Make us your home page

What impact will Florida feel from the big economic boost?

To a certain extent, Florida cannot help but benefit from a more robust national economy — think more tourists, more trade, possibly more people moving here.

But the recession hammered this state harder than most others. Florida's unemployment rate remains almost 2 percentage points higher than the national average and is expected to climb higher in the coming months. Unemployment is often what economist call a lagging indicator — it doesn't get better until well after recovery is under way. And as long as it stays so high, it will be a heavy anchor on Florida's recovery.

Mark Vitner, a senior economist at Wells Fargo Securities who closely tracks the Florida market, said he wasn't surprised with the healthy-sounding report.

"Parts of the economy are getting better, but not the part that matters to most Americans," he said, citing a rising loss of jobs.

One encouraging note, Vitner said, is that his analysis indicates that the recession "technically" ended in Florida — meaning we hit the bottom of the curve — around the same time as the rest of the country last year.

But so far, Florida has had small fits of recovery, less dramatic than the rest of the country. "The rate of improvement may even be faster than the rest of the country at some point," he said, "but we have more ground to recover."

Why Gross Domestic Product matters

GDP is the market value of everything produced in a country's economy. It is considered one of the most comprehensive and closely watched economic indicators. GDP is used by governments to prepare budgets, by businesses to plan for growth or contraction, and by the Federal Reserve to work out monetary policy, among other uses.

What impact will Florida feel from the big economic boost? 01/29/10 [Last modified: Friday, January 29, 2010 10:43pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times


Join the discussion: Click to view comments, add yours

  1. Posh Guy Harvey RV park to open in Tampa Bay with $250,000 cottages


    Love those Guy Harvey T-shirts with the soaring marlins? In the not too distant future, you might be able to kick back in your own Guy Harvey cottage in the first-ever Guy Harvey RV park.

  2. Port Tampa Bay secures $9 million grant to deepen Big Bend Channel


    Port Tampa Bay has secured a $9 million grant from the U.S. Army Corps of Engineers for the widening and deepening of the Big Bend Channel in southern Hillsborough County.

  3. Tampa International Airport morphing into a mini-city unto itself


    TAMPA — By the end of the 2026, Joe Lopano wants Tampa International Airport to function as its own little city.

    Artist rendering of phase two of the $1 billion construction expansion of Tampa International Airport. The airport is transforming 17 acres of airport property that will include at least one hotel, retail and office space and a gas station, among other things.
[Courtesy of Tampa International Airport]
  4. Lost Highway: As FHP struggles to recruit, speeding tickets plummet

    State Roundup

    TALLAHASSEE — The number of speeding tickets written by Florida state troopers has plunged three straight years as the agency grapples with a personnel shortage and high turnover.

    State data shows FHP troopers are not writing violations for speeding or other infractions like they did back in 2011, even though there's 1 million more licensed drivers in Florida.
  5. Kidpreneurs — and adults — capitalize on gooey, squishy Slime craze


    Aletheia Venator and Berlyn Perdomo demonstrate the stretchiness of their slime. - Berlyn Perdomo and her friend, Aletheia Venator, both 13, make and sell slime which can be seen on their instagram site @the.real.slimeshadyy [JIM DAMASKE   |   Times]