Make us your home page
Instagram

Report: Tampa Bay is second worst among financially distressed metros

Tampa Bay persists as one of the most financially distressed major metros in the country, ranking second only to Orlando in an analysis released today by credit-counseling agency CredAbility.

The usual suspects of high unemployment, a struggling housing market and lower net worth are partly to blame.

But the latest quarterly index singles out one area where Tampa Bay places dead last among the top 30 metros: We're lousy savers.

Tampa's savings rate of 2.02 percent was far shy of the national average of 3.8 percent and even further from what Cred­Ability deems as a healthy savings rate of 7 percent.

If they're not saving, however, at least more consumers appear to be putting their money to good use. An earlier report from credit bureau Equifax found Tampa Bay consumers were paying down their debt at a faster pace than most of the country in the third quarter.

Household budget is one of five categories crunched by Cred­Ability in its index. In other areas, Tampa Bay ranked:

• fourth most distressed in employment (with the unemployment rate at 9.1 percent, up from 8.7 percent in the previous quarter).

• fourth worst in housing (a slight improvement with mortgage delinquencies falling slightly).

• sixth worst in credit scores.

• fourth worst in net worth.

Tampa Bay was one of 17 metros scoring low enough in the index to indicate households are under distress. The bay area dipped slightly from its third-worst overall ranking last time, but other cities — namely Chicago, Las Vegas, Detroit, Philadelphia and Pittsburgh — suffered bigger drops in financial strength.

Households in Washington, D.C., Minneapolis-St. Paul and Boston remain the strongest.

Report: Tampa Bay is second worst among financially distressed metros 11/15/12 [Last modified: Thursday, November 15, 2012 6:00am]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Tampa is 15th-most popular city to move to with U-Haul

    Markets

    TAMPA —Tampa is undoubtedly a destination point, at least according to U-Haul.

    Tampa is the No. 15 destination for people moving with U-Haul trucks. | Times file photo
  2. Florida's economy growing faster than other big states and far better than U.S. overall

    Business

    When it comes to economic growth, Florida's running alongside the leading states and well ahead of the United States as a whole.

  3. Westshore Marina District project takes shape with another acquisition

    Real Estate

    TAMPA — One of Tampa Bay's prime waterfront areas took another major step toward redevelopment Friday as WCI Communities bought 2.35 acres in Westshore Marina District.

    WCI Communities, Lennar's high-end subsidiary,has paid $2.5 million for 2.35 acres in the Westshore Marina District for 35 townhomes. WCI is under contract  to buy an additional 9.5 acres.
[BTI Partners]
  4. Posh Guy Harvey RV park to open in Tampa Bay with $250,000 cottages

    Business

    HOLIDAY — Love those Guy Harvey T-shirts with the soaring marlins? In the not too distant future, you might be able to kick back in your own Guy Harvey cottage in the first-ever Guy Harvey RV park.

    Renderings of the clubhouse and an RV cottage site of the planned Guy Harvey Outpost Club & Resort Tarpon Springs.
[Guy Harvey Outpost Collection]
  5. Port Tampa Bay secures $9 million grant to deepen Big Bend Channel

    Business

    Port Tampa Bay has secured a $9 million grant from the U.S. Army Corps of Engineers for the widening and deepening of the Big Bend Channel in southern Hillsborough County.