Steel and Jobs Needed in Tampa…Port Conference and Downtown Growth Proves ThatPosted: February 11, 2014
Mostly national news to talk about this week, given the jobs report that came out, as well as other conference board updates on the economic indexes.
Locally, the Tampa Port Authority had its 25th Annual Steel conference this week and it was well attended as usual. The Mayor spoke and he highlighted a lot of the growth we’re seeing again in our Great City, with cranes going up on downtown developments (all needing steel). The local downtown developments sure are making it obvious that there’s demand for housing, and the job report showed a decrease in the unemployment rate again, so fingers still crossed…
Fiscal experts are starting to slow down Quantitative Easing because they see signs we can stand on our own private feet, so maybe we should believe this is the start of a real recovery where the training wheels are off and we can ride on our own soon. Minor bumps and bruises expected of course. Everything we’re reading and hearing is that household growth and job growth need to improve in order to fully get back up to speed. Positive signals are coming from banks that show household formation could be occurring as a younger generation starts moving out of their parents’ homes and going off on their own again. That’s a great sign that confidence and jobs are coming back, requiring mortgages and loans even if at slow levels. Even though momentum has slowed in job growth for now, bright spots are still in construction where most of the job growth is occurring rather than business and professional services.
Also, the Conference Board’s recent Leading Economic Index report shows steady growth this spring, with some uncertainties remaining.