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Recession Recovery

August 25th, 2011 by flanews

A study of the past two US recessions indicates Florida’s job market may start making significant gains. Florida TaxWatch studied the 1990 and 2001 recessions and as Whitney Ray tells us, the research group says if history is any indicator… Florida’s job market is about to see a small resurgence.

Susan Frisbee is soldering a stained glass window for a customer’s front door.

Since the depths of the Great Recession, Susan’s business has seen a slow snap back. People are spending more in her gift shop… and custom orders are on the rise.

“I’ doing a lot of customer work, which are higher ticket price items and average 30 to 40 dollars items. Last year it was 20 to 30 dollars items, so it’s improving some,” said Susan.

The rebound is slow and Susan has had to make sacrifices to keep her business afloat, but there are signs the worst may be behind her. Tourism statewide is up seven percent.

Home sales are up 12 percent of the past 12 months and prices are stabilizing.

Florida TaxWatch released a study tracking job growth in the third year of the past two recessions and claiming the 3rd year’s the charm.

“The first two years there was slower recovery and the third year we saw most of the job recovery,” said Weissert.

Rob Weissert, Vice President for Research at Florida TaxWatch says if the past is any indicator Florida can expect to add 150-thousand jobs over the next 12 months.

“You may see things like retail, tourism will help lead the way, business services even construction will return because of some of the foreclosure and commercial market,” said Weissert.

TaxWatch is predicting a two percent growth in the job market, past recession saw a job growth of four percent, but the restructuring of the nations economy is expected to slow down the snap back.

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