Florida housing starts down 86%

Housing starts are down 86% from Florida's peak construction rate so far in 2011, according to a report from BMO Financial Group.

This year, new homes are being built at an annualized rate of 42,000. In 2006, the peak of Florida's construction boom, roughly 300,000 homes were built, BMO says in its annual State Monitor report.

As a result, construction employment is at its lowest level since 1990, contributing to the state's low employment growth. Through the third quarter, total employment in Florida is up just 0.8% from a year ago, BMO says.

For these reasons, BMO says the outlook for the state “remains depressed.”

The best sign of recovery is in the accommodation and food service industry. Those jobs are up 5% from 2010 according to BMO's report.

Founded in 1817 as the Bank of Montreal, BMO Financial Services managed $477 billion in assets as of July 31.