Central Florida has had a 3 year job loss. It has hit the Real Estate Industry hard with looming short sales and foreclosures. Almost half of these jobs have come from construction, over 38,000 to be exact. This stems from having bloated inventory due to the real estate boom. We have seen the number of foreclosures go up 26% - 6823 in March of 2009 to 8,586 last month. The median price has been driven down from $135,000 to $110,000. Builders are hesitant to start new projects for due to the unknown.
Not all is lost; there is hope as predicted by the Florida Economic Estimating Conference, who predicts job growth for Florida statewide in the second quarter of 2010. However significant job increases will not be seen in the area until 2012 and will more than likely take 3 - 5 years to see unemployment levels down to 5%. One proposed bill that can truly hurt job growth and have a large impact on Florida resident taxes is Amendment 4 also known as Hometown Democracy. This amendment will tie up decisions on growth in litigation costing in increase in Floridians taxes. The impact on growing small business and the ability to generate income from tourism will be reduced.
Comments(0)