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Economist: Florida Hits Recession Bottom And Stays There
July 19, 2010
Florida’s economy has hit bottom in the recession but appears likely to continue scraping along with the state’s housing market still serving as an anchor, state economists said.
The state’s Economic Estimating Conference concluded Florida’s unemployment rate is on track to continue what has been a three-month improvement from a 12.4 percent peak, with manufacturing and health care industries now hiring. But the construction industry, which has lost 28,000 jobs over the past year, is forecast as facing another slowdown because of the deepening housing slump.
Tim Campbell, an analyst with the state’s Economic and Demographic Research Office, said housing has been staggered by a steady 50,000 foreclosures a month combined with tightening credit markets, resulting in a 14 percent decline in home construction through 2010’s first quarter.
“It’s really a recession within a recession,” Campbell said. “I think Florida has essentially hit bottom. But we’re at a flat part at the bottom of the recession.”
Economists conceded they still don’t have a good handle on the Gulf oil spill’s impact on the state’s economy. While much of the tourism decline is concentrated in the Panhandle, analysts conceded it is having a ripple effect across the state.
Along with the spill’s effect on tourism, the weak economy globally is reducing the pace of visitors to Florida from Europe and Japan. “We’re seeing a slight reduction in the number of visitors coming here, and that’s having a major impact,” said Clyde Diao, an economist with Gov. Charlie Crist’s office.
by The News Service Florida
Comments
3 Responses to “Economist: Florida Hits Recession Bottom And Stays There”
Bay Minette is rumored to get one of the auto manufacturing plants. That is just a few minutes off the water, it is no different than the panhandle. I agree with Bob. Industry can stand up to hurricanes the same as Alabama and Tennesee have tornadoes. We have paper mills, chemical plants and power plants that survive hurricanes as do we all. It would be more than worth while to chase new industry for this area. Tourisum only serves a few people in this area and they have all the money.
I agree with Bob.
Bob your comments have validity but consider this: what large manufacturing business such as KIA or Hyundai (to quote your presumed example) would locate a facility in a state where practically the entire land mass is subject to extreme damage from a hurricane?
I know I wouldn’t even consider Florida for that reason.
Our political leaders are much to blame for this situation. We have ignored the things that create jobs for the general population of the state. Our leaders have listened to special interest groups and have chosen to make Florida the tourism capital of the eastern states. That’s fine but when tourism falls on its face,we are hung out to dry. We do not want any type of manufacturing that bothers with the lifestyle we have. Consequently Alabama,Georgia,Mississippi and Tennessee have made concerted efforts to secure auto manufacturing plants while Florida sits idly by and lets all go over it’s head. Start with the governors office and go down to the local city governments and you will have everyone under the umbrella that is responsible for this facade. As all have probably learned by now,beachfront property is not where it is and never will be.