2025 E-Insights Report

Economic Competitiveness

In this section, the USF research team analyzed the performance of the Tampa Bay region’s economy, looking at indicators that broadly measure the economic growth and prosperity of a region. The specific indicators used included per capita personal income, household debt-to-income ratio, Consumer Price Index (all items), poverty rate based on Social Security Income, marginal regional price parities (all items), and population growth.

Please refer to the Tampa Bay Partnership’s 2025 Regional Competitiveness Report for insights on common economic indicators such as gross regional product, poverty rate, unemployment rate, labor force participation rate, and education attainment rate. This section explores indicators not covered in the Regional Competitiveness Report, and complements that report.

Key Insights

  • Per Capita Personal Income: MSAs like Seattle and Denver have the highest per capita personal incomes. While per capita personal income has been steadily increasing for the Tampa Bay region, it remains ranked 18th among the 20 comparison MSAs.

  • Household Debt Ratio: Tampa Bay faces persistent challenges in household debt management, consistently ranking last among all MSAs, indicating a higher debt burden on households.

  • Consumer Price Index: Across all MSAs, there was a significant surge in the Consumer Price Index starting in 2021 and peaking a year later due to strong inflationary trends across all geographies.

  • Poverty Rate based on Social Security Income: The good news is that the poverty rate based on Social Security Income in Tampa Bay has shown a steady decline from 11.8% in 2012 to 8.2% in 2023. It remains comparably low against other MSAs, with Tampa Bay ranking 15th in 2023.

  • Cost of Living index: Tampa Bay’s overall cost of living index has remained relatively stable, ranging from 101.98 in 2008 to 99.31 in 2022. Its rank improved in the mid-2010s (as high as third in 2016) but declined to 10th in 2022, suggesting a gradual increase in overall living expenses compared to other MSAs.

  • Population Growth: Tampa Bay demonstrates positive strides in population growth and poverty reduction, highlighting its potential as a desirable place to live and work. However, challenges in personal income competitiveness, household debt, and cost of living suggest that a concerted effort is needed to improve economic stability and enhance the region’s competitive standing among peer MSAs.