South Florida’s recovery slowed by housing ties

Miami /
Mar.March 06, 2012 04:30 PM

South Florida’s strong connection to the housing industry slowed its recovery from a recession that officially ended almost three years ago, according to the Miami Herald.

The Herald reviewed economic data dating back to the 1960s and found the region recovered far faster from its previous five recessions than it has from the most recent one.

Forty-four months after payrolls started shrinking in 2007, South Florida is still down 207,000 jobs from peak levels. Never before has it taken more than 35 months to make up job losses. Moreover, hiring is growing at just 1.4 percent per month nearly four years after jobs first started disappearing in South Florida, well below the 3.6 percent monthly growth experienced during the average non-recession period.

The two hardest hit industries are, of course, related to housing. Construction is down 80,000 jobs from peak levels and finance continues to lose jobs each month.

But recent economic data give hope that the recovery’s pace is quickening. Unemployment rates in South Florida have been dropping since June, auto sales are up, spending continues to grow, and consumer confidence is rising. [Miami Herald]


Related Articles

arrow_forward_ios
(Photo illustration by Kevin Rebong)
South Florida real estate braces for flood insurance hikes
South Florida real estate braces for flood insurance hikes
Brian Tuttle wins approval for 205 single-family home project in Parkland
Brian Tuttle wins approval for 205 single-family home project in Parkland
Brian Tuttle wins approval for 205 single-family home project in Parkland
(iStock)
Home prices across globe hit records, prompting worries of bubble
Home prices across globe hit records, prompting worries of bubble
Lennar Executive Chairman Stuart Miller (iStock)
“The home used to be just shelter. Now it is the hub of our entire lives”: Lennar reports strong Q4, full-year results
“The home used to be just shelter. Now it is the hub of our entire lives”: Lennar reports strong Q4, full-year results
Rent-to-own startup Divvy Homes expands to South Florida
Rent-to-own startup Divvy Homes expands to South Florida
Rent-to-own startup Divvy Homes expands to South Florida
Ben Schachter, Sean Black and Mike Pappas (Signature, Getty, Keyes)
Knock expands home lending program into South Florida 
Knock expands home lending program into South Florida 
Rendering of Belmont Village Coral Gables and Baptist Health South Florida CEO Brian L. Keeley
Baptist, Belmont gain approval for luxury senior living in Coral Gables
Baptist, Belmont gain approval for luxury senior living in Coral Gables
9885 Palomino Drive (Credit: Google Maps)
Resort Lifestyle Communities scores $36M construction loan for Lake Worth senior housing project
Resort Lifestyle Communities scores $36M construction loan for Lake Worth senior housing project
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...