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. A year after impasse, Pasco school contract talks run more smoothly

    Teachers

    LAND O'LAKES — Representatives from the Pasco County school district and the United School Employees of Pasco sat together several times in the weeks leading to Thanksgiving break, trading contract proposals amid (mostly) amicable conversation.

    Representatives from the United School Employees of Pasco, left, hold contract talks Nov. 9, with district negotiators. The sides are nearing an agreement.
  2. Across country, small retailers aim for emotional ties big chains may lack

    Business

    Some smaller retailers will tug at shoppers' heartstrings during the holidays, trying to create an emotional experience or connection that a big national chain might not provide.

    Some smaller retailers will tug at shoppers’ heartstrings during the holidays, trying to create an emotional experience or connection that a big national chain might not provide. Keep St. Pete Local is an independent business alliance in St. Petersburg that has more than 600 members.
  3. Six years and counting: Allegiant Air reaches agreement with flight attendants

    Airlines

    ST. PETERSBURG — After six years of negotiations, Las Vegas-based Allegiant Air and its flight attendants union reached a tentative contract to improve worker pay and benefits and solidify airline policies.

    Allegiant Air flight attendants picketed for a fair contract in August at various Florida airports.
  4. Fourth Street's mom and pop motels a dying breed

    Tourism

    ST. PETERSBURG — Billboards as far north as Tennessee beckoned tourists by the thousands to St. Petersburg's Fourth Street calling it "the longest motel street in the world" in the 1940s and '50s. There were 95 motels between the Gandy Bridge and Central Avenue in 1955, according to an article that year in the …

    Looking south down Fourth Street from 38th Avenue N, the street is jam-packed with motels — and El Cap.
  5. More guns being detected at Tampa Bay area airports — and everywhere else

    Airlines

    TAMPA — Here's some travel math for this traditionally heavy day for long trips: More people carrying guns plus more people flying equals more guns going to the airport.

    This is one of four guns security personnel discovered at Tampa International Airport checkpoints on April 25, 2017. Photo courtesy Transportation Security Administration