Pointing to factors such unemployment and relatively flat population growth, a new state report cautions that it will take time for Florida’s economy to bounce back, reports the News Service of Florida.
“The job market will take a long time to recover — about 780,200 jobs have been lost since the most recent peak,” said the report, posted online this week by the Legislature’s Office of Economic & Demographic Research. “Rehiring, while necessary, will not be enough.”
The report indicates Florida trails much of the country in economic growth, personal-income growth and unemployment. It also says population growth — a major driver of the Florida economy — will average 0.85 percent between 2011 and 2014. T
he report describes sales of existing homes as “sputtering” and says prices of those homes are flat. “Florida (economic) growth rates are slowly returning to more typical levels,” the report said. “But drags are more persistent than past events, and it will take several years to climb completely out of the hole left by the recession.”