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A Regional Business Plan for Tampa Bay
Communities Come Together to Address Future Jobs
The Tampa Bay region has embarked upon a major effort to understand regional economic strengths and opportunities and to craft an ambitious – yet implementable – plan that will lead to job creation and greater economic diversification.
Implementing the Regional Business Plan is a process of engaged and diverse community, business, workforce and education leaders ensuring the communities of Tampa Bay make the right investments, create the right policies and build the right infrastructure to support and grow the next generation of jobs that will build sustainable, inclusive and real prosperity.
What is the Regional Business Plan?
It’s the result of a year’s worth of extensive research conducted by SRI International’s Center for Science, Technology and Economic Development. It’s a vehicle for action that ensures our region maintains focus, acts strategically, and improves continuously in our efforts to create quality jobs.
Industry Clusters
The high-potential industry clusters identified for high-wage, sustainable job growth in the Tampa Bay region are:
Applied Medicine & Human Performance
High Tech Electronics & Instruments
Business, Financial & Data Services
Marine & Environmental
Activities
*Source: SRI International
If correctly implementing the Regional Business Plan accelerates job growth in the target industry clusters by 10%, we can expect a net job increase of approximately 12,000 jobs above and beyond forecasted growth, and a total of 22,000 direct and indirect jobs in Tampa Bay by 2020. These 22,000 jobs will, over the period they’re created, result in nearly $6.4B in personal income. We’ll realize over $8B in additional Gross Regional Product over these 9 years, and generate more than $176M in sales taxes. Overall, the net fiscal return to the state is $443M. *Source: Tampa Bay Regional Planning Council
If an aggressive approach is taken to implementation, we can expect these numbers to be much greater. We must work together as a community, as a region, to grow the jobs of tomorrow, today.
The Race to 500,000
The four industry clusters identified represent more than 350,000 jobs in the Tampa Bay market...
That's nearly ¼ of the region’s employment base…
At an average annual wage of approximately $46,000 or…119% higher than the region’s average annual wage…
With successful implementation of the Regional Business Plan we can grow this number to 500,000 jobs.
Question is….
How quickly can we get there?
*Source: Tampa Bay Regional Planning Council
Why a cluster strategy?
Regional cluster analysis is the best means to accelerate job growth and development because it uses principles of business planning; defines and builds on the region’s existing strengths; sparks synergies among existing and emerging companies, research organizations, educational institutions and other organizations; acts as a low-cost means of boosting job creation; incites wider business and community support; and addresses regional challenges collectively.
Where we are today
It starts with education.
The Partnership has been presenting the Regional Business Plan throughout the community to any groups who see the value of job generation for their community and wish to work together as a regional partner to advance these initiatives, including various economic, governmental, educational, and business institutions.
A structure is forming.
Download the Regional Business Plan Implementation Structure.
Great momentum is building behind the plan as leaders from throughout
Tampa Bay have come together to establish a Leadership Council, define six working groups, assign a Chair to each and recruit members for each working group as well as a Regional Advisory Board. Get involved.
A special thanks goes out to all of our supporters in this effort. In 2010, the Tampa Bay Partnership and the Tampa Bay Regional Planning Council were awarded a $540,000 grant from the Economic Development Administration (EDA) for the research conducted for the Regional Business Plan by SRI International’s Center for Science, Technology and Economic Development.
Along with the EDA funding, financial partnership commitments were attained from the Suncoast Workforce Alliance, City of Clearwater, Manatee County Economic Development Council, Pinellas County, WorkNet Pinellas, Tampa Bay Workforce Alliance, Pasco County Economic Development Council, and the Florida High Tech Corridor Council.
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