According to an economic forecast conducted by the University of Central Florida's Institute for Economic Competiveness, wages are expected to grow quicker in Tampa Bay, Hillsborough County, Florida, than most metropolitan areas in the state within the next 3 years.

The forecast predicts a number of changes to watch for in the upcoming years, which include a growth in personal income, a decrease in unemployment and a rise in average annual wages. Although housing starts have risen, the housing market will remain tough throughout 2010, according to the report, but it is believed that the worst may be over.

Sean Snaith, UCF economist, states "2010 will be another difficult year for the housing market, though the worst may be over," Snaith said. "Aside from the cash market for foreclosures and the first-time homebuyer market, housing remains a languishing part of Florida's economy."