As the beach balls, oranges and conch shells drop on New Year’s Eve in Florida, most will remember 2010 as a rough year for Floridians, financially speaking. The BP Oil Spill took its toll on Florida businesses by dampening sales for tourism related industries, and trickled down to restaurants and retailers as well. The Florida Panhandle was devastated by oil that continues to wash ashore. It wasn’t the news Jimmy Buffet was looking for as he opened his Margaritaville hotel in Pensacola. Businesses and individuals who were harmed by the largest oil spill in history have yet to be compensated fairly by the Gulf Coast Claims Facility headed by Ken Feinberg, and may never be. At least President Obama has imposed an oil drilling moratorium that will protect Floridians in the near future.
Housing remains a down and doesn’t appear to have hit bottom yet. Case-Shiller forecast another 20% or more over the next two years. The robo-signing scandal didn’t help leaving some losing confidence in the whole real estate financing process.
The unemployment rate continues to disappoint job seekers. Florida’s employers continued to cut jobs and hours. Underemployment is also a problem as employers cut back on hours to employed workers.
The November elections brought in a new crew of Republicans to run the state, voters angry with many of the issues listed above think they’ll do a good job. But haven’t they been in charge of Florida for most of the last decade? And weren’t they ones who nearly doubled debt in the last decade? No worries, I wish them the best, our future depends on our own endeavors anyway.
But it wasn’t all bad news, Harry Potter’s Wizarding World opened and Universal Studios park attendance is up 36%. Daytona International Speedway repaved its iconic track after potholes delayed the 2010 Daytona 500. The new track will attract race fans back to Daytona Beach for the Daytona 500 in February.
Optimism for 2011
Looking forward to 2011 offers a few bright spots. Funding for the High Speed Rail that will run from Orlando to Tampa has been approved. No word from Governor-elect Rick Scott on whether he will accept the funding or not.
Rick Scott will take office in January, we all remember how bitter both his fights were. Even though I didn’t vote for Scott, I wish him all the luck in the world as its time to move on.
A few new cruise ships are coming to the state and will boost the all important Florida tourism industry. The new Disney Dream is headed to Port Canaveral, boosting the Central Florida economy.
Legoland Florida opens in October 2011, and will be the biggest Legoland Park ever at opening and will offer a unique mix of more than 50 rides, shows and attractions, including spectacular Lego models and other interactive elements for the whole family.