Florida’s Economic Growth is Encouraging
A Federal Reserve leading index for Florida’s economy posted some encouraging numbers. Florida’s economy is expected to keep growing through 2013, according to a recently issued Federal Reserve index intended to predict state-by-state economic growth in the near term. According to the Fed, Florida’s economy should grow by about 1.7 percent during the next six months. That is the strongest growth predicted by the index since August 2005.(1) Manufacturers and distributors in the Tampa/St. Petersburg market area now have more options for transporting goods, because the world’s second-largest container shipping line has begun cargo service at the Port of Tampa.
According to a statement issued by the Port of Tampa, The Mediterranean Shipping Co., based in Geneva, Switzerland, is the biggest carrier serving the U.S. market, according to a statement from the Port of Tampa. That means regional companies involved in imports and exports will more access to Asia, Africa, the Mediterranean and Latin America.
Tampa Port Director and CEO, Paul Anderson, explained that MSC will open up new destinations and options for exporters and importers via the Port of Tampa. In addition, Tampa Port personnel are excited to be working with MSC to expand trade and economic opportunities, not just for the Central Florida market, but also for the entire state.
According to various reports issued by the Tampa Bay Partnership, studies it has conducted and issued show that increasing exports can help local companies grow while strengthening Tampa Bay’s economy. Currently, products imported or exported at the Tampa port include furniture, electronics, clothing, soft drinks, steel and other metals, and home improvement materials.
For more information, see: http://tinyurl.com/ald9lpo
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Morgan Stanley recently announced that it is expanding in Hillsborough County and credits the Tampa Bay area’s appeal to financial service firms.
Rick Homans, president and CEO of the Tampa Hillsborough Economic Development Corp. said, “Financial services is one of our big strengths. We’re seeing across the board financial services companies looking at us as applied for and expect to receive for strategic expansions in high-value, high-wage areas.” Morgan Stanley is in line for $550,000 in state and local economic incentives, after announcing it would invest $6.6 million to fix up 25,294 square feet at the Intellicenter at Telecom Park in Temple Terrace.
Morgan Stanley (NYSE: MS) is in line for $550,000 in state and local economic incentives, after announcing it would invest $6.6 million to fix up 25,294 square feet at the Intellicenter at Telecom Park in Temple Terrace. Gov. Rick Scott issued a statement stating that the company plans to create up to 110 jobs, including positions for investment advisors and financial transaction processors, paying an average wage of $55,000 a year. It is expected that the newly created jobs should generate as much as $6 million annually in payroll. A Morgan Stanley spokesperson explained that the decision was influenced by the company’s research which indicated that “tremendous resources and a terrific local workforce including many talented, highly skilled individuals,”
The new jobs could, said Doug Kett , chairman of the Tampa Hillsborough EDC and market president, West Florida, for Florida Blue. The deal also ensured that Morgan Stanley’s 70 workers currently employed at Citibank Center in Tampa would stay in the area, Homans said. They will move to the new site, which is expected to open in March.
The availability of a skilled workforce gave the Tampa Bay region a competitive edge over alternative sites in Utah and Ohio, the statement said. The Tampa Bay region has Doug Ketterer, head of U.S. Field Management for Morgan Stanley Wealth Management, said in the statement. See: http://tinyurl.com/bx9v5nc
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