Shuttle Layoffs Hit Florida's Economy

Approximately 9 thousand jobs will be lost when NASA's space shuttle program ends this month.

Watch the following video for more information about how Florida's economy will be affected by the discontinuation of the space shuttle:

Legoland Florida Theme Park to Open October 2011

Legoland is the newest addition to the endless list of attractions Florida has to offer tourists and residents. The new theme park, located in Winter Haven, Florida, will open in October 2011 and will feature over 50 rides.

Winter Haven is located about 40 miles from Disney World and is easily accessable from both Orlando and Tampa.

Legoland Florida will offer a much needed boost to Florida's economy with increased tourism and may help stabilize Florida's economy.

Snowbirds to the Rescue!

Snowbirds, repeat seasonal visitors who stay longer than the average Florida tourist, are coming to the rescue of South Florida businesses. These northerners travel from Canada and New England to escape the cold and enjoy the Florida winters. Thankfully, they bring their pocketbooks with them, bringing a much needed boost to Florida's economy.

Florida tourism has been on the decline in recent years, as the economy and businesses are hit hard by the recession. But snowbirds seem to have escaped the recession (partially thanks to the Canadian dollar) and are flocking to Florida at about 90% of their usual rate. These weekly to monthly visitors provide much needed business to local restaurants and businesses afflicted by high unemployment.

Retirement Visas May Save Florida Real Estate Market

Florida is considering the implementation of a federal retirement visa policy in order to create new jobs, increase economic output and put more money in Floridians' pockets. The creation of a retirement visa may advance investment and demand in the Florida real estate market, which would benefit Florida as a whole. 

A retirement visa is an immigration authorization that allows foreigners meeting asset and age requirements to retire in the U.S. Currently, this special immigration program does not exist in the United States.

It is projected that hundreds of thousands of jobs will be created and sustained from the increased investment in the housing market if the retirement visa is implemented. By 2018, an additional $25 billion in gross state product, $44 billion in total sales and $15 billion in Floridians' disposable income could result from the immigration program. 

The retirement visa would attract long-term visitors from around the world who are willing to invest and consume in Florida. With a large percentage of foreign home buyers living in Florida already, this is a creative and new option which may have a positive effect on the housing market and Florida's economy as a whole. Nearly 30% of real estate transactions in Florida are with an international buyer, but the current immigration laws prohibit many foreigners from residing in the U.S. year round. The retirement visa would jump-start the housing economy and encourage international trade, tourism and commerce.

Florida's Population Projected to Increase Despite Economy

Florida is one of the states which has been most affected by the economic recession, especially in terms of mortgages and foreclosures. However, Florida's residential real estate market may find relief in the projected population increases for our state. 

Florida has long been one of the fastest growing states, both from natural population growth and foreign and domestic migration. Everyone knows a lot of people come to Florida to retire, but many middle aged and young people across the world also move to Florida in search of work. 

Since the recession began in 2007, Florida's population has been steadily increasing at a rate of over 200,000 residents per year. From 2010 to 2020 this number is expected to increase to over 300,000 residents a year - on par with the population boom of the 1980s and '90s. 

This increase is due to the surge of baby boom retirees and the abundance of new job opportunities in Florida's metropolitan areas. Tourism, technology, international trade and business services are all fields that attract 20-50 year olds to Florida's cities. Many of these new residents of Florida travel from New York, New Jersey, Illinois, Ohio, Pennsylvania, Michigan, California, Venezuela, Puerto Rico, U.K and Canada to take advantage of Florida's diverse economy.

The US Census has projected that by 2010, Florida will overtake New York as the third most populated state. 

I-595 Expansion: More Lanes, Safer Ramps, New Jobs

Construction to expand Interstate 595 and accomodate traffic growth will begin this Summer. This will be the most expensive road project in Florida's history and will create thousands of construction jobs while pumping $1 million into Florida's economy daily. 

The completed I-595 is expected to be unveiled by 2014. It will feature express lanes for long distance commuters, new ramps and a safer Florida's Turnpike interchange. 

The construction is in response to an increased traffic flow through the area which worsens backups and hazards that lead to accidents.

One of the newest additions to 595 are the express lanes. These are similar to the express lanes found on I-95 in Miami in that SunPass customers can pay a toll to bypass traffic during congested times. The toll revenue will be used to fund the project. 

One of the most needed results of this project is the number of local jobs which will be created. For every $1 billion spent on non-residential construction in Florida, 23,000 jobs are created. 

Couples "Stick It Out" In Tough Economic Times

Divorce filings are down 17% in Florida.

This may come as a shock due to the recent downturn in the economy. Wouldn't you think couples would be fighting more with the added stress stemming from a lower disposable income? While this may be the case, increased fighting is not resulting in divorce.

Statistics show that couples are staying together to ride out the economic storm. The only thing harder than living in an economic "recession" is living on a single income during a recession, especially if children are involved.

Some couples are even able to rekindle their relationship with the positive support a spouse can offer.