Cost of living affects Tampa jobs

Sunday, October 7th, 2018

The low cost of living will affect Tampa jobs.

The Tampa metro area scored a cost of living index of 88.3 during the second quarter of 2018 – the lowest score ever since the Tampa Hillsborough Economic Development Corporation started tracking it in 2000.

The cost of living in Tampa, according to the latest Cost of Living Index (COLI) report, is nearly 12 percent lower than the national average index of 100.

“Not only does the Tampa market provide an excellent quality of life, but once again it proves to be one of the most cost-friendly places to live compared to competing markets throughout Florida and across the country,” said Robin DiSalvo, marketing research analyst for the Tampa Hillsborough EDC and author of the report. “Tampa had the lowest housing index and utility index among Florida metros, which really sets us apart when attracting top talent and outside companies to the area.”

Compared to other major U.S. markets measured in the report, Tampa had the lowest index in housing and the second lowest index in both utilities and miscellaneous goods and services. Raleigh, N.C. and Jacksonville, Fla. tied for the second lowest overall cost of living in the U.S. at 91.7.

The composite index score is based upon individual scores for items including groceries, housing, utilities, transportation, health care, and miscellaneous goods and services, which are all weighted differently. Tampa’s lowest score was in housing, where the area came in at 71.1.