Brookings Institution Reports: Cape Coral Has the Worst Economy in the Nation (Miami: real estate, apartment)

[yoko]

" There were about 80 regions in the country that fared better than South Florida during the recession, a new study reports. The good news: We're not Cape Coral.


Among the nation's 100 largest metropolitan areas, South Florida sits in the bottom 20 when it comes to job losses, a shrinking economy and collapsing real estate prices, the Brookings Institution said Tuesday.


• South Florida's economic output dropped 3.3 percent in the recession, the 83rd worst performance in the country but far better than Cape Coral's 15.1 % slide into 100th place.

• South Florida saw prices plunged 44 percent between 2007 and 2010, earning it the 93rd slot on the Brookings list for that measure. Two Florida regions fared worse: Bradenton, with a 46 percent drop and Cape Coral with a 51 % drop. Modesto, Calif., finished last, with a 56 percent plunge in housing prices over three years. "


June/16/2010
Report: South Florida area among hardest hit by recession - Business - MiamiHerald.com (http://www.miamiherald.com/2010/06/16/1682637/study-confirms-the-pain-south.html - broken link)

[Iamrita]

Doesn't surprise me...

[rikoshaprl]

This is a false statement by Yoko again.
Brooking is taking the swing from the peak of employment to the current employment. At the peak Cape Coral had one of the lowest unemployment rates in the country, 2.1%.
http://www.bls.gov/news.release/hist...o_05312006.txt

Currently the unemployment rate is 12.7%, That is # 329 out of 372 cities. The worst has an unemployment rate of 27.9%. Cape Coral is certainly not the worst economy in the country!

Unemployment Rates for Metropolitan Areas

[nhkev]

although the article is based on facts is it insightful in any way? It compares to when things were at a peak vs during the worst recession since the great depression. all fine and good but what does it tell us about the future? Nothing. But didn't the brookings institute also put out some report about a certain area leading the nation in job growth in the first quarter of this year. What county could that have been.

[hiknapster]

Shoot straight and you can make your point. Lie or twist and it becomes all about you and your point is lost.

The title of this thread is not true. Brookings does not say Cape Coral has the worst economy in the nation. And it doesn't say that in the news article link, either.

What Brookings does say, by looking at their stats, is that Cape Coral was hit very, very hard but may be turning the corner. It says that Cape Coral's unemployment rate went down the most in the country from the fourth quarter of last year to the first quarter of this year. And of course, it has dropped even more from March to April.

I took my information from the Brookings website. I'm an old-school reporter and only trust the direct source.

http://www.brookings.edu/~/media/Fil...ro_monitor.pdf

And it is very frustrating to read lies over and over, again.

[SW_Pirate]

My parents always said 'if you can't say something nice, say nothing at all'. For all our sakes Yoko, at least try to be objective when you cut 'n paste.

[scott26]

One thing I have found to be very important when reading posts in this section of city-data.com, you should always click on the link provided by the author.

It often gives you a different story than what the poster wants you to believe.

Also, I have learned when someone says "Do a google search and see for yourself" or "Google search is your friend!", you should take them up on that request and advice. That often puts their information in a completely different light than what was posted. Definately use the google searches as requested and do your own factfinding, most often you will see a more true picture.

[yoko]

" From January through May, rents climbed 2.8% nationwide, according to Axiometrics, which tracks the national apartment market.

Not every market is up: Florida's Cape Coral-Fort Myers, another housing-bubble market, fell 4.8%. "


June/16/2010
http://online.wsj.com/article/SB1000...918259776.html

[yoko]

Brookings Report: Cape Coral – Fort Myers, Fl. Employment change –16.4% ranks the second worst in the nation, 99/100.

Pls. see the map. Put the cursor on Cape Coral. The information and the file pops up.


Brookings - Quality. Independence. Impact.

[stahltkd]

Cape's permit office swamped | news-press.com | The News-Press

"It tells me property owners and the industry itself are starting to put their heads up out of the hole a little bit,"


http://charlotte.floridaweekly.com/n...in_demand.html
"Compared to one month ago, however, the unemployment rate has dropped in all the above areas of Southwest Florida. This mixed signal indicates Southwest Florida, as it slowly recovers from the recession, will have a job market that peaks and valleys during a general upward trend."