NEW YORK – Oct. 11, 2011 – Wells Fargo released its Economic Outlook for Florida yesterday, and the news was positive, though not by much. The company says the state is recovering more quickly that the nation in general, but part of the reason is that the state fell so far during the crash.
Still, the recession officially ended in 2009 and Wells Fargo economist Mark Vitner say the chance of a second recession is relatively low. However, he also thinks the recovery will be anything but robust, calling it “incredibly sluggish.”
For a housing recovery, jobs are key, and the report foresees a total of 40,000 new jobs added by the end of this year and an additional 64,000 in 2012.
Vitner says Florida’s recovery seems to have some legs as it expands beyond the tourism and health areas. The report points to an upswing of jobs, albeit small, in retail and trade, as well as professional and business jobs.
Port Saint Lucie has a distinct advantage with its growth of the bio-tech industry. “We will not look the same at all 20 years from not.” according to our economic development council.
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