Tampa Bay Employment Growth Report | August 2020
Historical employment report: August 2020. This report covers the Tampa–St. Petersburg–Clearwater metropolitan statistical area, with separate statewide Florida figures. August estimates were preliminary in the original release. These figures do not represent current employment conditions.
Tampa Bay Employment and Unemployment: August 2020
The Tampa metro unemployment rate was 6.8% in August 2020, up 3.5 percentage points year over year.
Government and construction recorded year-over-year job gains, while leisure and hospitality and professional and business services experienced the largest losses highlighted in the original report.
Employment trends provide context for office demand, but changes in total jobs do not translate directly into changes in leased office space. The industries hiring, workplace arrangements, space per employee, and lease timing also matter.
Tampa Metro Industry Employment
The following table reproduces August employment levels and year-over-year percentage changes from the original report. Employment levels have been converted from thousands to whole-job counts for readability.
On smaller screens, scroll the table sideways to see all columns.
| Industry | Reported Employment | Year-over-Year Change |
|---|---|---|
| Total Nonfarm Employment | 1,324,000 | −4.3% |
| Mining and Logging | 300 | 0.0% |
| Construction | 82,500 | +1.7% |
| Manufacturing | 69,000 | −0.6% |
| Trade, Transportation, and Utilities | 244,200 | −2.9% |
| Information | 23,800 | −7.0% |
| Financial Activities | 121,100 | −0.8% |
| Professional & Business Services | 237,000 | −4.6% |
| Education & Health Services | 214,500 | −1.9% |
| Leisure & Hospitality | 129,800 | −21.0% |
| Other Services | 44,300 | −6.3% |
| Government | 157,500 | +2.0% |
Industries Adding and Losing Jobs
| Industry | Reported Job Change |
|---|---|
| Government | +3,100 jobs |
| Construction | +1,400 jobs |
| Leisure & Hospitality | −34,400 jobs |
| Professional & Business Services | −10,300 jobs |
Leisure and hospitality employment remained approximately 21% below its August 2019 level. Professional and business services also remained below its year-earlier level, making it a relevant part of the historical office-demand picture.
Six-Month Employment and Unemployment Trends
| Month | Tampa Metro Nonfarm Jobs | Tampa Metro Unemployment | Florida Unemployment |
|---|---|---|---|
| March 2020 | 1,402,200 | 4.3% | 4.4% |
| April 2020 | 1,244,500 | 13.2% | 13.8% |
| May 2020 | 1,283,200 | 12.2% | 13.7% |
| June 2020 | 1,310,100 | 9.2% | 10.3% |
| July 2020 | 1,311,600 | 10.1% | 11.3% |
| August 2020 — preliminary | 1,324,000 | 6.8% | 7.4% |
Florida Statewide Employment Update
Florida’s unemployment rate was 7.4% in August 2020. The original narrative described a decline of 4.0 percentage points from July, while its displayed table lists July at 11.3%, implying a decline of 3.9 percentage points using the displayed rates.
Statewide private-sector employment increased by 46,000 jobs, or 0.6%, from July 2020.
Florida’s labor force increased by approximately 143,000 people, or 1.4%, during August. Labor-force growth measures people participating in the labor market; it is not a count of jobs added.
These statewide figures should not be interpreted as Tampa metro job gains or labor-force changes.
What Employment Trends Mean for Office Owners
The August 2020 release showed a lower Tampa unemployment rate than in July and an increase in total nonfarm employment. However, several industries remained below their year-earlier employment levels.
For office property owners, industry-specific employment trends can help frame leasing, acquisition, and disposition decisions. They should be considered alongside local vacancy, competing space, tenant requirements, and the economics of individual leases.
These figures are not seasonally adjusted. Month-to-month comparisons should account for seasonal patterns, and historical estimates may differ from subsequent releases because of revisions.
Sources: U.S. Bureau of Labor Statistics and the Florida Department of Economic Opportunity, as credited in John Milsaps’s original August 2020 Employment Growth Report. Employment levels and unemployment rates shown are not seasonally adjusted. August estimates were preliminary in the original release. Historical figures are preserved as reported rather than combined with later revisions.
Discuss Your Office Property
Own an office or medical office property in Hillsborough, Pinellas, or Pasco County? Contact John Milsaps to discuss your leasing, sale, or ownership plans.