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TAMPA HILLSBOROUGH EDC MILLENNIAL PERCEPTION STUDIES REPORT

PART ONE: Introduction: The Millennial Matter Project ...............................................................................................................................3

PART TWO: Methodology.........................................................................................................................................................................................................................4

PART THREE: Top Takeaways for Tampa and Hillsborough County ............................................................................................. 8

PART FOUR: Millennial CEO Survey Highlights ......................................................................................................................................................14

PART FIVE: “My Perfect City” Survey Highlights ...............................................................................................................................................30

PART SIX: Key Facts about Hillsborough County Millennials .............................................................................................................38

Sponsor Acknowledgements/Contact Information ......................................................................................................................................42

2 TABLE OF CONTENTS

In the scores of Request for Information docu-ments (RFIs) the Tampa Hillsborough Economic Development Corporation (EDC) receives, questions about the availability of and ability to attract a highly skilled workforce are a given. Site selection consul-tants and company executives considering relocation or expansion in Hillsborough County are deeply interested in what the talent pipeline looks like. With the demand for talent surging in industries such as information technology and financial services, it’s not enough to provide estimates on how many local college and university students will remain in the market after graduation. Our region’s economic future depends not only on our ability to retain much of that young talent, but to attract more of it from other markets.

Discovering what Millennials perceive as the advantages of living, working and growing a business in Tampa is fundamental to our efforts to attract young talent and entrepreneurs to our region.

In spring 2016, the Tampa Hillsborough EDC commissioned two perception studies to help us

better understand what factors are influencing Millennials’ location decisions. Nearly 3,000 Millennials participated in the surveys, including 125 CEOs of fast-growing private companies.

Our goal was to learn what Millennials want most when considering a new a city, and also what they dislike and wish to avoid. Most importantly, we wanted to learn what Millennials think about Tampa as a place to live and build their future.

For those who don’t live here, what do they know about our community? • What advantages and disadvantages do they

think this market offers them? • Would they consider moving here?

What do Tampa Millennials love about their community? • Where does it fall short? • What would motivate them to consider moving

to another market?We’ve dubbed this effort the Millennial Matter

Project. In the pages that follow, you’ll discover the answers

to these key questions and learn much, much more.

Corporate executives, site selectors, fast-growing companies and startups today all share the same concern when it comes to relocating or expanding their business: Can we attract and retain the talent we need in this city to compete and thrive?

PART ONE

INTRODUCTION: THE MILLENNIAL MATTER PROJECT

PART ONE: INTRODUCTION 3

PART TWO

METHODOLOGY The two surveys discussed in this report were conducted in March and April 2016

in five metropolitan statistical areas or markets (MSAs): Atlanta, Charlotte, Dallas, Nashville, and Tampa.

Why Atlanta, Charlotte, Dallas, and Nashville? Because Tampa and Hillsborough County frequently compete against one or more of them for business relocation and expansion projects brought to the Tampa Hillsborough EDC by our partners and site selection consultants. These four markets are often cited as our competition for local companies evaluating expansion sites as well.

It is important to note that when we refer to “Tampa” or the “Tampa market” in this document - unless otherwise specified - we are referring to the Tampa-St. Petersburg-Clearwater MSA, which includes Hillsborough, Pinellas, Pasco and Hernando counties, and not the City of Tampa.

PART TWO: METHODOLOGY4

The above list of metropolitan statistical areas – referred to within these pages as ‘metros’ or ‘MSAs’ - is not comprehensive. There are plenty of other markets against which Tampa competes for projects. These four are just a starting point. Our intention was to get a handle on the advantages and disadvantages that Millennial CEOs and talent perceive in some of our competing markets and use them to make a stronger case for relocating or expanding a business in Tampa.

The Millennial CEO Survey The Tampa Hillsborough EDC hired Market Enhancement Group (MEG) to conduct in-depth phone interview surveys of 125 CEOs located in Atlanta, Charlotte, Dallas, Nashville and Tampa. The CEOs were asked over 100 in-depth questions regarding:• What dynamics and key discriminators are

involved in the business relocation and expan-sion process

• How they obtain information about prospective relocation communities

• How and what they want to hear from prospec-tive communities hoping to gain their business

• What weaknesses and deficiencies they may have in their current home market that the Tampa Hillsborough EDC can exploit

• The importance of 24 different factors in the relocation process and how the Tampa area brand compares directly with key competitors (e.g., Nashville, Atlanta, Charlotte, and Dallas) on those same decision-making factors.

Competing metro areas compared in this report

Dallas

CharlotteNashville

Atlanta

Tampa

PART TWO: METHODOLOGY 5

MEG interview 25 CEOs in each of the five markets. All of the CEOs and companies met the following participation criteria:

This research provides the foundation for more precisely targeted business recruitment and retention programs, talent attraction initiatives, and marketing campaigns that will resonate with Millennial CEOs.

In 2014, the EDC conducted a similar study of 350 C-suite executives at more established national corporations to discover more about their perceptions of Tampa and the factors involved in selecting a new corporate headquarters or expan-sion location. We have discovered some marked differences in terms of what factors are influencing Millennial CEOs’ decision-making versus those of their older peers.

The participating CEOs were 52% male and 48% female, and represented companies within the EDC’s seven target industries:

Age: Between 26-36 years old

27262524 28 29 32 3530 33 3631 34 37

median 32

Years as CEO: 1 to 9 years

43210 5 6 97 108 11 12 13

median 6

Employees: 30-50 median 36

2010 30 40 50 60 70 80

2015 revenues: $5 million- $50 million

151051 20 25 40 5530 45 6035 50 65

52% Male 48% Female

Defense & Security 18

Film & Digital Media 18

Financial & Professional Services 18

Information Technology 18

Life Sciences 18

Logistics & Distribution 18

Manufacturing 17

PART TWO: METHODOLOGY6

The “My Perfect City” SurveyAs we noted earlier, a region’s ability to attract and retain talent is one of the most important – if not the most important – factors influencing site selectors and company executives’ corporate relocation and expansion decisions.

The Tampa Hillsborough EDC’s primary goal with this survey was to learn more about Millennials’ perceptions of Tampa as a place to build their lives and careers.

We plan to use the results to develop messages and campaigns that will:• Capitalize on the advantages Millennials already

perceive about living and working in Tampa• Educate them about positive characteristics

they desire in a new city that Tampa already has but they don’t know about

• Dispel any myths or old perceptions that are no longer true

• Address some of the negative aspects that could drive our best local talent away and prevent others from choosing to locate here.

The survey was designed to satisfy three main

objectives:• Gain an understanding of what Millennials

25-34 years of age in the Atlanta, Charlotte, Dallas, Nashville and Tampa metro markets love and don’t love about their current cities

• Find out what factors have the most influence over Millennials’ choice of a new city

• Learn what Milllennials think of Tampa, if they would consider moving here, and why.

This survey was conducted by Research Director on Demand, with Survey Sampling International (SSI) emailing and administering the survey.

2,863 Millennials between 25-34 years of age participated in the survey from the following MSAs, as well as a national sample to see how perceptions compare and benchmark with the perceptions of the nation overall:

A larger sample of the Tampa MSA was taken in order to yield a representative sample from respondents residing in Hillsborough County only (413). We will break out those results separately to identify specific perceptions held by Hillsborough County residents.

Atlanta MSA 432

Charlotte MSA 405

Dallas MSA 418

Nashville MSA 408

Tampa MSA 766

U.S. 434

PART TWO: METHODOLOGY 7

MILLENNIAL CEO SURVEY TAKEAWAYSI. Talent, business climate, lifestyle, and the ability to live and work in the same area top the list of factors driving Millennial CEOs’ corporate location decisions.The ability to attract qualified, skilled employees is hands down the most important criterion for Millennial CEOs. A pro-business environment came next on the list. Five out of 13 of the decision- making factors that were regarded as extremely important or very important were unrelated to workforce or financial issues. Lifestyle, commute times, size and diversity of the local Millennial population, vibrant urban environments and the ability to live and work in the same area all ranked high on their priority lists.

The emphasis on lifestyle stands in stark contrast with the factors influencing the location decisions of C-level leaders from more established corporations. Quality of life ranked 16th out of 17 decision-making factors in the Tampa Hillsborough EDC’s 2014 survey of 350 of these executives.

Opportunities: • Get the message out to Millennial CEOs about

Tampa and Hillsborough County’s increasing concentration of college-educated Millennials.

• Feature testimonials from local CEOs from diverse industries who have had great success recruiting talent here.

While talent is not always the first thing that comes to mind when Millennial CEOs think of Tampa, there’s considerable evidence that it should be.

Hillsborough County has a greater percentage of 18-34 year olds with four year college degrees or higher compared with the total Tampa MSA and the other four competing MSAs examined in this study (See Part VI, Key Fact 3, page 40).

Hillsborough County also has a deep bench of Millennial talent employed in professional occupa-tions, sales, and other office positions typically found in headquarter operations.

PART THREE

TOP TAKEAWAYS FOR TAMPA AND HILLSBOROUGH COUNTY

8 PART THREE: TOP TAKEAWAYS FOR TAMPA AND HILLSBOROUGH COUNTY

II. Millennial CEOs rank most of these same criteria among the major advantages of doing business in Tampa. Tampa’s business climate, cost of living, affordability, and desirability as a place to live were given the highest favorability ratings of all markets. Out-of-state CEOs regarded Tampa’s comparably shorter commute times and skilled workforce as other important positive factors.

The perception that you can’t live and work in the same area is one of the most notable disadvantages Millennial CEOs cited about the Tampa market.

Opportunities: • Promote Tampa and Hillsborough County’s live/

work/play districts when targeting Millennials.

• Educate them about Strategic Property Partners’ downtown development, residential and office options in places like Channelside, Ybor City, and Westshore, and all other locations that offer options for CEOs and their employees to live and work in the same area.

III. Tampa’s Millennial CEOs love Tampa – and are way more satisfied with their home market than their peers in competing metros. Local Millennial CEOs gave the Tampa market the highest favorability ratings for business climate, quality of life, talent, cost of living and labor cost factors of any of the markets compared in this study.

CEOs outside of the area agreed with the locals on several key factors – giving Tampa the highest ratings among all five markets for pro-business state and local leadership, labor costs, cost of living, and ‘an area I would like to live in.’

Opportunities: • Leverage local Millennial CEOs who are passionate about this community to

deliver the message that Tampa and Hillsborough County offer the talent, lifestyle, and business climate that their peers are looking for. Enlist them to recruit new companies and talent to our market.

• Emphasize other key quality of life benefits for Millennial CEOs and their employees that reinforce their receptiveness for living in Tampa. Beyond the weather and natural beauty, highlight things like safety. This issue is of major concern for CEOs in competing markets like Atlanta and Dallas, where crime was the second most important location decision making factor behind talent.

The City of Tampa has the lowest violent crime rate compared to other major cities - an advantage worth promoting.

PART THREE: TOP TAKEAWAYS FOR TAMPA AND HILLSBOROUGH COUNTY 9

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IV. Traffic congestion tops the list of negative perceptions Millennial CEOs have about Tampa.Three of the five top negative characteristics Millennial CEOs cited about Tampa had to do with transportation and infrastructure: traffic, transpor-tation options, and basic infrastructure not keeping up with growth. The other two were related to perceptions that Tampa does not offer good options for living and working in the same area and that its downtown is not sufficiently developed for live/work. Local Millennial CEOs’ concerns were nearly identical.

That said, when asked to name Tampa’s nega-tives, 48% of the local respondents said ‘None!’

Opportunities: • Correct perceptions of Tampa’s commute times

with facts that tell a more accurate story to prospects out of market.

• Highlight Tampa’s more favorable commute times against competing markets that have more significant issues.

However, concerns about road congestion and a lack of good public transportation options are legitimate, and must be addressed in order for Tampa and Hillsborough County to maximize its appeal among a new generation of companies and talent.

V. Nearly one in four Millennial CEOs are considering moving their company headquarters in the next one to three years. Twenty three percent of the total survey respondents said they were very likely or somewhat likely to move or establish a new headquarters within that time frame. Another 26% said they were unsure. Dallas and Nashville CEOs had the greatest number of respondents who said that they were very or somewhat likely to move (28%), followed by Atlanta (24%), and Charlotte (20%). Tampa metro area CEOs were least likely to move (16%).

Growth was the key factor driving this decision (85%), followed by talent needs and the ability to live and work in the same area. Lower business costs were also mentioned by more than half of the respondents.

What locations are Millennial CEOs evaluating?Over 40% are considering a wide range of areas. Over one-third are considering the Southwest and Southeast, and 12% are considering Tampa specifically.

Opportunities: • Tailor specific messages to high-growth target industry companies and

Millennial CEOs that underscore our community’s advantages in key criteria such as talent and lower business costs, while showcasing the existing and emerging live/work areas here.

• Highlight success stories of high-growth companies that have relocated to Tampa and are thriving here.

• Gather and disseminate testimonials from CEOs who have great things to say about the talent they’ve hired and been able to recruit to Tampa.


VI. Millennial CEOs rely on themselves and their teams for site selection decisions – and learn about prospective communities via social media. Nearly all (90%) of the respondents said that they rely on themselves and their teams to evaluate prospective communities for expansion or reloca-tion. Accounting firms and mentors were also mentioned as influencers.

Social media also plays a significant role in Millennial CEOs’ research into new markets. Nearly 60% of them report using social media to learn about prospective new locations for their companies – versus zero percent of the older generation of CEOs polled in our 2014 study.

Opportunities: • Create social media-friendly content and

marketing campaigns aimed at younger CEOs and executives.

• Showcase Tampa and Hillsborough County’s young and diverse talent pool, business climate, cost advantages, and quality of life for Millennials.

VII. Millennial CEOs want you to want them. When asked what would be the best ways to communicate a market’s advantages as a relocation or expansion destination, 80% of Millennial CEOs said they wanted community representatives to contact them directly. They prefer a personal, pro-active approach from cities that want to win their business.

What do they want to hear from a community?• That you have a high quality workforce and the assets needed to attract more

great talent.

• That there are abundant options for living and working in the same area.

• That the commute times are going to be shorter than those in competing markets they’re evaluating.

Opportunities: • Identify fast-growing companies in key markets that would be a great fit for

Tampa and Hillsborough County.

• Plan visits with prospect companies and invite them here to experience our community, and educate them about the opportunities this market affords their business.

• Prepare a message toolkit to share with local Millennial CEOs, Investors, and partners that includes key facts about the things of greatest importance to Millennial CEOs to help them make a strong, consistent case for choosing Tampa.

• Leverage local Millennial CEOs as the messengers of our proof points to add credibility/relatability.



“MY PERFECT CITY” MILLENNIAL TALENT SURVEY TAKEAWAYSVIII. Seven out of ten Millennials are considering moving to a new city. Career opportunities, housing affordability, and lifestyle considerations top the list of reasons why.One thing is abundantly clear: Millennials between the ages of 25-34 are on the move.

Nearly one in five of the more than 2,800 Millennials we surveyed indicated that they are considering moving within the next year. That number rose to well over 50% when asked if they would consider moving within five years. Among Hillsborough County Millennials, 56% said they would consider moving in that time frame.

In addition to job opportunities, reasonable housing costs, and lifestyle, Millennials listed cost of living, work/life balance, and family-friendly locations at the top of their list of criteria for picking their new city.

IX. Florida is already on the list of many Millennials who are considering moving to a new location. When asked on an unaided basis which places they were considering moving to, Florida came up as one of the responses in each of our competing metro markets: • Nashville: 27% • Atlanta: 21%• Charlotte: 12%• Dallas: 7%

Knowing which metro residents are already thinking about Florida as a possible relocation destination helps us to prioritize where and how we’ll market to specific Millennial populations.

X. Local Millennials who are interested in moving are more likely to stay in the state of Florida. Millennials in Hillsborough County and the Tampa MSA in general find a lot to like about Orlando. The city was listed as the top destination among those who said they were considering moving.

Slightly over 40% of the Millennials currently residing in Tampa Bay are considering other Florida locations for their move. New York and Atlanta also appealed in much smaller percentages (15% and 13% for those living in Hillsborough, respectively).


XI. Millennials are somewhat familiar with Tampa as a place to vacation, but don’t know much about what it’s like to live and work here. That said, 50% of the Millennials we surveyed said they would consider moving the Tampa.Our state and local tourism organizations have done an outstanding job of marketing the Tampa area as a vacation paradise. At least half of the Millennial respondents outside of the area said they were very or somewhat familiar with Tampa as a vacation destination, and nearly one quarter of them have come here for vacation.

More than two-thirds of the respondents said they were unfamiliar with Tampa as a place to live and work.

XII. Tampa Millennials love our outdoor amenities, food and craft beer scene, and great weather – but are less happy about the commuting times, lack of public transportation, and cost of housing.Local Millennials give high marks to Tampa for the weather and lifestyle they enjoy here, and the family-friendliness that’s becoming increasingly important to those who are settling down with marriage and children.

Hillsborough County Millennials also rated the availability of domestic and international nonstop flights among the most favorable aspects of their community.

Public transportation options came in last among the 21 quality of life aspects local Millennials rated in the survey.

Opportunities: • Develop specific messages and content that

showcase what it’s like to live and work in Tampa. Tampa and Hillsborough County tick all the right boxes on Millennials’ wish list for a new place to live. Tampa has the highest job demand in Florida, the lowest cost of living among major Florida metros and our competing metro markets, and reasonable housing costs.

• Combine those key selling points with zero personal income tax, great lifestyle, and a hot craft beer and food scene, and Tampa’s got just about everything Millennials say they want in a city. We just need to package all of those elements for them to see it that way.

• Leverage the success that Visit Tampa Bay and other organizations have had in drawing visitors to Tampa and Hillsborough County. Identify opportunities to capitalize on the positive perceptions Millennials already have of the area and showcase the diverse career opportunities, lower cost of living, affordably priced housing and live/work districts that visitors could enjoy as residents of this market.

Millennials- CEOs of growing companies and talented professionals who are looking for their next city – already have favorable impressions of Tampa and Hillsborough County. They are receptive to hearing more about why they should relocate their business or move here.

The Tampa Hillsborough EDC hopes that the information provided in this document will provide useful insights for our Investors and partners engaged in recruiting the next generation of talent and business leaders to Tampa.



I. What decision-making factors top the list for Millennial CEOs considering moving or expanding

their business in a new market? We asked the Millennial CEOs to name on an unaided basis the

most important factors that would influence a decision to relocate their corporate headquarters or expand their business in a new

community. Eleven of the following decision-making factors were mentioned by an average of 50% or more of all survey respondents.

PART FOUR

MILLENNIAL CEO SURVEY HIGHLIGHTSTalent, business-friendly public leadership, the ability

to live and work in the same area, and traffic factor into Millennial CEOs’ decision-making process.

Ability to attract qualified, skilled employees 86% Pro-business local, state public leadership 74%

Well-trained local workforce 70%Cooperative, facilitating local government 69%

Bureaucratic requirements 62%Ability to work and live in the same area 62%

Length of commute for self and employees 60%Traffic congestion 59%

Urban/suburban sprawl 53%Overall cost of doing business 50%

Crime 50%

14 PART FOUR: MILLENNIAL CEO SURVEY HIGHLIGHTS

That Millennial CEOs value talent attraction above all other considerations is no surprise. This issue rose to the top of the decision-making factors mentioned in a nationwide CEO perception survey MEG conducted in 2014 for the Tampa Hillsborough EDC as well. In that survey, 350 mostly Gen X and Baby Boomer C-suite executives leading national corporations were asked about the factors influenc-ing their decisions to relocate a corporate headquarters or expand in another market, as well as the information sources they would use to make those decisions.

The two groups of CEOs also share the same concerns about finding communities that offer them pro-business public leadership, a helpful local government, and an efficient bureaucracy. While the overall cost of doing business in a community is a relocation and expansion driver for both groups of CEOs, it is much less so for Millennials. Only half of them on average stated the cost of doing business as a key factor, versus two-thirds of the C-level executives polled in 2014.

However, the mention of four factors related to proximity to the workplace – ability to live and work in the same area, length of commute for self and employees, traffic congestion, and sprawl – were absent from the key considerations shared by the more established corporations’ executives interviewed two years ago. It is clear that younger CEOs are prioritizing work/life balance and personal time for their employees as well as themselves in their decision-making process. Older CEOs did cite transportation infrastructure as the third most important unaided decision-making factor in a corporate relocation, though, so a community’s ability to provide its residents with multiple efficient options for getting to and from work can greatly influence site selection.

Traffic issues are a big deal for Atlanta, Dallas, and Tampa metro area CEOs Millennial CEOs from the Atlanta and Dallas markets expressed the greatest concerns about commute times, traffic congestion, and urban/suburban sprawl. More than two-thirds to three –quarters of the respondents from these metro areas indicated these three factors would significantly influence their corporate relocation and expansion decisions.

Less than half of the Tampa area CEOs (44%) mentioned sprawl as a decision-making factor, but expressed similar concerns with their peers in Atlanta and Dallas about commute times and traffic. Local CEOs also placed the greatest importance on being able to live and work in the same area (76%).

Crime is a key site selection concern for Atlanta and Dallas CEOs Atlanta CEOs ranked crime (80%) as their second most important decision-making factor behind talent attraction (84%) when considering markets for corporate relocation or expansion. No other market’s CEOs came close to Atlanta’s in terms of assigning the crime rate such an important role in a business decision relative to other factors. More than two –thirds (68%) of Dallas area CEOs also listed crime among their top ten considerations.

NON-FINANCIAL FACTORS SUCH AS LIFESTYLE, VIBRANT URBAN ENVIRONMENTS, THE SIZE AND COMPOSITION OF A COMMUNITY’S MILLENNIAL POPULATION, AND COMMUTE TIMES ARE ALSO INFLUENCING MILLENNIAL CEOS’ LOCATION DECISIONS.

PART FOUR: MILLENNIAL CEO SURVEY HIGHLIGHTS 15

II. What other factors are playing a major role in Millennial CEOs’ selection of a new expansion or relocation community? Survey respondents were asked to rate the importance of 24 aided decision-making factors on a 10-point scale, where “10” is “extremely important” and “1” is “not at all important.”

Thirteen of the 24 aided decision-making factors received a mean score of an “8” or higher on the 10-point scale, meaning that they were rated as very important:

Ability to recruit skilled employees 8.6

Availability of a skilled workforce 8.5

Financial and other incentives 8.4

Lifestyle 8.4

Length of commute for self and employees 8.4

Size and composition of local Millennial population 8.4

Personal taxes 8.3

Ability to live and work in the same area 8.3

Overall cost of doing business 8.1

Pro-business local, state public leadership 8.1

Offers a vibrant urban environment 8.1

Corporate taxes 8.0

Salaries, labor costs 8.0

Most Important Factors Influencing Company Relocation or Expansion

ABILITY TO LIVE AND WORK

IN THE SAME AREATampa 76%Atlanta 48%

Charlotte 44% Dallas 68%

Nashville 72%

LENGTH OF COMMUTE FOR

SELF & EMPLOYEESTampa 68%Atlanta 72%


Nashville 40%

TRAFFIC CONGESTION

Tampa 72%Atlanta 76%


Nashville 36%

URBAN, SUBURBAN SPRAWL

Tampa 44%Atlanta 72%


Nashville 36%


The quality and availability of the workforce, business costs, taxes, financial incentives, and state and local government’s impact on businesses are all important. But this generation’s site selection priorities involve far more than calculating dollars and cents.

As was the case with the unaided decision-making factors, on an aided basis we find that non-financial considerations such as lifestyle, vibrant urban environments, the size and composition of a community’s Millennial population, and living and working in same area heavily influence Millennial CEOs’ location decisions.

In contrast, every single one of the aided decision-making factors that the older generation of execu-tives surveyed in 2014 rated as an “8” or higher had nothing to do with lifestyle concerns:

It is important to note that the 350 C-level executives surveyed in 2014 came from areas like the Northeast and Midwest as well as Mid-Atlantic and southern states, versus the five southern markets that we examined in this survey. The tax climates in many of those locations are very different from our more business-friendly bench-mark metros. That said, we believe it is significant that a lifestyle factor such as “a region I would like to live in” received the lowest ranking (5.9) among the 20 aided response questions offered to this group.

Courting the younger generation of corporate and entrepreneurial business leaders to relocate or expand their businesses in Tampa and Hillsborough County will involve more than making a solid business case that speaks to the company’s bottom line. Educating Millennial CEOs about our communi-ty’s unparalleled quality of life, showing them the range of options that exist for living and working in the same area, proving that we are addressing our traffic congestion issues, and demonstrating that we can offer commute times that are shorter than those in their home markets will be critically important.

Availability of a skilled workforce 8.6

Pro-business local, state public leadership 8.4

Salaries, labor costs 8.1

Financial and other relocation incentives 8.0

Personal taxes 8.0

Cost of living 8.0

Corporate taxes 8.0


III. How do Tampa’s Millennial CEOs rate their home market as a place to live and build a business? When asked to rate their home market using 24 aided decision-making factors, Tampa area Millennial CEOs typically gave very high ratings on most criteria.

The factors that were rated exceptionally high in terms of favorability – and received the highest ratings of any other competing market – were:

Pro-business local, state public leadership

Availability of a skilled workforce

Ability to recruit skilled employees

Lifestyle

An area I would like to live in

Cost of living

Salaries, labor costs

Corporate Taxes

Personal taxes

Hig

hest

of a

ny m

arke

t

Local Millennial CEOs affirm that Tampa’s got many of the qualities their peers want most in a business location. However, that same group gave their home market lower ratings for a vibrant urban environment and the availability of domestic and international nonstop flights.

Tampa area CEOs were also asked to name the positive and negative characteristics that came to mind unaided for their own market as well as Atlanta, Charlotte, Dallas and Nashville. They offered the following top positive characteristics about Tampa:

TO KNOW TAMPA AS A PLACE TO DO BUSINESS IS TO LOVE IT. TAMPA AREA MILLENNIAL CEOS GAVE THEIR HOME MARKET EXCEPTIONALLY HIGH FAVORABILITY RATINGS – HIGHER THAN THE CEOS FROM THE FOUR COMPETING MARKETS RANKED THEIR OWN METRO AREAS.

96% No personal income tax

88% Pro-business local and state government officials

80% Absence of bureaucratic requirements

64% Quality of life

56% Skilled workforce/cost of living (Tie)

TAMPA’S POSITIVE CHARACTERISTICS


IV. What do out-of-market Millennial CEOs cite as the advantages of doing business in Tampa? The CEOs interviewed in Atlanta, Charlotte, Dallas and Nashville gave Tampa especially favorable ratings on the following 10 of 24 aided decision-making factors:

Salaries, labor costs Corporate taxes

Pro-business local, state public

leadership

Overall cost of doing business Personal taxes

THE TAMPA MARKET’S COMPARABLY SHORTER COMMUTE TIMES, BUSINESS CLIMATE, LIFESTYLE AND COST OF LIVING STRONGLY APPEAL TO MILLENNIAL CEOS.

Availability of affordable

housing

An area I would like to live in Cost of living

Length of commute for self

and employees

Financial and other incentives

(the highest of all markets)Highest of all markets


Out-of-market Millennial CEOs cited similar financial and business-friendliness factors when asked to name Tampa’s advantages on an unaided basis. They offered up an average of 5.8 positive characteris-tics per respondent. Below are the top ten responses:

Tampa’s business climate, quality of life, and cost of living all appeal to Millennial CEOs thinking about new cities for business expansion and relocation. They also gave our community high marks on average for (shorter) commute times. This factor will turn up as both a plus and a minus for Tampa, as we will see later in the breakdown of CEOs’ negative perceptions or each market.

The perception of Tampa as a market that offers a skilled workforce – the CEOs’ most important site selection consideration – is not as favorable among those respondents living outside of the Tampa market as it is among local CEOs who have hired successfully from the region’s talent pool. We’ll have to prove to young CEOs of fast-growing companies that the Tampa market offers them the talent they need to fuel their growth to get them here.

No personal income tax 84% Pro-business local and state government officials 72% Absence of bureaucratic requirements 70% Beaches and watersports 52% Quality of life 46% Cost of living 44% Skilled workforce 41% Low corporate taxes 40% Cost of housing 31% Low taxes in general 30%

TAMPA’S ADVANTAGES


Top Business Advantages Comparison – Tampa vs. Competing Markets (Unaided responses) Millennial CEOs view the following attributes as the most positive aspects of each of Tampa’s competing markets:

Pro-business local and state

government officials

No personal income tax

Absence of bureau-cratic requirements

Tampa

National image of the area

Air transportation options

Skilled workforce

Atlanta

Pro-business state and local government


Absence of bureau-cratic

restrictions

Dallas

Ability to attract quality employees

Colleges and universities

Strong economy

Charlotte

Quality of life


Current corporate infrastructure

Nashville


Local Millennial CEOs, while mostly very satisfied with their home market – 48% of them responded ‘None’ when asked to mention Tampa’s negatives on an unaided basis - voiced similar concerns about traffic and transportation options:• None 48% • Traffic congestion 48% • Transportation options 40%• Time spent commuting 36%• Basic infrastructure not keeping up with growth 32%

V. What issues top the list of Millennial CEOs’ concerns about the Tampa market?When asked to name the negative characteristics that came to mind about Tampa on an unaided basis, the top three concerns expressed by out-of-market Millennial CEOs all had to do with transportation issues, followed closely by a lack of clearly defined live/work/play districts:• Traffic congestion 49%• Transportation options 44%• Basic infrastructure not keeping up with growth 44%• Lack of a developed downtown in which to live and work 42%• Can’t live and work in the same area 41%

The silver lining with regard to this challenge is that traffic congestion was mentioned as a top negative perception in all five markets – not just Tampa. This is not surprising, since no one likes to be stuck in traffic. But we get a sense of how awful traffic congestion and long commutes affect CEOs’ location decision-making processes when we see how they view a market like Atlanta. Nearly 90% of Atlanta area CEOs cited traffic congestion as the top negative characteristic of their market, and over 60% of CEOs outside of Atlanta named it as the number one negative aspect as well. When young CEOs consider Atlanta as a place to locate or expand their company, the market’s notorious traffic woes represent a huge disadvantage. The Tampa metro area certainly needs to address its transportation challenges to ensure smart growth

and future economic prosperity. However, we can still make the case that this market can afford shorter commute times and less traffic for Millennial CEOs and their employees than several of our competing markets.

Other challenges affecting Tampa’s competitivenessCertain perceptions about the media age of the Tampa area’s workforce, its status as a headquar-ters city, and lack of Class A office space can negatively affect the location decisions of Millennial CEOs. On an aided basis, they gave the Tampa metro low ratings for the size and composition of the local Millennial population (the lowest of all markets) as well as the availability of appropriate office space (the lowest of all markets).


Top Business Disadvantages Comparison – Tampa vs. Competing Markets (Unaided responses)Millennial CEOs view the following attributes as the most negative aspects of each of competing market:

TRAFFIC CONGESTION, A LACK OF TRANSPORTATION OPTIONS, AND BASIC INFRASTRUCTURE NOT KEEPING UP WITH GROWTH TOP THE LIST OF CONCERNS YOUNG CEOS HAVE ABOUT THE TAMPA AREA.

Basic infrastructure not keeping up with growth

Traffic congestion

Transportation options

Tampa

Sprawl

Traffic congestion

Crime

Atlanta

Sprawl; can’t live and work in same area

Traffic congestion

K-12 public schools

Dallas

Traffic congestion

K-12 public schools

Crime

Charlotte

Air transportation options

Traffic congestion

Sprawl; can’t live and work in same area

Nashville

Other negative characteristics Millennial CEOs in other markets mentioned about the Tampa area on an unaided basis include:• Not a headquarter city (39%)• K-12 public schools (36%)• Lack of public transportation (35%)• Availability of Class A office space (31%)

While Millennial CEOs have a very favorable view of the Tampa area’s business advantages overall, important negative perceptions like these need to be addressed when targeting this group for relocation and expansion in our market. Traffic, crime, sprawl, and poor K-12 public schools top the list of negatives for Tampa’s competitors.

Nearly half of all Millennial CEOs interviewed listed crime as a top negative characteristic for

Atlanta and Charlotte. Over 40% of CEOs in Dallas and more than 30% of those located outside of the market mentioned crime as a negative for the Texas market as well. The Tampa metro, by comparison, was regarded as the safest among the five competing metros. Only 12% of local CEOs and less than 20% of those located outside the region said crime was a negative characteristic of our community.


Very familiar 51%Somewhat familiar 40%

Not very familiar 5%Not at all familiar 4%





MILLENNIAL CEOS ARE VERY FAMILIAR WITH TAMPA AS A PLACE TO VACATION AND DO BUSINESS – BUT THEY DON’T KNOW ENOUGH ABOUT WHAT IT’S LIKE TO LIVE HERE.

VI. How familiar are out-of-market Millennial CEOs with Tampa as a place to live, do business, and vacation? Most of the 100 out-of-market CEOs interviewed said they were familiar with Tampa as a place to vacation and do business: Over 90% of them said they were very or somewhat familiar the market as a vacation destination and a business destination.

However, far fewer of the Millennial CEOs living in Atlanta, Charlotte, Dallas and Nashville know what the Tampa area is like as a place to live. More than half (56%) said they were at least somewhat familiar. The greatest number of respondents indicated that they were either somewhat familiar (34%) or not very familiar (30%) with Tampa as a place to live.

Very few of the respondents currently have offices or employees in Tampa. Only 8% of those in Dallas and 4% of those in Atlanta said that they did, while no one surveyed from Nashville or Charlotte had a Tampa presence.

FAMILIARITY WITH TAMPA AS A PLACE TO VACATION

FAMILIARITY WITH TAMPA AS A PLACE TO DO BUSINESS

FAMILIARITY WITH TAMPA AS A PLACE TO LIVE


VII. What information sources do Millennial CEOs turn to when evaluating prospective communities for business relocation or expansion?On what information sources do Millennial CEOs rely to learn more about communities they’re considering for a headquarter relocation or expansion?

What are the best ways to communicate a metro area’s advantages as a relocation or expansion destination to Millennial CEOs?

We asked, and here’s what they told us:

1. Contact them directly. Schedule a call. Pay a visit. Nearly 80% of the CEOs surveyed said that they would welcome receiving information about a prospective new city for their company – along with some key reasons why it would be a good fit for them – from community representatives who reached out to them directly. These responses echoed what we learned from the 2014 CEO survey. Most C-suite executives, regardless of generation, prefer a personal, pro-active approach from communities that hope to win their business.

2. Show that your government and business leadership is in tune with the needs of young CEOs and fast-growing companies. Two-thirds of those surveyed said they would rely on information about a prospective community from state and local officials and economic development groups. This would be a great opportunity for a community like Tampa to reinforce Millennial CEOs’ existing beliefs about the pro-business state and local government leadership and educate them about the many forms of business assistance they can receive from our government partners.

3. Tell them what they want to know most about your market. In addition to reiterating what they already know about Tampa’s financial and business advan-tages, it would be important to educate Millennial CEOs we hope to recruit here about the quality of life, availability of top talent, average commute times, and options for living and working in the same area, since these factors are so influential in their location decisions.

The top three benefits Millennial CEOs want to know about a community:1. Quality of the workforce2. Prove that there are options for living and working in the same area 3. Show that the length of commute times for self and employees is short (or

shorter than in competing markets)

4. Leverage social media to engage and inform them about Tampa. More than half (57%) of Millennial CEOs reported using social media to get information about a community they’re considering for expansion or relocation. The EDC and its partners certainly need to use their social channels to promote the advantages of Tampa and Hillsborough County as a great destination to live, work, and build a company. But the effort must go well beyond that. The more people in Tampa Bay who share information about what it’s like to live and work here – something we know many Millennials don’t know enough about – the easier it will be to get them here to experience the region for themselves.

Prove you have pro-business local, state public leadership 74%Communicate the quality of your workforce 63%

Demonstrate ability to work & live in the same area 45%Show that the length of commute for self & employees is short 44%

Prove a lack of traffic congestion 36%Emphasize quality of life issues 34%

Communicate advantage of cost of doing business there 24%Prove you have reasonable bureacratic requirements 18%

WHAT MILLENNIAL CEOS WANT TO HEAR FROM US


VIII. Who do Millennial CEOs trust to guide them with their site selection and relocation decisions? The Millennial CEOs we interviewed prefer to do their own research when evaluating new markets for expansions or relocations. They used an average of 3.6 different sources of information in their deci-sion-making process. The most frequently cited include:

MILLENNIAL CEOS RELY ON THEMSELVES AND THEIR TEAMS TO EVALUATE NEW MARKETS FOR THEIR COMPANIES’ RELOCATION OR EXPANSION.

Self and key staff members 90%Accounting firm 61%Mentors 52%Real estate agent/broker 48%Internet 42%Board members 39%


IX. What factors are driving Millennial CEOs’ decisions to move or establish a new corporate headquarters? • Business expansions (85%), the need for qualified, skilled people (79%), an ability to live and work in the

same area (61%) and lower business costs (55%) top the list of reasons why Millennial CEOs are likely to move or establish a new headquarters facility in the next 1 -3 years.

• Nearly a quarter (23%) of the total population of CEOs interviewed said they were very likely or some-what likely to move within that timeframe. Another 26% said they were unsure.

• When we analyzed the responses by market, we see that Nashville had the greatest number of respondents who were very likely to move their headquarters in the next one to three years (16%), followed by Atlanta and Dallas (12%).

• The Tampa market had the lowest percentage of CEOs indicating they were very likely or somewhat likely to move their headquarters facility in the near term (16%).

What regions appeal to Millennial CEOs considering a relocation or expansion of their headquarters?

Likelihood of moving or establishing new headquarters facility

Very likely 12%Somewhat likely 12%

Not very likely 24%Not at all likely 20%

Unsure 32%

Atlanta

Wide range of areas 42%Southwest (city unspecified) 36%Southeast (city unspecified) 23%Tampa 12%

Very likely 8%Somewhat likely 12%Not very likely 20%Not at all likely 32%

Unsure 28%

Charlotte

Very likely 12%Somewhat likely 16%

Not very likely 28%Not at all likely 20%

Unsure 24%

DallasVery likely 16%

Somewhat likely 12%Not very likely 24%Not at all likely 28%

Unsure 20%

Nashville

Very likely 8%Somewhat likely 8%Not very likely 28%Not at all likely 32%

Unsure 24%

Tampa

NEARLY A QUARTER OF THE CEOS SURVEYED SAID THEY WERE EITHER VERY LIKELY OR SOMEWHAT LIKELY TO MOVE OR ESTABLISH A NEW HEADQUARTERS FACILITY IN THE NEXT ONE TO THREE YEARS.


X. What are the top reasons why Millennial CEOs would consider locating or expanding their headquarters in Tampa? What are the obstacles that would prevent them from doing so? The survey participants were asked to name the top three reasons why they would locate or expand their headquarters in Tampa. They were also asked the name the top three obstacles that would prevent them from doing so.

OVERALL, THE TAMPA METRO’S ADVANTAGES FOR RELOCATING OR EXPANDING A BUSINESS EXCEEDED THE DISADVANTAGES BY A WIDE MARGIN. BUT THERE IS STILL WORK TO BE DONE TO CONVINCE MILLENNIAL CEOS THAT THEY CAN FIND A YOUNG, HIGHLY SKILLED WORKFORCE AND ATTRACT GREAT TALENT HERE. WE ALSO NEED TO KEEP THEM INFORMED ABOUT PROGRESS IN DOWNTOWN DEVELOPMENT AND TRANSPORTATION.

The top reasons Millennial CEOs not currently located in Tampa gave as obstacles they perceive in moving to this market include:• Transportation infrastructure• Can’t live and work in the same area• Lack of a developed downtown in which to live

and work• Basic infrastructure not keeping up with growth• Lack of public transportation

The top reasons Millennial CEOs gave for relocating or expanding in Tampa include:• No personal income tax• Pro-business state and local government• (Absence of) bureaucratic requirements• Cost of living• Low taxes in general


What Local Millennial CEOs Love about Tampa

“There are so many different pockets of activity and cool things to do here. To see Tampa get better and better over the years has been truly awesome.” – Omar Soliman, Co-Founder & CEO, College Hunks Hauling Junk

“Starting our business in Tampa was really easy. Anybody who has some sort of creative enterprise can come here.” – Roberto Torres, Founder and CEO, Black & Denim Apparel,

Blind Tiger Café, & Co-Work Ybor

“Our potential in the Tampa Bay area is great, and our business has really taken

off. We moved into 10,000 square feet, and within a year, we’d already outgrown it.”

– Erin Meagher, Founder, Kelapo Coconut/Beneficial Blends


PART FIVE

“MY PERFECT CITY” SURVEY HIGHLIGHTSWhat makes a city a Millennial magnet? We asked nearly 3,000 members of this

generation to share what endears their own cities to them, what they dislike, and what criteria they’re using to pick their next hometown.

30 PART FIVE: “MY PERFECT CITY” SURVEY HIGHLIGHTS

I. Millennials prize the distinctive traits of their cities and communities.Regardless of the metro area they call home, many of the respondents cited similar positive attributes about their communities:

Tampa area residents love the water and beaches, weather, parks, nightlife, lots of activities and events, and culture.

Atlanta area residents love their city’s friendliness, culture, restaurants, shopping, activities and things to do.

Charlotte area residents love the city’s small town feel, weather, friendliness, and activities.

Dallas area residents love the variety of activities, lots of open country space nearby, big city with small town feel, and restaurants/food scene and shopping.

Nashville area residents love their city’s music scene, friendliness, small town feel, shopping and restaurants.

II. Millennials don’t like traffic, crime, and a lack of public transportation.In analyzing what Millennials don’t like about their city/community, some common themes were identified among all the markets surveyed.

Some of the most frequent responses mentioned include:• Tampa area residents dislike their community

because of traffic and road conditions, too much congestion, lack of public transportation, increase in the homeless, and crime.

• Atlanta area residents dislike their community because of crime and violence, traffic and road conditions, lack of good public transportation, wish it was safer place to live, too crowded.

• Charlotte area residents dislike their commu-nity because of crime & violence, traffic and road conditions, it’s growing too fast, construc-tion, schools, and (poor) public transportation.

• Dallas area residents dislike their community because of overcrowding, lots of construction, traffic and road conditions, ‘everything is too far,’ increasing cost of living, (poor) public transportation, pollution, and crime.

• Nashville area residents dislike the lack of good public transportation, cost of housing, traffic, overcrowding, overall cost of living, and the tourists.

Activities, events and things to do

Shopping

Restaurants/food scene

Close to family/family

friendly

“Small town feel”

Friendly, welcoming community

PART FIVE: “MY PERFECT CITY” SURVEY HIGHLIGHTS 31

III. Local Millennials rate outdoor amenities, weather, and the food and craft beer scene among the best aspects of Tampa Bay life. The survey participants were asked to rate 21 quality of life related aspects of their community on a scale on a scale of 1 to 5, with 1 meaning poor and 5 meaning excellent.

The aspects of Tampa Bay life rated highest by local Millennials include:

Outdoor amenities (beaches, parks, trails, etc) 3.99

Weather 3.91

Food/craft beer /dining scene 3.79

Lifestyle 3.73

Ability to raise a family /family friendly location 3.67

Availability of domestic and int’l nonstop flights 3.64

THE LOCAL FOOD AND CRAFT BEER SCENE PLAYS A KEY ROLE IN HOW WELL MILLENNIALS REGARD THEIR COMMUNITIES. SURVEY PARTICIPANTS IN ALL OF THE COMPETING METROS RATED THEIR LOCAL FOOD SCENE AS ONE OF THE TOP TWO BEST THINGS ABOUT WHERE THEY LIVE.


IV. Tampa Bay Millennials gave their community lower ratings for public transportation, commuting times, and affordability of housing. When asked to rate 21 quality of life related aspects of their community on a scale on a scale of 1 to 5, with 1 meaning poor and 5 meaning excellent, Tampa Bay residents put these five items at the bottom of their list:

PUBLIC TRANSPORTATION, COMMUTE TIMES, AND HOUSING PRICES RANKED AS THE THREE LEAST FAVORABLE ASPECTS AMONG MILLENNIALS IN ALL OF THE METROS COMPARED IN THIS SURVEY.

Public transportation 2.91

Affordability of housing 3.13

Commuting time to and from work 3.17

Cost of living 3.22

Quality K- 12 public schools 3.28


V. Millennials are on the move and shopping for new cities.Seven out of ten Millennials responding to this survey said they would consider moving to a new city.An average of one in five Millennials said they would consider moving within a year. More than half of Millennials surveyed said they would move within the next five years.

Within the next year 22%2-5 years from now 34%5+ years from now 14%

Don’t Know 30%

Hillsborough County Only


Don’t Know 26%

Tampa MSAWithin the next year 25%2-5 years from now 39%5+ years from now 14%

Don’t Know 22%

Atlanta MSAWithin the next year 17%2-5 years from now 38%5+ years from now 20%

Don’t Know 25%

Charlotte MSA


Don’t Know 24%

U.S.Within the next year 21%2-5 years from now 38%5+ years from now 15%

Don’t Know 26%

Nashville MSAWithin the next year 22%2-5 years from now 41%5+ years from now 12%

Don’t Know 25%

Dallas MSA

When would Millennials consider moving to a new city?


VI. Career opportunities, affordability and lifestyle top the list of drivers influencing Millennials’ choice of a new city.The survey participants were asked to rate 21 factors that would influence their selection of a new city on a scale of 1 to 5, with 1 being the least important and 5 being the most important.

The top seven drivers for selection of a new city that scored an average rating of 4.0 or above include:

1 Career opportunities 4.29

2 Affordability of housing 4.18

3 Work/Life balance 4.17

4 Ability to raise a family/family-friendly location 4.11

5 Cost of living 4.07

6 Lifestyle 4.03

7 Ability to live and work in the same area 4.00

Survey participants were also asked to submit other factors that would influence their choice of a new place to live. Respondents in all markets mentioned, on an unaided basis, less traffic and a low crime rate as the two other major factors that would influence their selection of a new city.

FOR MILLENNIALS, IT’S ALL ABOUT FINDING A GREAT WORK/LIFE BALANCE IN AFFORDABLE AND SAFE COMMUNITIES.


VII. Millennials are familiar with Tampa as a place to vacation – but not to live and work.When asked about their familiarity with Tampa as a place to vacation, at least half or more of the respondents living in the other metros said that they were either very familiar or somewhat familiar with the area as a vacation destination.

But the Millennials we surveyed in these markets – just like their CEO counterparts – really don’t know much about what it’s like to live and work here. More than two thirds of the respondents said they are not very familiar or not at all familiar with Tampa as a place to live and work.

In the past three years, an average of 23% of the Millennials surveyed visited Tampa for vacation, while only 11% on average have done so for business purposes.

VIII. Lifestyle and vacation themes dominate Millennials’ perceptions of Tampa.Nearly 1,800 Millennials living outside of the market were asked to list the first things that came to mind when they thought of Tampa.

The most common themes in response to this question include:• Beaches, water, sun• Beautiful city• Sunshine• Nice weather• Vacation• Palm trees• Tampa Bay Buccaneers

While the above associations are largely positive, none of them speak to Tampa’s advantages as a place to build one’s life and career. Millennials have gotten the message about Tampa Bay’s natural beauty, lifestyle, and pro sports teams – but there is much work to be done to educate them about career opportunities in the market.

“YOU CAN’T TALK ABOUT THE WEATHER AND THE SCENERY ENOUGH. IT’S A BEAUTIFUL PLACE TO LIVE AND WORK.” - TAYLOR WALLACE, CO-FOUNDER, WEVUE, WHO RELOCATED TO TAMPA FOUR YEARS AGO

“WHEN I CAME HERE SIX YEARS AGO, I COULD’VE NEVER IMAGINED MYSELF SAYING THAT TAMPA IS ALL THAT IT’S CRACKED UP TO BE. AND NOW I CAN’T UNDERSTAND WHY I WOULD EVER THINK THAT.” – RUAN COX, JR., PH.D., LICENSING SPECIALIST, OFFICE OF TECHNOLOGY MANAGEMENT AND COMMERCIALIZATION, MOFFITT CANCER CENTER


IX. Job opportunities, beaches and great weather are big draws for Millennials considering moving to Tampa.We asked Millennials living in Atlanta, Charlotte, Dallas and Nashville if they would consider moving to Tampa, and if so, why.

Half of them said “Yes” or “Maybe.”The reasons why they’d consider a move to Tampa varied by market, but here are the top unaided reasons given from respondents in each one:

WHILE A SIGNIFICANT NUMBER OF THE MILLENNIALS WHO SAID THEY’D CONSIDER MOVING TO TAMPA WOULD BE DRAWN BY THE BEACHES, WEATHER, AND LIFESTYLE, MANY ALSO PERCEIVE TAMPA AS OFFERING THEM GOOD JOB OPPORTUNITIES. EMPHASIZING TAMPA’S RECRUITING SUCCESSES AND THE DIVERSITY OF HIGH-QUALITY CAREER OPPORTUNITIES AND COMPETITIVE SALARIES WILL ONLY STRENGTHEN TAMPA’S APPEAL AMONG MILLENNIALS LOOKING FOR A NEW CITY.

The key reasons given by Millennials in all four markets who said they wouldn’t consider moving to Tampa were very consistent: They simply don’t like Florida, and/or it’s too far from their family and friends. Millennials in Atlanta and Charlotte also stated that they didn’t know much about Tampa.

Yes: 16% Maybe: 35%• New job opportunity• Warm, sunny weather• Beaches• Family lives there

Yes: 13% Maybe: 37%• Good job opportunities• Love the weather• Beaches• Cost of Living

Yes: 13% Maybe: 36%• Beaches• Great place to live• Beautiful city• Better weather

Yes: 14% Maybe: 36%• Better job opportunities• Beaches• Affordable place to live• Better weather

Atlanta Charlotte Dallas Nashville


When compared with the total Tampa metro area and the competing metros we examined – Atlanta, Charlotte, Dallas and Nashville - Hillsborough County’s Millennials are:

PART SIX

KEY FACTS ABOUT HILLSBOROUGH COUNTY MILLENNIALS

Source: 2015 Nielsen Scarborough Multi Media, Release 1

Growing fastest in the prime wage

earner segment (25-34 year

olds)

More likely to be single

Highly diverse

Likely to hold white collar jobs – in professional

occupations, sales, and business

operations

Better educated

More likely to rent than own

a home

38 PART SIX: KEY FACTS ABOUT HILLSBOROUGH COUNTY MILLENNIALS

KEY FACT 2:Hillsborough County’s 18-34 years olds are more ethnically and racially diverse compared to the overall U.S. Millennial population and key competing markets.The racial and ethnic composition of Hillsborough’s Millennial population is a strength for the region and improves the overall diversity of the Tampa metropolitan area. The county has the second highest percent-age of Hispanics among the metros examined – just one percentage point behind Dallas with 32.6% vs.33.3%. Hillsborough’s African-American population, at 20.3% is second only to Atlanta’s.

KEY FACT 1: Hillsborough County’s Millennial population is growing fast - especially among 25-34 year olds - who represent the prime wage earners of this generation.Millennials comprise a substantial portion - 31.2% - of the total population of Hillsborough County.

From 2010-2015, the population of Hillsborough County adults 25-34 years of age grew 8.7%, a significantly higher rate than any of our competing markets.

A higher percentage of adults aged 25-34 (14%) reside in Hillsborough County, when compared with our competing metros and the U.S. population as a whole.

Source: 2015 Nielsen Scarborough Multi Media, Release 1

NEARLY A QUARTER OF ALL ADULTS LIVING IN HILLSBOROUGH COUNTY (24%) ARE BETWEEN 18-34 YEARS OF AGE, THE HIGHEST PERCENTAGE AMONG OUR COMPETING MARKETS.

GROWTH AMONG ADULTS AGES 25-34 (2010-2015)

POPULATION: ADULTS AGES 25-34 (2010-2015)

+8.7%

+5.9%

0%+1.8% +2.1%

+5.1%+3.4%

Hillsborough Tampa Atlanta Charlotte Dallas Nashville U.S.

14.3%

12.3%

13.6%

13.1%

14.1%

14.3%

13.3%

Hillsborough

Tampa

Atlanta

Charlotte

Dallas

Nashville

U.S.

White Black/African-American Hispanic Other

Hillsborough

Tampa

Atlanta

Dallas

Charlotte

Nashville

67.1% 14% 32.6% 12.6%

74.7% 15.2% 24.5% 10%

48.1% 36.7% 15.9% 15.2%

68.7% 20.2% 13.4% 11.1%

75.8% 18.4% 9.5% 5.8%

74.2% 12.6% 33.6% 13.2%

PART SIX: KEY FACTS ABOUT HILLSBOROUGH COUNTY MILLENNIALS 39

KEY FACT 4: Hillsborough County is the place to be for young singles.Young, single and looking? You’d be hard-pressed to find a more plentiful supply of prospective dates.

Nearly three quarters (73%) of Hillsborough County’s 18-34 year olds are single/never married. In fact, only 21% of Millennials in the entire Tampa metro area are married, compared to 41% in Dallas, 38% in Nashville, 36% in Charlotte, and 30% in Atlanta.

KEY FACT 3:Hillsborough County boasts a higher percentage of college graduates than competing markets in the South.Hillsborough County’s increasing concentration of college-educated Millennials is a boon for employers and a key strength for business leaders to share with companies considering relocation or expansion here.

Nearly 27% of 18-34 year olds in Hillsborough County hold a four year college degree or post graduate degree, compared to only 26% for Nashville, 25.1% for Charlotte, 22.4% for Dallas, and 21.7% for Atlanta.

The Tampa-St. Petersburg-Clearwater MSA’s percentage of Millennial college and post graduate degree holders is 19.7%.

WITH NEARLY 80 UNIVERSITIES, COLLEGES, AND TECHNICAL SCHOOLS IN THE AREA, IT’S NO SURPRISE THAT HILLSBOROUGH COUNTY HAS THE HIGHEST POPULATION OF STUDENTS BETWEEN THE AGES OF 18-34 (14%).

Current student Bachelor’s degree Master’s degree or higher

Hillsborough 14% 22.4% 4.3%

9.9% 16.4% 3.3%Tampa

13.9%10.7% 7.8%Atlanta

15.5%9.1% 6.9%Dallas

19.9%6.9% 5.2%Charlotte

16.8%5.8% 9.2%Nashville

HillsboroughMarried 20.4%Never Married (Single) 73%Widow/Divorce 6.6%

TampaMarried 21.1%Never Married (Single) 70.7%Widow/Divorce 6.8%

AtlantaMarried 30.1%Never Married (Single) 62.3%Widow/Divorce 5.7%

CharlotteMarried 35.7%Never Married (Single) 61.4%Widow/Divorce 2.8%

DallasMarried 40.8%Never Married (Single) 55.9%Widow/Divorce 2.7%

NashvilleMarried 31.6%Never Married (Single) 64.3%Widow/Divorce 3%

40 PART SIX: KEY FACTS ABOUT HILLSBOROUGH COUNTY MILLENNIALS

KEY FACT 6:Most Hillsborough County Millennials don’t own their own homes – but a significant percentage are looking to buy.More than two thirds (66.7%) of Hillsborough County Millennials rent or live with others in homes they don’t own.

However, we also know that Hillsborough County’s population of students who are not employed – 14% - is higher than that of our competing metros by three to eight percentage points, a factor that certainly could mitigate the lower home ownership of 18-34 year olds here.

Home ownership figures may rise soon. Among 18-34 year olds in Hillsborough County, 31% reported plans to move from their present address within the next 12 months, and 17% planned to buy a new home or condo within that time frame. This figure represents the greatest percentage of prospective home buyers among the other metros.

KEY FACT 5: Hillsborough County’s Millennials are most likely to work in white collar jobs.Roughly half (45.3%) of 18-34 year olds employed in Hillsborough County are in white collar occupations, and nearly one out of five (19.4%) work in professional occupations. Sales and office positions (16.3%) and manage-ment, business and financial operations (9.6%) are the next largest categories of employment for white collar Millennial talent.

Charlotte is the only market of the four competing metros that narrowly beats Hillsborough County’s percentage of Millennials employed in profes-sional occupations – by less than one percent.

Hillsborough County’s blue collar workforce is the smallest among the metros, at 17.1%.

HILLSBOROUGH COUNTY MILLENNIALS ARE MAKING SOME BIG DECISIONS ABOUT THEIR FUTURE IN THE NEXT 12 MONTHS: 32% PLAN TO LOOK FOR A NEW JOB MORE THAN 25% PLAN TO GO BACK TO SCHOOL FOR A

DEGREE OR CERTIFICATION (highest among the other metros).

HillsboroughWhite collar jobs 45.3%Blue collar jobs 17.1%

TampaWhite collar jobs 42.6%Blue collar jobs 26.1%

AtlantaWhite collar jobs 47.7%Blue collar jobs 23.3%

CharlotteWhite collar jobs 49.3%Blue collar jobs 21.3%

DallasWhite collar jobs 43.8%Blue collar jobs 24.1%

NashvilleWhite collar jobs 40.3%Blue collar jobs 33%

17.3%

12.1%

10%

7.9%

16.5%

12.6%

Hillsborough

Tampa

Atlanta

Charlotte

Dallas

Nashville

PERCENTAGE OF MILLENNIALS PLANNING TO BUY A HOUSE

PART SIX: KEY FACTS ABOUT HILLSBOROUGH COUNTY MILLENNIALS 41

SPONSOR ACKNOWLEDGMENTSThe Tampa Hillsborough EDC would like to thank the following organizations for their generous support of the

Millennial Matter Project. Without them, this research would not have been possible.

ABOUT THE TAMPA HILLSBOROUGH ECONOMIC DEVELOPMENT CORPORATIONThe Tampa Hillsborough Economic Development Corporation works to develop and sustain a thriving economy through the attraction, retention and expansion of high-wage jobs and capital investment in

Hillsborough County and the cities of Tampa, Plant City, and Temple Terrace. Our efforts are focused on growing locally established companies as well as recruiting corporate headquarters and regional operations in targeted industry sectors including Information Technology, Financial and Professional Services, Life Sciences, Defense and Security, Manufacturing, and Distribution and Logistics. The Tampa Hillsborough Economic Development

Corporation exists because of the generous support of over 100 investors from the local community.

For more information, visit www.tampaedc.com

Questions about the Millennial Matter Project?Contact Michelle Bauer, Vice President of Marketing and Communications,

at 813.518.2644 or [email protected].

tampa hillsborough edc millennial perception … · attract young talent and entrepreneurs to our...

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