In the heart of Florida’s Gulf Coast, Tampa Bay has earned its place among TIME Magazine’s World’s Greatest Places for 2023, and it’s not just tourists taking notice. Ranked as Florida’s best business location by Forbes and identified by the Wall Street Journal as the country’s fourth-hottest job market, the region has emerged as the premier gateway for UK and European companies seeking to establish their American presence. This dynamic region combines the sophistication of a major business hub with the warmth of a welcoming community, creating an ideal environment for international business expansion.
A Strategic Launchpad into American Markets
This growth is supported by world-class infrastructure, including Tampa International Airport – voted #1 large airport in the U.S. two years running by J.D. Power. The airport’s ambitious Master Plan will accommodate 39 million passengers by 2042, with state-of-the-art facilities for international flights.
Port Tampa Bay, handling over 37 million tones of cargo annually, provides the closest U.S. deep-water gateway to the Panama Canal. This strategic position helps businesses reach 33 million consumers within an eight-hour drive, making it an ideal distribution hub for the southeastern United States.
A Business Environment Designed for Success
Tampa Bay ranks #6 among the Most Cost-Friendly Business Locations Among Large U.S. Cities, outperforming Dallas, Cleveland, and Boston according to KPMG. The region’s business-friendly approach includes no state personal income tax and the third-lowest labour costs in the U.S.
Nearly 500 foreign-owned companies from over 40 nations have already established successful operations here. Major global players like Johnson & Johnson chose Tampa Bay for their North American shared service headquarters, creating 500 high-wage jobs, while DTCC expanded from 300 to 650 staff, citing the “knowledgeable workforce, educational resources, affordable cost of living, and support from local government” as key factors.
Pinellas County: A Powerhouse of Innovation and Manufacturing
Adding to Tampa Bay’s economic strength, Pinellas County stands as Florida’s third-largest manufacturing base, contributing significantly to the region’s industrial diversity. Home to nearly one million residents and boasting 360 days of sunshine annually, the county has attracted major corporate headquarters including Raymond James Financial, Jabil Circuit, and TD Synnex, further cementing Tampa Bay’s position as a financial and technology hub.
Strategic Advantages
The county’s 35 miles of white-sand beaches aren’t just tourist attractions – they’re part of a compelling lifestyle package that helps businesses attract and retain top talent. Key advantages include:
Research and Innovation Excellence
Complementing the region’s research capabilities, Pinellas County is launching the 45,000-square-foot ARK Innovation Center in fall 2024, designed to catalyze technology startups across Tampa Bay. This facility joins the area’s impressive roster of innovation centers and research institutions, including:
A Diverse Economy Driven by Innovation
Tampa Bay’s economy spans several high-growth sectors, creating a robust ecosystem for international businesses. The region excels in financial and professional services, with industry giants like Raymond James, Franklin Templeton, and Citigroup calling Tampa Bay home. Citigroup’s Tampa campus, employing over 5,000 people, leads the company’s cybersecurity and anti-money laundering operations for 32 international locations.
Manufacturing thrives here, with over 2,800 firms employing 62,000 people, making it Florida’s second-largest manufacturing base. Global leaders like Jabil demonstrate the region’s manufacturing prowess, while companies from Bausch + Lomb to Bosch showcase the diversity of manufacturing operations.
Research & Development Excellence
The region’s commitment to innovation is anchored by prestigious research institutions. The University of South Florida, newly inducted into the Association of American Universities, stands among the nation’s leading research universities. The USF Health Morsani College of Medicine has shown remarkable growth, ranking as the fastest-growing medical school in research and primary medicine over the past decade according to U.S. News & World Report.
In healthcare research, Moffitt Cancer Center leads the charge as one of only 41 National Cancer Institute-designated Comprehensive Cancer Centers, ranking in U.S. News & World Report’s top 20 cancer hospitals. Further solidifying its position as a global leader in oncology, Moffitt recently introduced “Speros FL,” a transformative 775-acre global innovation center located in Pasco County. Named from the Latin verb “Sperare,” meaning “to hope” or “to look forward to,” Speros FL represents the future of revolutionary cancer treatment and research.
Pasco County: Leading North Tampa Bay’s Growth
Further solidifying Tampa Bay’s position as a research and innovation hub, Pasco County in North Tampa Bay has emerged as a major growth centre, particularly with Moffitt Cancer Centre’s groundbreaking “Speros FL” development. This 775-acre global innovation centre represents one of the region’s largest research investments, demonstrating Tampa Bay’s expanding footprint in life sciences.
The county’s dynamic growth is evidenced by major corporate investments, including Mettler Toledo’s 250,000-square-foot facility and Bauducco Foods’ $200 million manufacturing operation creating 600 jobs. These developments join established players like TouchPoint Medical and NVGTN in choosing Pasco County for their operations, contributing to its recognition as the 8th fastest-growing county in the United States.
A Diverse Industrial Landscape
Pasco County’s industrial profile spans multiple sectors, from advanced manufacturing to life sciences. The region has attracted significant international investment, with companies like Bauducco Foods (Brazil) and Meopta (Czech Republic) establishing major operations. This international presence complements Tampa Bay’s broader position as a global business destination.
Key advantages of the area include:
Defense & Security: A Strategic Hub
Tampa Bay’s defence sector, centred around MacDill Air Force Base, hosts two four-star Combatant Commands: U.S. Central Command (USCENTCOM) and U.S. Special Operations Command (USSOCOM). This $14 billion military industry has fostered expertise in cybersecurity, intelligence analysis, and advanced manufacturing, supported by a veteran workforce of 92,000 professionals.
Technology and Innovation Leadership
Florida ranks third nationally for high-tech establishments, with Tampa Bay leading the charge. The region holds 20% of Florida’s IT positions and ranks #1 in Florida for concentrations of .NET developers, data warehousing specialists, and Hadoop developers. Some of the largest and fastest growing tech organisations in Tampa Bay include Accenture, Softserve, the Florida High Tech Corridor and Systal Technology Solutions. Discover more here.
Financial Services Powerhouse
The financial services sector shows remarkable growth, with year-over-year employment gains of 3.9% and a workforce of 230,000. One in four business and information services firms in Florida calls Tampa Bay home. The region attracted DTCC to expand from a 300-person redundant operations centre to a fully-integrated business unit with 650+ staff handling finance, legal, HR, audit, marketing, and IT operations.
A Deep Talent Pool
With over 144,000 students attending distinguished institutions like the University of South Florida, Saint Leo University, and the University of Tampa, the Tampa Bay area boasts a deep and diverse talent pipeline. The University of South Florida ranks among the nation’s top 50 public research universities, contributing significantly to this talent pool. Tampa’s appeal to young professionals is clear: in 2023, the city topped the list of U.S. cities attracting millennials, with 95% more moving in than leaving.
World-Class Healthcare Ecosystem
The region boasts over 30 hospitals and numerous specialty care facilities. BayCare, with 15 hospitals and $4.39 billion in annual revenue, demonstrates the sector’s strength. Tampa General Hospital, ranked second in the state, serves as the area’s only Level I trauma centre and stands among the country’s leading organ transplant centres. Healthcare innovation extends to specialised institutions like the USF Health Byrd Alzheimer’s Institute and the Lion Eye Institute for Transplant Research.
Healthcare costs run 8 points below the national average, while offering world-class care through institutions like Tampa General Hospital, ranked second in Florida by U.S. News and World Report. The region’s commitment to quality of life shows in its rankings: #2 most pet-friendly city (WalletHub, 2023) and home to 3 of the top 10 places to live in America (Niche, 2024).
A Thriving International Community
For UK and European companies, Tampa Bay offers more than just business opportunities – it provides a home away from home. A vibrant British expatriate community of approximately 8,000 residents has already established roots here, supported by 200 member companies in the British-American Chamber of Commerce. Daily direct flights to London and connecting service to 12 other UK cities ensure maintaining ties with home is seamless. Even the comforts of home are readily available, with specialised retailers stocking familiar brands, including Tesco products.
Comprehensive Business Support
The Tampa Bay region offers international businesses robust support through three dedicated economic development organizations – the Tampa Bay Economic Development Council, Pinellas County Economic Development, and Pasco Economic Development Council. These organizations work collaboratively while serving their respective areas, providing comprehensive assistance that includes:
With multiple economic development partners working in concert, international businesses gain access to a wider network of resources and opportunities across the entire Tampa Bay region, ensuring a smooth transition and strong foundation for growth in the American market.
The Future is Here
Florida’s population of 22.2 million is expected to reach 28 million by 2030, with the I-4 corridor, including Tampa Bay, leading this growth. For UK and European companies looking to establish their American presence, Tampa Bay offers more than just a business location – it provides a partnership in success.
For companies ready to write their American success story, Tampa Bay offers the perfect blend of opportunity, support, and quality of life. The question isn’t whether to expand to America – it’s why wouldn’t you choose Tampa Bay?
