Our area is too dependent on two things....tourism and construction (Hollywood: foreclosure, condos)

[livinginnokomis]

Note: I posted something along these lines in thread about The Economist's article about Sarasota, but I feel that this deserves its own thread, especially considering the tone that discussion has taken.

I think the reason why our area has been hit hard by the recession is that our economy far too dependent on two things: Tourism and home construction.

After the construction boom came a huge foreclosure/housing bust....which meant less construction work and high unemployment....apparently the solution is to build more houses, as evidenced by the construction of even more developments while many "nice" houses in "nice" neighborhoods in the area sit empty. It's creating artificial "growth" and the construction jobs may turn out to be temporary. I highly doubt we'll see any real economic benefits from all of these new developments. Look at North Port -- a perfect example of megadevelopment gone terribly, terribly wrong.

And all it takes is one oil spill for an immediate collapse of the tourism industry and the places that rely on their business. How can we continue to put the other half of our eggs in the tourism basket when that industry can be volatile?

I think it is time to start diversifying our economy, time to demand that our leaders invest some more into non-service industry jobs. Why not do more with high tech businesses, such as alternative energy, etc.? Industries like that are the future. It's time we stop relying solely on these two industries if we ever want the economy to remain strong in this area.

We obviously shouldn't stop investing in tourism (Home development may be another story), but it sure wouldn't hurt to diversify our almost entirely service based economy.

[Old Man Winter]

While I agree with you that there is not and never has been a diversity for employment here, there are factors beyond our control at work. Local politics and politicians are the good old boy network and always have been here. They will remain that way until ( sadly ) the older generation dies off and gives way to younger thinking minds.

We had an opportunity to have a solar technologies company move to Venice and install a solar field that would have powered the entire island and portions of Venice. It was speculated that it would have produced a surplus large enough to sell power to FPL. Where is it? It isnt because local politicians and their special interest thought condos and a marina would be higher revenue for the area. Where are the condos and marina? They dont exist either as no investor or builder was stupid enough to start the project on the heels of a housing collapse.

They thought Venice Island could draw millionaire clients due to it having an airport, all they needed was the million dollar condos and marina. I am not a rich man, but I can assure you the millionaires, while there are several on Casey Key and Venice Island, for the most part will not come here. If you were a millionaire and you flew on your personal jet to Venice Island telling your wife on the flight "You are going to love the shopping and dining, the amenities are to die for"..... you would be handed divorce papers the minute she landed.

Its the same idea Rotunda was founded on. They wanted it to be the get away playground for the Hollywood elitists. Have you been to Rotunda? Exactly it failed also. This area will never progress until politics stop voting in the get rich quick flavor of the month.

The local economy here will also fail as too many employers knowingly hire illegal aliens to work. I think there are too many factors working against this area to see a turn around any time soon. I am not a doom and gloomer, but all this mess starts at the top and rolls downhill. I just live at the bottom of the hill

[sunny.days.ahead]

Look at "The Benson Project" - read the entire article in the tribune, it isn't just about a sports facility and park for Rowing, it's also for large companies to house their corporate headquarters...

[livinginnokomis]

Originally Posted by Old Man Winter

While I agree with you that there is not and never has been a diversity for employment here, there are factors beyond our control at work. Local politics and politicians are the good old boy network and always have been here.

Oh I totally agree with you there. We keep electing the same local politicians (a Sarasota County Commission seat is like a job for life), and we expect different results.

I do disagree though that it's beyond our control.....we can throw the good ole boy network out through elections.

We had an opportunity to have a solar technologies company move to Venice and install a solar field that would have powered the entire island and portions of Venice. It was speculated that it would have produced a surplus large enough to sell power to FPL. Where is it? It isnt because local politicians and their special interest thought condos and a marina would be higher revenue for the area. Where are the condos and marina? They dont exist either as no investor or builder was stupid enough to start the project on the heels of a housing collapse.

And the special interest, pro-"growth" (aka pro-housing development) candidates won the elections....so it's only gonna get worse.

They thought Venice Island could draw millionaire clients due to it having an airport, all they needed was the million dollar condos and marina. I am not a rich man, but I can assure you the millionaires, while there are several on Casey Key and Venice Island, for the most part will not come here. If you were a millionaire and you flew on your personal jet to Venice Island telling your wife on the flight "You are going to love the shopping and dining, the amenities are to die for"..... you would be handed divorce papers the minute she landed.

Agreed....anyone who thinks Venice is or should become large-scale tourist destination is an idiot. It's great for tourists who want a quiet, relaxed, no-frills community with a great beach and decent food. But it's no Sarasota.

I think there are too many factors working against this area to see a turn around any time soon. I am not a doom and gloomer, but all this mess starts at the top and rolls downhill. I just live at the bottom of the hill

I hear ya. Too many people in the area (even at this very forum) wear rose-colored glasses when it comes to this area....I don't know if they haven't lived here long enough to see the problems and why they're happening or if they just don't really care that it's not paradise for everyone....just as long as it's paradise for them.

[Old Man Winter]

Like I said, that wont happen until the old generation is no longer with us. They are the majority after all. And the mob rules.

[Old Man Winter]

Originally Posted by sunny.days.ahead

Look at "The Benson Project" - read the entire article in the tribune, it isn't just about a sports facility and park for Rowing, it's also for large companies to house their corporate headquarters...

Great ! How many corporations are going to move the corporate headquarters in this economy? Most cant even keep up with payroll

[livinginnokomis]

The county needs to do a much better job at attracting these businesses here...particularly new businesses, not just businesses moving here from up north. After all, we need the economy up north to be strong as well....we need people up there to be able to earn a retirement so they can afford to live here. Plus, totally new businesses will hire locals and not just move people from one locale up north to another.

[Minnetonkamari]

I read a lot about tourism and snowbirds on these forums and how so many negative things are the result of tourism. It seems to me, that a great deal of FL started out as tourist attractions and destinations, so your talking about changing something that is part of the building block of the place. Now before you jump on me, I realize there are many, many valid and important commodities and industries that come from FL.

On the flip side, I also see how someplace like NW FL, where we have a house near Seaside, had a completely artificial boom and hence, the following bust. The St. Joe companies had zillions of acres of land that had been part of their paper industry and started turning it into "communities" and next thing you know, developments were springing up everywhere. Then all the retail stuff, restaurants and everything you can think of to support these new condos and homes sprung up. Now that it's all crashed, 90% of those same places are empty and if you find a place to eat that's still open you may very well be the only person sitting there. Just saying.......

[livinginnokomis]

I think you misunderstand what I'm saying. I think tourism is a great thing for our area....it just shouldn't be the only industry. (Just like home and big box development shouldn't be the only thing either).

We have pretty much all of our eggs in two unstable baskets....tourism and construction. You wouldn't do that in the stock market, so why would you do that in "real life"?

[marinergeek]

Great ! How many corporations are going to move the corporate headquarters in this economy? Most cant even keep up with payroll

Lots of corporations are moving south, including mine. Take a look at the latest census, the numbers show a steady exodus from the north east. FL has some short term pain now but long term you are much better off.