Florida's economic recovery expected to be slow and unemployment expected to continue

In a further bout of good news, Florida Legislature's Office of Economic and Demographic Research revised its forecast for the Florida economy and predicted that Florida's economic recession will not hit bottom until next year. The economic forecast offered the additional gloom and doom news that unemployment is expected to remain at or near 11 percent through 2011. Keep in mind that those unemployment statistics reflect only those currently receiving unemployment benefits, and also do not take into account those who are working part time rather than full time.

But, take heart, South Floridians. State experts are predicting a faster recovery for us than our neighbors in the northern part of the state. Given the diverse economy of South Florida, which is less reliant on real estate development, South Florida could rebound faster and stronger than the predictions.

The numbers and predictions seem to be little more than educated (or not so much so) guesses on when things will get better. One thing is certain: without some type of state-wide or national reform, the foreclosure rate, which experienced a small decline last month, will continue to soar.