Well, it’s a new year, and because the economy has essentially bottomed out, things have to be better in 2010 in the Sunshine State. Right?
Not exactly, as articles in both local morning dailies confirms what economists were saying before the 2008 election – that the recession would last until at least 2011.
The Tampa Tribune’s Shannon Behnken quotes UCF Econ professor Sean Snaith as saying that those workers who have lost their jobs in construction, banking or real estate are probably never going to get them back.
“Some of those jobs aren’t coming back. Some people will have to completely change careers.”
Snaith also says in his interview with the Trib that he expects the state’s unemployment rate — currently at 11.5 percent — to stay in double digits until 2012.
The Trib also quotes one of the best economists who studies Florida, Chris Lafakis at Moody’s Economy.com, as saying the Tampa Bay area’s unemployment rate will hit bottom later this year, at 13.6 %.
This article appears in Dec 30, 2009 – Jan 5, 2010.