Tampa-St. Petersburg Retail Market Report
Population Growth, Return of Tourists Will Drive Need for Goods and Services
Rebounding employment bodes well for retail demand. Tampa Bay is on track to replace all of the positions lost during the health crisis this year. Already, jobs in the financial services, professional and business services, as well as construction sectors are above the pre-pandemic levels. Hiring in the heavily hit leisure and hospitality segment should improve as tourism rebounds and more businesses open to full capacity in the months ahead. Jobs, favorable weather and a lower cost of living are drawing more people to the region. Even during the health crisis, the metro gained roughly 25,000 new residents. In 2021, the population is anticipated to expand at a pace that is almost twice the national rate with the addition of nearly 28,000 people underpinning a greater demand for goods and services.