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]