Tampa Bay: A Premier Destination for Business Growth and Innovation
Tampa Bay is not a second tier region in Florida. While the metropolitan area may be smaller than South Florida, the Tampa Bay region is experiencing a boom in development and an emerging tech scene, complemented by a thriving arts, entertainment, and food culture. Major communities like St. Petersburg and Sarasota each bring their unique vibes to the region. The tourism industry alone generates an $8.5 billion economic impact, much of it facilitated by Tampa International Airport, which is regarded as one of the nation’s best.
Logistics and Transportation
Tampa Bay’s strategic location and robust infrastructure make it a key logistics and transportation hub. The new distribution center complex of City Furniture near Port Tampa Bay exemplifies the region’s growth trajectory. This facility, which includes a massive warehouse with 5 million cubic feet of capacity, underscores the company’s commitment to cleaner energy and sustainable practices with features like a compressed natural gas refueling facility for its delivery trucks. According to CEO Andrew Koenig, this new warehouse is 50% larger than their previous largest facility.
The Tampa Bay region benefits from its proximity to the intersecting I-75 and I-4 highways, a network of connector roads, and Port Tampa Bay, one of the largest and busiest ports in the nation. The port offers direct services to Asia and connections in Mexico and Central America, making it a significant player in the container market. The Tampa Bay/Orlando I-4 Corridor boasts the largest concentration of distribution centers in the state, providing access to markets throughout the Southeast and beyond. Trucks picking up cargo in Tampa’s port can deliver it to New York City without encountering a stoplight. Additionally, SeaPort Manatee, located less than 40 miles south, is the closest U.S. deepwater port to the Panama Canal.
The International Trade Hub at SeaPort Manatee, in partnership with the Oxford Group, is advancing as a leading-edge innovation and technology center. The hub specializes in trade with Brazil, providing expert advice and support to a variety of companies in Spanish, English, and Portuguese.
Life Sciences and Health Care
Tampa General Hospital (TGH) has been a cornerstone of healthcare in the region for generations. Its expansion into the city from its original Davis Islands location is creating a burgeoning medical district that is poised to shape Tampa’s future. John Couris, TGH’s CEO, envisions the Tampa General Hospital Medical and Research District as a magnet for top medical researchers, startup founders, venture capitalists, and high-paying jobs. A study by the Washington Economics Group estimates the district will generate an $8.3 billion annual economic impact and support nearly 58,000 jobs, with over 41,000 in the Tampa area.
TGH’s recent expansions include an 80-bed rehabilitation hospital on Tampa’s Kennedy Boulevard, a $15 million emergency center, and an adjacent psychiatric center due to open with about 100 beds. The main campus on Davis Islands is also expanding with a $510 million, 12-story surgical neurosciences and transplant tower, and plans for a proton therapy center for cancer patients. TGH serves as the teaching hospital for the University of South Florida’s Morsani College of Medicine and collaborates closely with USF’s Center for Advanced Medical Learning and Simulation (CAMLS). Tampa’s medical district is modeled after similar successful districts in cities like Boston, Houston, and Chicago.
Technology
St. Petersburg is becoming a tech hotspot, with legendary investor Cathie Wood leading the development of the Ark Innovation Center. This facility will be home to startups and will provide programming for the city’s growing tech community. In collaboration with the Tampa Bay Innovation Center, Wood is advancing programs focused on disruptive innovations like artificial intelligence and robotics.
The Israeli cybersecurity company Cybecs has announced that Tampa will be its regional headquarters, leasing space in downtown Tampa as it builds its operations. Cybecs employs over 100 people worldwide. Additionally, Toronto-based tech company WellnessLiving has established a 4,000-square-foot corporate office near International Plaza in Tampa. The company serves nearly 5,000 businesses and 15 million users with software that enhances wellness benefits, schedules classes, and increases engagement.
Real Estate
Tampa continues to attract attention as a top destination for retirees, with a WalletHub ranking placing it at the top among the nation’s best places to retire. This ranking is based on more than 180 cities, evaluated across 45 metrics including cost of living, tax friendliness, recreational activities, crime rates, air and water quality, and healthcare.
The Gas Worx development in Ybor City is a major construction project bringing 5,000 apartment units, over 500,000 square feet of office space, and 140,000 square feet of new retail space to the area. Developer Darryl Shaw aims to create a vibrant community space spanning about 50 acres, which may also include a stadium for Tampa’s new women’s professional soccer league team set to debut in August 2024.
Pasco County is also seeing significant development with the Double Branch mixed-use project, which will span more than 900 acres and cost over $2 billion to complete. Expected to generate an economic impact of more than $600 million, this development is strategically located just off I-75 in central Pasco County.
Lakeland is focusing on infrastructure, healthcare, education, and affordable housing as it becomes one of Florida’s fastest-growing cities. The city benefits from the expansion of Publix’s corporate headquarters and significant growth from Amazon, which has turned Lakeland Linder Regional Airport into a distribution hub. Lakeland’s appeal is further enhanced by its affordable housing, attracting young families and contributing to its ranking as the third top U.S. “boomtown” by Lending Tree.
Education
The University of South Florida (USF) has joined the Association of American Universities, an invitation-only organization of North America’s leading research universities. With campuses in Tampa, St. Petersburg, and Sarasota-Manatee, USF serves more than 50,000 students and emphasizes experiential learning. The university is also planning an on-campus football stadium in Tampa, further enhancing its appeal.
Tampa Bay offers an unparalleled environment for business growth and innovation. With its thriving economy, strategic location, pro-business climate, and high quality of life, the region is an ideal destination for businesses looking to relocate or expand. Whether in logistics, healthcare, technology, real estate, or education, Tampa Bay provides the resources, infrastructure, and community support necessary for success. For companies seeking a vibrant and dynamic place to grow, Tampa Bay stands out as a top choice.
