Tampa Bay to add more manufacturing jobs

The City of Tampa is looking to add some new manufacturing jobs as it announced on Nov. 21 that a General Electric subsidiary and medical device company will take up residence in the Tampa Bay area.

New jobs in the entire area
The Tampa Tribune reported that the GE subsidiary, Instrument Transformer Inc., will add 263 jobs in Clearwater while the medical device company Covidien will have 165 jobs in Riverview. The Tampa Bay area has seen other job announcements over the past year. Amazon, USAA and Bristol-Meyers Squibb have all announced plans to increase their number of jobs in Tampa Bay. The Nov. 21 announcement has gotten many experts excited. Rick Homans, chief of the Tampa Hillsborough Economic Development Crop. Told the Tampa Tribune he is excited about the job growth.

"When you can win a manufacturing project that also has significant capital investment with it, that's putting some good roots in the community," Homans said. "They're making a serious investment in being here."

Covidien looks to expand
Homans was part of the group that helped lure Covidien to Riverview. Gov. Rick Scott said in a statement that he couldn't be happier to have Covidien be in the Tampa Bay area.

"Covidien's decision to expand their medical device manufacturing footprint in the state is great news for Florida families," Scott said. "After our elimination of the sales tax on manufacturing equipment, job-creating businesses like Covidien are choosing Florida to expand and grow."

Tax incentives are one of the main reasons why Covidien selected Riverview as its new location. The Tampa Bay Times reported that tax incentives from Hillsborough County and the state will be divided out over the next eight years.

IT company looks to increase its existing facility
Instrument Transformer Inc. already has 463 employees at its Tampa location and the newest addition will look to have 263 employees and invest $49 million in its Clearwater location. The Tampa Tribune reported that like Covidien, one of the main reasons IT came down to Tampa was because of the tax incentives. The company wishes for a 75 percent tax break over the next 10 years on its facility. Clearwater Economic Development Director Geri Lopez said that these savings will vary by the end of the 10-year agreement, but hopes the company will save around $1.4 million.