Reports surface that Florida is in a recession. Duh.
Wachovia Economists (yup, the bank) said that Florida's economy contracted or shrank from April to June. That is completely different from the US average which actually posted a small positive number. The second quarter decline is actually the first for Florida in 16 years. We didn't really get hit with the last recession (at least 'technically') of 2001. Did we really need these people to tell us this?
Unemployment is on the rise along with falling real estate prices and record foreclosures
spell trouble. Insurance rates are so much higher than 5 years ago and we all know that gas is ridiculous. The 'experts' are predicting that Florida won't pull out of this until mid-2009, saying that we are close to the 'bottom' now.
All of this doom and gloom usually feeds the fire though. Do we really need 'experts' to tell us we are in a recession ...be it 'technically' or not? Unemployment is bad all over the US and Florida has one huge hang-over from the condo building boom. That means lots of construction jobs are now gone and many real estate agents are not working. Retail is getting hammered and there are quite of few companies that have Corporate Offices here...so sure we'd feel the pain.
I often think that people forget what made Florida the hot place to be for so many years. Not the businesses...but the weather. Tourism seems to be on the back burner over the past few years and we need to figure out how to get back to the basics....especially at during these tough times. There aren't as many 'unique' places to visit along the beaches anymore, nor are there good ideas to re-energize beach communities. (Why was Beach Place built anyway? and don't get me started on Riverwalk Las Olas.)
Things will get better...jobs will be created and the housing market will stabilize. We will never have the huge gains in property value again...but that's a good thing. You don't want the housing market to out price it's residents again. Now it's time to re-think how we spend our money and think about the future as well. Pay off that credit, shop smarter and get a car with better gas millage.
Unemployment is on the rise along with falling real estate prices and record foreclosures
spell trouble. Insurance rates are so much higher than 5 years ago and we all know that gas is ridiculous. The 'experts' are predicting that Florida won't pull out of this until mid-2009, saying that we are close to the 'bottom' now.All of this doom and gloom usually feeds the fire though. Do we really need 'experts' to tell us we are in a recession ...be it 'technically' or not? Unemployment is bad all over the US and Florida has one huge hang-over from the condo building boom. That means lots of construction jobs are now gone and many real estate agents are not working. Retail is getting hammered and there are quite of few companies that have Corporate Offices here...so sure we'd feel the pain.
I often think that people forget what made Florida the hot place to be for so many years. Not the businesses...but the weather. Tourism seems to be on the back burner over the past few years and we need to figure out how to get back to the basics....especially at during these tough times. There aren't as many 'unique' places to visit along the beaches anymore, nor are there good ideas to re-energize beach communities. (Why was Beach Place built anyway? and don't get me started on Riverwalk Las Olas.)
Things will get better...jobs will be created and the housing market will stabilize. We will never have the huge gains in property value again...but that's a good thing. You don't want the housing market to out price it's residents again. Now it's time to re-think how we spend our money and think about the future as well. Pay off that credit, shop smarter and get a car with better gas millage.
San Francisco Bay Area vs South Florida... I am a unusual type of transplant having moved to Ft. Lauderdale from San Fran 12 years ago. While South Florida's tourism driven economy flounders with high fuel prices and high high air fares, San Fransisco and is surrounding Silicon Valley area is growing, fueled by the likes of Ebay, Yahoo, Oracle, Chevron, Apple, etc. What South Florida needs is a billion+ investment in a world class University (a franchise of Stanford, Harvard, MIT, etc) and build a technology based economy around it (like San Fran has with Berkeley, Stanford and the entire UC University system). A billion dollar ballpark for Miami at taxpayer expense is insane when we could have a great new University which would pump out grads that would attract 21st century businesses. Once tourists and frequent visitor snowbirds figure out it is going to cost $1,000/person for airfare to fly to South Florida we will s huge drop in seasonal visitors. Time to think out of the box. Lets build Universities not stadiums and Trump Towers!
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Your Comments are right on the money. If only
governments (state and federal), had to live within the amount of money they have on hand, like we do, we all would be much better off. We should all support a law to live on a balanced budget. If you have less money, cut your expenses. We have to stop the (every one owes me mentality), or we will go broke.
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In reply to Neal G. I would not want florida to become another southern California, It is much to expensive a place to live, and the people there seem to feel as if the are the only place that matters in this country. Florida was, and still is, a great place to live and vacation, where you can kick back and enjoy life at a slower pace than most everywhere else. The aborted building boom was a product of
greed and fast money, and pushed florida
almost past the point where one could go to enjoy the warm weather and slow
down the lifestyle needed in the rest of the country. Florida does not need major corporations, building huge offices that one day they will move offshore to avoid the taxes they created
by locating here.
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