Every week, according to Nielsen, Tampa Bay radio reaches 2,226,951 adults. This is more consumers than use any other medium, including local TV, local cable, streaming video, social media, online audio, and newspapers.

Reach, though, is only one component used to calculate ratings.  The other metric that contributes to the rating formula is the time spent using each medium. So, although for the past 10 years, AM/FM radio's reach has been significantly higher than the reach of local TV, consumers spent considerably more time watching TV. As a result of the math, TV has enjoyed higher ratings than radio.

For the first time, however, AM/FM radio ratings have exceeded local TV ratings by three percent among the key advertising demographic of 18-49-year-olds, according to Nielsen's Total Audience Data for the third quarter of 2023.

In the Tampa Bay area, there are 1,243,935 18-49-year-olds, the majority of whom are millennials, a generation that now accounts for nearly one-third of all retail spending.

Tampa Bay radio reaches more local consumers each week than any other advertising medium.

According to Nielsen, 2,226,951 adults tune in to their favorite AM/FM stations every week.  This is significantly more consumers than are reached by Tampa Bay TV, cable, streaming video, streaming audio, social media, or newspapers.

AM/FM radio's dominance among local consumers is driven, in large part, by the 2.5 million Tampa Bay area adults who take to the road in their car or truck every week, according to Neilsen.

Over the next 12 months, according to Nielsen, 337,945 Tampa Bay area households plan to buy furniture and mattresses. Based on a per capita forecast from Furniture Today, these expenditures will total $1.29 billion during 2023, a $23.5 million dollar increase over 2022.

Although the forecast growth of furniture and bedding sales is expected to moderate a bit versus 2021, what retailer would not want to grab a share of the multi-million dollar category growth this year?

To capture a bigger share of the increased spending on chairs, couches, beds, tables, and mattresses will require local stores to invest in marketing. And according to most key metrics, the best way to reach local furniture buyers is with advertising on Tampa Bay radio.

Tampa Bay area construction companies will need to recruit 5,580 more workers in 2023 in addition to the normal pace of hiring. This forecast is a per capita estimate based on research from Associated Builders and Contractors (ABC).  

The frenetic pace of recruiting construction workers in Tampa Bay is expected to extend into 2024, with an incremental 3,311 workers needed next year, as well, in addition to the normal pace of hiring.

Overall, the demand for construction workers in America has been increasing at an epic rate.

According to ABC, the construction industry averaged more than 390,000 job openings per month in 2022, the highest level on record, and the industry unemployment rate of 4.6% in 2022 was the second lowest on record, higher than only the 4.5% unemployment rate observed in 2019. In addition, national payroll construction employment was 231,000 higher in December 2022 than in December 2021.

Right now, filling open jobs at any Tampa Bay company is a struggle.

A recent survey by the National Federation of Independent Business Owners found that after inflation, the most critical problem facing these businesses is the inability to recruit and retain quality employees.

Right now, says the Federal Reserve,  unfilled jobs remain near an all-time with 1.7 openings per unemployed person.  As a result, only one person is being hired per every four job openings.  To put this dismal hire-to-opening ratio in perspective, ten years ago, there was one hire per every job opening.

Compounding the recruitment woes of Tampa Bay's small business owners is the very stubborn quit rate.  According to the Federal Reserve, for every ten hires made, seven current employees quit. 

So, how can local builders and contractors fill the open jobs at their companies? Most metrics indicate that advertising on Tampa Bay Radio may be the best way.

Tampa Bay business owners should brace for a sweet Valentine's Day in 2023.

Based on per capita spending forecasts from the National Retail Federation (NRF), Tampa Bay area consumers are expected to spend $264.7 million on their Valentines this year, 8.4% more than they did in 2022.

Overall, says the NRF, 52% of consumers plan to celebrate Valentine's day this year. On average, each celebrant will spend $192.80 on holiday gifts and outings. This is $17 more than last year.  Here is the most interesting part, though.

"While spending on significant others and family members is in line with last year, many consumers are looking to show appreciation for the other meaningful relationships in their lives," says the NRF. "Of the $17 increase in per-person spending, $14 comes from gifts for pets, friends, and co-workers, along with classmates or teachers."

123,853 Tampa Bay area companies fit the description of being a small business, according to the US Census Bureau.  A recent survey by the National Federation of Independent Business Owners found that after inflation, the most critical problem facing these businesses is the inability to recruit and retain quality employees.

Right now, says the Federal Reserve,  unfilled jobs remain near an all-time with 1.7 openings per unemployed person.  As a result, only one person is being hired per every four job openings.  To put this dismal hire-to-opening ratio in perspective, ten years ago, there was one hire per every job opening.

Compounding the recruitment woes of Tampa Bay's small business owners is the very stubborn quit rate.  According to the Federal Reserve, for every ten hires made, seven current employees quit. 

Although the labor crunch affects Tampa Bay business owners of every size, nearly half of all job vacancies are at companies with fewer than 50 employees.

So what is the best way for local small business owners to attract qualified candidates to fill open jobs?  Most metrics indicate that advertising on Tampa radio may be the optimal choice.

The combined weekly reach of Tampa Bay's broadcast television stations has slipped to 66.2% of all adults, according to Nielsen. These stations include WFLA, WTSP, WTVT, WFTS, WEDU, and WFXT.  

The combined Tampa Bay TV audience now falls behind cable programming at 76.6% and streaming platforms at 66.3%. To put this virtual dead heat into perspective, none of the three video media is a match for Tampa Bay radio which reaches more than 84.4% of local adults every week.

But although the reach of broadcast TV, cable, and streaming are neck-and-neck, the share of time consumers spend with each of these media is dramatically different.

Tampa Bay area business owners have an abundance of options for marketing their goods and services to local consumers. New research from Nielsen, however, indicates that advertising on Tampa radio is still the best way to reach local shoppers.

Every week, according to Nielsen, Tampa radio reaches 2.2 million adults. This is significantly more than are reached by social media, local TV stations and cable systems, newspapers, streaming video and audio, and podcasts.

In addition to listening to their favorite Tampa radio stations over the air, Nielsen reports that 647,443 adults also listen to local stations online every month.

As a matter of fact, according to a study conducted by Edison Research during the third quarter of 2022, among Adults 25-54, 17% of all time spent listening to local AM/FM stations occurs online. This share of online listening has nearly doubled since 2016.

Economic concerns among Tampa Bay area consumers are not expected to subdue holiday shopping in in 2022.  Based on forecasts from The National Retail Federation, local shoppers are projected to spend at least $9.6 billion this year. This would be 6% more than was spent in 2021.

“While consumers are feeling the pressure of inflation and higher prices, and while there is continued stratification with consumer spending and behavior among households at different income levels, consumers remain resilient and continue to engage in commerce,” NRF President and CEO Matthew Shay said. “In the face of these challenges, many households will supplement spending with savings and credit to provide a cushion and result in a positive holiday season.”

The biggest challenge facing Tampa Bay business owners is keeping holiday spending local. NRF expects 10-12% of purchases to happen online from retailers like Amazon and Walmart.

To lay claim to this expanding pool of holiday spending,  and keep business local, small business owners will need advertising. By, most marketing metrics, the best way to advertise is on Tampa Bay radio.