Tuesday, July 6, 2010

Florida Employment Figures

This morning's Sun Sentinel reported the following figures for jobs gained and lost over the past year. Federal government jobs increased by 28.4%, college and university jobs were up by 9.7% and home health care positions rose by 7.3%. On the flip side metal fabrication jobs decreased by 18.1%, building construction was down by 17.9% and printing fell by 10.6%.

The Florida unemployment rate peaked in March at 12.3% and in May had fallen to 11.7%. The national rate is 9.5%. Our economy here is so centered around the housing market that economists say we cannot have a robust recovery until housing picks up.

In my opinion that is not going to happen until credit loosens up and private mortgage companies begin operating in Florida again. To buy a condo now, the purchaser needs to have a 25%-30% down payment because no one will issue a PMI policy. Great environment for cash buyers, though, as long as the condo and homeowners associations remain solvent with money in reserve.

The Sun Sentinel article went on to discuss that the international business trade may pick up in this part of Florida and that our tourist industry may increase if our beaches remain oil-free. Let's hope.

Meanwhile come on down and buy property. I'm happy to help. You can contact me at

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