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The table below offers a collection of data aimed at giving potential franchisees a glimpse into their market landscape. Click Read More to delve deeper, uncovering additional information to assist you in making a well-informed decision. These insights are tailored to highlight the opportunities in your city as you consider a franchise purchase.
| Key Data Points for Tampa, Florida | ||
| Data | Tampa, FL | Nationwide |
|---|---|---|
| Population | 397.89 thousand | 333.2 million |
| Proj. 5 Year Population Growth | -7.324% | 0.5% |
| Median Household Income | $120,668 | $74,580 |
| Median Age | 36.18 | 38.9 |
| Residents per Business | 1 to 11 | 10 to 1 |
| Annual Household Expenditures | $13.15 billion | $23.9 trillion |
| City Data retrieved from https://sitesusa.com/Data | ||
Franchising Landscape
Tampa, FL exhibits a lively economic landscape, bolstered by its consistent population growth. The population of Tampa, within a 5 mile radius of the city's center, expanded at a rate of 2.1% annually from 2020 to 2023, and is projected to grow by 3.4% annually from 2023 to 2028. This upward trajectory suggests a wealth of business opportunities for prospective franchisees, underlined by the significant consumer spending in the area.
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Consumer expenditure in Tampa is robust, with an annual total household expenditure of about $8.46 billion. Retail spending represents 46.7% of this total, revealing a vibrant market for retail franchises. Notable sectors of retail expenditure include food and beverages at 14.5%, entertainment at 5.7%, and a substantial spending on shelter, making up 21.2% of the monthly household consumer expenditure. This significant shelter expenditure highlights a solid market potential for home services franchises, which can offer a variety of services to meet the residential needs of the local populace.
The labor force in Tampa showcases a notable diversification, with a significant segment engaged in management, business, financial operations (20.6%), and professional related occupations (30.2%). This wide range of occupational engagement reflects a demand for various services and products, catering to diverse professional and consumer needs. The substantial presence of managerial and professional personnel particularly hints at a promising market for B2B franchises, including business services franchises, which could offer essential services to meet the operational demands of the thriving local businesses and corporations.
The combination of spending behavior, diversified labor force, and steady population growth in Tampa sets the stage for a variety of businesses for sale. It’s a conducive environment for franchise establishments aiming to cater to the varied demands of its growing and economically active community.
Explore the franchise listings below and take the first step towards a rewarding business venture.
Tampa, Florida Franchise Opportunities (and Businesses for Sale)
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