Jeff Ostrowski
Alexandra Clough
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Florida economy underperforms nation, Wachovia economist says
Florida’s economy declined by 1.6 percent during the second quarter, its sharpest downturn in 16 years, Wachovia economist Mark Vitner says.
The nation’s gross domestic product, by contrast, grew by 1.9 percent during the quarter. Writes Vitner:
“Underperforming the nation is something Floridians are not really used to. Economic conditions are usually much stronger in the Sunshine State than they are in the rest of the country, which is one reason so many businesses and individuals relocate to the state. The last time the state’s economy underperformed the nation was during the 1990-91 recession. Before that, you have to go all the way back to the 1973-75 downturn. Both of those recessions hit real estate particularly hard, and real estate is the lifeblood of Florida’s economy.”
See the full report here.
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