Posted in Business

Economic Report: State rate of job creation is not enough, wages have fallen further behind and Pensacola has a lot of foreclosures

   November 19, 2013

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The Florida Legislature Office of Economic and Demographic Research issued on Nov. 14 its report on the state’s economy—“Florida: An Economic Overview”

Here are a few points that jumped out to me:

1. Florida’s job market will take a long time to recover –about 521,000 jobs have been lost since the most recent peak. Rehiring, while necessary, will not be enough. It would take the creation of about 900,000 jobs for the same percentage of the total population to be working as was the case at the peak.

2. Our wages have fallen further the national average. The preliminary data for the 2012 calendar year showed that our average annual wage declined to 87.7% of the US average. Though Florida’s wage level actually increased over the prior year, the US average annual wage increased more.

3. Pensacola has one of the higher foreclosure rates in the state and country—something we don’t hear much about. For the third quarter of 2013, Florida was the highest state for both number of foreclosure filings and for foreclosure rate.

Among US Metro Area rates: 8 of the top 10 highest metro rates in the nation were in Florida.

Port St. Lucie #1
Jacksonville #2
Miami #3
Palm Bay-Melbourne #4
Ocala #6
Tampa #7
Orlando #8
Pensacola #9

Here is the report: 63220_florida_an_economic_overview

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