healthcare plan,\u201d he said. \u201cSo, that\u2019ll prevent a lot of people from taking the risk of starting their own business.\u201d\u00a0<\/p>\n
Coon explained that many individuals are \u201cstuck in jobs that they don\u2019t want to leave\u201d because they are afraid they will lose their health insurance. He argued that if plans were more competitive for all, this could impact the national and local economy\u2019s growth.\u00a0<\/p>\n
\u201cWhat we do know is that any good economy has to always be ready for the next thing,\u201d Johnson added. \u201cIt\u2019s our goal that we leave our community better than we found it so that future generations will have a strong economy to live and grow in.\u201d\u00a0<\/p>\n
The event was sponsored by the Foundation for a Healthy St. Petersburg.\u00a0<\/p>\n
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