The median household income in the Tampa Bay area showed significant growth from 2022 to 2023, according to data from the U.S. Census Bureau’s 2023 American Communities Survey. Of the seven counties in the region, six experienced a rise in household income, with only Sarasota County seeing a slight decrease. This trend highlights the overall positive economic movement in the region.
Tampa Bay Rising Incomes (2014 vs. 2023)
| County | 2014 Median Household Income | 2023 Median Household Income |
|---|---|---|
| Hernando | $40,255 | $64,508 |
| Hillsborough | $50,796 | $76,687 |
| Manatee | $52,031 | $79,524 |
| Pasco | $45,349 | $72,317 |
| Pinellas | $45,152 | $70,768 |
| Polk | $42,780 | $66,909 |
| Sarasota | $52,109 | $77,705 |
Significant Income Growth in Manatee and Pasco
Manatee and Pasco counties saw the most impressive increases, with Manatee leading at 10.3% and Pasco following closely behind with a 9.6% growth. This jump is particularly notable for Manatee, which surpassed Sarasota in median household income for the first time in a decade. This shift indicates that Manatee’s economy is flourishing, with more opportunities for its residents.
Hernando’s Remarkable Decade of Growth
Although Hernando County still ranks as the county with the lowest median income in the Tampa Bay area, it boasts the most significant percentage growth over the last 10 years. From 2014 to 2023, Hernando’s median household income surged by more than 60%, showing that even the historically lower-income areas are seeing substantial improvements.
Sarasota’s Decline in Median Household Income
Sarasota is the only county in the region that experienced a decrease in median household income between 2022 and 2023. Despite its previously strong economic performance, this drop suggests that Sarasota might face new economic challenges that could impact future growth unless corrective actions are taken.
Key Takeaways for Tampa Bay Area’s Economic Outlook
The Tampa Bay area’s overall growth in household income reflects a strengthening economy and increased opportunities for residents. Counties like Manatee and Pasco are leading the charge, while Hernando’s long-term growth signals improving conditions even in historically lower-income regions. However, Sarasota’s slight dip in income is a point of concern that will need to be monitored closely.
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