Foreclosure Winds are Changing the Economic Climate of Florida
Gusty foreclosure winds are changing the economic climate of Florida. It is well known that the economy of the state had been centred on tourism, agriculture and also construction. But now it is being driven largely by global competition, science and engineering. There is a stronger identity with the place. This was the general opinion of a meeting of the heads of the Chamber of Commerce of Florida.
The CEO and president of the chamber Mark Wilson speaking to 400 participants who were attending this annual meeting said that unemployment had touched 10.7% and since 2007 October 600,000 jobs had vanished. Out of every five homes one was in foreclosure. He said, “The Florida that we’ve known is in fact over.
Don’t get caught up in that being a bad thing. (The question is) how quickly can we get to the next economy?” He further added, “Today the state no longer can bank on a growing population lured by sunshine and a low cost of living. The state now is the 19th most expensive nationwide. Its population still will to grow but more slowly — 7 million new Floridians are expected by 2030 — and while tourism, construction and agriculture will remain the economy’s foundation it will need to diversify. Education must be up to the challenge. Companies and jobs are going to go wherever in the world the talent is. So Florida needs to make talent our No. 1 priority.”
It has been two years since the chamber stalwarts have been grappling with this change. Thanks to their efforts has been developed the Florida Scorecard that is a combination of six new factors that are driving the economy. The point is to measure how well Florida is dealing with each of these factors – education, innovation, growth, business, governing and above all quality of life.
The participants at the conference came to know that the numbers of bachelor degrees and PH D’s in the science and engineering stream have been less than the national figures. In indications that point to the quality of life Florida is 48th in foreclosure numbers, 41st in number of families facing poverty and 47th in the number of residents lacking health facilities.
The scorecard was developed by the chamber’s foundation with the assistance of other business groups across the state. The target was to use it for creating a blue print for the long time recovery of Florida. In contrast the government is not looking beyond a maximum of four years.
- Tendency to Walk Away from Underwater Mortgages Facing Foreclosure has Increased
- Life Goes Flowing On Even After Foreclosure
- There is a Huge Shortage of Lawyers Trained in Foreclosure Complexities
- The Foreclosure Crisis Means a Bonanza for Some Enterprising Entrepreneurs
- The Restoration of the Jacksonville is Aided by the Prices of the Foreclosure Listings
- Foreclosure Climate has Caused Sharp Rise in Homeless Persons
