Hillsborough’s GDP grew 28% Since 2018

This map shows the 8 counties in the Tampa Bay Region: Citrus, Hernando, Hillsborough, Manatee, Pasco, Pinellas, Polk and Sarasota. These counties are shaded for distinction. The map also shows 2023 Gross Domestic Product (GDP) in billions of constant 2017 dollars and 2018-2023 growth in GDP. The 2023 GDP ranged from $5.1 billion (Citrus County) to $115.8 billion (Hillsborough County) and averaged $35.2 billion. For 2018-2023 GDP growth, it ranged from 20.23% (Pinellas County) to 35.44% (Pasco County) averaged 26.58%.

Published
February 4, 2025

Contact
Yassert A. Gonzalez – Manager – Economics, Demographics & Research – 813-582-7356 (o) – [email protected] – planhillsborough.org

Last updated
February 10, 2025

When discussing the economy, we often hear about national or state trends. But what about the local economy? Wonder no more! This blog examines county and state gross domestic product (GDP) numbers to see how our region is performing.

Key Takeaways

  1. Since 2018, Hillsborough’s GDP has grown 28% to $115.77 billion
  2. Since 2018, the Tampa Bay Region’s economy has grown 25% to $281.5 billion.
  3. Since 2018, Florida’s economy has grown 23% to $1.3 trillion.
  4. Hillsborough (4), Pinellas (7), and Polk (10) ranked in the top 10 of the largest county economies in Florida

About the Gross Domestic Product Data

GDP represents the total monetary value of goods and services produced in a specific area over a defined period. The data in this blog comes from the Bureau of Economic Analysis’ CAGDP1 County and MSA Gross Domestic Product (GDP) Summary. Figures are presented in constant 2017 dollars. We focus on GDP figures from 2013, 2018, and 2023 to assess economic growth over five- and ten-year periods.

While GDP is correlated with income, strong economic growth does not always translate to rising wages. In our next blog, we will analyze personal income per capita to get a clearer picture of economic well-being.

Tampa Bay Region Counties

Over one-fifth of Florida’s GDP originates from the Tampa Bay Region. The region’s economy grew faster between 2018-2023 (25.36%) than during 2013-2018 (17.36%).

At the county level, GDP growth from 2018 to 2023 ranged from 20.23% (Pinellas) to 35.44% (Pasco), averaging 26.58%. Hillsborough County leads the region with a GDP of $115.8 billion, nearly double that of Pinellas ($60.1 billion). While Citrus County’s economy contracted by 2.1% between 2013-2018, it rebounded strongly, growing 27.64% from 2013-2023.

Except for Sarasota County, all counties in the region experienced faster growth between 2018-2023 compared to 2013-2018. Sarasota County’s growth declined from 28.85% (2013-2018) to 23.17% (2018-2023), yet it still saw a total increase of 58.71% over the last decade.

Overall, the Tampa Bay region outpaced Florida’s economic growth between 2018-2023 (25.36% vs. 23.07%) but slightly trailed over the ten-year period (46.88% vs. 47.13%).

Table 1. Tampa Bay Region Counties – 2013, 2018, and 2023 Gross Domestic Product in Billions of Constant 2017 Dollars

Area2013201820232013-2018 Percent Change2018-2023 Percent Change2013-2023 Percent Change
Citrus4.03.95.1-2.11%30.39%27.64%
Hernando3.74.25.315.38%25.57%44.88%
Hillsborough77.190.8115.817.75%27.57%50.22%
Manatee12.114.919.223.57%28.71%59.05%
Pasco11.013.017.718.36%35.44%60.31%
Pinellas44.550.060.112.44%20.23%35.18%
Polk22.626.532.217.28%21.59%42.60%
Sarasota16.521.326.228.85%23.17%58.71%
Tampa Bay Region191.4224.6281.517.36%25.36%47.13%
Florida880.21,050.41,292.819.34%23.07%46.88%

Figure 1a. Citrus, Hernando, Hillsborough, and Manatee Counties – 2013, 2018, and 2023 Gross Domestic Product in Billions of Constant 2017 Dollars

This bar chart shows gross domestic product (GDP) in billions of constant 2017 dollars by county for 4 counties in the Tampa Bay Region: Citrus, Hernando, Hillsborough, and Manatee. In Citrus, GDP was $4.0 billion in 2013. It declined slightly to $3.9 billion in 2018 and increased to $5.1 billion in 2023. In Hernando, GDP was $3.7 billion in 2013. It increased to $4.2 billion in 2018 and increased again to $5.3 billion in 2023. In Hillsborough, GDP was $77.1 billion in 2013. It increased to $90.8 billion in 2018 and increased again to $115.8 billion in 2023. In Manatee, GDP was $12.1 billion in 2013. It increased to $14.9 billion in 2018 and increased again to $19.2 billion in 2023.
This bar chart shows gross domestic product (GDP) in billions of constant 2017 dollars by county for 4 counties in the Tampa Bay Region: Citrus, Hernando, Hillsborough, and Manatee. In Citrus, GDP was $4.0 billion in 2013. It declined slightly to $3.9 billion in 2018 and increased to $5.1 billion in 2023. In Hernando, GDP was $3.7 billion in 2013. It increased to $4.2 billion in 2018 and increased again to $5.3 billion in 2023. In Hillsborough, GDP was $77.1 billion in 2013. It increased to $90.8 billion in 2018 and increased again to $115.8 billion in 2023. In Manatee, GDP was $12.1 billion in 2013. It increased to $14.9 billion in 2018 and increased again to $19.2 billion in 2023.

Figure 1b. Pasco, Pinellas, Polk, and Sarasota Counties – 2013, 2018, and 2023 Gross Domestic Product in Billions of Constant 2017 Dollars

This bar chart shows gross domestic product (GDP) in billions of constant 2017 dollars by county for 4 counties in the Tampa Bay Region: Pasco, Pinellas, Polk, and Sarasota. In Pasco, GDP was $11.0 billion in 2013. It increased to $13.0 billion in 2018 and increased again to $17.7 billion in 2023. In Pinellas, GDP was $44.5 billion in 2013. It increased to $50.0 billion in 2018 and increased again to $60.1 billion in 2023. In Polk, GDP was $22.6 billion in 2013. It increased to $26.5 billion in 2018 and increased again to $32.2 billion in 2023. In Sarasota, GDP was $16.5 billion in 2013. It increased to $21.3 billion in 2018 and increased again to $26.2 billion in 2023.
This bar chart shows gross domestic product (GDP) in billions of constant 2017 dollars by county for 4 counties in the Tampa Bay Region: Pasco, Pinellas, Polk, and Sarasota. In Pasco, GDP was $11.0 billion in 2013. It increased to $13.0 billion in 2018 and increased again to $17.7 billion in 2023. In Pinellas, GDP was $44.5 billion in 2013. It increased to $50.0 billion in 2018 and increased again to $60.1 billion in 2023. In Polk, GDP was $22.6 billion in 2013. It increased to $26.5 billion in 2018 and increased again to $32.2 billion in 2023. In Sarasota, GDP was $16.5 billion in 2013. It increased to $21.3 billion in 2018 and increased again to $26.2 billion in 2023.

Figure 1c. Hillsborough County, Tampa Bay Region, and Florida – 2013, 2018, and 2023 Gross Domestic Product in Billions of Constant 2017 Dollars

This bar chart shows gross domestic product (GDP) in billions of constant 2017 dollars for Hillsborough County, Tampa Bay Region, and Florida. In Hillsborough County, GDP was $77.1 billion in 2013. It inceased to $90.8 billion in 2018 and increased again to $115.8 billion in 2023. In Tampa Bay Region, GDP was $191.4 billion in 2013. It increased to $224.6 billion in 2018 and increased again to $281.5 billion in 2023. In Florida, GDP was $880.2 billion in 2013. It increased to $1.05 trillion in 2018 and increased again to $1.3 trillion in 2023.
This bar chart shows gross domestic product (GDP) in billions of constant 2017 dollars for Hillsborough County, Tampa Bay Region, and Florida. In Hillsborough County, GDP was $77.1 billion in 2013. It inceased to $90.8 billion in 2018 and increased again to $115.8 billion in 2023. In Tampa Bay Region, GDP was $191.4 billion in 2013. It increased to $224.6 billion in 2018 and increased again to $281.5 billion in 2023. In Florida, GDP was $880.2 billion in 2013. It increased to $1.05 trillion in 2018 and increased again to $1.3 trillion in 2023.

Figure 1d. Tampa Bay Region Counties –2023 Gross Domestic Product in Billions of Constant 2017 Dollars and 2018-2023 GDP Growth

This map shows the 8 counties in the Tampa Bay Region: Citrus, Hernando, Hillsborough, Manatee, Pasco, Pinellas, Polk and Sarasota. These counties are shaded for distinction. The map also shows 2023 Gross Domestic Product (GDP) in billions of constant 2017 dollars and 2018-2023 growth in GDP. The 2023 GDP ranged from $5.1 billion (Citrus County) to $115.8 billion (Hillsborough County) and averaged $35.2 billion. For 2018-2023 GDP growth, it ranged from 20.23% (Pinellas County) to 35.44% (Pasco County) averaged 26.58%.
This map shows the 8 counties in the Tampa Bay Region: Citrus, Hernando, Hillsborough, Manatee, Pasco, Pinellas, Polk and Sarasota. These counties are shaded for distinction. The map also shows 2023 Gross Domestic Product (GDP) in billions of constant 2017 dollars and 2018-2023 growth in GDP. The 2023 GDP ranged from $5.1 billion (Citrus County) to $115.8 billion (Hillsborough County) and averaged $35.2 billion. For 2018-2023 GDP growth, it ranged from 20.23% (Pinellas County) to 35.44% (Pasco County) averaged 26.58%.

Florida Counties

Among Florida’s 67 counties, GDP in 2013 ranged from $0.15 billion (Lafayette) to $136.40 billion (Miami-Dade), averaging $13.14 billion. In 2013-2018, 61 counties saw economic growth. Meanwhile, six rural counties experienced GDP declines. By 2018, GDP had grown. It ranged from $0.1565 billion (Lafayette) to $166.50 billion (Miami-Dade), averaging $15.68 billion. From 2018-2023, GDP expanded in 66 of 67 counties, ranging from 3.93% (Bradford) to 104.75% (Liberty), averaging 25.91%. The only county with negative growth was Taylor County (-4.54%). By 2023, GDP had grown again. It ranged from $0.21 billion (Lafayette) to $192.8 billion (Miami-Dade), averaging $19.30 billion.

Over the ten-year span (2013-2023), every county but Taylor saw economic expansion, with growth ranging from 11.04% (Franklin) to 120.70% (Okeechobee) and averaging 44.51%. Taylor County declined 8.6%. Hillsborough, Pinellas, and Polk Counties consistently ranked amongst the 10 largest county economies in Florida. Hillsborough, Manatee, Pasco, and Sarasota Counties each saw their GDP rise by over 50% since 2013. Pasco and Sarasota Counties were the only two Tampa Bay Region counties to rank among Florida’s ten fastest-growing counties.

Figure 2a. Florida Counties – 2013 Gross Domestic Product in Billions of Constant 2017 dollars

This map shows Florida's 67 Counties. They are shaded by the level of 2013 Gross Domestic Product (GDP) in billions of constant 2017 dollars. The Top 10 Counties with highest 2013 GDP were (in descending order): Miami-Dade, Broward, Orange, Hillsborough, Palm Beach, Duval, Pinellas, Lee, Polk, and Brevard. Their 2013 GDP ranged from $21 billion (Brevard) to $136.40 billion (Miami-Dade) and averaged $62.36 billion.
This map shows Florida’s 67 Counties. They are shaded by the level of 2013 Gross Domestic Product (GDP) in billions of constant 2017 dollars. The Top 10 Counties with highest 2013 GDP were (in descending order): Miami-Dade, Broward, Orange, Hillsborough, Palm Beach, Duval, Pinellas, Lee, Polk, and Brevard. Their 2013 GDP ranged from $21 billion (Brevard) to $136.40 billion (Miami-Dade) and averaged $62.36 billion.

Figure 2b. Florida Counties – 2013-2018 Percent Growth in Gross Domestic Product

This map shows Florida's 67 Counties. They are shaded by the 2013-2018 percent change in Gross Domestic Product (GDP). In 2013-2018, the 10 counties with the fastest growing GDP were (in descending order): St. Johns, Osceola, Sarasota, Walton, Levy, Hamilton, Seminole, Indian River, Glades, and Collier. Their 2013-2018 percent change in GDP ranged from 25.46% (Collier) to 35.86% (St. Johns) and averaged 27.75%. In 2013-2018, six counties did not experience growth in GDP: Citrus, Hardee, Jefferson, Putnam, Taylor, and Union. Their GDP declined from 0.85% (Hardee County) to 4.25% (Taylor County) and averaged 2.51%.
This map shows Florida’s 67 Counties. They are shaded by the 2013-2018 percent change in Gross Domestic Product (GDP). In 2013-2018, the 10 counties with the fastest growing GDP were (in descending order): St. Johns, Osceola, Sarasota, Walton, Levy, Hamilton, Seminole, Indian River, Glades, and Collier. Their 2013-2018 percent change in GDP ranged from 25.46% (Collier) to 35.86% (St. Johns) and averaged 27.75%. In 2013-2018, six counties did not experience growth in GDP: Citrus, Hardee, Jefferson, Putnam, Taylor, and Union. Their GDP declined from 0.85% (Hardee County) to 4.25% (Taylor County) and averaged 2.51%.

Figure 3a. Florida Counties – 2018 Gross Domestic Product in Billions of Constant 2017 dollars

This map shows Florida's 67 Counties. They are shaded by the level of 2018 Gross Domestic Product (GDP) in billions of constant 2017 dollars. The Top 10 Counties with highest 2018 GDP were (in descending order): Miami-Dade, Broward, Orange, Hillsborough, Palm Beach, Duval, Pinellas, Lee, Polk, and Brevard. Their GDP ranged from $25.24 billion (Brevard County) to $166.50 billion (Miami-Dade) and averaged $74.79 billion.
This map shows Florida’s 67 Counties. They are shaded by the level of 2018 Gross Domestic Product (GDP) in billions of constant 2017 dollars. The Top 10 Counties with highest 2018 GDP were (in descending order): Miami-Dade, Broward, Orange, Hillsborough, Palm Beach, Duval, Pinellas, Lee, Polk, and Brevard. Their GDP ranged from $25.24 billion (Brevard County) to $166.50 billion (Miami-Dade) and averaged $74.79 billion.

Figure 3b. Florida Counties – 2018-2023 Percent Growth in Gross Domestic Product

This map shows Florida's 67 Counties. They are shaded by the 2018-2023 percent change in Gross Domestic Product (GDP). In 2018-2023, the 10 with the fastest growing GDP were (in descending order): Liberty, Okeechobee, Sumter, Walton, Flagler, Nassau, St. Johns, Pasco, Lafayette, and Osceola. Their 2013-2018 percent change in GDP ranged from 33.06% (Osceola County) to 104.75% (Liberty) and averaged 53.3%. In 2018-2023, Taylor County's GDP was the only county whose GDP did not grow. Its GDP shrunk 4.54%.
This map shows Florida’s 67 Counties. They are shaded by the 2018-2023 percent change in Gross Domestic Product (GDP). In 2018-2023, the 10 with the fastest growing GDP were (in descending order): Liberty, Okeechobee, Sumter, Walton, Flagler, Nassau, St. Johns, Pasco, Lafayette, and Osceola. Their 2013-2018 percent change in GDP ranged from 33.06% (Osceola County) to 104.75% (Liberty) and averaged 53.3%. In 2018-2023, Taylor County’s GDP was the only county whose GDP did not grow. Its GDP shrunk 4.54%.

Figure 4a. Florida Counties – 2023 Gross Domestic Product in Billions of Constant 2017 dollars

This map shows Florida's 67 Counties. They are shaded by the level of 2023 Gross Domestic Product (GDP) in billions of constant 2017 dollars. The Top 10 Counties with highest 2023 GDP were (in descending order): Miami-Dade, Broward, Orange, Hillsborough, Palm Beach, Duval, Pinellas, Lee, Brevard, and Polk. Their GDP ranged from $32.16 billion (Polk County) to $192.81 billion (Miami-Dade) and averaged $91.44 billion.
This map shows Florida’s 67 Counties. They are shaded by the level of 2023 Gross Domestic Product (GDP) in billions of constant 2017 dollars. The Top 10 Counties with highest 2023 GDP were (in descending order): Miami-Dade, Broward, Orange, Hillsborough, Palm Beach, Duval, Pinellas, Lee, Brevard, and Polk. Their GDP ranged from $32.16 billion (Polk County) to $192.81 billion (Miami-Dade) and averaged $91.44 billion.

Figure 4b. Florida Counties – 2013-2023 Percent Growth in Gross Domestic Product

This map shows Florida's 67 Counties. They are shaded by the 2013-2023 percent change in Gross Domestic Product (GDP). In 2013-2023, the 10 with the fastest growing GDP were (in descending order): Okeechobee, Liberty, Sumter, St. Johns, Walton, Flagler, Osceola, Nassau, Collier, and Pasco. Their 2013-2023 percent change in GDP ranged from 60.31% (Pasco County) to 120.69% (Okeechobee) and averaged 83.70%. In 2013-2023, only Taylor County experienced a decline in GDP (8.6%).
This map shows Florida’s 67 Counties. They are shaded by the 2013-2023 percent change in Gross Domestic Product (GDP). In 2013-2023, the 10 with the fastest growing GDP were (in descending order): Okeechobee, Liberty, Sumter, St. Johns, Walton, Flagler, Osceola, Nassau, Collier, and Pasco. Their 2013-2023 percent change in GDP ranged from 60.31% (Pasco County) to 120.69% (Okeechobee) and averaged 83.70%. In 2013-2023, only Taylor County experienced a decline in GDP (8.6%).

Conclusion

The Tampa Bay Region has experienced significant economic growth, outpacing Florida in many respects. Since 2013, the region’s economy expanded by 47.13%, with 25.36% of that growth occurring in the last five years. Hillsborough County remains the region’s economic leader with a GDP of $115.77 billion, ranking fourth in Florida. Pinellas ($60.13 billion) and Polk ($32.16 billion) also contribute significantly to the state’s economy.

Looking ahead, we will explore how this economic growth has impacted personal income levels. Stay tuned for our next blog on personal income per capita in Tampa Bay and Florida!

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