Florida unemployment has risen over the past couple of years – much like many other areas in the country. The Florida unemployment rate stayed flat at 10.7% in August. The Florida unemployment rate is expected to rise to 11% before things start to “get better” in the second quarter of 2010.
I recently visited family in South Florida. Signs of Florida unemployment were present, as many houses in my brother-in-law’s gated community were either for sale or being foreclosed on.
Whenever we went out to eat, we never had to wait for a seat. While that’s a good thing – it’s scary to think that Florida unemployment is causing a decrease in discretionary spending.
When we visited Florida in 2006 we couldn’t find a restaurant other than McDonald’s or Wendy’s that didn’t have a wait of at least 15 minutes.
Florida unemployment rates differ by county. Broward County has 9.5 % unemployment, while both Miami-Dade and Palm Beach Counties have over 11% unemployment, according to South Florida Business Journal.
Despite the fact that Florida unemployment seems to be on the rise, Florida is still somewhere that many individuals would love to live.
I know I once called a recruiting agency to see if I could get a job in South Florida. While opportunities were present for my skill set, the Florida unemployment rate scared me off.
I’m too established where I am – although I could lose my job just like the next person, it’s far less likely to happen now then after I move somewhere new.
I can’t help but think that the Florida unemployment increase is partially due to what is happening throughout the country. Florida is a popular vacation destination. In fact, many people from Michigan travel to Florida each year to get out of the dreary cold and in to the sun.
Michigan’s unemployment is far worse than Florida unemployment. Detroit has a 17.1% unemployment rate – the highest in the nation.
When these individuals lost their jobs, they cannot afford to take Florida vacations. In turn, those employed by the tourist industry are at risk for job losses.
If you want to move to Florida, now is really the time to do so. If you can afford to move and don’t necessarily have to work, you can find super deals on houses and condos.
What used to sell in my brother-in-laws gated community for an upwards of $300,000 is currently $150,000-$200,000, depending on if a bank or individual is selling the home.
Will Florida unemployment ever improve? I hope so. In order for it to happen, our economy needs to stop hemorrhaging jobs.
South Florida Business Journal