USF Libraries
USF Digital Collections

Tampa Bay economy

MISSING IMAGE

Material Information

Title:
Tampa Bay economy
Physical Description:
Book
Language:
English
Creator:
University of South Florida -- Center for Economic Development Research
Publisher:
University of South Florida, College of Business Administration, Center for Economic Development Research.
Place of Publication:
Tampa, Fla

Subjects

Subjects / Keywords:
Economic conditions -- Periodicals -- Tampa Bay Region (Fla.)   ( lcsh )
Economic conditions -- Statistics -- Periodicals -- Tampa Bay Region (Fla.)   ( lcsh )
Commerce -- Periodicals -- Tampa Bay Region (Fla.)   ( lcsh )
Genre:
non-fiction   ( marcgt )

Record Information

Source Institution:
University of South Florida Library
Holding Location:
University of South Florida
Rights Management:
All applicable rights reserved by the source institution and holding location.
Resource Identifier:
usfldc doi - C63-00067
usfldc handle - c63.67
System ID:
SFS0000342:00001


This item is only available as the following downloads:


Full Text

PAGE 1

THETampa Bay E yVolume 1, No. 3 Fall/Winter 2000 conomQuarterly Journal of the Center for Economic Development Research By Gina B. Space, Economist with the Center for Economic Development ResearchEnterprise Florida announced on October 30, 2000 that Florida Lieutenant Governor Frank Brogan will lead a trade mission to South Africa from February 11 to 17, 2001. Florida businesses and organizations planning to participate in the mission will seek to develop and strengthen relationships with counterpart organizations in South Africa and to enhance trade opportunities. This article reports the results of background research on international trade with South Africa. All figures are in U.S. dollars unless otherwise noted. Since 1994, when South Africa made the peaceful transition to full democracy, trade with, and investment in, South Africa has grown substantially. U.S. trade with South Africa was valued at nearly $5.8 billion in 1999. Total imports were valued at $3.2 billion and total exports were valued at $2.6 billion, ranking the country as the U.S.'36th largest export market. Over two-thirds of total export value was concentrated in manufactured goods; of that over $1.2 billion was machinery and transportation equipment. Examples of goods in this category include aircraft equipment, automatic data processing machinery, motor vehicles for transport, plus parts and accessories, and agricultural machinery. In 1999, South Africa ranked as Florida's 51st largest export market. Florida businesses exported merchandise valued at $123.8 million during that year to SubSaharan African countries. Nearly 50% of this total was exported to South Africa. Florida's merchandise exports to South Africa grew over 90% from 1993 to 1998. Florida and U.S. exports decreased 27.6% and 28.7% respectively in 1999 as a result of the ripple effects of the Asian financial crisis, which hit South Africa later and with less intensity. Florida's exports to South Africa are similar to those of the U.S. and are concentrated in transportation equipment, industrial machinery, and electric and electronic equipment. Chemical products are also a major Florida export to Sub-Saharan African countries, valued at $12.8 million in 1999. This is also consistent with U.S. national data: residual petroleum products ranks as the U.S.' 17th largest commodity exported to South Africa. In 1998, the Tampa-St. Petersburg-Clearwater metropolitan statistical area (MSA) exported $11.9 million and the Lakeland-Winter Haven MSA exported $1.4 million to South Africa. These two MSA's comprised 15.9% of Florida's total merchandise exports and 17.7% of Florida's MSA exports to South Africa. The U.S. Department of Commerce in 1994 identified the Republic of South Africa as one of the 10 Big Expanding Trade Opportunities in South Africa Continued on page 4 See Trade Opportunities

PAGE 2

From The Editor ...This issue of The Tampa Bay Economy contains two very timely articles regarding current trade with foreign countries. The lead story, "Expanding Trade Opportunities in South Africa" discusses the Tampa Bay area's potential for trade with South Africa. In an effort to strengthen Florida's trade and investment relationship with South Africa, Lt. Governor Frank Brogan will lead a "Team Florida" trade mission there, beginning February 11th. This journal also contains an article regarding the current opportunities for trade between Mexico and the Tampa Bay region. In February, President Bush will travel to Mexico as his first trip abroad as president of the United States. An announcement of a new Center within the Department of Economics is also included in this issue. The Center for Economic Policy Analysis (CEPA) will study social policy relevant to Tampa Bay, Florida and the Nation. While CEPA will focus on economic principles of social policy, CEDR, an organization of the College of Business Administration, specializes in research on economic development issues. This journal is combined for Fall/Winter 2000. The center of the issue contains the data inserts for both, 3rd and 4th quarters of 2000. As always, if you have any comments or suggestions for future articles, you can contact me at nkimball@coba.usf.edu Table of ContentsExpanding Trade Opportunities in South Africa . .1 From the Editor . . . . . . . . . . . . . .2 Announcement from the Department of Economics . . . . . . . . . . . . . . .2 Update on CEDR's Data Center . . . . . . . .3 The 2000 USF Economic Development Course . .7 Tampa Bay Trades with Mexico . . . . . . . .8 Tampa Bay:The Growing International Powerhouse . . . . . . . . . .14 The Economic Contributions of the Florida State Fair Authority . . . . . . . . .18 The Department of Economics at the University of South Florida is pleased to announce the opening of the Center for Economic Policy Analysis (CEPA). CEPA is a non-profit, ideologically neutral collection of scholars devoted to the analysis of social policy relevant to the Tampa Bay region, the State of Florida and the Nation. Projects already underway at the Center include an efficiency analysis of the Florida State Prison System and an analysis of the economic impact of hosting Super Bowl XXXV in Tampa. Planned projects include a study of the problems of growth and urban sprawl, an analysis of the high-speed railway between Tampa and Orlando, and an analysis of the water shortage in Central Florida. The Center's unifying theme is a fundamental belief that good decisions concerning social policy are grounded in a thorough understanding of economic principles. As such the Center embraces the following tenants when considering social policy and strives to educate voters ...from the Department of EconomicsAnnouncement and their political representatives in the use and application of economic reasoning. 1. The relevant cost of any action is its opportunity cost the value of the best alternative sacrificed to take the action. 2. Incentives matter. People will respond to changes in the relative costs and benefits of an activity. 3. Clearly defined and exclusive rights in property provide the incentive for efficient resource allocation. When property rights cannot be made exclusive, externalities result. 4. Individual freedom promotes economic progress because mature individuals know better than anyone else what is best for them. 5. Prices established in free markets contain valuable information and promote prosperity by aligning individual incentives with the goal of promoting social welfare. :1=$ 3 Continued on page 3 See Announcement 2CEDRStaffDr. Kenneth Wieand . . . . . . . . . .Director Dr. Dennis Colie . . . . . . .Associate Director Dodson Tong . . . . . . . . . .Data Manager Brian Jacobik . . . . . . . . . . .Economist Alex McPherson . . . . . . . . . .Economist Dr. Mike Murray . . . . . . . . . .Economist Gina Space . . . . . . . . . . . .Economist Nolan Kimball . . . . . .Office Manager/Editor Anand Shah . . . . . . . . . . .Web Designer Carol Wallace . . . . . . . . .Student Assistant

PAGE 3

By Dr. Dennis Colie, Associate Director of the Center for Economic Development Research CEDR's Data Center continues to be updated and expanded. Additionally, we shortened the web site address to make access to on-line data even easier: go directly to our home page at http://cedr.coba.usf.edu If you have bookmarked our old address (www.coba.usf.edu/centers/cedr) it still works too. Over the six-month period from June to November 2000, CEDR's web site enjoyed an average of 6,441 hits per month (excluding CEDR staff hits). Users remained at the site for an average of 16.3 minutes per visit. In the Spring 2000 and the Summer 2000 issues of the CEDR-published journal, The Tampa Bay Economy, we described the regional economic development data available at our web site. To download copies of these back issues of the journal, go to our home page and click on the box labeled "The Tampa Bay Economy CEDR'S JOURNAL." The following regional data sets have been recently updated: Monthly and average annual Local Area Unemployment Statistics (LAUS) are now available, by county, from January 1990 to October 2000. These statistics describe labor force participation, employment and unemployment rate by place of residence. Revised covered employment (ES202) data for 1999 has been posted, as well as new data for the first and second quarters of the year 2000. This data set now extends from the first quarter of 1988 to the second quarter of 2000. The data is organized by 1-digit level Standard Industrial Classification (SIC) codes (and totals for all SIC codes) and describe the number of businesses, the number of covered employees by place of business, total wages of those employees, and average wages per employee. There is data for each Florida county plus statewide totals. Gross and taxable sales amounts are now available from January 1994 to March 2000 for each Florida county and a statewide aggregate. Residential building permit data now extends from January 1996 through October 2000. This data is available by state, by county, or by Metropolitan Statistical Area (MSA). This data set describes the number of units and aggregate value for which building permits have been issued and is organized by single-family, 2family, 3&4-family, and 5-family units. The 1998 Regional Economic Information System (REIS) information on personal income, per capita personal income, and population has now been issued by the Bureau of Labor Statistics. Annual data is posted on CEDR's web site for 1969 through 1998 for all counties and MSAs in the U.S. Because almost 30 years of data is available, these sets are most useful for trend analysis over a long period of time. CEDR has also recently received State Personal Income, 1929 99 from the Bureau of Economic Analysis (U.S. Dept. of Commerce). The following tables contain annual measures for each of the fifty states in the U.S.: Personal income by major source and earning by industry Wage and salary disbursements by industry Total full-time and part-time employment by industry State economic profiles Transfer payments Farm income and expenses Personal tax and nontax payments. Although the State Personal Income, 1929 99 tables are not available on-line, you can go to CEDR's home page and click on "Request Data from Cedr" to e-mail your individualized data need request. CEDR is continuing to add data sets to its on-line Data Center. Look for migration data, based on filing of tax returns with the Internal Revenue Service (IRS), soon. We encourage you to regularly check our site for new data sets, updates, and reports of recent economic studies conducted by CEDR staff.Update on CEDR's Data Center Announcement Continued from page 26. Voluntary exchange among informed individuals always benefits everyone involved; forced exchange seldom does. An externality is a forced exchange. 7. Transaction costs hinder economic progress by raising the cost of exchanging goods. 8. Political activities redistribute wealth sometimes intentionally, but often unintentionally. All too often policy makers ignore these principles and adopt policies that are politically more expedient. This serves the policy maker by courting a special interest but seldom serves the social good. At CEPA we want to put social interests ahead of special interests CEPA Policy Analysts are available to the media and for public speaking. CEPA plans to publish a quarterly newsletter and a working paper series. In addition, it will host civic debates concerning timely policy issues. If you are interested in any of the activities of CEPA or in receiving the Center newsletter, please contact Irene Browne at 974-4232 by phone or Professor Philip Porter by e-mail at pporter@coba.usf.edu. 3

PAGE 4

Emerging Markets. The South African economy continues to show great potential: in 1999 the country's GDP, at $131.1 billion, ranked 29th globally. GDP growth is forecasted to be 3.0% for the year 2000. Major contributors to GDP are manufacturing (24%), finance (15%), trade (15%), general government (13%), mining (8%), and transportation and communication (8%). South Africa lies at the southern tip of Africa, midway between the expanding markets of the Asian and South American continents. Roughly one half of South Africa's population of 43.3 million lives in urban areas, which have well-developed transportation and communications networks. The four major urban areas in South Africa, which account for 75% of the economic activity, are: the greater Johannesburg metropolitan area; the Durban/Pinetown area in the Zwazulu-Natal province; the Cape Peninsula, including Cape Town; and the Port Elizabeth area in the Eastern Cape province. The Witwatersrand area in Johannesburg is the financial and industrial hub of the country and accounts for approximately 60% of the country's economic activity. Globally, Foreign Direct Investment (FDI) in South Africa has almost quintupled since 1993, from $10.7 billion to $52.1 billion. Much of this is attributable to South African companies moving their primary listing to the London Stock Exchange. However, the privatization of a large number of parastatals, or government-owned corporations commenced in 1997 and continues to provide capital stimulus to the economy. FDI net financial transactions, which decreased in 1998 due to a global decrease in investment in emerging markets, is once again increasing. Preliminary data for 2000 show investment growth over 1999. (See Table 1 below.) The sale of a 20% share of South African Airways to Swissair contributed significantly to the volume of foreign investment. The increase in FDI foreign-owned capital from 1998 to 1999 is concentrated in the mining, manufacturing and financial services sectors. These three sectors account for 98.3% of the total FDI growth, with mining and financial services alone accounting for 83.3% of the total. U.S. companies constitute the largest presence of foreign firms in South Africa. Six hundred thirty-six U.S. companies, including subsidiaries and joint ventures, local partners, agents, franchises and representatives conduct business in South Africa. The top 15 U.S. investors (mid-1999) in South Africa are listed in Table 2 below. South Africa's four largest trading partners are the United States, the United Kingdom, Germany and Japan. Rounding out the top five importers and exporter markets are: the Netherlands, which purchases 2% of South African exports; and Saudi Arabia, which accounts for 3.6% of South Africa's imports. (See Table 3 below.) The European Union (EU), supplies 21.5% of all imports into South Africa and purchases 19.2% of all exports. Trade with the EU is expected to increase dramatically because the EU entered into a free trade agreement with South Africa effective January 1, 2000. The free trade agreement will liberalize trade restrictions for most merchandise over 10 years, the EU will remove restrictions on 95% of its South African imports; and over 12 years South Africa will remove restrictions on 86% of EU imports. From 1994 to 1999, South Africa's global imports have nearly doubled in value, from 76.8 billion rands to 146.5 billion rands, evidence of the nation's expanding buying power and consumption. The overwhelming majority of imports are broadly classified as manufactured goods (82.5% in 1999), including machinery and transport equipment. Mining imports, mostly crude petroleum, Table 1. Net Financial Transactions Year-End Stock of Foreign-Owned Capital 1993no data$10,686,000,000 1994no data$12,627,000,000 1995$993,000,000$15,004,000,000 1996$816,300,032$14,413,000,000 1997$3,811,000,064$17,888,000,000 1998$550,000,000$16,612,000,000 1999$1,372,000,000$52,064,000,000 2000 (first six months) $697,700,000 Not AvailableSource: South African Reserve Bank Annual Reports and Quarterly BulletinsDIRECT FOREIGN INVESTMENT Table 3. Country Percentage of Imports to South AfricaRank Percentage of Exports from South AfricaRank United States6.427.51 Germany7.214.93 United Kingdom4.835.22 Japan4.544.94 Netherlands1.5132.05 Saudi Arabia3.650.333Source: South Africa Department of Trade and Industry World Trade StatisticsSouth African Trading Partners Table 2. Company 1999 Investment (in millions)Company 1999 Investment (in millions) SBC Communications$610.80Ford$57.50 Dow Chemicals$446.60McDonalds$57.50 Coca-Cola$339.90Ucar International Corporation$54.20 Caltex$197.00Minute Maid International$41.10 IBM$167.50Federal Mogul$40.70 Salem$145.60Arrow Electronics Corporation$32.80 Goodyear$93.30Pepsico Foods International$31.20 Duracell$86.20 Source: U.S. State Department Country Commercial Guide, quoting Investment South AfricaTop U.S. Corporate Investors in South Africa Trade Opportunities Continued from page 1 4

PAGE 5

constituted 14.1% of 1999 imports. South Africa recently reformed and simplified what was an extensive, complicated tariff structure, reducing the average tariff rate from over 20% to an import-weighted average of 7%. Most rates now fall within eight levels ranging from 0 to 30%. Historically, tariffs could be, and often were, changed with little or no notice as a result of petitions from local producers. New government policy has resulted in much fewer rulings favoring petitioners and has made the market more competitive. Rates for agricultural imports vary with international prices in order to protect local producers, effectively setting a minimum import price. Best Prospects for U.S.Exports to South Africa During a recent visit to the U.S., South African Department of Trade and Industry Minister Alec Erwin identified auto components, chemicals, electronics, information technology, pharmaceuticals, telecommunications and tourism as priority areas for attracting U.S. investment. The U.S. Department of Commerce's International Trade Administration has identified best prospects for trade and investment for U.S. firms. Among them telecommunications and telecommunications equipment ranks as a best prospect, and cellular telephony ranks as a principal growth sector. Telkom, South Africa's only telephone company, has a monopoly on fixed-line voice services in South Africa which expires in 2003. This monopoly could be extended until 2004, but competition for a second network, to be licensed by the government, could begin in 2001. Computer software and services and electronic commerce are also a significant import market and growth opportunity. South Africa has tightened intellectual property rights and is increasing enforcement of piracy laws. However serious concerns remain. Software growth has been consistently higher than the world average and is projected to increase substantially. South Africa is privatizing and modernizing existing airports to accommodate rapid growth in total and international air traffic. Analysts expect an average annual growth rate of 30% until the year 2030, and plans are underway to bring retail shopping to the captive airport market. Air pollution and waste management are growing concerns in South Africa. Environmental concerns have created demand for measurement and analysis instruments, especially multi-function measurement tools. The applied expertise to operate such equipment and implement programs is also highly sought after and presents an opportunity for American companies to trade in services. Although on the decrease, crime rates are still high. Most South African security equipment is relatively unsophisticated, and the demand for innovative products in the sub-fields of vehicle security, perimeter security and access control, detection devices and building protection, and internal physical security and turnkey systems remains strong. South Africa's managed health care industry is young and very competitive. The managed health care experience that exists in South Africa has been confined to very large employer-owned and managed networks of doctors (i.e. mining companies). Demand is high, as health coverage is a top priority for employers. Future success in providing effective health care will be tied to sophistication of technology, quality of care and economies of scale due to size and integration Cosmetics and hair care is both a best prospect and a top growth industry as demand rises with disposable personal income. Sixty percent of the cosmetics and hair care sector volume is in the ethnic markets with hair care products specifically targeted to Black African consumers. The ethnic markets have an estimated value of $166.7 million annually. Two of the top 20 commodities exported from the U.S. to South Africa are agricultural products (wheat and rice). While the agricultural economy is highly marketoriented, the decrease in the value of the rand versus the dollar has recently led to demand for South African agricultural exports, including fruits, vegetables and sugar. The International Trade Administration identifies oilmeals, oils and seeds as a strong growth opportunity, and processed and consumer-oriented products, especially poultry meat, as a "best prospect". South Africa is a member of the Southern Africa Customs Union (SACU), a partnership between South Africa, Botswana, Lesotho, Namibia and Swaziland. SACU members agree to a common tariff rate for goods entering from outside the partnership countries and to no duties on goods entering from partner countries. This agreement creates a competitive advantage for goods produced by a SACU member over those produced outside SACU countries. SACU members, excluding Botswana, are also part of the Common Monetary Area (CMA), sharing a common currency and providing for free movement of funds among members. U.S. trade analysts call the Southern African Development Community (SADC) the most important regional organization in the continent. SADC's mission is to build a community of nations which together are politically and economically strong to compete in the world marketplace. SADC members include Angola, Botswana, Lesotho, Malawi, Mauritius, Mozambique, Namibia, South Africa, Swaziland, Tanzania, Zambia and Zimbabwe. SADC is working to become a global trading 5

PAGE 6

Infrastructure is broadly defined to include water supply, wastewater and solid waste disposal, transportation systems, energy-related projects and telecommunications. OPIC also has a program to promote sustainable energy development in Africa using investment funds, political risk insurance, loan guarantee financing, and direct loans for small businesses. Projects in South Africa can also be covered by OPIC's Quick Cover Insurance Program, which applies to projects in the financial services, wireless telecommunications services, electricity distribution and hotel sectors. The Export-Import Bank has three financing programs targeted to projects in Sub-Saharan African countries. The first is the availability of $1 billion in flexible, extended term financing for purchase of U.S.-made HIV/AIDS medications and related equipment and services by organizations in selected Sub-Saharan African countries. The Ex-Im Bank is also offering $200 million in short-term export credit insurance to support U.S. exports of raw materials, spare parts, consumer goods and commodities in selected Sub-Saharan countries. Finally, in an effort to make the purchase of U.S. goods easier, African companies can now access Ex-Im Bank guaranteed loans denominated in rands. Ex-Im Bank financing for sales increased from $50 million in 1998 to over $600 million in 1999. The market potential for trade with South Africa is enormous. However, the extent of market access depends heavily on the success of domestic reforms, a continued commitment to global interaction and an increasingly level playing field for American exporters. Domestic reforms are on a strong and steady course disposable personal income and gross domestic product are growing and expenditures on education and workforce training are over 7% of GDP, compared with 4% for many countries. A commitment to global interaction is evidenced by a free trade agreement with the European Union and another under consideration for the South African Development Community. Creating a level playing field for American companies to compete in the South African market lies at the heart of this trade mission. Enterprise Florida is facilitating relationships with South African organizations to increase familiarity and business relationships and referrals. These relationships can help form the basis for the U.S. Trade Representative, who will be working over the next several years to solidify relationships into trade agreements, allowing American businesses to operate under a tariff structure that is competitive with the European Union and Sub-Saharan Africa. Florida is geographically positioned to take the lead on trade with South Africa and this trade mission allows Florida businesses to take advantage of this benefit. bloc and already dominates the African continent. In 1997, SADC countries accounted for 81% of Africa's GNP, 81% of its imports and 80% of its exports. Member states are considering a trade protocol to create a free trade area (FTA) over an eight-year period. If instituted, the FTA will harmonize tariffs and facilitate trade. The FTA would create a comparative advantage for goods from member countries that compete directly with the U.S. Opening New Opportunities In May 2000, the African Growth and Opportunity Act (AGOA) was passed by the U.S. Congress and signed into law by President Clinton as Title I of the Trade and Development Act of 2000. AGOA extends the U.S. Generalized System of Preferences (GSP) to eligible Sub-Saharan African beneficiary countries, including South Africa. In addition to reducing tariff and non-tariff barriers, the U.S. government will expand financial assistance and negotiate trade agreements. Under AGOA, South African businesses will be permitted to export over 6,500 different articles duty-free to the United States, including items that were previously protected as import-sensitive. Import-sensitive articles include apparel, watches, electronic articles, steel articles, footwear, handbags, luggage, flat goods, work gloves, leather apparel, and semimanufactured and manufactured glass products. U.S. government assistance targeted to export-import activities with South Africa include the establishment of the U.S.-Sub-Saharan Africa Trade and Economic Cooperation Forum and technical assistance from the U.S. Trade Representative Office. The law also calls for the Department of Commerce to increase the number of Foreign Commercial Service (FCS) offices in SubSaharan Africa, ensuring a presence in at least ten different countries, and an increase in the number of employees in the region to a minimum of twenty. The International Trade Administration has been directed to identify tariff and non-tariff barriers for U.S. companies'activities and to hold discussions with the appropriate government officials in Sub-Saharan African countries to remove barriers and create a competitive marketplace. The ITA currently posts trade leads on the internet, which can be searched by country or industry. On December 13, 2000, 20 leads were posted for South Africa, covering a variety of products and industries. Visit www.usatrade.gov for more information. The Overseas Private Investment Corporation has announced a call for proposals for infrastructure projects in Sub-Saharan Africa. OPIC will invest equity in privately sponsored projects for project development, business expansion, restructurings and privatizations. 6

PAGE 7

By Dr. Kenneth Wieand, Director of the Center for Economic Development Research I.Background. The American Economic Development Council (AEDC) is the nation's largest economic development association, serving about 2,500 economic development professionals worldwide. Education is an important component of AEDC's member services. The Association accredits 20 economic development courses around the nation. Each course follows a specified curriculum. Typically the courses are offered by organizations affiliated with institutions of higher learning. Courses last for 5 days and are held year round across the United States. Upon completing an economic development course, participants are eligible to attend the Economic Development Institute, also accredited by the AEDC, which holds courses in Norman Oklahoma, San Diego, California, and Indianapolis, Indiana. Graduation from EDI and associated professional experience qualify candidates to sit for the Certified Economic Developer (CED) exam. About 525 individuals currently hold the CED designation. II.The USF Economic Development Course in 2000. The University of South Florida sponsors one of the longest-running economic development courses accredited by the AEDC. The Center for Economic Development Research offered the USF Economic Development Course for the 24th consecutive year from November 1217, 2000. The 2000 USF Economic Development Course was held at the Hilton Garden Inn located in Ybor City, an historic neighborhood in Tampa, Florida. The Ybor Hilton is within easy walking distance to numerous fine restaurants and entertainment facilities. A walking tour highlighted current redevelopment efforts in the neighborhood. The Course Director was Kenneth F. Wieand, Director of CEDR. The Course Coordinator was Nolan Kimball, Coordinator of Information/Publications for CEDR. Other personnel involved were Dr. Dennis Colie, Associate Director of CEDR; Dodson Tong, CEDR's Data Manager; Gina Space and Brian Jacobik. Tuition for this year's program was $595. Course tuition included expenses for instruction, course materials, refreshments, a field trip, orientation dinner and two luncheons. Two sponsoring organizations, the Florida Economic Development Council and Florida Power Corporation, provided a total of six scholarships for qualified participants. Each participant received a course book containing materials for the instruction modules submitted by the faculty. Additionally, a group photo was taken of all the course participants. CEDR's website contains all of the course information including the course registration form. The 2000 USF Economic Development Course was structured on the required core topics established by the AEDC Education Committee. Topics covered were: Marketing Perspectives on Economic Development Community Development Corporate Site Selection FEDC Deal of the Year Business Retention and Expansion Financing Economic Development Projects Entrepreneurship and Small Business Creation Rural Issues in Economic Development Perspectives on Environmental Issues Building an Effective EDO Workforce Development Analyzing the Geography of your Product International Trade and Development Analytical Tools for Economic Development Strategic Planning in Economic Development Class activities were supplemented by a case study. Field trips highlighted urban redevelopment and the deep-water Port of Tampa. Of the twenty-one course instructors, six hold the CED designation. Four of the faculty members are from academia, two from government and fourteen from the private sector. Forty-three students from five states participated in this year's course. Forty-three percent worked in economic development organizations, 18% worked in state development agencies, 7% represented workforce development boards, 18% worked for city governments, and 14% were employed in private industry. AEDC accredited economic development courses are intended to be rigorous and extensive learning experiences. Attendance is strictly enforced. Each student was asked to rate the faculty on their presentation as well as evaluate other aspects of the Course. The 2001 USF Economic Development Course will be held November 4 9, 2001. The course site will be determined by spring 2001.The 2000 USF Economic Development Course 7

PAGE 8

By Brian S. Jacobik, Economist with the Center for Economic Development Research I.The Status of Trade On July 2, 2000 the citizens of Mexico elected Mr. Vicente Fox as President of Mexico. The occurrence exhibits the successful completion of multiparty presidential and legislative elections. The triumph of Mexican democracy will promote trade between our two nations and improve quality of life. And in a move that further highlights the importance of trade and diplomacy between the U.S. and Mexico, during his initial workday at the White House, newly elected President Bush announced that his first trip abroad would be to Mexico. The January 22, 2001 edition of The Tampa Tribune reports from the Associated Press wire that President Bush will travel to Mexico on February 16, 2001, meet with Mexico's President Fox and return to the U.S. later the same day. The meeting will be at the Fox's family ranch in San Cristobal, near the Guanajuato city of Leon in central Mexico. President Bush's spokesperson said, "This meeting will be an opportunity to begin the process of achieving closer ties between the United States and Mexico and expanding areas of cooperation." Tampa Bay exports stainless steel tanks, fresh fruit and vegetables, and animals to Mexico. Goods imported from Mexico include ammunition; machine tool parts and accessories; fabricated aluminum and stainless steel; metal slitting and shearing; farm machinery, safes, vaults and parts; drive-in windows; metal boxes; sheet plastics; plastic rods; plastic tubing; fresh fruit and vegetables; billboards, control systems and equipment; electrical control panels, and actuators. Trade between the Tampa Bay region and Mexico thrives partly because many speak each other's language. Tampa Bay businesses and residents possess unique language and cultural skills famous to Mexican business people. Productive trading activities that will benefit Tampa Bay, the U.S., and the world are built upon a base of educated, healthy workers. High-tech trade is strong and growing, despite education levels in Mexico that are low by U.S. standards. Minister for Trade Affairs for the Mexican Embassy in Washington, Francisco Javier Mancera, reports that "the most important challenge facing Mexico is our investment in human capital-particularly our education and health systems."Mexico's automotive sector expects to invest $15 million over the next five years to expand existing facilities and build new plants. Industry officials speculate that Japan's Toyota Motor and Peugeot of France may begin operations in Mexico. Up 36% from the first year of NAFTA, Mexican vehicle production reached about 1,493,666 in 1999. Mexico's automotive industry is the sole producer of Volkswagen's New Beetle, which is exported to 80 countries. Growing internal demand has also spurred the growth of the automotive industry in Mexico. Retail vehicle sales in Mexico have more than doubled since 1994, according to the Mexican Automotive Industry Association (AMIA). Cesar Flores, president of AMIA, notes that the automotive industry is expected to continue to grow through 2001. Exports of Mexican-made automobiles could rise as new markets open up in Brazil, Argentina and Europe. II.Trade Opportunities. Mexico ranks as the 11th largest export destination from the Tampa-St. Petersburg-Clearwater, FL MSA and as the 13th largest in export expansion, with a growth of 126.2% over five years, faster than export growth to the world as a whole, at 90.7%. Trade has benefited from the reduction of trade barriers of the North American Free Trade Agreement (NAFTA). NAFTA has enabled Mexico and the United States to establish a solid trading relationship. Tampa Bay's firms trading with Mexico will be positioned to profit from Mexico's economic growth. Top U.S. export sectors for fiscal year 2001 to Mexico include automotive parts, electronic components, and soybeans according to the U.S. Department of Commerce. The Export Import (Ex-Im)Bank recently agreed to provide insurance coverage to lenders who extend lines of credit to Mexican businesses for the purchase of U.S. goods. This will help increase profit opportunities for Tampa Bay firms that export goods to small and medium-sized businesses in Mexico. The financial agreement between the Ex-Im Bank, General Motors Acceptance Group, its subsidiary Restoration Funding Corporation and its Mexican service company, Auritec, S.A. will provide immediate cash to Tampa Bay exporters to Mexico. Mexico-U.S. trade continues to expand. In August 2000, Mexico bought 15.3% of total U.S. exports. U.S. trade with Mexico reached $161.5 billion in the first eight months of 2000. This figure represents a 203% increase from the first eight months of 1993, prior to NAFTA implementation. III.Businesses in Tampa Bay and NAFTA Trade Barrier Reductions. Mexico's ability to sustain economic growth will determine its prospects for a successful evolution to democratic rule. Following the December 1994 devaluation ofTampa Bay Trades with Mexico 8Continued on page 13 See Mexico

PAGE 9

UNITED STATES ECONOMY JAN FEB MAR APR MAY JUN JUL AUG SEP 2000 2000 2000 2000 2000 2000 2000 2000 2000 UNEMPLOYMENT RATE (%) sa 4.0 4.1 4.1 3.9 4.1 4.0 4.0 4.1 3.9 CHANGE IN PAYROLL EMPLOYEMENT sa 349,000 95,000 527,000 410,000 171,000 57,000 -40,000 -79,000 195,000 AVERAGE HOURLY EARNINGS ($) sa 13.49 13,54 13,58 13.64 13.66 13.70 13.75 13.80 13.83 CONSUMER PRICE INDEX sa (% change) 0.2 0.5 0.7 0.0 0.1 0.5 0.2 -0.1 0.5 PRODUCER PRICE INDEX sa (% change) 0.1 1.1 0.7 -0.4 0.1 0.9 -0.1 -0.4 0.8(p) U.S. IMPORT PRICE INDEX not sa (12 mth % change) 0.4 2.1 0.1 -1.4 0.4 1.3 0.1 0.2 1.1 EMPLOYMENT COST INDEX (Qtr data, 3 mth % change) sa PRODUCTIVITY (non-farm business, % chg from previous Q) sa FLORIDA EMPLOYMENT JAN FEB MAR APR MAY JUN JUL AUG SEP TOTALS 2000 2000 2000 2000 2000 2000 2000 2000 2000 CIVILIAN LABOR FORCE 7,427,000 7,459,000 7,515,000 7,542,000 7,601,000 7,650,000 7,682,000 7,658,000 7,639,000 EMPLOYMENT 7,130,000 7,193,000 7,251,000 7,267,000 7,325,000 7,336,000 7,384,000 7,360,000 7,336,000 UNEMPLOYMENT RATE 4.0 3.6 3.5 3.6 3.6 4.1 3.9 3.9 4.0 TAMPA BAY EMPLOYMENT JAN FEB MAR APR MAY JUN JUL AUG SEP TOTALS 2000 2000 2000 2000 2000 2000 2000 2000 2000 CIVILIAN LABOR FORCE 1,701,722 1,712,126 1,727,164 1,734,424 1,746,287 1,754,854 1,764,979 1,761,133 1,756,440 EMPLOYMENT 1,647,894 1,664,418 1,680,525 1,685,381 1,698,204 1,699,480 1,710,566 1,706,967 1,700,581 UNEMPLOYMENT RATE 3.2 2.9 2.7 2.9 2.8 3.2 3.2 3.2 3.4 HERNANDO COUNTY CIVILIAN LABOR FORCE 48,696 48,934 49,292 49,278 49,765 50,008 50,159 50,135 50,110 EMPLOYMENT 46,733 47,231 47,692 47,724 48,148 48,240 48,629 48,556 48,386 UNEMPLOYMENT RATE 4.0 3.5 3.2 3.2 3.2 3.5 3.1 3.1 3.4 HILLSBOROUGH COUNTY CIVILIAN LABOR FORCE 555,284 559,319 564,223 565,317 570,225 572,921 576,144 575,081 573,133 EMPLOYMENT 538,282 544,012 549,323 549,690 554,572 555,635 560,115 559,280 557,318 UNEMPLOYMENT RATE 3.1 2.7 2.6 2.8 2.7 3.0 2.8 2.7 2.8 TAMPA ST. PETERSBURG CLEARWATER MSA CIVILIAN LABOR FORCE 1,220,323 1,228,952 1,240,140 1,242,069 1,252,185 1,257,737 1,264,409 1,262,205 1,258,344 EMPLOYMENT 1,182,270 1,194,856 1,206,520 1,207,325 1,218,048 1,220,384 1,230,223 1,228,390 1,224,081 UNEMPLOYMENT RATE 3.1 2.8 2.7 2.8 2.7 3.0 2.7 2.7 2.7 MANATEE COUNTY CIVILIAN LABOR FORCE 123,384 124,375 126,009 127,576 128,479 128,584 129,704 129,782 129,015 EMPLOYMENT 120,768 121,891 123,475 125,109 125,843 125,373 126,571 126,183 125,328 UNEMPLOYMENT RATE 2.1 2.0 2.0 1.9 2.1 2.5 2.4 2.8 2.9 PASCO COUNTY CIVILIAN LABOR FORCE 137,961 138,995 140,252 140,489 141,538 142,123 142,851 142,676 142,166 EMPLOYMENT 133,268 134,687 136,001 136,092 137,301 137,564 138,673 138,467 137,981 UNEMPLOYMENT RATE 3.4 3.1 3.0 3.1 3.0 3.2 2.9 3.0 2.9 PINELLAS COUNTY CIVILIAN LABOR FORCE 478,381 481,704 486,373 486,984 490,658 492,684 495,255 494,313 492,934 EMPLOYMENT 463,987 468,926 473,504 473,819 478,028 478,944 482,806 482,086 480,395 UNEMPLOYMENT RATE 3.0 2.7 2.6 2.7 2.6 2.8 2.5 2.5 2.5 POLK COUNTY (LAKELAND WINTER HAVEN MSA) CIVILIAN LABOR FORCE 201,941 202,120 202,924 203,449 204,317 207,376 208,046 207,409 207,231 EMPLOYMENT 192,909 194,311 195,178 195,538 195,980 195,984 194,523 193,635 193,488 UNEMPLOYMENT RATE 4.5 3.9 3.8 3.9 4.1 5.5 6.5 6.6 6.6 SARASOTA COUNTY CIVILIAN LABOR FORCE 156,075 156,679 158,091 161,331 161,305 161,158 162,820 161,737 161,851 EMPLOYMENT 151,947 153,360 155,352 157,409 158,332 157,740 159,249 158,760 157,685 UNEMPLOYMENT RATE 2.6 2.1 1.7 2.4 1.8 2.1 2.2 1.8 2.6 SARASOTA BRADENTON MSA CIVILIAN LABOR FORCE 279,459 281,054 284,100 288,907 289,784 289,742 292,524 291,519 290,866 EMPLOYMENT 272,715 275,251 278,827 282,518 284,175 283,113 285,820 284,943 283,013 UNEMPLOYMENT RATE 2.4 2.1 1.9 2.2 1.9 2.3 2.3 2.3 2.7 SOURCE: US Bureau of Labor Statistics, FL & Co. LAUS NOTE: (p) preliminary (sa) seasonally adjusted For additional and historical data please visit our website at: http://cedr.coba.usf.edu CENTER FOR ECONOMIC DEVELOPMENT RESEARCH 1.4 1.9 1.0 6.1 0.9 3.8

PAGE 10

Q1 1998 Q1 1999 Q2 1998 Q2 1999 Q3 1998 Q3 1999 Q4 1998 Q4 1999 AVG. AVG. ANNUAL AVG. AVG. ANNUAL AVG. AVG. ANNUAL AVG. AVG. ANNUAL EMP EMP % CHG EMP EMP % CHG EMP EMP % CHG EMP EMP % CHG HERNANDO Agriculture, Forestry & Fishing 379 423 10.40% 386 436 12.95% 395 461 16.71% 400 444 11.00% Mining 359 334 -7.49% 357 321 -10.08% 362 334 -7.73% 360 339 -5.83% Construction 1,604 1,792 10.49% 1,690 1,823 7.87% 1730 1771 2.37% 1800 1888 4.89% Manufacturing 1,368 1,342 -1.94% 1,401 1,329 -5.14% 1372 1366 -0.44% 1358 1332 -1.91% Trans, Comm And Public Utilities 831 868 4.26% 852 879 3.17% 852 904 6.10% 905 963 6.41% Wholesale Trade 885 909 2.64% 879 909 3.41% 877 893 1.82% 1057 907 -14.19% Retail Trade 7,821 8,829 11.42% 7,736 8,832 14.17% 7447 8695 16.76% 7688 8890 15.63% Finance, Insurance & Real Estate 1,209 1,220 0.90% 1,168 1,245 6.59% 1157 1216 5.10% 1186 1162 -2.02% Services 7,536 7,460 -1.02% 7,582 7,450 -1.74% 7423 7396 -0.36% 7460 7528 0.91% Total Government 2,428 2,461 1.34% 2,463 2,493 1.22% 2480 2509 1.17% 2453 2513 2.45% HILLSBOROUGH Agriculture, Forestry & Fishing 14,001 14,496 3.41% 11,537 12,174 5.52% 8216 8887 8.17% 13075 12380 -5.32% Mining 22 30 26.67% 27 33 22.22% 28 n/a 27 28 3.70% Construction 25,686 27,245 5.72% 26,530 27,383 3.22% 27029 27273 0.90% 27450 27452 0.01% Manufacturing 37,246 36,967 -0.75% 37,460 37,084 -1.00% 37600 37286 -0.84% 37697 37283 -1.10% Trans, Comm And Public Utilities 28,871 31,973 9.70% 30,096 31,784 5.61% 30002 31517 5.05% 32199 32251 0.16% Wholesale Trade 35,241 34,944 -0.85% 35,303 34,595 -2.01% 35700 34581 -3.13% 34873 35046 0.50% Retail Trade 88,773 90,415 1.82% 88,289 91,030 3.10% 89318 90240 1.03% 92138 92526 0.42% Finance, Insurance & Real Estate 43,904 46,585 5.76% 45,083 46,296 2.69% 45465 46531 2.34% 46482 46686 0.44% Services 199,067 218,156 8.75% 207,726 223,059 7.38% 209525 221720 5.82% 213357 225755 5.81% Total Government 23,496 25,070 6.28% 23,904 25,397 6.25% 24547 25703 4.71% 24768 25562 3.21% MANATEE Agriculture, Forestry & Fishing 6,464 6,759 4.36% 6,776 7,288 7.56% 3835 3722 -2.95% 7119 6759 -5.06% Mining n/a n/a n/a n/a n/a n/a n/a n/a Construction 4,080 4,659 12.43% 4,254 5,003 17.61% 4498 5380 19.61% 4683 4659 -0.51% Manufacturing 12,938 13,524 4.33% 12,964 13,644 5.25% 12695 13665 7.64% 12885 13524 4.96% Trans, Comm And Public Utilities 1,640 1,861 11.88% 1,678 1,876 11.80% 1631 1747 7.11% 1776 1861 4.79% Wholesale Trade 3,201 3,516 8.96% 3,509 3,652 4.08% 3268 3608 10.40% 3719 3516 -5.46% Retail Trade 18,512 19,323 4.20% 18,044 18,759 3.96% 17993 18706 3.96% 18942 19323 2.01% Finance, Insurance & Real Estate 3,096 3,075 -0.68% 3,140 3,077 -2.01% 3086 3138 1.69% 3152 3075 -2.44% Services 48,092 41,787 -15.09% 50,888 47,846 -5.98% 51216 47111 -8.02% 53791 41787 -22.32% Total Government 5,041 5,115 1.45% 5,043 5,117 1.47% 5066 5180 2.25% 5059 5115 1.11% PASCO Agriculture, Forestry & Fishing 2,908 2,867 -1.43% 2,645 2,448 -7.45% 1861 1838 -1.24% 2417 2867 18.62% Mining 41 41 0.00% 41 45 9.76% 42 43 2.38% 44 41 -6.82% Construction 4,769 5,174 7.83% 4,982 5,302 6.42% 5044 5286 4.80% 5072 5174 2.01% Manufacturing 3,766 3,688 -2.11% 3,766 3,433 -8.84% 3687 3364 -8.76% 3706 3688 -0.49% Trans, Comm And Public Utilities 2,216 2,313 4.19% 2,202 2,251 2.23% 2300 2249 -2.22% 2386 2313 -3.06% Wholesale Trade 1,855 1,871 0.86% 2,001 1,870 -6.55% 2023 1832 -9.44% 1997 1871 -6.31% Retail Trade 19,282 18,874 -2.16% 19,145 18,906 -1.25% 18477 18701 1.21% 19375 18874 -2.59% Finance, Insurance & Real Estate 3,252 3,108 -4.63% 2,820 3,106 10.14% 2800 3192 14.00% 2867 3108 8.41% Services 23,450 22,588 -3.82% 23,416 22,400 -4.34% 22815 22031 -3.44% 22999 22588 -1.79% Total Government 4,525 4,614 1.93% 4,601 4,690 1.93% 4569 4783 4.68% 4562 4614 1.14% PINELLAS Agriculture, Forestry & Fishing 2,830 3,185 11.15% 3,107 3,317 6.76% 3264 3390 3.86% 3293 3185 -3.28% Mining 8 7 -14.29% 8 8 0.00% 7 7 0.00% 7 7 0.00% Construction 19,158 20,036 4.38% 19,925 19,942 0.09% 20103 20444 1.70% 20060 20036 -0.12% Manufacturing 46,201 46,673 1.01% 46,186 47,026 1.82% 45875 47266 3.03% 46424 46673 0.54% Trans, Comm And Public Utilities 13,483 16,174 16.64% 14,045 15,900 13.21% 13923 15532 11.56% 14630 16174 10.55% Wholesale Trade 20,546 20,822 1.33% 20,644 20,821 0.86% 20828 20957 0.62% 20257 20822 2.79% Retail Trade 79,032 78,802 -0.29% 79,312 79,595 0.36% 78636 78052 -0.74% 79967 78802 -1.46% Finance, Insurance & Real Estate 28,193 30,093 6.31% 28,773 30,073 4.52% 29259 30599 4.58% 30083 30093 0.03% Services 151,333 153,796 1.60% 154,612 157,357 1.78% 154093 157367 2.12% 154105 153796 -0.20% Total Government 19,394 19,580 0.95% 19,727 19,844 0.59% 19699 20101 2.04% 19458 19580 0.63% POLK Agriculture, Forestry & Fishing 11,903 10,795 -10.26% 9,544 8,591 -9.99% 5151 4086 -20.68% 9832 10795 9.79% Mining 3,148 2,592 -21.45% 3,224 2,497 -22.55% 3140 2489 -20.73% 3044 2592 -14.85% Construction 9,519 9,790 2.77% 9,766 9,670 -0.98% 9712 9900 1.94% 9779 9790 0.11% Manufacturing 20,778 20,869 0.44% 20,716 20,660 -0.27% 20245 19781 -2.29% 20570 20869 1.45% Trans, Comm And Public Utilities 8,175 8,731 6.37% 8,375 8,744 4.41% 8402 8836 5.17% 8811 8731 -0.91% Wholesale Trade 8,481 8,524 0.50% 8,329 8,251 -0.94% 8191 8178 -0.16% 8438 8524 1.02% Retail Trade 39,611 40,025 1.03% 39,141 40,985 4.71% 39124 40429 3.34% 40562 40025 -1.32% Finance, Insurance & Real Estate 7,753 8,049 3.68% 8,027 8,135 1.35% 8332 7998 -4.01% 8150 8049 -1.24% Services 43,762 44,663 2.02% 43,175 44,676 3.48% 42466 44294 4.30% 43263 44663 3.24% Total Government 12,560 12,099 -3.81% 11,948 12,004 0.47% 12373 11917 -3.69% 13265 12099 -8.79% SARASOTA Agriculture, Forestry & Fishing 1,965 2,333 15.77% 2,036 1,986 -2.46% 2018 1939 -3.91% 2225 2333 4.85% Mining 54 n/a 48 n/a n/a n/a n/a Construction 8,204 9,217 10.99% 8,261 9,370 13.42% 8772 9225 5.16% 9126 9217 1.00% Manufacturing 7,816 7,962 1.83% 7,872 8,168 3.76% 8139 8159 0.25% 8173 7962 -2.58% Trans, Comm And Public Utilities 3,276 3,549 7.69% 3,443 3,472 0.84% 3363 3498 4.01% 3536 3549 0.37% Wholesale Trade 4,640 4,123 -12.54% 4,603 4,003 -13.03% 4532 4066 -10.28% 4459 4123 -7.54% Retail Trade 32,195 32,089 -0.33% 31,091 31,637 1.76% 31400 30368 -3.29% 32801 32089 -2.17% Finance, Insurance & Real Estate 8,138 8,481 4.04% 8,598 8,453 -1.69% 8508 8691 2.15% 8380 8481 1.21% Services 48,603 65,375 25.66% 49,448 67,146 35.79% 48017 68182 42.00% 48766 65375 34.06% Total Government 5,732 5,862 2.22% 5,868 5,900 0.55% 5970 5918 -0.87% 5867 5862 -0.09% Source: Florida Department of Labor and Employment Security NOTE: For additional and historical data please visit our website at: http://cedr.coba.usf.edu TAMPA BAY EMPLOYMENT

PAGE 11

UNITED STATES ECONOMY JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2000 2000 2000 2000 2000 2000 2000 2000 2000 2000 2000 2000 UNEMPLOYMENT RATE (%) sa 4.0 4.1 4.1 3.9 4.1 4.0 4.0 4.1 3.9 3.9 4.0 4.0 CHANGE IN PAYROLL EMPLOYEMENT sa 349,000 95,000 527,000 410,000 171,000 57,000 -40,000 -79,000 195,000 66,000 59,000(p) 105,000(p) AVERAGE HOURLY EARNINGS ($) sa 13.49 13,54 13,58 13.64 13.66 13.70 13.75 13.80 13.83 13.88 13.96(p) 14.01(p) CONSUMER PRICE INDEX sa (% change) 0.2 0.5 0.7 0.0 0.1 0.5 0.2 -0.1 0.5 0.2 0.2 0.2 PRODUCER PRICE INDEX sa (% change) 0.1 1.1 0.7 -0.4 0.1 0.9 0.1 -0.4 0.8(p) 0.4(p) 0.1(p) 0.0(p) U.S. IMPORT PRICE INDEX not sa (12 mth % change) 0.4 2.1 0.1 -1.4 0.4 1.3 0.1 0.2 1.1 -0.4 0.1 -0.5 EMPLOYMENT COST INDEX (Qtr data, 3 mth % change) sa PRODUCTIVITY (non-farm business, % chg from previous Q) sa FLORIDA EMPLOYMENT JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC TOTALS 2000 2000 2000 2000 2000 2000 2000 2000 2000 2000 2000 2000 CIVILIAN LABOR FORCE 7,427,000 7,459,000 7,515,000 7,542,000 7,601,000 7,650,000 7,682,000 7,658,000 7,639,000 7,661,000 7,650,000 7,636,000 EMPLOYMENT 7,130,000 7,193,000 7,251,000 7,267,000 7,325,000 7,336,000 7,384,000 7,360,000 7,336,000 7,374,000 7,374,000 7,389,000 UNEMPLOYMENT RATE 4.0 3.6 3.5 3.6 3.6 4.1 3.9 3.9 4.0 3.7 3.6 3.2 TAMPA BAY EMPLOYMENT JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC TOTALS 2000 2000 2000 2000 2000 2000 2000 2000 2000 2000 2000 2000 CIVILIAN LABOR FORCE 1,701,722 1,712,126 1,727,164 1,734,424 1,746,287 1,754,854 1,764,979 1,761,133 1,756,440 1,765,137 1,768,686 1,765,619 EMPLOYMENT 1,647,894 1,664,418 1,680,525 1,685,381 1,698,204 1,699,480 1,710,566 1,706,967 1,700,581 1,713,913 1,719,309 1,720,991 UNEMPLOYMENT RATE 3.2 2.9 2.7 2.9 2.8 3.2 3.2 3.2 3.4 3.1 3.0 2.6 HERNANDO COUNTY CIVILIAN LABOR FORCE 48,696 48,934 49,292 49,278 49,765 50,008 50,159 50,135 50,110 50,541 50,790 50,598 EMPLOYMENT 46,733 47,231 47,692 47,724 48,148 48,240 48,629 48,556 48,386 48,751 48,912 48,925 UNEMPLOYMENT RATE 4.0 3.5 3.2 3.2 3.2 3.5 3.1 3.1 3.4 3.5 3.7 3.3 HILLSBOROUGH COUNTY CIVILIAN LABOR FORCE 555,284 559,319 564,223 565,317 570,225 572,921 576,144 575,081 573,133 576,092 577,746 576,848 EMPLOYMENT 538,282 544,012 549,323 549,690 554,572 555,635 560,115 559,280 557,318 561,516 563,374 563,520 UNEMPLOYMENT RATE 3.1 2.7 2.6 2.8 2.7 3.0 2.8 2.7 2.8 2.5 2.5 2.3 TAMPA ST. PETERSBURG CLEARWATER MSA CIVILIAN LABOR FORCE 1,220,323 1,228,952 1,240,140 1,242,069 1,252,185 1,257,737 1,264,409 1,262,205 1,258,344 1,266,412 1,270,773 1,268,437 EMPLOYMENT 1,182,270 1,194,856 1,206,520 1,207,325 1,218,048 1,220,384 1,230,223 1,228,390 1,224,081 1,233,301 1,237,381 1,237,701 UNEMPLOYMENT RATE 3.1 2.8 2.7 2.8 2.7 3.0 2.7 2.7 2.7 2.6 2.6 2.4 MANATEE COUNTY CIVILIAN LABOR FORCE 123,384 124,375 126,009 127,576 128,479 128,584 129,704 129,782 129,015 129,543 129,501 129,076 EMPLOYMENT 120,768 121,891 123,475 125,109 125,843 125,373 126,571 126,183 125,328 126,108 126,431 126,479 UNEMPLOYMENT RATE 2.1 2.0 2.0 1.9 2.1 2.5 2.4 2.8 2.9 2.7 2.4 2.0 PASCO COUNTY CIVILIAN LABOR FORCE 137,961 138,995 140,252 140,489 141,538 142,123 142,851 142,676 142,166 143,092 143,816 143,570 EMPLOYMENT 133,268 134,687 136,001 136,092 137,301 137,564 138,673 138,467 137,981 139,020 139,480 139,516 UNEMPLOYMENT RATE 3.4 3.1 3.0 3.1 3.0 3.2 2.9 3.0 2.9 2.8 3.0 2.8 PINELLAS COUNTY CIVILIAN LABOR FORCE 478,381 481,704 486,373 486,984 490,658 492,684 495,255 494,313 492,934 496,687 498,421 497,422 EMPLOYMENT 463,987 468,926 473,504 473,819 478,028 478,944 482,806 482,086 480,395 484,014 485,615 485,741 UNEMPLOYMENT RATE 3.0 2.7 2.6 2.7 2.6 2.8 2.5 2.5 2.5 2.6 2.6 2.3 POLK COUNTY (LAKELAND WINTER HAVEN MSA) CIVILIAN LABOR FORCE 201,941 202,120 202,924 203,449 204,317 207,376 208,046 207,409 207,231 206,915 206,266 206,222 EMPLOYMENT 192,909 194,311 195,178 195,538 195,980 195,984 194,523 193,635 193,488 195,838 196,424 197,677 UNEMPLOYMENT RATE 4.5 3.9 3.8 3.9 4.1 5.5 6.5 6.6 6.6 5.4 4.8 4.1 SARASOTA COUNTY CIVILIAN LABOR FORCE 156,075 156,679 158,091 161,331 161,305 161,158 162,820 161,737 161,851 162,267 162,146 161,883 EMPLOYMENT 151,947 153,360 155,352 157,409 158,332 157,740 159,249 158,760 157,685 158,666 159,073 159,133 UNEMPLOYMENT RATE 2.6 2.1 1.7 2.4 1.8 2.1 2.2 1.8 2.6 2.2 1.9 1.7 SARASOTA BRADENTON MSA CIVILIAN LABOR FORCE 279,459 281,054 284,100 288,907 289,784 289,742 292,524 291,519 290,866 291,810 291,647 290,959 EMPLOYMENT 272,715 275,251 278,827 282,518 284,175 283,113 285,820 284,943 283,013 284,774 285,504 285,612 UNEMPLOYMENT RATE 2.4 2.1 1.9 2.2 1.9 2.3 2.3 2.3 2.7 2.4 2.1 1.8 SOURCE: US Bureau of Labor Statistics, FL & Co. LAUS NOTE: (p) preliminary (sa) seasonally adjusted For additional and historical data please contact 974-CEDR or visit our website at: http://cedr.coba.usf.edu CENTER FOR ECONOMIC DEVELOPMENT RESEARCH 1.4 1.9 1.0 6.1 0.9 3.3 0.8 n/a

PAGE 12

Q1 1998 Q1 1999 Q2 1998 Q2 1999 Q3 1998 Q3 1999 Q4 1998 Q4 1999 Q1 1999 Q1 2000 AVG. AVG. ANNUAL AVG. AVG. ANNUAL AVG. AVG. ANNUAL AVG. AVG. ANNUAL AVG. AVG. ANNUAL EMP EMP % CHG EMP EMP % CHG EMP EMP % CHG EMP EMP % CHG EMP EMP % CHG HERNANDO Agriculture, Forestry & Fishing 379 423 10.40% 386 436 12.95% 395 461 16.71% 400 444 11.00% 423 453 7.09% Mining 359 334 -7.49% 357 321 -10.08% 362 334 -7.73% 360 339 -5.83% 334 347 3.89% Construction 1,604 1,792 10.49% 1,690 1,823 7.87% 1730 1771 2.37% 1800 1888 4.89% 1,792 2,016 12.50% Manufacturing 1,368 1,342 -1.94% 1,401 1,329 -5.14% 1372 1366 -0.44% 1358 1332 -1.91% 1,342 1,267 -5.59% Trans, Comm And Public Utilities 831 868 4.26% 852 879 3.17% 852 904 6.10% 905 963 6.41% 868 863 -0.58% Wholesale Trade 885 909 2.64% 879 909 3.41% 877 893 1.82% 1057 907 -14.19% 909 870 -4.29% Retail Trade 7,821 8,829 11.42% 7,736 8,832 14.17% 7447 8695 16.76% 7688 8890 15.63% 8,829 8,943 1.29% Finance, Insurance & Real Estate 1,209 1,220 0.90% 1,168 1,245 6.59% 1157 1216 5.10% 1186 1162 -2.02% 1,220 1,170 -4.10% Services 7,536 7,460 -1.02% 7,582 7,450 -1.74% 7423 7396 -0.36% 7460 7528 0.91% 7,460 7,627 2.24% Total Government 2,428 2,461 1.34% 2,463 2,493 1.22% 2480 2509 1.17% 2453 2513 2.45% 2,461 2,549 3.58% HILLSBOROUGH Agriculture, Forestry & Fishing 14,001 14,496 3.41% 11,537 12,174 5.52% 8216 8887 8.17% 13075 12380 -5.32% 14,496 14,468 -0.19% Mining 22 30 26.67% 27 33 22.22% 28 n/a 27 28 3.70% 30 30 0.00% Construction 25,686 27,245 5.72% 26,530 27,383 3.22% 27029 27273 0.90% 27450 27452 0.01% 27,245 27,469 0.82% Manufacturing 37,246 36,967 -0.75% 37,460 37,084 -1.00% 37600 37286 -0.84% 37697 37283 -1.10% 36,967 38,073 2.99% Trans, Comm And Public Utilities 28,871 31,973 9.70% 30,096 31,784 5.61% 30002 31517 5.05% 32199 32251 0.16% 31,973 32,135 0.51% Wholesale Trade 35,241 34,944 -0.85% 35,303 34,595 -2.01% 35700 34581 -3.13% 34873 35046 0.50% 34,944 35,589 1.85% Retail Trade 88,773 90,415 1.82% 88,289 91,030 3.10% 89318 90240 1.03% 92138 92526 0.42% 90,415 90,381 -0.04% Finance, Insurance & Real Estate 43,904 46,585 5.76% 45,083 46,296 2.69% 45465 46531 2.34% 46482 46686 0.44% 46,585 45,809 -1.67% Services 199,067 218,156 8.75% 207,726 223,059 7.38% 209525 221720 5.82% 213357 225755 5.81% 218,156 227,386 4.23% Total Government 23,496 25,070 6.28% 23,904 25,397 6.25% 24547 25703 4.71% 24768 25562 3.21% 25,070 25,951 3.51% MANATEE Agriculture, Forestry & Fishing 6,464 6,759 4.36% 6,776 7,288 7.56% 3835 3722 -2.95% 7119 6759 -5.06% 6,759 7,432 9.96% Mining n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Construction 4,080 4,659 12.43% 4,254 5,003 17.61% 4498 5380 19.61% 4683 4659 -0.51% 4,659 5,645 21.16% Manufacturing 12,938 13,524 4.33% 12,964 13,644 5.25% 12695 13665 7.64% 12885 13524 4.96% 13,524 13,038 -3.59% Trans, Comm And Public Utilities 1,640 1,861 11.88% 1,678 1,876 11.80% 1631 1747 7.11% 1776 1861 4.79% 1,861 1,749 -6.02% Wholesale Trade 3,201 3,516 8.96% 3,509 3,652 4.08% 3268 3608 10.40% 3719 3516 -5.46% 3,516 3,969 12.88% Retail Trade 18,512 19,323 4.20% 18,044 18,759 3.96% 17993 18706 3.96% 18942 19323 2.01% 19,323 20,047 3.75% Finance, Insurance & Real Estate 3,096 3,075 -0.68% 3,140 3,077 -2.01% 3086 3138 1.69% 3152 3075 -2.44% 3,075 3,064 -0.36% Services 48,092 41,787 -15.09% 50,888 47,846 -5.98% 51216 47111 -8.02% 53791 41787 -22.32% 41,787 52,995 26.82% Total Government 5,041 5,115 1.45% 5,043 5,117 1.47% 5066 5180 2.25% 5059 5115 1.11% 5,115 5,300 3.62% PASCO Agriculture, Forestry & Fishing 2,908 2,867 -1.43% 2,645 2,448 -7.45% 1861 1838 -1.24% 2417 2867 18.62% 2,867 2,535 -11.58% Mining 41 41 0.00% 41 45 9.76% 42 43 2.38% 44 41 -6.82% 41 50 21.95% Construction 4,769 5,174 7.83% 4,982 5,302 6.42% 5044 5286 4.80% 5072 5174 2.01% 5,174 5,606 8.35% Manufacturing 3,766 3,688 -2.11% 3,766 3,433 -8.84% 3687 3364 -8.76% 3706 3688 -0.49% 3,688 3,194 -13.39% Trans, Comm And Public Utilities 2,216 2,313 4.19% 2,202 2,251 2.23% 2300 2249 -2.22% 2386 2313 -3.06% 2,313 2,241 -3.11% Wholesale Trade 1,855 1,871 0.86% 2,001 1,870 -6.55% 2023 1832 -9.44% 1997 1871 -6.31% 1,871 2,008 7.32% Retail Trade 19,282 18,874 -2.16% 19,145 18,906 -1.25% 18477 18701 1.21% 19375 18874 -2.59% 18,874 19,476 3.19% Finance, Insurance & Real Estate 3,252 3,108 -4.63% 2,820 3,106 10.14% 2800 3192 14.00% 2867 3108 8.41% 3,108 3,269 5.18% Services 23,450 22,588 -3.82% 23,416 22,400 -4.34% 22815 22031 -3.44% 22999 22588 -1.79% 22,588 22,126 -2.05% Total Government 4,525 4,614 1.93% 4,601 4,690 1.93% 4569 4783 4.68% 4562 4614 1.14% 4,614 4,756 3.08% PINELLAS Agriculture, Forestry & Fishing 2,830 3,185 11.15% 3,107 3,317 6.76% 3264 3390 3.86% 3293 3185 -3.28% 3,185 3,067 -3.70% Mining 8 7 -14.29% 8 8 0.00% 7 7 0.00% 7 7 0.00% 7 24 242.86% Construction 19,158 20,036 4.38% 19,925 19,942 0.09% 20103 20444 1.70% 20060 20036 -0.12% 20,036 21,212 5.87% Manufacturing 46,201 46,673 1.01% 46,186 47,026 1.82% 45875 47266 3.03% 46424 46673 0.54% 46,673 45,617 -2.26% Trans, Comm And Public Utilities 13,483 16,174 16.64% 14,045 15,900 13.21% 13923 15532 11.56% 14630 16174 10.55% 16,174 16,078 -0.59% Wholesale Trade 20,546 20,822 1.33% 20,644 20,821 0.86% 20828 20957 0.62% 20257 20822 2.79% 20,822 22,107 6.17% Retail Trade 79,032 78,802 -0.29% 79,312 79,595 0.36% 78636 78052 -0.74% 79967 78802 -1.46% 78,802 80,582 2.26% Finance, Insurance & Real Estate 28,193 30,093 6.31% 28,773 30,073 4.52% 29259 30599 4.58% 30083 30093 0.03% 30,093 30,325 0.77% Services 151,333 153,796 1.60% 154,612 157,357 1.78% 154093 157367 2.12% 154105 153796 -0.20% 153,796 163,956 6.61% Total Government 19,394 19,580 0.95% 19,727 19,844 0.59% 19699 20101 2.04% 19458 19580 0.63% 19,580 20,312 3.74% POLK Agriculture, Forestry & Fishing 11,903 10,795 -10.26% 9,544 8,591 -9.99% 5151 4086 -20.68% 9832 10795 9.79% 10,795 10,221 -5.32% Mining 3,148 2,592 -21.45% 3,224 2,497 -22.55% 3140 2489 -20.73% 3044 2592 -14.85% 2,592 2,410 -7.02% Construction 9,519 9,790 2.77% 9,766 9,670 -0.98% 9712 9900 1.94% 9779 9790 0.11% 9,790 9,702 -0.90% Manufacturing 20,778 20,869 0.44% 20,716 20,660 -0.27% 20245 19781 -2.29% 20570 20869 1.45% 20,869 19,935 -4.48% Trans, Comm And Public Utilities 8,175 8,731 6.37% 8,375 8,744 4.41% 8402 8836 5.17% 8811 8731 -0.91% 8,731 8,731 0.00% Wholesale Trade 8,481 8,524 0.50% 8,329 8,251 -0.94% 8191 8178 -0.16% 8438 8524 1.02% 8,524 9,241 8.41% Retail Trade 39,611 40,025 1.03% 39,141 40,985 4.71% 39124 40429 3.34% 40562 40025 -1.32% 40,025 41,476 3.63% Finance, Insurance & Real Estate 7,753 8,049 3.68% 8,027 8,135 1.35% 8332 7998 -4.01% 8150 8049 -1.24% 8,049 8,331 3.50% Services 43,762 44,663 2.02% 43,175 44,676 3.48% 42466 44294 4.30% 43263 44663 3.24% 44,663 44,978 0.71% Total Government 12,560 12,099 -3.81% 11,948 12,004 0.47% 12373 11917 -3.69% 13265 12099 -8.79% 12,099 12,040 -0.49% SARASOTA Agriculture, Forestry & Fishing 1,965 2,333 15.77% 2,036 1,986 -2.46% 2018 1939 -3.91% 2225 2333 4.85% 2,333 2,081 -10.80% Mining 54 n/a 48 n/a n/a n/a n/a n/a n/a n/a Construction 8,204 9,217 10.99% 8,261 9,370 13.42% 8772 9225 5.16% 9126 9217 1.00% 9,217 9,692 5.15% Manufacturing 7,816 7,962 1.83% 7,872 8,168 3.76% 8139 8159 0.25% 8173 7962 -2.58% 7,962 8,743 9.81% Trans, Comm And Public Utilities 3,276 3,549 7.69% 3,443 3,472 0.84% 3363 3498 4.01% 3536 3549 0.37% 3,549 3,510 -1.10% Wholesale Trade 4,640 4,123 -12.54% 4,603 4,003 -13.03% 4532 4066 -10.28% 4459 4123 -7.54% 4,123 4,343 5.34% Retail Trade 32,195 32,089 -0.33% 31,091 31,637 1.76% 31400 30368 -3.29% 32801 32089 -2.17% 32,089 32,362 0.85% Finance, Insurance & Real Estate 8,138 8,481 4.04% 8,598 8,453 -1.69% 8508 8691 2.15% 8380 8481 1.21% 8,481 8,891 4.83% Services 48,603 65,375 25.66% 49,448 67,146 35.79% 48017 68182 42.00% 48766 65375 34.06% 65,375 69,374 6.12% Total Government 5,732 5,862 2.22% 5,868 5,900 0.55% 5970 5918 -0.87% 5867 5862 -0.09% 5,862 5,895 0.56% Source: Florida Department of Labor and Employment Security NOTE: For additional and historical data please contact 974-CEDR or visit our website at: http://cedr.coba.usf.edu ` TAMPA BAY EMPLOYMENT

PAGE 13

the peso, Mexico experienced a severe financial crisisthat also threatened the stability of other emerging mar-ket economies, especially in Latin America. The UnitedStates responded by leading a group of internationallenders who offered Mexico over $40 billion in interna-tional financial assistance. Twenty billion dollars of thepackage was from the United States alone. This loanhelped stabilize the Mexican economy and the ensuingeconomic growth enabled Mexico to repay the loans tothe United States more than 3 years ahead of schedule.Unemployment and inflation fell in 1996, and the pesostabilized as Mexico recovered from the recession morerapidly than expected. NAFTA contributed to the adjust-ment process by enabling Mexico to reduce its currentaccount deficit through increased exports rather thanthrough slashing imports from the United States, as it hadfollowing the 1982 debt crisis. Since the advent of NAFTA, U.S.-Mexico trade has increased. Tampico and Veracruz are Mexicos primaryseaports. The government has steadily privatized portoperations in an effort to improve efficiency. A widerange of business and cultural ties provide cash to localbusinesses. Some Tampa Bay firms are leaders in this area. The NAFTA dispute panel is expected to rule that a central promise of the trade treaty was violated when for-mer President Clinton refused to allow Mexican truckdrivers into the U.S. Many observers say the ClintonAdministration did so as a favor to the Teamsters union.The U.S. has also encouraged Mexico to crack down onthe alleged monopolistic practices of Telefonos deMexico. A self-proclaimed free trader who strongly sup-ports the 1994 NAFTA, President Bush could find hisoptions limited by other trade disputes. According toRiordan Roett, director of the Western Hemisphere pro-gram at the School of Advanced International Studies inWashington, President Fox has made it clear that he wants a more open relationship with the U.S. PresidentBush will have to confront a number of trade issues andthat will prove a test of his ability to manage relations with Americas second largest trading partner. IV.Mexican Society and Workforce. Mexico hosts a variety of business destinations. All of the advantages and disadvantages of a world-class urbancenter exist in Mexico City. Taxis are preferred to carrentals, which are very expensive. Second behind Mexico City in terms of population is Guadalajara. An estimated workforce of about 1.588million people lives in and around Guadalajara. With57% of the population under 25 years of age,Guadalajara provides opportunities for business growth.Business travelers to Mexico are advised to take intoaccount cultural and environmental differences. Drastic improvements in the last decade have occurred in telecommunications. Direct telephone dialing to theU.S is offered in most parts of Mexico. Mexico Cityoffers nine local television stations and twenty Spanish-language newspapers and one English-languagenewspaper. Among the markets in the Latin American region that have benefited from recent reforms is the Mexican realestate market. The outlook for corporate real estateopportunities in Mexico is positive. Corporate expan-sions will benefit from Mexicos attainment of invest-ment grade status, the impact of NAFTA and the ongoingbank restructuring in Mexico. As profitable opportuni-ties become more and more common, Mexican exportshave become more diversified. A high volume of quality workers capable of producing high quality products will better position the nation in the new economy. Nevertheless, oil still accounts for 20% ofMexicos exports. V.Conclusions. Trade between the U.S. and Mexico should increase. The ability of Tampa Bay businesspersons to communi-cate effectively with their Mexican counterparts drivesthese trade relationships. High-technology goods are thebackbone of Tampa Bays trade with Mexico, and willgrow as more Floridians and Mexicans gain the high-techskills necessary to compete in the new economy.Developments in the financial services industry willenable firms to engage in profitable international trade.As Mexico shows determination to recover from the Peso crisis, world lenders such as the Ex-Im Bank aremore and more willing to extend and insure credit toMexican firms. 13Mexico Continued from page 8

PAGE 14

By Dr. Kenneth Wieand, Director of the Center forEconomic Development ResearchI.Overview. The highly diverse counties encircling Tampa Bay incorporate three major metropolitan areas: Tampa-St.Petersburg-Clearwater, Sarasota-Bradenton, andLakeland-Winter Haven. Tampa Bay is home to threeand a third million persons, one-half of who work in oneor more of the regions 89,000 payroll establishments.Every year, the region grows by 38,000 persons and50,000 additional individuals find gainful employment.Nearly one-third of Floridas annual workforce growthoccurs in Tampa Bay. Tampa Bays industry base reflects the size of the regions business sector and its diversity of population,natural resources and infrastructure. Agri-businessesship citrus, and mining companies export phosphate-based fertilizers worldwide. A recent study of the City of Tampa and Hillsborough County, performed by CEDR for the Greater TampaChamber of Commerce, found 30% of manufacturingbusinesses involved in export and/or import activities ingoods and services. Regional wholesalers sell in theCaribbean Basin and in Central and South America.Businesses ship commodities through international air-ports in Tampa, St. Petersburg, and Sarasota, and throughdeepwater ports in Tampa, St. Petersburg, and Manatee. The region is home to a flourishing international services sector. A growing financial services industryroutes financial transactions through Tampa Bay.Citibank and Citicorp Financial are major exporters offinancial services. Citigroup conducts Latin Americanand European transactions from its facilities on I-75 in Hillsborough County. International tourism is a main-stay of the regions thriving tourist industry. A signifi-cant portion of sales and employment in Tampa Bay orig-inates in business services enterprises. Regional lawfirms, accounting, consulting and administrative servicesfirms serve customers globally. Thus, international tradeand investment permeate Tampa Bays industrial base.II.Infrastructure for International Trade in Tampa Bay. Access to National and International Markets. Tampa Bay enjoys excellent highway and rail access to the eastern U.S. Two national highway systems linkTampa Bay and the U.S Seaboard. The I4/I-275 nexusprovides rapid links to Orlando, Jacksonville and to theU.S. East Coast. I-75 connects Tampa Bay via Atlanta tothe large cities of the Midwest. Goods shipped intoTampa Bay along these corridors, as well as locally-pro-duced commodities, flow through the regions airportsand deep-water seaports. Tampa Bay has the shortest shipping lanes to the eastern coast of Mexico. The Port of Tampa competes withMiami and with Texas ports for commodity shipmentsbetween the U.S. and the Caribbean and Latin America.Daimler-Chrysler ships its best-selling Mexican-pro-duced PT Cruiser to U.S. customers though the Port of Tampa. As with ocean access, short air-mileage to Mexico and to the Caribbean and to Latin America gives Tampa Baya competitive edge in air travel, a potential that can berealized by attracting new international flights. Theregions excellent airport facilities provide an opportuni-ty for Tampa Bay to become a premier international airdestination. Tampa Bays mild climate and recreationalfacilities drive tourism and makes the region a magnetfor in-migrants in all age groups. Volume of International Trade. The volume of traffic through Tampa Bays deep-water shipping and airports illustrates the importance of exportand import activity in the region. The Port of Tampa isthe largest and most utilized deep-water port in the area,handling 25 million tons of phosphate and related prod-ucts during 1999. In addition, the Port handles generalexport/import cargo in excess of 16 million tons annual-ly, the largest of any Florida port in terms of tonnage. ThePort provides ship repair services, offers warehousingfacilities, and provides terminal docking for cruise lines.The Port of Tampa ranks 4th highest in terms of dollarvalue of cargo among the 11 major ports in Florida, withTampa Bay:The Growing International Powerhouse 3% 5% 9% 5% 25% 7% 41% 5% Agriculture, Forestry, Fishing Mining & ConstructionManufacturingTransport, Communication, Utilities Trade Finance, Insurance, Real Estate Services Public Administration 14

PAGE 15

over $2.1 billion in exports and $600 million in importspassing through its berths during 1999. The Port ofManatee is the second largest cargo port in Tampa Bay interms of tonnage shipped. In 1997, 4.2 million tonspassed through the port facilities. This volume has beenprojected to increase to 7.8 million tons by 2002, anannual growth rate of 13.2%. The port also offers cruiseterminals and storage facilities. The Port of St. Petersburg has recently been formed with its primary focus on development of cruise vacationactivities. Future plans include other forms of commercialshipping trade. In 1999, 15 million passengers traveled through Tampa International Airport, up 50% from 1990. Total air cargoshipped through Tampa International Airport exceeded128,000 tons. This amount includes nearly 100,000 tonsof freight with mail representing the remaining tonnage.Since 1990, the annual rate of growth in freight tonnageat this airport has been 6.8% compared with a 3.5% rate of growth in total tonnage for the same periodnationwide. Three foreign trade zones, Tampa Foreign Trade Zone Board, Inc., Manatee County Port Authority, and PinellasCounty Economic Development Department providesecurity services to importers and producers and tariffprotection to regional exporters and importers. III.Resources in Tampa Bay. The extent of a regions ability to internationalize increases with the volume and diversity of resources inthe region. Tampa Bay is an economic powerhouse inFlorida, producing about one-third of the Floridas grossstate product. The region covers significant land andwater areas, boasts growing high-technology industries,and adds to its educated workforce annually. Physical Resources. The seven counties comprising Tampa Bay cover a land area of 5,742 square miles. Land use varies widely in theregion. The coastal areas are densely populated and theinterior population is less dense. Only Pinellas Countyis approaching the limits of developable land.Hillsborough County, though heavily developed, has significant agricultural acreage in the eastern half of thecounty. Low population densities for the remainingcounties indicate that the region, subject to careful devel-opment planning, has no foreseeable limits to growth. A conservative estimate of the total value of private real estate in the region, including residences, offices andindustrial space, is $112 billion. Public investment inroads and highways accommodates 4.49 million licensedvehicles, about one-half of which are private passengervehicles. Tampa Bay supports an extensive network ofutility and telecommunications connections. In sum,investment in physical infrastructure by private and public entities is in the hundreds of billions of dollars. Demographics. In its upcoming 2000 Market Report, CEDR estimates that Tampa Bay is home to 3,358,300 individuals in2000. About 44% of the population is in the prime work-ing age between 20 and 54 years. About 17% are ofschool age, and just under 23% are over 65 years of age.As befits a large metropolitan region, Tampa Bays pop-ulation is comprised of individuals from diverse nationaland cultural backgrounds. Notably, persons of Hispanicheritage contribute the ability to communicate in Spanishto regional businesses. Human Capital Formation in Tampa Bay. Education is a major activity in Tampa Bay. Educational activity is concentrated in the public school Population Per Square Mile 19990 500 100015002000250030003500 HernandoHillsborough Manatee Pasco PinellasPolk SarasotaCountyPopulation Density 15

PAGE 16

and college populations. Employed individuals, howev-er, benefit from formal and informal on the job educa-tional programs offered by area businesses. Publicschool enrollment in kindergarten through twelfth gradewas 384,120 in 1999, and total public and private enroll-ment was 431,278. Community college enrollmentstotaled 127,976 in the same year. Ten public technicalschools offer post-secondary vocational training in cen-ters located throughout the region, with programs inmachine trades, information sciences and office skills.Over 60 private vocational schools also serve the area. Tampa Bay is served by 19 colleges and universities. The University of South Florida (USF), the secondlargest of ten State of Florida universities, is the nations13th largest, with some 36,000 students divided amongthe main campus in Tampa, and regional campuses inSarasota, St. Petersburg, Lakeland and Fort Myers. Thestudent body includes 1,525 foreign students that comefrom 107 different countries. Tampa Bay is rich in private colleges and universities. Eckerd College in St. Petersburg, a 4 year liberal arts col-lege, offers 38 majors and enrolls 1,400 students. TheUniversity of Tampa, located in downtown Tampa, hasextensive international programs for 2,500 students. Theregion is also home to Tampa College, (Tampa, 1,000students), University of Sarasota, (Sarasota, 1,100 students), St. Leo University, (St. Leo, 8,000 students),Florida Southern College, (Lakeland, 2,500 students),Stetson University College of Law, (Gulfport, 600 students), and the Ringling School of Art and Design,(Sarasota, 700 students). All regional universities are innovative in developing international programs. Allregional institutions of higher learning participate instudy-abroad programs, and all welcome internationalstudents. U.S. industry conducts on-the-job training on a vast scale. Seventy percent of U.S. workers receive formaland/or informal job training. The average workerreceives 13.4 hours of formal training and 31.1 hours ofinformal training annually. By conservative estimateTampa Bay employers offer 15 million hours of formaltraining and 34.8 million hours of informal training eachyear. This is equivalent to the hours of classroom instruc-tion for 23,000 four-year college degrees in the Bay areaannually.IV.High Tech Industry in Tampa Bay. Tampa Bays education infrastructure serves a growing cadre of technology-producing and technology-usingbusinesses. Technology based firms are poised to leadthe regions expansion in the global high-technologyeconomy. One regional industry that is a prodigious user of information and telecommunications technology, thefinancial services industry, is experiencing robust growthas it expands to serve the areas growing regional popu-lation and business activity. Moreover, many nationalfirms have selected Tampa Bay as a profitable base inwhich to locate support services. Companies such asCiticorp, Chase-Morgan Stanley, Geico, MetLife,PricewaterhouseCooper, Ceredian Benefits, IMR Global,and a number of others, provide high-paying, upwardlymobile employment for Tampa Bay residents. Finance and insurance firms, as sources of regional demand for technology, stimulate the development of e-commerce and information technology. They also attracthighly skilled, high-salary employees. Over 7,000employees of non-depository lenders in 1998 earnedannual salaries that averaged over $40,000 in 1998.Insurance carriers employed over 20,000 employees at anaverage salary of $38,000. Of 190 biomedical and medical product companies along the I-4 corridor linking Tampa Bay and Orlando,87% are in the Tampa Bay area and more than half arelocated in Pinellas County. Over 10,000 workers areemployed in health technology, generating more than$1.3 billion sales annually. Central Florida is home to one of the nations leading laser and optics clusters. 106 laser and high-tech opticscompanies and three industry organizations operatingalong the I-4 corridor generate more than $2.2 billion inannual revenues and represent every segment and prod-uct area of the optics industry. Tampa Bay is also home to a majority of the 17 Florida companies selected in 2000 for the Deloitte & ToucheTechnology Fast 500 list of the fastest growing firms inthe nation. Intermedia Communications in Tampa,ranked first on the local Fast 50 list, is number 57 16

PAGE 17

opment activities, participating in trade missions, assist-ing in hosting foreign visitors and inbound trade mis-sions, and providing region-wide information resources.Notable is the TBPs directory of international organiza-tions. The TBP is also conducting an internet and mail-based survey of company exports and imports in TampaBay. When asked if their organizations had specific goals for export and/or inward investment development, sevenmajor regional economic development organizationsresponded. Statements of two respondents are: The Greater Tampa Chamber of Commerce responds: It is our intention to attract more and more foreigninvestment to the Tampa Bay region by ways of reloca-tion, capital venture or representative offices. We alsoneed to concentrate in promoting exports within ourmanufacturing base by putting into action two very dis-tinct programs; a company visitation program and alead diversification program. The Central Florida Development Council (CFDC) responds: The CFDC is committed to assist any com-pany in Polk County with international issues anddevelopment of inward investment.CEDR requested each regional economic development organization to list the most important issues facing theregion in its quest to internationalize the business envi-ronment. Responses were varied. Most respondentsbelieve that efforts to enhance information resourcesavailable to their business clients is of high priority,whether by expanded training opportunities, technicalsupport to assist overseas sales, or increased educationalefforts aimed at local businesses. One respondent sug-gested that joint planning and execution of trade missionsis important. Another respondent placed emphasis onexpanded export promotion and marketing activity. Educational resources for international business in Tampa Bay have been discussed. Of special note are pro-grams operated by the Center for International Business(CIB) in the College of Business Administration at USF.The CIB is dedicated to expanding international businessactivities at USF. Outreach activities include: An annual series of seminars and workshops, Hosting the Secretariat of the Gulf of Mexico States Accord, Jointly with the University of Tampa, Tampa Bay Women in International Trade, and the Tampa BayInternational Business Alliance, hosting the VisitingInternational Professionals Program.The University of Tampa and the Stetson University College of Law are active in international business, offer-ing seminars and educational programs, and hostinginternational visitors and scholars in international tradeand investment. nationally. Other recognized firms are; NetworkSpecialties, Tampa, (number 126); Gold StandardMultimedia, Tampa, (number 235); IMR Global Corp.,Clearwater, (number 282); CommerceQuest, Tampa,(number 291); Qualitative Marketing Software,Clearwater, (number 331); Enterprises, Tampa, (number387); Cheetah Technologies, Bradenton, (number 421);and Genesis Manufacturing, Oldsmar, (number 499).V.Regional International Trade Development Efforts. Employment, investment and trade will grow with population increases of between 15% and 22% over thenext two decades. The regions locational advantages,and its comparative advantage in export facilities, willfurther boost international activity as a percent of totalregional business output. Thus, the basis for expandedinternationalization of the Bay Area economy is set.International trade and investment growth will requirecontinued expansion of human capital and physical capital, and continued leadership from the regions business community and from its economic developmentagencies. The seven countywide economic development entities in Tampa Bay foster international activity. All countyeconomic development organizations in the region hostforeign visitors. All are committed to informing theirbusiness communities of trade related missions, semi-nars, and other networking and educational opportuni-ties. The Greater Tampa Chamber of Commerce, thePinellas County Development Council, the CentralFlorida Development Council, the EconomicDevelopment Council of Hernando County report activeroles in outbound and inbound trade missions. Several counties run on-going programs related to export and/or inward investment. The Central FloridaDevelopment Council operates an International TradeAssociation. The Economic Development Council forHernando County operates the Hernando to Mexico Program designed help local companies promote products to Mexico. The Sarasota-Manatee International Trade Club and the Tampa International Business Council operate ongo-ing education programs for international trade. Theregion is also home to a number of bilateral trade associ-ations that participate in business-to-business trade mis-sions, collect and provide country and firm-specificinformation, and coordinate international initiatives on aregion-wide basis. The Tampa Bay Partnership (TBP) is a regional economic development organization representing the sevencounties, Hernando, Hillsborough, Manatee, Pasco,Pinellas, Polk, and Sarasota, that comprise Tampa Bay.The TBP supports regional international economic devel17

PAGE 18

By Alex A. McPherson, Economist with the Center forEconomic Development Research A recent study completed by CEDR analyzed the economic contribution of the Fair Authority to HillsboroughCounty, the Tampa Bay region, and the state of Florida,considering all operational aspects of the Fair Authorityand the resulting economic effect to each area. TheCenter examined the quantifiable economic effects ofoperational expenditures, payroll, and spending by visi-tors, of a number of activities promoted by the FairAuthority. Datafrom fiscal year2000 were used forthe analysis. Theimpacts of activitiesare measured interms of employ-ment, personalincome, and produc-tion. The Florida State Fair Authority cameinto existence in itscurrent form in 1975through legislativeaction that promptedthe purchase andconstruction ofexisting facilitieslocated in the south-west quadrant of theintersection ofInterstate Highway 4and U.S. Highway301 in HillsboroughCounty. Facilities atthe 319-acre siteinclude three largeexhibition halls, twoareas used as stablesand showgroundsfor equestrian andlivestock events, acollection of histori-cal Floridian struc-tures evokinglifestyles in thestates past, parking for approximately 16,000 vehicles, campground facili-ties, and administrative and maintenance structures. Thefacilities are the home of the annual Florida State Fair,which, for the year of study, was attended by more than545,000 individuals during the 17-day event. In additionto the annual Florida State Fair, various groups utilize thesite throughout the remainder of the year for exhibitions,educational programs, horse, livestock, and craft shows.Moreover, the Fairgrounds are the winter training homefor the Ringling Brothers and Barnum and Bailey Circus.Horse shows are a predominant activity hosted at the The Economic Contributions of the Florida State Fair Authority Table 1Summary ContributionsContributions to Hillsborough CountyCOMPONENTEmploymentPersonal IncomeOutputFair Authority Operating Expenditures117jobs4,223,893$ 7,016,749 $ Fair Authority Employee Spending253,019,952 $ 2,060,620 $ Fair Visitor Spending 35912,119,391 $ 24,727,876 $ Event Sponsor Operating Expenditures28510,317,089 $ 17,143,788 $ Event Sponsor Employee Spending293,571,466$ 2,442,822 $ Event Visitor Spending1896,779,409$ 11,478,292 $ Total Multiplier Effect1,003jobs40,031,201 $ 64,870,147 $ Fair Authority Direct Effect742,548,428 $ 11,929,477 $ TOTAL CONTRIBUTIONS1,077jobs42,579,629 $ 76,799,624 $ Contributions to Tampa Bay RegionCOMPONENTEmploymentPersonal IncomeOutputFair Authority Operating Expenditures134jobs4,913,717$ 8,371,596 $ Fair Authority Employee Spending333,400,025 $ 2,743,915 $ Fair Visitor Spending 40313,942,927 $ 28,426,182 $ Event Sponsor Operating Expenditures32712,005,466 $ 20,458,858 $ Event Sponsor Employee Spending404,017,985$ 3,246,771 $ Event Visitor Spending2147,823,914$ 13,507,700 $ Total Multiplier Effect1,150jobs46,104,034 $ 76,755,022 $ Fair Authority Direct Effect742,548,428 $ 11,929,477 $ TOTAL CONTRIBUTIONS1,224jobs48,652,462 $ 88,684,499 $ Contributions to State of FloridaCOMPONENTEmploymentPersonal IncomeOutputFair Authority Operating Expenditures248jobs8,884,121$ 15,852,480 $ Fair Authority Employee Spending393,617,108 $ 3,260,681 $ Fair Visitor Spending 50017,371,173 $ 35,583,526 $ Event Sponsor Operating Expenditures60821,741,993 $ 38,754,574 $ Event Sponsor Employee Spending464,266,720$ 3,849,312 $ Event Visitor Spending34912,495,475$ 22,402,750 $ Total Multiplier Effect1,790jobs68,376,590 $ 119,703,323 $ Fair Authority Direct Effect742,548,428 $ 11,929,477 $ TOTAL CONTRIBUTIONS1,864jobs70,925,018 $ 131,632,800 $ 18

PAGE 19

facilities, representing over one-third of the total numberof event sponsors. During fiscal year 2000, 82 event sponsors (28 equestrian sponsors and 54 others) hostednumerous events, which were attended by more than 634,000 people. Methodology used in the anal-ysis includeduse of theREMI PolicyInsightmodel, whichsimulate eco-nomic events,such as achange in eco-nomic activityin an industry,to dynamicallyestimate theeconomic anddemographiceffects on theregional econo-my. Initial, ordirect, spendingby an institutioncauses subse-quent rounds ofindirect andinduced spend-ing as thedemand gener-ated by thespending rip-ples through theeconomy.These subse-quent rounds ofspending pro-duce an effectthat is a multi-ple of the initialspending, com-monly referredto as a multipliereffect. Indirectand inducedspending, whencombined withthe initialspending, repre-sent the impact,or contribution,to the economyof the direct Table 2Industry Breakdown of Contribution TotalsGRAND TOTAL OF FAIR AUTHORITY AND EVENT CONTRIBUTIONS TO HILLSBOROUGH COUNTYSectorEmploymentPersonal IncomeOutputManuf.-durable4jobs374,148 $ 678,271$ Manuf.-nondurable8496,683 $ 1,440,126$ Mining*890 $ 3,661$ Construction542,408,344 $ 5,904,770 $ Tranport. & Utilities171,298,212 $ 3,570,631 $ FIRE361,763,234 $ 7,480,221 $ Retail Trade1733,795,723 $ 8,089,741 $ Wholesale Trade241,683,282 $ 3,695,610 $ Services67126,860,618 $ 33,251,930 $ Agriculture7144,281 $ 144,934$ Government101,004,805 $ 610,252 $ Other*200,981 $ -$ TOTAL1,003jobs40,031,201 $ 64,870,147 $ GRAND TOTAL OF FAIR AUTHORITY AND EVENT CONTRIBUTIONS TO TAMPA BAY REGIONSectorEmploymentPersonal IncomeOutputManuf.-durable13jobs899,792 $ 2,250,404$ Manuf.-nondurable12717,174 $ 2,376,284$ Mining142,321 $ 87,234$ Construction703,076,229 $ 7,725,580 $ Tranport. & Utilities201,515,827 $ 4,255,264 $ FIRE452,177,303 $ 8,833,740 $ Retail Trade2174,841,271 $ 10,320,621 $ Wholesale Trade302,012,299 $ 4,451,362 $ Services71828,998,015 $ 35,391,104 $ Agriculture11229,287 $ 228,250$ Government131,354,182 $ 835,179 $ Other*240,336 $ -$ TOTAL1,150jobs46,104,034 $ 76,755,022 $ GRAND TOTAL OF FAIR AUTHORITY AND EVENT CONTRIBUTIONS TO STATE OF FLORIDASectorEmploymentPersonal IncomeOutputManuf.-durable29jobs1,971,957 $ 5,296,782 $ Manuf.-nondurable181,092,193 $ 3,683,837 $ Mining267,495 $ 179,919$ Construction1064,595,959 $ 11,595,043 $ Tranport. & Utilities312,232,519 $ 6,453,910 $ FIRE643,041,587 $ 12,926,339 $ Retail Trade2996,759,615 $ 14,520,691 $ Wholesale Trade452,867,758 $ 6,662,640 $ Services1,15642,890,288 $ 56,714,276 $ Agriculture18369,088 $ 366,962$ Government212,123,093 $ 1,302,923 $ Other*365,037 $ -$ TOTAL1,790jobs68,376,590 $ 119,703,323 $ = More than one part-time equivalent job Table 2Industry Breakdown of Contribution TotalsGRAND TOTAL OF FAIR AUTHORITY AND EVENT CONTRIBUTIONS TO HILLSBOROUGH COUNTYSectorEmploymentPersonal IncomeOutputManuf.-durable4jobs374,148 $ 678,271$ Manuf.-nondurable8496,683 $ 1,440,126$ Mining*890 $ 3,661$ Construction542,408,344 $ 5,904,770 $ Tranport. & Utilities171,298,212 $ 3,570,631 $ FIRE361,763,234 $ 7,480,221 $ Retail Trade1733,795,723 $ 8,089,741 $ Wholesale Trade241,683,282 $ 3,695,610 $ Services67126,860,618 $ 33,251,930 $ Agriculture7144,281 $ 144,934$ Government101,004,805 $ 610,252 $ Other*200,981 $ -$ TOTAL1,003jobs40,031,201 $ 64,870,147 $ GRAND TOTAL OF FAIR AUTHORITY AND EVENT CONTRIBUTIONS TO TAMPA BAY REGIONSectorEmploymentPersonal IncomeOutputManuf.-durable13jobs899,792 $ 2,250,404$ Manuf.-nondurable12717,174 $ 2,376,284$ Mining142,321 $ 87,234$ Construction703,076,229 $ 7,725,580 $ Tranport. & Utilities201,515,827 $ 4,255,264 $ FIRE452,177,303 $ 8,833,740 $ Retail Trade2174,841,271 $ 10,320,621 $ Wholesale Trade302,012,299 $ 4,451,362 $ Services71828,998,015 $ 35,391,104 $ Agriculture11229,287 $ 228,250$ Government131,354,182 $ 835,179 $ Other*240,336 $ -$ TOTAL1,150jobs46,104,034 $ 76,755,022 $ GRAND TOTAL OF FAIR AUTHORITY AND EVENT CONTRIBUTIONS TO STATE OF FLORIDASectorEmploymentPersonal IncomeOutputManuf.-durable29jobs1,971,957 $ 5,296,782 $ Manuf.-nondurable181,092,193 $ 3,683,837 $ Mining267,495 $ 179,919$ Construction1064,595,959 $ 11,595,043 $ Tranport. & Utilities312,232,519 $ 6,453,910 $ FIRE643,041,587 $ 12,926,339 $ Retail Trade2996,759,615 $ 14,520,691 $ Wholesale Trade452,867,758 $ 6,662,640 $ Services1,15642,890,288 $ 56,714,276 $ Agriculture18369,088 $ 366,962$ Government212,123,093 $ 1,302,923 $ Other*365,037 $ -$ TOTAL1,790jobs68,376,590 $ 119,703,323 $ = More than one part-time equivalent job Continued on page 20 See Florida State Fair 19

PAGE 20

spending. The REMI model uses initial spending datainput by specific form to dynamically determine theextent of the multiplier effect through analysis of theinteractions of industry production factors and householdspending patterns. Financial data from the Fair Authorityand from sponsored events, including expenditures, pay-roll, and attendance estimates, were individually inputinto the model to assess the significance of contributionby each item. Fair Authority input data was obtainedfrom the most recent financial statements and from atten-dance figures from the most recent state fair. A 1998state fair exit poll was used to estimate the number ofattendees originating from various locations: visitorsfrom Hillsborough County, other parts of the Tampa Bayregion (Hernando, Manatee, Pasco, Pinellas, Polk, andSarasota counties), visitors from locations in the remain-der of the state, and out-of-state visitors. Additionally, aquestionnaire was mailed to each of the 82 event spon-sors, requesting data similar to that provided by the FairAuthority: operating expenditures, payroll, and atten-dance. For the purpose of analysis, individual eventsponsor data was aggregated into two general group cat-egories: equestrian and other-than-equestrian. Themodel results in each category of input for the three areasstudied are indicated in Table 1. Immediate FairAuthority activities including expenditures, payroll, andhosting the Florida State Fair, provide economic contribtnfnn rfnf f f f n ffn f ""# bt n frt rb n b t t t Florida State Fair Continued from page 19 hosting the Florida State Fair, provide economic contri-butions of about the same magnitude as does the sum ofall forms of sponsored event contributions. The largesteconomic contribution of the various types of sponsoredevents is provided by the Other-Than-Equestrian type ofevent. The economic contributions brought about bywintering activities of the circus run a close second. CEDR analyzed economic contributions of Fair Authority activities at the 1-digit Standard IndustryClassification (SIC) level. In all cases, the activities havethe most profound effect in the services sector. This sug-gests that, for the type of amusement and recreation func-tion that the Fair Authority serves, the primary benefi-ciaries of the public, private, and visitor expenditures areservice types of businesses and their employees.Analysis also indicates that the long-term effects of theFair Authority activities are not easily replicated. Were itto be the case that the Fair Authority ceased to exist per-manently, in a period of 35 years following such a cessa-tion, the economy would only recover about half the jobsoriginally lost, and these recovered jobs would be lowerquality in terms of disposable personal income. The full text of the report can be found online at the CEDR website, (http://cedr.coba.usf.edu) underRecent Projects.


xml version 1.0 encoding UTF-8 standalone no
record xmlns http:www.loc.govMARC21slim xmlns:xsi http:www.w3.org2001XMLSchema-instance xsi:schemaLocation http:www.loc.govstandardsmarcxmlschemaMARC21slim.xsd
leader nam a22 u 4500
controlfield tag 008 d20002006flu 000 0 eng d
datafield ind1 8 ind2 024
subfield code a C63-00067
0 245
Tampa Bay economy.
n Vol. 1, no. 3 (fall/winter 2000).
260
Tampa, Fla. :
b University of South Florida, College of Business Administration, Center for Economic Development Research.
505
Expanding Trade Opportunities in South Africa -- From the Editor -- Announcement from the Department of Economics -- Update on CEDR's Data Center -- The 2000 USF Economic Development Course -- Tampa Bay Trades with Mexico -- Tampa Bay: The Growing International Powerhouse -- The Economic Contributions of the Florida State Fair Authority.
651
Tampa Bay Region (Fla.)
x Economic conditions
v Periodicals.
Tampa Bay Region (Fla.)
Economic conditions
Statistics
Periodicals.
Tampa Bay Region (Fla.)
Commerce
Periodicals.
2 710
University of South Florida.
Center for Economic Development Research.
4 856
u http://digital.lib.usf.edu/?c63.67