The Corner at Westshore
Closed4720 Spruce St, Tampa, FL 33607
Area Description
The Tampa Bay Area is a rapidly expanding metroplex and is currently one of the Top 20 MSAs in the United States. With well over four million individuals in the Greater MSA, Tampa serves as a major economic and cultural anchor of the Southeastern United States. With over 1.5 million active jobs, several major developments within the city, and a diverse population, the Tampa MSA is set to exceed growth expectations as the economy recovers from the COVID-19 pandemic. Job growth within the MSA was steadily been on the rise since June 2020 and is primed for significant growth in 2021. Additionally, a strong spike in Net Migration to the Southeastern United States has fueled the housing market, which includes strong demand for multifamily housing options within the metroplex. The City of Tampa is experiencing unprecedented growth in both development and population. The demographics throughout the MSA represent an educated population, including a state college and university system that introduces over 165,000 new graduates to the workforce each year. Innovative sectors such as finance and professional services have continued to add jobs, and given Hillsborough county’s strong economic track record, the area is better positioned for growth compared to other major MSAs in Florida, despite the volatile economic climate. Subsequent job growth over the next ten years is projected to rise over 42 percent, far surpassing the national average of 33.5 percent. Furthermore, recent job growth is currently at 2.3 percent, which also exceeds the national average of 1.6 percent annually. With a rising number of young professionals and rapid job creation in high-tech industries, Tampa is considered among the leading places for the creative class to cluster. Tampa is renowned as a desirable destination for businesses; the MSA is home to 20 corporate headquarters, five of which have been listed in the Fortune 500 list for 2020. These notable names include Jabil, Mosaic, Tech Data, Publix Super Markets, and Raymond James Financial. Additionally, Tampa is home to approximately 500 foreign-owned companies representing 40 countries. The area is highly regarded with exceptional praise; the Tampa MSA has received high marks on everything from “Best Places for First Time Homeowners” (No. 6), “Best Places to Start a Business” (No. 5), and “Best Places to Retire” (No. 2) on WalletHub. On the Cost-of-Living Index published annually by the Council for Community and Economic Research, Tampa Bay routinely scores below the national mean. Nearly one in four businesses and information services firms in Florida are situated within the Tampa Metro Area, which anchors the Florida High Technology Corridor.