Office-Using Employment Update MAR 2021 | Tampa-St. Petersburg-Clearwater, FL
Historical employment report: March 2021. This report covers the Tampa–St. Petersburg–Clearwater metropolitan statistical area. Figures reflect the original historical release, including preliminary March estimates, and do not represent current employment conditions.
Tampa Bay Office-Using Employment: March 2021
March 2021 employment results were mixed across the three office-using sectors tracked in this report. Professional and business services employment increased 3.1% year over year, while financial activities employment increased 1.6%. Information-sector employment remained 2.4% below March 2020.
The reported unemployment rate was 4.7% for both the Tampa metro area and Florida. These unemployment rates and sector employment figures were not seasonally adjusted.
March 2021 Sector Snapshot
| Sector | Reported Employment | Year-over-Year Change |
|---|---|---|
| Information | 24,700 jobs | −2.4% |
| Financial Activities | 125,600 jobs | +1.6% |
| Professional & Business Services | 259,700 jobs | +3.1% |
Office-Using Employment Trends
The following table shows 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 |
|---|---|---|---|
| October 2020 | 24,100 | 125,600 | 250,700 |
| November 2020 | 23,900 | 126,200 | 254,700 |
| December 2020 | 23,800 | 126,600 | 255,700 |
| January 2021 | 24,100 | 126,100 | 253,800 |
| February 2021 | 24,200 | 127,200 | 258,500 |
| March 2021 — preliminary | 24,700 | 125,600 | 259,700 |
Year-over-Year Sector Changes
| Month | Information | Financial Activities | Professional & Business Services |
|---|---|---|---|
| October 2020 | −4.4% | +2.1% | −0.4% |
| November 2020 | −5.5% | +1.9% | +0.6% |
| December 2020 | −5.6% | +1.4% | +0.9% |
| January 2021 | −4.4% | +1.4% | +0.8% |
| February 2021 | −4.3% | +2.1% | +1.9% |
| March 2021 — preliminary | −2.4% | +1.6% | +3.1% |
Information Sector
Information-sector employment increased from 23,800 jobs in December 2020 to 24,700 in March 2021, with gains in each of the first three months of 2021.
Despite those monthly gains, employment remained 2.4% below its March 2020 level. The year-over-year decline narrowed from 4.3% in February to 2.4% in March.
Financial Activities
Financial activities employment totaled 125,600 jobs in March 2021, up 1.6% year over year.
Employment declined from 127,200 in February to 125,600 in March. The sector therefore remained above its year-earlier level while recording a month-to-month decline.
Professional & Business Services
Professional and business services employment reached 259,700 jobs in March 2021, up 3.1% year over year.
Employment increased from 253,800 in January to 258,500 in February and 259,700 in March. March had the highest reported employment level within the six-month period shown.
Tampa Metro and Florida Unemployment Rates
| Month | Tampa Metro Area | Florida |
|---|---|---|
| October 2020 | 4.8% | 5.8% |
| November 2020 | 4.2% | 5.4% |
| December 2020 | 3.4% | 5.1% |
| January 2021 | 4.5% | 4.8% |
| February 2021 | 4.2% | 4.7% |
| March 2021 — preliminary | 4.7% | 4.7% |
What Employment Trends Mean for Office Owners
Employment in office-using industries provides context for potential tenant demand. However, job growth does not translate directly into additional leased office space. Workplace arrangements, space per employee, lease timing, and the location of hiring also matter.
For March 2021, the historical figures show stronger year-over-year employment in professional and business services and financial activities, alongside a recovering information sector that remained below its year-earlier level.
Sources: U.S. Bureau of Labor Statistics and the Florida Department of Economic Opportunity, as reproduced in John Milsaps’s original March 2021 report. All figures shown are not seasonally adjusted. March estimates were preliminary in the original release and may have been revised subsequently. This historical summary follows the report’s data tables where its narrative contained conflicting job-gain figures.
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.