Double hit drags out Florida's recovery
July 6, 2009
By MoneyAisle
The Orlando Sentinel reports that it will be more difficult for Florida to recover from the recession than other parts of the country, due in part to a poor housing market and high unemployment rates.
According to forecasters at the Wachovia Economics Group, Florida was hit by the recession nine months before the rest of the country. The unemployment rate is nearing 11 percent and the tourism industry will be facing difficulties for months.
Mark Vitner, a senior economist at Wachovia “estimates that the turnaround in Florida won’t really gain a foothold until late 2010 or early 2011, about a year after the nation as a whole.”