Some highlights from the latest Tampa Bay Economic Indicators Report published by Florida Communications Group Research:
- Unemployment rates continue to be high in the Tampa Bay market – ending the second quarter with a 12.1% rate – higher than the national unemployment rate of 9.6%.
- Total home sales for the first six months of 2010 were up by 14.3% in Hillsborough County.
- New auto sales showed positive signs of improvement and were up by 14.0% in the Tampa DMA and 14.1% in Hillsborough County.
- Taxable retail sales – a major barometer in measuring consumer spending – were down 0.7% in the Tampa DMA and by 1.4% in Hillsborough County. However, one positive note was that retail sales from March through June were starting to level off, indicating that sales may finish the year flat compared to 2009.
I’ve been experimenting with using Prezi as a new presentation module alternative to the typical Powerpoint presentation you see so often in the business world. This presentation was oriented towards political, using our basic media kit, but adding in some political statistics and information. Take a look, and let me know what you think!
Here is the Florida Communication Group Research Department’s Key Economic Indicators report for the Tampa Bay market in first quarter 2010. We are definitely seeing some nice indicators of improvement across the board. Home sales, automotive sales and retail sales are showing growth, while the Tampa Bay unemployement rate is down slightly from the highs of the last two months.
Unemployment rates continue to be high in the Tampa Bay market – ending the first quarter with a 12.7% rate. However, that 12.7% is down about 1/2 a percentage point from highs of 13.2% seen in January and February of this year.
Total home sales are on the rise, up by 18.5% in Hillsborough County
Number of Homes Sold in Hillsborough County
Taxable retail sales were down for the 1st quarter by 2.6% in the Tampa Bay DMA and by 4.5% in Hillsborough County. However, one positive trend was retail sales for March 2010 which showed a slight increase of 1.7% in both the Tampa DMA and in Hillsborough County – the first monthly increase in more than two years.
Each year, WFLA partners with All Children’s Hospital to air a weekend-long telethon. The 2010 All Children’s Hospital Telethon this past weekend was one of the biggest celebrations in their 27-year history.
In these difficult economic times, WFLA helped raise
for All Children’s Hospital, a testimony to our combined talents, platforms, hard work and dedication. There is no one in the country that can annually put on 22 continuous hours of television for 27 years as professionally and flawlessly as we can.
Since 1984 we have raised almost $74 million dollars for All Children’s Hospital and year after year we are constantly honored as one of the top producing markets for the Children’s Miracle Network.
Donations to All Children’s Hospital are still being accepted at http://www.allkids.org/teleth_homepage.cfm?id=214.
According to the Tampa Bay Partnership, the Tampa Bay region’s economy ranked third in overall strength in comparison of six major Southern cities. The Tampa Bay Partnership, a regional economic development group, released its economic scorecard for fall 2009. The twice yearly scorecard measures the Tampa area against five large metro areas in the South: Atlanta, Dallas, Jacksonville, and Raleigh-Durham and Charlotte, N.C.
Overall, the Tampa area finished third out of the six economies, which was the same score it got in spring 2009. Raleigh-Durham finished first, propelled by its educated work force and high-paying jobs. Atlanta finished last, dragged down by a loss of 140,500 jobs from fall 2008 through fall 2009.
The economic scorecard measures the six regional economies on six economic indicators. For example, the Tampa area scored last in the housing category. It was hurt by its big drop-off in housing permits. Between the third quarter of 2008 and the same period in 2009, housing permits fell 51 percent in the Tampa area. The Tampa area also has the least affordable apartments, when comparing rents with the Tampa area’s median household income.
Not known for its high-tech industries, the Tampa area also suffered in the scorecard’s innovation category, finishing fifth. It was dragged down, in part, by the relatively few patents issued to Tampa area individuals or businesses. The Tampa area received 0.58 patents per 10,000 workers in the third quarter of 2009. By comparison, Raleigh-Durham received 4.25 patents per 10,000 workers.
The Tampa area was the only one to log an increase in average wages between the first quarter of 2008 and the first quarter of 2009, the latest period for which information was available. Over that year, the Tampa area’s average wages rose 0.38 percent and every other city saw its wages fall.
How Regional Economy Measures Up
(Rankings are for the most recent period, Fall 2009)
The Tampa Bay Partnership ranks the Tampa area against five other Southern metropolitan areas on economic factors. In its newly published fall 2009 ranking, the Tampa area finished third overall.
|Employment and work force||4||6||5||1||3||2|
|Income and productivity||2||5||6||1||4||2|
Source: Reprinted from The Tampa Tribune Business section, 1/29/10
I’ve read a lot of marketing research lately on Set Top Boxes and how they could possibly be a replacement for Nielsen ratings. Each time my VP of Marketing or my company president contacts me to ask my opinion, I have to deliver a solid “Unsure” answer.
One of the main companies providing this service is Rentrak. The idea is that Rentrak will partner with a Satellite cable provider such as Dish Network and a cable provider (currently they are working with AT&T, I believe), and capture reams of data on what the digital cable boxes that connect to our TV sets are tuned into. The theory is that there are thousands of set top boxes in any given DMA, and in the best of circumstances, competitor Nielsen only has hundreds of boxes.
Here is a situation where more is not necessarily better. For example, although Nielsen only has 610 homes in its Tampa sample at any one time, extensive statistical analysis has been run on our market to prove that number will provide statistically relevant results with low standard of error. Beyond 610 homes, it doesn’t matter if you have 1200 homes or 12,000 homes, you’re not going to significantly improve the standard of error on any particular rating. In addition, I know to a day, the demographic composition of each of those 610 homes, and I know that sample is very closely matched to represent the market demographics, in terms of age, cable/satellite usage, children in home, race and geography.
Nielsen’s Pat Ligouri made an excellent point in a Media Post article this week:
In a DMA where a telco’s STB HHs represent only 8% of the market’s TV HHs, you will not get a complete picture of tuning activity, especially if those STB HHs are clustered geographically or if the telco’s subscribers have specific age, income, or other characteristic skews that don’t mirror those of the DMA.
Secondly, I have concerns about limiting TV measurement to only homes with these digital cable boxes. Again, in the Tampa market, there are over 115,000 homes that still receive cable only over the air (about 6% of the market). Even if we were to suppose that those 6% of homes won’t drastically affect the ratings one way or the other, Tampa is still a very fractioned media market. (See my earlier post about cable advertising in Tampa Bay). Currently, Tampa residents are 56% Bright House cable, 15% VerizonFIOS cable, 15% Satellite only (no cable), 8% other cable providers (such as Comcast) and 6% over the air. In order for me to comfortably accept ratings from a service such as Rentrack, I’d want to see them form partnerships with all of the cable and satellite providers that cover our market, otherwise I would fear highly skewed and inaccurate ratings.
And even IF that were to occur, I’d still want to investigate viewing patterns by TV set. For example, in my own home, I currently have only one set-top box, yet I have four televisions. The single set-top box is connected to our “main” TV, but the other three are connect in the old fashioned cable-straight-to-the-wall mode. One thing we learned during last summer’s digital transition is that viewing patterns by television differ greatly. The kinds of programming, times of viewing day and number of hours I use my main TV are very different from how I view my television in my bedroom, or how my husband uses the TV in his “mancave”. During the digital transition, many people would buy the digital converter box for their main televisions, but neglect the bedroom TV. Correspondingly, viewing levels for the TV dayparts most highly viewed on that bedroom TV (namely early morning news and the late night talk shows like Leno) dropped pretty significantly.
So, while I watch the growth of set top box ratings services like Rentrak with interest, it may be quite some time before I make a recommendation for our company to seriously consider this as a viable ratings option. Wait and see.