Tampa is located on the west coast of Florida, and is a major travel destination among Americans due to the leisurely lifestyle the city offers. Some of these offerings include the city’s 165 beaches, several theme parks and attractions such as zoos and aquariums, and excellent shopping. In 2010, Tampa had an estimated 14 million visitors, resulting in an influx of about $3.2 billion to the local economy.
In addition to tourism, Tampa’s economy is significantly impacted by the service, retail, insurance, shipping, national defense, sports, and real estate industries, and the city is home to several Fortune 1000 companies. Recently, downtown Tampa has undergone substantial development, with a large amount of new projects nearing completion.
The real estate market in Tampa peaked from 2006 to 2007, and sharply declined from 2008 to 2011. In mid-2011, the market began to experience revitalization, as the median sales price finally stopped declining in April and began to rise in May. All indicators point to the Tampa market finally being stabilized after several years of declining property values.