It has been more almost 2 years since the Baltimore based company purchased land in Pasco County to build a sprawling 75 acre campus off of State Road 54 (link to post from 2009). There has been discussion on the street that the company’s leaders had either changed their minds about the location or had run in to a snag with their long term planning. Most of us had expected the company to have broken ground already, if in fact the project had been given the go ahead.
The Tampa Tribune confirmed Friday what many of us had suspected….that the project’s timeline has been extended, perhaps indefinitely. The news comes as a blow to those in Pasco County and the area at large that believed the Company would quickly add more than 1,500 jobs. Pasco and the surrounding area has one of the highest unemployment rates in the State.
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This is not promising news for the office market. Or is it?
The state’s unemployment rate for nonagricultural workers rose to 11.7 percent in August from 11.5 percent in July. The jobless rate also rose in the Tampa Bay area last month, rising to 12.6 percent from 12.3 percent in July. The Bay area numbers include Hillsborough, Pinellas, Pasco and Hernando counties.
It wasn’t immediately clear this morning what was behind the rise. It could mean more people are reentering the workforce.
Often during a recession, some long-time unemployed people get discouraged and stop looking for work. They technically drop out of the labor force and are no longer counted in unemployment numbers.
When the economy improves, these “discouraged workers” start looking for work again, reenter the labor force and are counted as unemployed. This can cause the jobless rate to rise even as the economy improves. (Full Story from TBO.com)
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Unfortunately, the Tampa Area unemployment rate continues to climb. Until the unemployment rate increases reverses its negative trend, the area commercial real estate vacancy rates will continue to be under pressure.
The Tampa Bay area’s jobless rate jumped half a percentage point to 12.3 percent, making it the most job-challenged major metropolitan area in Florida. The region’s most sluggish county remained Hernando, which saw its unemployment rate rocket to 14.7 percent, up from 14.0 percent the prior month….from the St Pete Times (for complete article)
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The June 2009 unemplyment for Tampa rose to 11.1 percent from 10.6%, the highest rate since 1975.
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The number continues to creep higher, although at a reduced rate for the Tampa Area. Where the inflection point is, no one knows. The entire state climbed to 10.2%, up .5% from the revised April numbers of 9.7%. Palm Coast had the state’s highest unemployment rate at 14.4%. (……Tampa and Florida Unemployment Figures)
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