How does Manatee County compare in Tampa Bay area? Here’s a look at the latest stats.
Affordable housing, wages and transportation are all areas of concern that Manatee County residents share with others across the Tampa Bay region.
On Wednesday, Bemetra Simmons, president and CEO of the Tampa Bay Partnership, presented a snapshot of how the eight-county region is doing in improving the quality of life and addressing major issues.
The report, presented at the Rosedale Golf and Country Club, was a bit of a mixed bag. She made her remarks at a luncheon hosted by the Manatee Chamber of Commerce and the Bradenton Area Economic Development Corporation.
Among the findings, the soaring price of housing for buyers and renters has become a crisis, she said.
In December, the median price for existing single-family homes in the Bradenton area hit $460,000, which was 28.5% greater than in the same month a year earlier when the median was $357,900.
“If you have a good job and you own your house, your net worth went up,” she said, but noted that wages failed to keep up.
United Way’s 2019 ALICE report showed that 40% of Manatee County households struggled to make ends meet.
ALICE refers to the population that is Asset Limited, Income Constrained, and Employed. The ALICE population rrepresents those who are working, but due to child care costs, transportation challenges, and the high cost of living are are living paycheck to paycheck.
In the Tampa Bay region, many households spend nearly half their income on housing and transportation, leaving little left over for all the other household needs, she said.
“A lot of our residents are struggling economically,” she said.
Rick Besio, chairman of the board of the Manatee Chamber, noted that Manatee County had the greatest population growth from 2010-20 of any county in the partnership.
In part, that growth is responsible for increased emphasis on improving transportation throughout the region, and it is the number-one concern of investors in the partnership.
“We can’t let perfect get in the way of good,” Simmons said of the need to make progress.
In Manatee County, Simmons also heard from local leaders about the importance of replacing the DeSoto Bridge and upgrading bridges connecting the mainland to Anna Maria Island.
Simmons also talked about the need to improve the rate of students 18 to 40 who go to work in their own community, rather than taking their skills elsewhere.
“We are behind the eight ball,” she said.
Each year, the Tampa Bay Partnership presents a state of the region report which compares it to about 19 other similar sized regions across the country.
The report focuses on the top issues that affect the region, and offers feedback and coaching to member counties on how they can improve.
“Together, we produce the annual State of the Region Community Event and a collection of complementary research projects that provide reliable, objective data to help our community leaders understand Tampa Bay’s strengths and weaknesses, how we compare to communities across the country, and the actions needed to move the needle on our greatest challenges,” the Partnership website says.
Key takeaways on the Tampa Bay area
1. The Tampa Bay MSA (Metropolitan Statistical Area) has the lowest GRP (gross regional product) per capita among the comparison MSAs.
2. Income inequality in the Tampa Bay MSA has been declining for the last few years.
3. Investments in transit infrastructure, higher education and labor force participation are key to economic growth.
4. The Tampa Bay MSA was relatively less impacted by COVID-19 pandemic when compared to the Miami and Orlando MSAs.
5. The regional economy in the Tampa Bay MSA is recovering after suffering a dip in the month of April.
6. Local commerce and travel in the Tampa Bay MSA have been less affected than in most other MSAs.
7. Consumer spending levels in the Tampa Bay region recovered to the 100% of the January value by mid-October.
8. The Tampa Bay MSA stands in the lowest quantile in terms of number of job openings per million individuals.
9. The region’s finance, information technology and retail industries, which are top three biggest contributors to employment in service sector in the Tampa Bay MSA, are showing an increasing trend of job openings after suffering a dip in April.
For more information about the study, visit tampabay.org.
