2024 E-Insights Report
Inclusive Growth and Racial Equity
An important aspect of economic outcomes is inclusive growth, defined by how that economic growth is distributed across different sections of the society. To this end, the ±«Óãtv research team analyzed the performance of the Tampa Bay region with respect to 19 other comparison MSAs along the indicator of income inequality.
Another important aspect of inclusive growth is racial equity. The voice for racial equity has been growing stronger in recent times. In this section, the ±«Óãtv research team considered the variables related to racial equity indicators: gaps in the Black-white unemployment rate, Black-white poverty rate, Black-white labor force participation rate, and Black-white educational attainment rate. The goal of the analysis is to understand how the Tampa Bay MSA is faring in terms of bridging the gap between the different social strata.
Key Insights
- The Gini index shows that the Tampa Bay region is lagging in terms of inclusive economic growth and income distribution. Income inequality in the Tampa Bay region has increased since 2019. In 2022, the Tampa Bay region stands in the 17th position for income inequality and its competitive position has significantly declined in recent years.
- In terms of the Black-white unemployment rate gap, the Tampa Bay MSA has been in the middle of the pack over the years. However for the Black-white poverty rate gap, Tampa Bay’s competitive position has significantly improved from No. 10 in 2018 to No. 1 in 2022.
- With a high Black-white labor force participation rate gap, Tampa Bay has consistently ranked low when compared with other MSAs.
- Racial equity in education has been improving in the Tampa Bay region with a declining Black-white educational attainment rate gap, maintaining a top five rank. The Black-white digital access gap rate also showed a promising decreasing trend.
- Overall, the analysis shows a promising future based on the Tampa Bay region’s performance along the lines of racial equity.