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Jump-starting Tampa Bay's fountain of youth

By ROBERT TRIGAUX
Published February 18, 2005

For those of us graduating, should we look for jobs in bigger places?

That career question was volunteered Thursday afternoon by a senior in professor Todd Shank's international finance class at USF's business school in St. Petersburg.

"I'd stay here," advised Bill Hough, 78, founder of a local securities firm bearing his name and the guru emeritus of Florida's municipal bond industry. "Why live in New York when you can live in St. Petersburg?"

(More than a few students nodded in agreement on a beautiful, short-sleeve day. For the record, on Thursday it was 38 degrees and cloudy in New York City.)

Hough had stopped by to speak to nearly 30 USF business majors about his 50-plus years in the securities business, about his personal passion for finding undervalued stocks and bonds, and about what qualities he looks for in college graduates searching for jobs in the financial industry.

They must be bright, he said. Understand how to analyze a company and its stock. Demonstrate a broad interest in politics and government. Dress professionally. And most of all, be outgoing.

The verdict is out on whether Hough - 31/2 times the typical student age in Shank's class - delivered a convincing message to seek their fortunes here in Florida.

But here's what Hough did not tell the class. Hough, who sold his William R. Hough & Co. to RBC Dain Rauscher, this month gave $1-million more to the University of Florida to fund a one-year master's of science in finance program. Hough and his wife, Hazel, also are giving $2-million to St. Petersburg College to expand its new downtown campus.

The pitch to recruit and keep college graduates is resounding metro-wide as the Tampa Bay area belatedly tries to compete more aggressively for what will soon be a rare demographic commodity.

Young, skilled adult workers.

We're talking the future labor supply. Cities that attract educated young adults will prosper. Cities that lose them - or can't recruit them - will fall behind economically.

The need to attract a younger work force here was trumpeted last year when a study - "The Young and the Restless: How Tampa Bay Competes for Talent" - warned that the Tampa Bay region was way behind other large metro areas in its share of educated 25- to 34-year-old workers.

We're going to hear a lot more about this regional quest for youth in the coming years. We better.

Let's be frank. As cool urban cultures go, Tampa Bay is no Austin, Texas. It's no Raleigh-Durham, N.C. It's no Boston or Denver. Those are some of the places literally crawling with young, skilled workers.

Sure, cruise around the Tampa Bay area and it seems younger. It is. But it's a deceptive picture.

Of the nation's top 100 metro areas with aging workers, Tampa Bay ranks high - 11th - with 11 percent of its 1.1-million workers who are between 55 to 64. They are part of the "soon to retire" segment.

Three other Florida areas rank even higher: Sarasota-Bradenton is No. 1 nationally with more than 14 percent of its work force 55 to 64. West Palm Beach-Boca Raton ranks sixth and Miami ranks eighth, according to a 2004 Brookings Institution labor supply study based on 2000 census data.

Various Tampa Bay initiatives are trying to attract younger workers and keep more of those already here. Such groups as Creative TampaBay Inc. and Tampa Bay Verve were started to promote a more creative regional community and economy that will appeal more to young adults.

Downtown Tampa - its dead-as-a-doornail atmosphere specifically mentioned in the "Young and Restless" study as a big drawback to young workers - is showing some early signs of revival. But questions remain.

Getting a Trump-named tower is sure fun, but will other downtown residences really prove affordable to younger adults?

USF is trying to get better organized so that its graduating students are more aware of job opportunities in this area. Today, for example, USF in Tampa is holding a midday program called USF Connect that will allow area technology company executives to learn more about the depth and breadth of graduates coming out of 10 of Florida's large universities.

You can't hire them if you don't know they're here.

Back in Shank's classroom, Hough is taking student questions.

Is selling securities really self-fulfilling work?

"I think it is very self-fulfilling to have a client make money," Hough said. "If the market goes down, clients may leave you. Many will not, if you talk to them and keep them informed. Not communicating is a common failing among brokers."

Are the principles you studied in the 1940s to analyze securities still the same today?

"Yeah," Hough said without a pause. "Buy low. Sell high."

That advice is ageless.

[Last modified February 18, 2005, 00:14:17]