• Posted on Thursday, July 17, 2008

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Florida leads nation in job losses as building industry sinks

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By Marc Caputo | Miami Herald

TALLAHASSEE — The top job-loss state in the nation. Shrinking wages. Collapsing population growth. Record home foreclosures.

Florida's economy is not just firmly and bleakly in the red — it will likely stay that way until next June, according to the state government's top economists who Wednesday issued their most pessimistic financial forecast in years.

At the heart of the problem is the falling housing market. The economists projected new housing construction will fall to about 60,000 units this year — a decrease of 78 percent from a high of nearly 283,000 in 2005.

Total statewide construction expenditures, including public buildings, are expected to decrease by $10.6 billion, or 21.5 percent.

The most dire fact of all: Florida lost more jobs in the past 12 months — 74,700 — than any other state in the nation. And the economists predict that more people in construction, government, manufacturing, financial services, transportation and warehousing will be out of work soon.

Read the full story at MiamiHerald.com.

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ECONOMY IN TURMOIL

economy in turmoil

Read McClatchy coverage of the economic pain Americans around the country are feeling, from Florida to California to Alaska.

ECONOMY QUESTIONS & ANSWERS

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McClatchy correspondents Kevin G. Hall (left) and Tony Pugh are available to answer your questions about the economic meltdown at home and abroad, and what's in store for ordinary Americans.

Q&A: THE HOUSING CRISIS

Mark Zandi, the chief economist for Moody's Economy.com, is took questions from McClatchy readers about the nation's deep housing crisis. His book, "Financial Shock," offers a 360-degree look at what caused the crisis, what mistakes were made and who made them. It offers a way forward to prevent future crises.

Q&A: TERMINAL CHAOS

U.S. air travel these days is about as fun as a trip to the dentist. Departure delays are rampant, bags often miss the flight you've caught and rising jet fuel prices have major airlines charging to check a bag. In his new book "Terminal Chaos," George Donohue, a professor and former high-level Federal Aviation Administration official, explains why our system of air travel is broken and what can be done to fix it. Read the responses.

Q&A: THE THREE TRILLION DOLLAR WAR

For two weeks, Nobel Prize-winning economist Joseph Stiglitz and Harvard professor Linda Bilmes, authors of "The Three Trillion Dollar War," fielded questions about the cost of the Iraq war and its impact on the U.S. economy. They're not taking new questions, but they're still posting answers to ones they've already received. Read their responses.