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Prospects for Florida's recovery heat up, economists say

After two long years of recession, economists are beginning to see signs that the economy's recovery is finally in sight. South Florida home sales are picking up, Wall Street has staged some solid rallies and even consumer confidence is rising.. 

It has been rough, but economists say it's always that way for Florida. "It performs better in good times, but during bad times, in recessions, it is one of the worst performing states in the nation," said Moody's Economy.com economist Chris Lafakis. "And during times of expansion it is one of the best."

Some experts say they already are seeing the early signs of such progress. Other economists agree that the worst may be over as soon as this summer. Consumers surely have had enough, judging by the strong jump in Floridians' consumer confidence this month.

The economy should begin to pull out of recession around the end of summer, according to several economists. At the latest, look for it early next year, others say. "We are in the fourth phase of the recession," said SunTrust's Miller. That's the pre-recovery phase, he said. Next is the turnaround.

Posted: 5 May 2009
Source: Florida Sun Sentinel
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