Tampa Bay Office-Using Employment | December 2020
Historical employment report: December 2020. This report covers the Tampa–St. Petersburg–Clearwater metropolitan statistical area. Figures reflect the original historical release, including preliminary December estimates, and do not represent current employment conditions.
Tampa Bay Office-Using Employment: December 2020
Financial activities and professional and business services employment increased each month from September through December 2020. Information-sector employment was unchanged between November and December.
Despite those signs of recovery, December results remained mixed compared with the prior year. Information employment was down 6.6%, financial activities employment was unchanged, and professional and business services employment was down 2.6% year over year.
The reported unemployment rate was 5.2% for the Tampa metro area and 6.1% for Florida. All employment levels and unemployment rates shown below were not seasonally adjusted.
December 2020 Sector Snapshot
| Sector | Reported Employment | Year-over-Year Change | Month-over-Month Change |
|---|---|---|---|
| Information | 23,900 jobs | −6.6% | 0.0% |
| Financial Activities | 123,500 jobs | 0.0% | +0.4% |
| Professional & Business Services | 246,300 jobs | −2.6% | +0.6% |
Six-Month Employment Trends
The following table reproduces the employment levels included in the original report. Figures have been converted from thousands of jobs to whole-job counts for readability.
On smaller screens, scroll the table sideways to see all columns.
| Month | Information | Financial Activities | Professional & Business Services |
|---|---|---|---|
| July 2020 | 23,900 | 120,700 | 235,500 |
| August 2020 | 23,900 | 121,200 | 236,000 |
| September 2020 | 24,000 | 120,700 | 237,500 |
| October 2020 | 24,200 | 122,000 | 241,800 |
| November 2020 | 23,900 | 123,000 | 244,800 |
| December 2020 — preliminary | 23,900 | 123,500 | 246,300 |
Year-over-Year Sector Changes
| Month | Information | Financial Activities | Professional & Business Services |
|---|---|---|---|
| July 2020 | −6.3% | −0.7% | −4.5% |
| August 2020 | −6.6% | −0.7% | −5.0% |
| September 2020 | −5.1% | −1.1% | −4.1% |
| October 2020 | −4.7% | +0.2% | −4.4% |
| November 2020 | −6.6% | 0.0% | −3.2% |
| December 2020 — preliminary | −6.6% | 0.0% | −2.6% |
Information Sector
Information-sector employment totaled 23,900 jobs in December 2020, unchanged from November and 6.6% below December 2019.
The original commentary described employment as relatively stable following April’s pandemic disruption. Within the six-month period shown, employment ranged from 23,900 to 24,200 jobs.
Financial Activities
Financial activities employment reached 123,500 jobs in December 2020, unchanged year over year and up 0.4% from November.
The original narrative described continuous monthly growth since April. However, its table shows a decline between August and September. The figures shown support consecutive monthly gains from September through December.
Professional & Business Services
Professional and business services employment totaled 246,300 jobs in December 2020, down 2.6% year over year but up 0.6% from November.
The original report described a recovery from the April 2020 low. The six-month table shows employment increasing each month from July through December, while remaining below year-earlier levels.
Tampa Metro and Florida Unemployment Rates
| Month | Tampa Metro Area | Florida |
|---|---|---|
| July 2020 | 10.2% | 11.4% |
| August 2020 | 6.7% | 7.3% |
| September 2020 | 5.7% | 7.2% |
| October 2020 | 5.4% | 6.4% |
| November 2020 | 5.5% | 6.3% |
| December 2020 — preliminary | 5.2% | 6.1% |
What Employment Trends Mean for Office Owners
Employment trends provide context for potential office leasing demand and acquisition or disposition decisions. The December 2020 figures showed a recovery in financial activities and professional and business services employment, while information employment was flat month over month.
The original commentary expressed an expectation that growth would continue. That was an outlook offered at the time, rather than a current forecast.
Job growth does not translate directly into additional leased office space. Workplace arrangements, space per employee, lease timing, and the location of hiring also affect demand. Because these figures are not seasonally adjusted, month-to-month comparisons should also account for seasonal patterns.
Sources: U.S. Bureau of Labor Statistics and the Florida Department of Economic Opportunity, as credited in John Milsaps’s original December 2020 report. All figures shown are not seasonally adjusted. December estimates were preliminary in the original release and may have been revised subsequently. This page preserves that release’s figures rather than combining them 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.