Tampa-St. Petersburg Market Report
Positive Demographic Trends Provide Bright Long-Term Prospects; Tampa-St. Petersburg Properties Attract Wide Range of Investors
Demographic outlook bodes well for Tampa-St. Petersburg. The relocation of residents to the Sunbelt will continue to benefit the metro. Population gains at almost twice the national rate brought 34,700 new residents to the region in 2019. Although the health crisis slowed movement, net migration in 2020 is expected to top 29,000 residents for the eighth consecutive year. Household growth is at a pace well above that of the U.S., bolstering demand for residences. Incomes are also rising, up 6 percent year over year at midyear, which should benefit retail sales. Purchases returned to pre-pandemic levels in the third quarter. If no further closures are implemented, hiring and spending should improve through year end.