Tampa Bay Office-Using Employment | November 2020
Historical employment report: November 2020. This report covers the Tampa–St. Petersburg–Clearwater metropolitan statistical area. Figures reflect the original historical release, including preliminary November estimates, and do not represent current employment conditions.
Tampa Bay Office-Using Employment: November 2020
Financial activities and professional and business services employment increased from September through November 2020. Information employment increased between September and October, then remained unchanged in November.
All three sectors remained below their November 2019 employment levels. Information employment was down 5.5%, financial activities employment was down 0.2%, and professional and business services employment was down 3.6% year over year.
The reported unemployment rate was 5.7% for the Tampa metro area and 6.4% for Florida. All employment levels and unemployment rates shown below were not seasonally adjusted.
November 2020 Sector Snapshot
| Sector | Reported Employment | Year-over-Year Change | Month-over-Month Change |
|---|---|---|---|
| Information | 24,200 jobs | −5.5% | 0.0% |
| Financial Activities | 122,700 jobs | −0.2% | +0.6% |
| Professional & Business Services | 244,000 jobs | −3.6% | +0.9% |
Employment Trends Through November 2020
The following table reproduces the employment levels shown in the original report’s charts. 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 |
|---|---|---|---|
| January 2020 | 25,300 | 123,500 | 252,500 |
| February 2020 | 25,400 | 123,700 | 250,900 |
| March 2020 | 25,400 | 123,400 | 248,200 |
| April 2020 | 24,300 | 118,900 | 226,100 |
| May 2020 | 24,200 | 119,100 | 227,600 |
| June 2020 | 24,300 | 120,400 | 229,300 |
| 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 — preliminary | 24,200 | 122,700 | 244,000 |
Year-over-Year Sector Changes
| Month | Information | Financial Activities | Professional & Business Services |
|---|---|---|---|
| June 2020 | −5.8% | −0.8% | −6.8% |
| 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 — preliminary | −5.5% | −0.2% | −3.6% |
Information Sector
Information employment totaled 24,200 jobs in November 2020, unchanged from October. Employment had recovered modestly from the July and August level of 23,900 jobs.
November employment remained 5.5% below November 2019 and approximately 4.35% below January 2020, based on the displayed employment levels.
Financial Activities
Financial activities employment reached 122,700 jobs in November 2020, up a reported 0.6% from October but down 0.2% year over year.
Compared with January 2020, employment was approximately 0.65% lower.
Employment recovered from its April low, although the chart shows a decline between August and September. The figures support consecutive gains in October and November, rather than uninterrupted monthly growth since April.
Professional & Business Services
Professional and business services employment totaled 244,000 jobs in November 2020, up a reported 0.9% from October.
Employment remained 3.6% below November 2019 and approximately 3.37% below January 2020. The chart shows employment increasing each month after its April low of 226,100 jobs.
Tampa Metro and Florida Unemployment Rates
| Month | Tampa Metro Area | Florida |
|---|---|---|
| June 2020 | 9.0% | 10.3% |
| 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 — preliminary | 5.7% | 6.4% |
What Employment Trends Mean for Office Owners
Employment in office-using industries provides context for potential leasing demand and acquisition or disposition decisions. November’s figures showed continued recovery in financial activities and professional and business services, while information employment held steady month over month.
However, job growth does not translate directly into additional leased 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 account for seasonal patterns. Historical releases may also differ from later reports because employment estimates are revised.
Sources: U.S. Bureau of Labor Statistics and the Florida Department of Economic Opportunity, as reproduced in John Milsaps’s original report covering employment through November 2020. All figures shown are not seasonally adjusted. November estimates were preliminary in the original release. 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.