Panama City's economy is powered by tourism and the military. Tourists are attracted by the beautiful beaches located close to Panama City. The municipality is home to the Coastal Systems Station Naval Surface Warfare Center. The Tyndall Air Force Base is nearby. Fishing, shipbuilding and manufacturing, including paper products and chemicals, also bolster the economy.
The Bay County Economic Development Alliance strives to improve the county's economy. The Alliance emphasizes the development of industries including aviation/aerospace, light manufacturing/metal fabrication, back office/financial services, defense/research and development, air cargo/distribution and logistics, site consultants and construction materials.
Some of the jobs more common in Panama City when compared to most other cities include personal care and service workers; coin, vending and amusement machine services and repairers; helpers of pipe layers, plumbers, pipe fitters and steam fitters; pharmacy aides, correctional officers and jailers, loan interviewers and clerks, engineering technicians and structural metal fabricators and fitters.
Shown below are the largest employers in the Panama City area:
- Tyndall Air Force Base
- Coastal Systems Station Naval Surface Warfare Center
- Bay County School District
- WJHG TV Inc
- Bay Medical Center
- Peoples First Properties Inc
- Magic Broadcasting LLC
- Folks Restaurants Ltd
- Bay Hospital Inc
- Bay County Board of County Commissioners
- Edgewater Beach Resort Mgt
- Eastern Shipbuilding Group Inc
- City of Panama City
- Florida Freedom Newspapers Inc
- Peoples First Community Bank
- Bay County
- Johnstone Foods Inc
- Royal American Management Inc
- Gulf Power
- Arizona Chemical
- Stone Container
- Sallie Mae
- Berg Pipe
Panama City's major sectors for employment are:
- Accommodation and food services
- Arts, entertainment and recreation
- Finance and insurance
- Professional, scientific and technical services
Noteworthy information about Panama City: In 2009 the average salary was $26,000. In 2008 the cost of living index was at 83.9. The nation's average is 100. Approximately 19% of the residents have a bachelor's degree or higher.
Panama City companies have access to business organizations such as:
- Bay County Chamber of Commerce
- Bay County Economic Development Alliance
- Florida Economic Development Council Inc
The News Herald offers up-to-date information regarding the business activities in Panama City.