The Tampa Bay Industrial Market starts 2022 with strong fundamentals
The Tampa Bay metro area unemployment rate hit 3.2% falling 330 basis points (bps) year-over-year (YOY), on the addition of 75,900 jobs, for an impressive job growth rate of 5.5%. In addition, industrial landlords benefited from steady employment gains in sectors that positively impacted demand. Those sectors included a 6.5% year-over-year (YOY) increase in trade and transportation, a manufacturing increase of 5.6% and a construction job growth of 1.7%. These gains were just as substantial in the Polk County region, with an increased labor force of 3.3%, where trade and transportation added almost 5,000 jobs to the market YOY.