Economists: no quick recovery from state housing slump
Sunday, November 4, 2007
Bay News 9

Some state economists say it will take Florida's economy longer to recover from the housing slump than previously predicted.


The economists are meeting in Tallahassee this month to revise previous predictions about Florida's economic future. In July, they predicted new home construction in Florida would dip about 22 percent next year, then begin recovering in 2009.

Now they say home construction will fall much more than what they earlier predicted, and won't begin rebounding until 2010.

The economists also say the housing decline is just one aspect of a new, bleaker, forecast for the state. They also expect unemployment rates to

The group will hold another meeting in Tallahassee Nov. 14, when they plan to put dollar figures on their predictions. Florida Gov. Charlie Crist will use that forecast in his budget proposal for the coming fiscal year.

The economists say that despite their new predictions they doubt it will be necessary to further cut the current state budget.

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