Aiming high: Tourism leaders pitching for Super Bowl, World Cup soccer, Republican convention

Wake up and good morning. Tourism industry leaders of Tampa and Hillsborough County vented some frustration this week over perceptions that their industry is "old economy" and a drag on Florida's ambitions to raise the employment bar by focusing more attention on recruiting higher-wage industries. Here's a column I wrote touching on that point.

(Photo: Maryann Ferenc (right, with glasses), chair of Tampa Bay & Co. and owner of Tampa's Mise En Place restaurant, and Dianne Jacob, Tampa Bay & Co. marketing chief, discuss tourism benefits. Photo by Atoyia Deans of the St. Petersburg Times.)

A couple of other interesting details emerged from the conversation with Ferenc, Jacob and Paul Catoe (right), CEO of Tampa Bay & Co. -- the former Tampa Conventions & Vistors Bureau. Catoe said there are three big events that the bay area is gunning for and the possibility of a hat trick -- all three coming here -- is heady stuff. The three are another Super Bowl, FIFA World Cup soccer matches and an upcoming Republican National Convention. We'll be hearing updates on where we stand on some of these competitive bids starting next month.

The other bit of news volunteered by Catoe is that Tampa Bay & Co. recently hired Holland & Knight senior policy adviser and former Florida governor, Bob Martinez, as its Tallahassee lobbyist. Martinez's main job, Catoe says, is to be his group's eyes and ears on matters related to the state tourism industry. The point of hiring Martinez, though, is to improve the local tourism group's political intelligence and put it more on par with other economic development groups that are spending more and more time and money trying to influence state lawmakers and regulators.

One final anecdote. Ferenc emphasized the value to the local economy of bringing events like Super Bowls. She says there are days she gets up and gives thanks to the last Super Bowl in town, which gave a big boost to area restaurants, including Mise En Place, and helped carry them through a tough summer and recession.

-- Robert Trigaux, Times Business Columnist

Synovus Bank, struggling to fix a heavy load of bad loans, sees shares tumble to year low

There's no lack of banks struggling in this economy. Some are in worse shape than others. Synovus Financial Corp., parent of Synovus Bank, based in Georgia but with more than two dozen branches sprawled along Florida's gulf coast in Tampa Bay south to Naples, is one of them. Synovus shows more and more signs of distress, including a 52-week low on its stock today that's down 10 percent and hovering near $1.60. Shares of the company have fallen 57 percent in the last three months.

Last Friday, Synovus felt compelled to issue a statement saying it was not under the thumb of bank regulators (always a bad sign for banks) and that its capital position was okay. Here's the statement:

"In response to recent questions, Synovus Financial Corp. (NYSE: SNV) today reaffirms that it is not under a regulatory requirement to raise additional capital. The company’s capital position remains strong.  Synovus is considered well-capitalized by regulatory standards and its ratios compare favorably to those of its peers. As of September 30, 2009, Synovus’ Tier 1 Capital Ratio was 10.48 percent compared to the regulatory minimum of 6.00 percent to be considered well-capitalized.  The company’s Total Risk-Based Capital Ratio of 13.84 percent is well above regulatory minimums of 10.00 percent."

And here's what Synovus Chairman and CEO Richard Anthony (in photo) added in a comment:

"Synovus continues to manage credit in a proactive and aggressive manner. Given our strength of capital combined with our continued focus on disposing of non-performing assets and improvements in core operating results, we remain confident in our belief that we have the opportunity to achieve profitability during 2010."

So that's what the bank is saying. What are others saying?

* They point to the last three quarters of losses -- heavy losses -- by Synovus. That includes a net loss for the third quarter of 2009 of $423.7 million, or $1.27 per common share; a net loss for the second quarter of 2009 of $586.9 million, or $1.82 per common share, and a first-quarter 2009 loss of $136.7 million, or 46 cents per common share. That's more than $1 billion lost in less than one year.

* Last week, Synovus shares tumbled to their lowest point in more than 17 years -- though that figure was eclipsed today with a new low. Last week's decline came after a Morgan Keegan analyst downgraded the regional bank, saying government pressure for banks to build capital reserves as well as ongoing credit issues will pressure the stock. Analyst Robert Patten cut his projection for 2010 to a loss of $1.10 per share from 75 cents per share because of the expected cost of bad debt provisions.

* Synovus has been one of the more aggressive sellers of bad loans, a strategy to dump a weak balance sheet to raise money and lower the bank's high percentage of bad assets. The bank shed some $339 million worth of similarly troubled real-estate development loans and mortgages in the third quarter. The company has said it plans on selling another $261 million by year end. Read more here.

Synovus has its recovery work cut out for itself. Whenever a larger bank like Synovus watches its stock sink under $2, it's time to pay attention. We'll keep track of its progress.

--Robert Trigaux, Times Business Columnist

After 35 years, almost $25 billion in annual sales: Happy anniversary, Tech Data Corp.

Wake up and good morning. Can you believe today is the 35th anniversary of Clearwater's Tech Data Corp.? The computer parts wholesale distributor has blossomed in what seems like a short period of time into a colossus within Florida approaching $25-billion annual revenues, ranking it among the largest of businesses -- public or private -- headquartered in the state.

For all its industry clout, Tech Data remains a low-profile corporation in the Tampa Bay area, where its HQ resides just off Roosevelt Boulevard north of St. Pete-Clearwater Airport. For those who have watched Tech Data over the recent years, we've seen the transition of longtime CEO Steve Raymund (upper left) to current latest chief executive Bob Dutkowsky (right). But we've also seen a remarkable transformation of a company from a "pick, pack and ship" operation into an "integrated supply chain specialist" model where technology manufacturer and resellers rely on Tech Data as a strategic go-to-market partner. That was brought into focus again when I visited Tech Data a few weeks ago just as it was preparing for the opening day sales of Microsoft's Windows 7 operating system software.

With the help of Jarred LeFebvre at Tech Data, we thought it would be fun to take a quick peek at some highlights from Tech Data history through some photos snapped at the company (and shared with us) along the way. Few companies here have come so far, so fast. Kudos, Tech Data!
Tech Data Corporation was founded in 1974 by Edward C. Raymund, father of the company's chairman and former CEO Steve Raymund. As the history of the company states, Tech Data's original charter was to market data processing supplies directly to end users of mini (remember them?) and mainframe computers. In 1983, the company expanded its target markets and redirected efforts toward servicing microcomputer resellers as a wholesale distributor. Tech Data employed about a dozen people during its formative years and handled all customer orders from a small office/warehouse building in Clearwater, not far from the company's worldwide headquarters.

 

Here's an informal shot of Tech Data celebrating its reaching $1 billion in annual sales. That used to be a big number, though Tech Data usually rakes in more than $5 billion per quarter these days. If I am reading the banner correctly, this photo is from October 1993. To celebrate the $1 billion mark, Tech Data brought in the Busch Gardens Marching Band.

Here's a shot at one of Tech Data's early national sales meetings at which the company celebrates inking a deal to distribute Microsoft products. Remember, this was long ago in technology years, so no one at this sales event likely could have imagined what a juggernaut Microsoft would become over the decades -- even if the tech scene is changing so fast today.

Here's Tech Data's own release about its 35th anniversary.

Let's see what Tech Data's doing at its 50th anniversary. This is a company that's learned to evolve -- fast. We can hardly guess what changes are coming.

-- Robert Trigaux, Times Business Columnist

 

Two Tampa business recruiting groups share common goals and, soon, common location

The Tampa Hillsborough Economic Development Corp. -- formerly known as the Committee of One Hundred -- continues its separation from its affiliated Greater Tampa Chamber of Commerce by co-locating or sharing space with Tampa Bay & Co.

The Tampa Hillsborough EDC and Tampa Bay & Co. both work to attract new business to Tampa and Hillsborough, one by recruiting expanding or relocating businesses and the other by pitching the area as a good spot for conventions, major sporting events and tourism. Here's what Maryann Ferenc, chairman of the Tampa Bay & Co. board of directors, offered in a statement:

"We are excited about the many opportunities for collaboration that will exist with this transition.  While we serve different audiences, the message is the same, “We’ve shared ideas and worked together for years, and now we have the potential to take that collaboration to a whole new level.” 

The two organizations officially make the transition in January 2010, when the Tampa Hillsborough EDC takes residence at 401 E. Jackson St., Suite 2100, in downtown Tampa. We'll have more on this later today.

-- Robert Trigaux, Times Business Columnist

HSN CEO Grossman: Hire 'energy-givers' -- and if they can bounce on their tails, all the better

Wake up and good morning. What does HSN  (Home Shopping Network) chief Mindy Grossman have to do with Winnie the Pooh characters? A lot, according to a Q&A interview with Grossman which appeared recently in the New York Times. Here she is talking about hiring philosophy:

"There are a number of things that are really important to me. One — and people laugh that I have this philosophy — is that you only hire Tiggers. You don’t hire Eeyores.

"It doesn’t mean they have to be loud, but I need energy-givers and I have to get a feeling that this person is going to be able to inspire people. Are they going to be optimistic about where they’re going? Are they going to attract people who are like that?"

Makes sense. Tigger is bouncy and hyperactive and a positive force in the Pooh tales, while gloomy Eeyore probably needs a Prozac boost. And hiring any other "types" from the Pooh pool gets you either hesitant workers like Piglet ("Oh d-d-d-dear") or Pooh bear himself whose image of his hand in the honey pot means he probably should not work in payroll.

What else does Grossman (see photo), whose HSN empire is based in St. Petersburg, have to offer in this NYT Q&A? Here are the 5 best take-aways:

1. No Yes Men: "Will they be able to stand up to me when they believe in something? I’m very passionate. I need people who are going to be able to make me look at things in a different way. So, I have to ask those questions, like, 'Give me an instance where you really believed in something and you were able to change the course and it was successful, whatever that was.' That’s really important, because you don’t want people telling you what you already know, or not telling you what you need to know."

2. Lead for the long haul:"The company had had about seven CEO’s in the previous 10 years. What happens in that kind of situation — where you have a lot of leadership changes, changes in strategy and perhaps not the best leadership style — is that everybody freezes. It’s like Miss Havisham from 'Great Expectations.' And when someone new comes in, most people think, 'O.K., we’ll wait this one out.' So there’s an impact when someone says: 'I want to be here. Here’s why I’m here. I’m here to listen and understand what we need to do.' To create change, I knew I was going to have to change the culture down to every single person in the company. You can’t do that if you’re not accessible to every person."

3. Why do you still work here? "One of the first questions I would ask is, 'What’s HSN?' Anyone who said, 'Oh, it’s just a television shopping network,' was not going to get where we were going. I asked what they thought of our customers, and anybody who talked down was never going to get it. I asked what drove them, what they were passionate about. You wanted to hear, from someone inside, why they were here, why they came and why they stayed. I still ask that question. I have lunch every month with people who have celebrated 5-, 10-, 15- and 25-year anniversaries. It’s one of my favorite things to do. I ask the same questions: 'Why are you here, and why are you staying?' " 

4. Know why you get up in the morning: "One, take the time to absolutely find what makes you excited to wake up in the morning. Take the time. You don’t have to decide in five minutes. Two, don’t be afraid to take risks, but know when there’s a difference between risk and suicide. Know what that line is for you, because everybody is different. Three, be very, very watchful, careful and cognizant of who you want to work with and for, and make sure that that is aligned with your values, because that’s going to make you feel whole."

5. Look for leaders: "I’ve hired incredible, top-school M.B.A.’s and I’ve had to fire some, too. It was never because of intelligence. It was never because of business acumen. It was because of their inability to motivate, relate to and inspire people. When I hire people, I love to see practical work experience, even prior to an M.B.A., so people who have lived in the real world don’t see the job as a hypothetical case study. Business is a case study every single day, but you have to be able to get the nuances."

Here's the full interview with Grossman.

-- Robert Trigaux, Times Business Columnist

83 Degrees, new weekly upbeat online magazine for greater Tampa Bay, goes live

As of this afternoon, Tampa Bay's finally got a new weekly online magazine with an upbeat message: 83 Degrees. It's a wee bit later than originally touted -- we first blogged about it in July -- but we're glad it's arrived. Here's the first issue.

"Today's the big day!" publisher and managing editor Diane Egner (in photo) emailed to me today. Here's how Egner, a former Tampa Tribune writer and editor, describes its origins -- including the choice of publication name:

"The name 83 Degrees emerged simply enough at sunset on a perfect day in April 2009 among a small group of early adaptors to the concept of creating a new weekly online magazine to showcase the region's success stories.

We were gathered around three tables on the balcony of the Columbia Cafe at the newly opened Tampa Bay History Center talking about the magazine's plans to showcase Tampa Bay's TIDE - Talent, Innovation, Diversity, Environment - and how we would shape its content.

"Sipping a round of Ybor Gold, Mojitos and Sangria in a toast to the city's culture and its surroundings, we talked about what unites Hillsborough, Pinellas, Polk, Pasco, Hernando, Manatee and Sarasota counties, and how the media plays a role in the mood of a region as well as in how it is perceived elsewhere."

The magazine's parent is Detroit-based Issue Media Group. And here's a link to see the rest of the magazine's staff.

The first issue looks at creative arts growth in Sarasota, how former hotels, churches and factories are being converted into new condos and loft apartments in Tampa and St. Petersburg, a preview of A Color Purple at Ruth Eckerd Hall in Clearwater and a Q&A with Draper Lab's Len Polizzotto.

Who's bankrolling 83 Degrees? Who isn't? The founding partners are these area economic development groups, institutions, companies and cities: the Tampa Bay Partnership, Tampa Bay Workforce Alliance, University of Tampa, Tampa Bay Arts Coop (c/o Tampa Bay & Co.), Tampa Hillsborough Economic Development Corp. (just renamed from the Tampa Committee of One Hundred); Pinellas County Economic Development organization, phosphate/fertilizer producer Mosaic, AT&T - Florida, University of South Florida, USF Health, City of Tampa Economic Development, Tampa Downtown Partnership, Central Florida Economic Development, City of Clearwater and City of Largo.

Welcome aboard, 83 Degrees!

-- Robert Trigaux, Times Business Columnist

Why Orion Bank CEO Jerry Williams, banker of the year, was ousted before his bank failed

Wake up and good morning. A Florida bank failure is not unusual these days but it is odd to have the Federal Reserve demand the ouster of a Florida bank CEO so soon before the bank fails and is sold to an out-of-state institution.

Especially when that bank CEO was chairman of the Florida Bankers Association for the 2005-06 year. And the American Banker daily trade newspaper named him "Community Banker of the Year" in 2006.

Meet Jerry Williams (photo, left), ex-CEO of Orion Bank in Naples, Fla., which was seized Friday by federal regulators and sold to a Louisiana bank called IberiaBank. But not before Williams got the heave-ho. The Federal Deposit Insurance Corp. said the cost of Orion to its insurance fund will be $615 million. Here's the complete FDIC release on Orion, Florida's 11th bank failure of 2009.

But it is the Federal Reserve's formal order on Nov. 9 demanding Williams be fired that is so intriguing. According to the Fed, Williams made false statements to regulators and tried to artificially prop up the bank’s finances. Under Williams’ supervision, the bank loaned $60 million to straw borrowers -- borrowers who front for the true borrower who already had hit his loan limit, according to the directive. The money was supposed to buy troubled assets from the bank, which would make Orion appear in better shape that it was.

But wait. There's more. According to the Fed's "corrective" action, a portion of the extra loan funneled to Orion's maxed-out borrower was used, in turn, to buy stock in Orion, thus making the banking company appear freshly capitalized. Says the Fed:

"The bank needed additional capital as of June 30, 2009, to avoid being less than well-capitalized. Williams had knowledge that $15 million of loan proceeds from the June 2009 loans referred to above were to be used to purchase common and preferred stock issued by Orion Bancorp, Inc., Naples, Florida (“Bancorp”), the parent holding company for the bank, and Williams took steps to ensure that the $15 million was promptly used to purchase the holding company stock."

The Federal Reserve does not identify Orion's mystery borrower. But a Sarasota Herald-Tribune story may shed some light. In a regulatory filing in October, Orion objected to being forced by examiners to state as valueless loans made to Francesco Mileto. Those write-offs "could destroy the bank," Orion wrote, and asked for another regulatory review of those loans, the newspaper reported. Mileto, the Herald-Tribune says, owns a company in Fort Lauderdale called Centurion Partners, which has the same address -- 110 E. Broward Blvd., Suite 1700 -- as five other companies that are mentioned in Orion loan documents filed in late June. Those five companies -- Metro Jed LLC, Metro Minanis LLC, Metro City Storage, Metro MM LLC and Metro Interdan LLC -- collectively owe Orion $22.3 million.

Is this the mysterious borrower who brought down CEO Williams? Maybe, but it's not definitive. Another story in the Fort Myers News-Press does capture the growing weariness of the public in both the number of bank failures and the underlying self-dealing that is so common in these bailouts.

The News-Press quotes a very astute David Jones (in photo) -- I knew him long ago in Washington as a former Federal Reserve economist and I am delighted to see him down here now in Florida as a professor at Florida Gulf Coast University in Fort Myers. States Jones:

“It fans the flames of the public’s disdain for the entire financial system.”

We'll know more soon about Williams' plight, but let's leave this blog posting with a statement from Williams himself, which endured on Orion's Web site even after the feds grabbed the bank Friday. This is Williams when he still served as CEO, and Orion's biggest shareholder:

"I want to thank you for considering Orion Bank, and welcome you to a very different way of banking. It’s good to know that in today’s economic climate, some banks are still standing strong. And thanks to our unique approach and business model, Orion is - and will remain - one of them. Regardless of the times, Orion will continue to be solid and secure.

"Now in its 32nd year, Orion is one of the largest privately held community banks in the United States. How have we done it? Being a privately held bank allows us to plan for the long term. That means Orion can pursue policies that reduce exposure and maximize success, coupled with the capacity and strength to continue moving forward despite the increasingly dynamic nature of banking today.

"No, Orion isn't like other banks. And our history of solid performance based on our commitment to go above and beyond for every customer is ample proof."

Well, lots of self-congratulatory language here. It's a reminder that CEO talk can sound great but still be a thousand miles from reality.

-- Robert Trigaux, Times Business Columnist

For third time in 10 years, Sykes Enterprises layoffs threaten small Oregon farm town

Wake up and good morning. We may not often consider how one of our Tampa-based companies can wield such enormous influence over small and remote communities in America, but some can and do. Take Tampa's growing call center provider, Sykes Enterprises, and the tiny Oregon farm town of Milton-Freewater located south and just across the state border from Walla Walla, Wash. Here is that story.

For the third time since opening a call center operation in Milton-Freewater 10 years ago, Sykes has announced a massive layoff -- and potential shutdown. The city's largest private employer located at 151 Sykes Boulevard filed notice last week that it plans to eliminate 336 jobs in a community of 6,600 people. The notice was filed under a Worker Adjustment and Retraining Notification Act notice -- we call them WARN notices and Florida uses them, too -- in which Sykes said it will cut jobs at its call center on Jan. 15. Sykes operates globally but in the United States runs 12 call centers in mostly rural, small towns. Here's a list.

Milton-Freewater, a town that's adopted the frog as one of its branding identities, is hoping the mass layoff notice is more paperwork notice than coming reality. Tampa's Andrea Burnett, Sykes corporate public relations manager, said the call center is not closing but some major contracts are expiring and Sykes hopes to find new work for the facility. Here's what Burnett told the Walla Walla Union-Bulletin:

"Our business, the way it is, there are times when we have to adapt to the market and client needs. Fortunately, we have experienced tremendous growth over the last two years. There is still demand for outsourcing solutions, both with current clients and also new ones."

Five years ago, the Union-Bulletin notes, Sykes delivered another WARN notice, giving 60 days to 300 employees that the company would close. In the weeks following, Sykes secured contract extensions to keep the plant going before announcing later that year it would remain open indefinitely. Sykes was originally attracted to the area not only for its "strong college presence," the newspaper says, but also because of a $3.5 million incentive package brokered by the city.

According to Good Jobs First, a watchdog group that monitors accountability in economic incentives and development, Milton-Freewater borrowed $2.2 million in 1998 to make a $2.7 million cash grant to Sykes for 400 projected jobs. The city also provided free land, utility services, and tax credits, plus $1 million in state funds for road improvements. Businesses just across the state line in Washington even chipped in $200,000 in private funds. Here's what Good Jobs First says about Sykes.

Here is the Union-Bulletin story and a related report from the East Oregonian about the latest announced layoffs.

As recently as Thursday the company adverted for full-time customer service representatives. According to that ad, Sykes has more than 550 employees and is "still growing." Burnett told the Union-Bulletin that Sykes will continue to advertise for local positions because within the plant, the customer service reps work on behalf of different clients, such as financial or communications clients. The number of employees facing layoffs are those who represent contracts that are set to expire.

Milton-Freewater City Manager Linda Hall told the newspaper she remains optimistic. If new contracts do not emerge, the impact of more than 300 lost jobs would be devastating, she said.

"That's a lot of people to be out looking for work when our ag-based jobs are gearing back for the winter and heating bills are getting higher and the holidays are coming. It couldn't come at a worse time obviously."

-- Robert Trigaux, Times Business Columnist

Is RadioShack unidentified Fortune 500 firm eyeing Tampa for headquarters relocation?

Wake up and good morning. Is RadioShack Corp. really the Fortune 500 company that's allegedly in relocation play and looking at Tampa? Word is it may be a competition among Tampa, Charlotte, N.C., Nashville, Tenn., and Albuquerque, N.M. (AP photo: RadioShack headquarters in Fort Worth, Texas.)

Buzz about a potentially big corporate relocation — we're talking a 1,700-employee headquarters move here, folks, not some division or back-office operation — began a few weeks ago.

As these Corporate Kabuki Theater events unfold, an "unidentified" company comes calling to a metro area, in this case Tampa Bay, where economic development groups and commercial real estate experts pitch the visitors on the merits of the area, the available real estate options, the relative costs of being here versus some other metro area, the quality of life offerings and ... of course ... what economic incentive package the state-county-city might be able to toss their way.

Tampa's economic development chiefs assign the "unidentified" company a project name and then everybody waits. And waits. To see if Tampa Bay makes the cut for another round of more serious negotiations.

Perspective: Fortune 500 headquarter relocations are quite rare and extremely so when it comes to a company moving into Florida. The only one I can recall in recent years is the 2003 decision by Fidelity National Financial to relocate from Santa Barbara, Calif., to Jacksonville, citing lower costs and more expansion potential. 

Here's a peek at RadioShack:

It's got 35,000 employees, about 4,470 company-operated stores, 1,300 dealer outlets, nearly 450 wireless phone kiosks throughout the U.S. and a footprint of approximately 2,500 square feet in an average store. A majority of its stores are located in strip shopping centers in suburban markets that exceed 500,000 people and it has about 200 company-operated stores in Mexico.

Here in Tampa Bay, tight-lipped county and economic development folks are not talking, but we do know this much. The project name is apparently Project Prince and the Tampa Bay Business Journal did float the name of RadioShack in its print edition last week. It buried the story inside the paper, perhaps as a wise acknowledgment that, while publishing the RadioShack name, there was no confirmation beyond commercial real estate street chatter.

Now the media momentum begins. The Dallas Morning News — RadioShack is based (for now) in Fort Worth, Texas — published this story today, for the first time raising a cowboy alarm that one of their own companies may be movin' on. The story explains RadioShack needs to find a new headquarters because its five-building, 900,000-square-foot campus along the Trinity River in downtown Fort Worth was sold to Tarrant County College in 2008, and RadioShack was given a rent-free lease until 2011. Says the Morning News:

"Now that RadioShack is beginning an active search, there are published reports of the company's possible interest in Tampa, Fla., Charlotte, N.C., Nashville, Tenn., and Albuquerque, N.M.

Florida's Tampa Bay Business Journal reported that developers there pitched proposals in late October to an unidentified Fortune 500 company looking for as much as 350,000 square feet for a corporate headquarters. It said the city's commercial real estate sector was abuzz with speculation identifying the company as RadioShack."

Of course, RadioShack says it does not comment on rumors or speculation. The consumer electronics chain has two years left on its lease, with an option to extend through June 2013.

What if RadioShack actually leaves Forth Worth? "It would be a big blow for the Dallas-Fort Worth area, which touts its success in attracting corporate relocations. And Texas regularly places at the top of rankings for friendliest business climates," the Morning News states.

In this NBC Dallas-Fort Worth affiliate TV report, Daniel Short, a professor at Texas Christian University's Neeley School of Business, says the rumor of a RadioShack relocation started in Tampa Bay (meaning the TBBJ story) but called it "plausible." He added companies typically begin to explore their options about 18 months out, and said that local Texas chambers of commerce predictably are doing all they can to ensure RadioShack stays in the area. (The TV report offers good views of RadioShack's headquarters.)

If this entire scenario is true, well — good luck, Tampa Bay. This is a regional economy that could truly use an injection of good business news of such magnitude. It would be a remarkable feather in the cap of the entire region. RadioShack generates just under $1 billion in quarterly revenues lately and boasts a market value of about $2.4 billion.

-- Robert Trigaux, Times Business Columnist

Florida cities flattened in Milken Institute's annual 'Best Performers' review

Wake up and good morning. Even as the Pew Center for the States warns Florida is in a sorry fiscal state... even as we learn weak job prospects in Tampa Bay are better than other parts of Florida... here comes the annual Milken Institute report of the nation's Best Performing Cities: Where America's Jobs are Created and Sustained. And Florida's cities (that's Tampa in this Terry Tomalin photo) get flattened as if hit by a steamroller.

If the report finds Texas dominating the best performers (buoyed by the oil industry and only a modest run-up in home prices), guess which state hogs the worst performing list? You betcha. Here's what the Milken report, which analyzed 200 cities, says of Florida:

"One glance at the list of metros recording the biggest declines reveals the extent of the housing bust in Florida. Twelve of the twenty metros experiencing the biggest declines were in Florida. Much of the economic growth through mid-decade in these metros was driven by residential and commercial construction activity, and this sector has ground to a halt. Several of these metros are also dependent on travel and tourism, which plunged late last year.

"The dubious distinction of posting the biggest decline goes to Pensacola–Ferry Pass–Brent, Florida. Pensacola is the poster child for the factors behind the decline: a housing bust combined with a rapid deterioration in travel and tourism. Its professional and business services employment also took a dramatic hit."

It's not only that Florida cities ranked low but fell so dramatically in just the past year. Note that Tampa Bay (that's St. Petersburg in the aerial shot) fell 89 spots in the ranks in one year, 5th worst. Makes you wonder, given Texas's performance, if this will be more fodder for the "Let's drill of Florida's coasts" advocates. Here are the biggest decliners:

  ...............................................  2009 Rank   2008 Rank  Decline
1. Pensacola-Ferry Pass-Brent, FL...157 .............33..............-124
2. Merced, CA.................................184..............73..............-111
3. Jacksonville, FL...........................141..............39..............-102
4. Myrtle Beach area, SC.................120..............19..............-101
5. Tampa Bay area, FL..................169..............80...............-89
6. Orlando-Kissimmee, FL..................99..............11...............-88
7. Boise City-Nampa, ID....................114.............27...............-87
8. Clarksville, TN-KY........................ 136.............51...............-85
9. Bradenton-Sarasota-Venice, FL.....176.............97...............-79
10. Nashville area, TN.........................98.............22...............-76
11. Ocala, FL....................................104............30...............-74
12. Port St. Lucie, FL........................150.............78...............-72
13. Naples-Marco Island, FL...............155.............83..............-72
14, Fort Lauderdale area, FL.............. 131.............61..............-70
15. Daytona Beach area, FL.............. 162.............92..............-70
16. West Palm Beach area, FL...........175............105..............-70
17. Fresno, CA..................................115..............47..............-68
18. Montgomery, AL..........................102..............38...............-64
19. Stockton, CA...............................166............103...............-63
20. Miami-Miami Beach-Kendall, FL....179.............117...............-62

So who's tops? Here's the 2009 top 10 performers (with 2008 rankings):

1. Austin-Round Rock, TX (4)
2. Killeen-Temple-Fort Hood, TX (13)
3. Salt Lake City, UT (3)
4. McAllen-Edinburg-Mission, TX (7)
5. Houston-Sugar Land-Baytown, TX (16)
6. Durham, NC (21)
7. Olympia, WA (9)
8. Huntsville, AL (5)
9. Lafayette, LA (14)
10. Raleigh-Cary, NC (2)

Here's the full report. And here's an interactive Web site that let's you explore the data more easily.

-- Robert Trigaux, Times Business Columnist