Florida's Economy Better Than Last Year But Still Weak

As we move into the second half of 2011, it is time to look back at the economy in South Florida over the last six months. Data from 15 key economic indicators suggest a slight improvement in South Florida's economy since last year, but we still have a long way to go.

Unemployment is on the rise yet again, despite the fact that many companies have been hiring recently. The figures are 13.4% in Miami-Dade and 9% in Broward County. Although this is nothing compared to the 23,600 jobs South Florida was losing each month in spring 2010, it shows a slow recovery to the job market.

The real estate market has also proved slow to recover. Although single-family home sales are up 18% over last year, the prices these homes are selling for are down almost 5% over 2010.

Some good news is found in consumer spending, tourism and trade. Taxable sales have increased almost 8% since last year and Miami continues to be one of the top 3 destinations in the U.S. for Latin Americans and Europeans.

Florida Gets $800 Million for High-Speed Rail

Florida is getting another $800 million in stimulus money to build a high-speed rail from Orlando to Tampa.

The project is estimated to cost $2.6 billion, and the additional $800 million will bring Florida only $300 million away from this estimate.

It is believed that the high-speed railway will help Florida's economy by providing construction and operational jobs, as well as increasing tourism and travel throughout the Central Florida region.

Plans are also in the works of extending the high-speed railway to connect Orlando and Miami.

LeBron James May Boost Florida Economy

LeBron James announced Thursday night that he will be joining Dwayne Wade and Chris Bosh on the Miami Heat. Immediately after the news leaked, season tickets were sold out, signaling the tourism and economic boom that the basketball superstar will bring with him to South Florida.

Here are 10 Ways LeBron James will Impact the Florida Economy:
1. Merchandise Sales
2. Ticket Sales
3. Sponsorship Sales
4. TV Revenue
5. Downtown Miami Development
6. Shopping Malls
7. South Beach
8. Job Applications
9. Other Sports - Let's go Marlins, Panthers & 'Fins!
10. Media Outlets

Oil Spill May Have Effect on Florida Beach Tourism

Florida has had it rough the last few years, with the real estate crisis and a drop in tourism due to the recession. But it looks like Florida may take another hit with the BP oil spill. A supercomputer simulation (see video below) has projected that the gulf oil spill will make its way to the East coast of Florida and up into the jet stream. This will have a tremendous effect on Florida's Atlantic beaches and could spell trouble for summer tourism. Reports of beach vacation cancellations are already coming in as tourists try to avoid the spill.