In recession, Florida gives back gains

The Federal Reserve Bank of Atlanta held no reservations on whipping Florida in its annual state of the Southeast report.

Entitled the “Long Recovery in the Southeast,” the report tracks recession recovery progress in the six states that make up the Sixth Federal Reserve District: Alabama, Florida, Georgia, Louisiana, Mississippi and Tennessee.

“After weathering the past four national recessions comparatively well, the Southeast may have paid in the most recent downturn for its past successes,” states the report. “Rapid population growth and its attendant industries, such as construction and retail, powered the region's bellwether states of Florida and Georgia through earlier national slumps. But as the Southeast lived by the hammer, this time it was hammered by the hammer.”

The report states Florida held about 40% of all jobs in the Southeast in November 2007, a month before the recession officially began. Since then, however, the state is on the hook for more than 50% of the region's recession-based employment losses.

The recovery in the region, states the report, is hindered by several factors, from lackadaisical job growth and economic uncertainty to challenging banking conditions and a “still-sickly housing market.”

That sure sounds a lot like Florida, circa 2011.