Port Tampa Bay has seen a remarkable increase in its economic value, now estimated at $34.6 billion, according to a recent report by Martin and Associates. This growth has resulted in the support of over 192,000 jobs, effectively doubling the number of jobs since the last study conducted in 2015. The economic impact report highlights that the port generated $4.6 billion in direct business revenue and a re-spending impact of $2.8 billion. User output from the port reached $27.2 billion, while personal income associated with these jobs amounted to $10.2 billion, with an average salary of $74,350 [0389f43d].
In 2023, Port Tampa Bay handled an impressive 35 million tons of cargo and welcomed over 1.1 million cruise passengers, contributing significantly to the local economy. The port's activities generated approximately $1.2 billion in state and local taxes, underscoring its importance as a key economic driver for the region. The growth in economic indicators since the last assessment reflects the port's strategic importance in Florida's maritime and transportation sectors [0389f43d].
In addition to the developments at Port Tampa Bay, Amazon's expansion into Florida continues to create substantial job opportunities. The company is set to invest in Port St. Lucie, creating over 1,300 new jobs through the construction of a one-million-square-foot Inbound Cross-dock. This facility will handle both third-party and Amazon products, with additional delivery stations planned for Melbourne, Jacksonville, and Tampa, all expected to open in 2024 [9000bb55].
Amazon's investments in Florida have surpassed $36 billion since 2010, demonstrating the company's commitment to enhancing local economies. A recent study by Evan Cunningham, a Ph.D. candidate at the University of Minnesota, indicates that Amazon's expansion across the U.S. has resulted in a 1.0 percentage point increase in employment rates and a 0.7 percent rise in average wages in metro areas. However, this growth has also led to a 1.1 percent increase in rents and a 6.0 percent rise in utility costs, with average home values increasing by 5.6 percent [2b425729].
The positive economic impact of Amazon's facilities has been well-documented, with studies showing that counties with Amazon operations experience an increase in employment and household income. Cunningham argues that the nearly $2.6 billion in state and local subsidies received by Amazon are justified if they lead to significant economic activity, challenging the narrative that Amazon harms local economies and suggesting instead that it provides net positive effects, particularly for homeowners [92333576].
The combined growth of Port Tampa Bay and Amazon's expansion highlights a significant trend in Florida's economic landscape, where infrastructure development and corporate investments are driving job creation and economic prosperity across the state [0389f43d].