Michael Snipes, Ph.D.
In early February Dr. Michael Snipes, an associate professor of instruction in the Department of Economics, was invited to participate in the Central Pinellas Chamber of Commerce's signature annual event – Focus on 2023: A Tampa Bay Economic Forecast. The event featured a panel of three distinguished guest speakers on topics ranging from coastal areas and the environment to real estate and the impact of inflation.
Snipes is highly regarded in the field of economics and his research is especially important in Florida as he specializes in tourism and its effects on the economy.
As we continue to rebound from the COVID-19 pandemic and adjust to recent inflation and spikes in the price of goods and services, Snipes highlighted the recent trends in inflation and in the labor markets, areas in which inflation is trending down, and labor market improvements.
During the panel, Snipes shared that his general prediction for the area’s economic outlook is trending upward, suggesting that labor market numbers are better than average compared to the rest of the U.S. He also noted that this indicates that not only are more people looking for jobs, but they are finding them.
On the outlook for what Tampa Bay area residents can expect in the coming months, Snipes noted that “the Tampa Bay region is well-situated going further into 2023. The labor market is strong and tourism is definitely picking back up.”
“[Inflation is] continuing to come down, which will help almost all consumers. The one potential less bright spot is that the region will probably continue to have inflation rates that are higher than the rest of the country on average, even if those numbers are decreasing,” Snipes said. “However, a big part of the reason why that is happening is the increase in new residents and the spending that is incurred along with that.”
Watch highlights from the event.