Can Florida's Economy Handle Ivan?

Sean in New Orleans · #1 Postby **Sean in New Orleans** » Mon Sep 13, 2004 8:50 pm

With the intensity of Ivan, and the widespread damage likely in it's path, along with 2 powerful hurricanes striking the state already, the question is out there---how long will it take for Florida to bounce back? Five years, two years---can Florida win back the tourists by next Summer? I have no doubt that the spirit of the people of Florida is wonderful, but, that does nothing for the economic tolls of these repeated disasters. Will aid run dry for the state? Will the insurance industry continue to exist in the Sunshine State? Word out there amongst business leaders across the nation is that these systems taking on Florida will likely have economic consequences to the nation's economy for, at least, the next 6 months. I don't think that the economy of Florida will collapse, but, hard times for the state, unfortunately could be a part of life there for the next couple of years. Granted Walmarts and Home Depots will do a brisk business, but, there are much more deeper and more important figures that effect the economy like rolling unemployment which has a tendency to snowball, which spills into more and more businesses. Just curious, how long do you all think that the Sunshine State will be the Cloudy State?

Guest · #2 Postby **Guest** » Mon Sep 13, 2004 9:04 pm

I think it may take a few months, but by next summer the economy should be back to normal. The tourists will keep coming, trust me. Have you ever been here? The repeated disasters are tough to deal with, but the state will not collapse. The federal govt would not allow that to happen to any of its states. Not that I am advocating for this, but the state could pick up more revenue by imposing a state tax, which thanks to tourism, we don't pay.
...Jennifer...

#3 Postby **SeaBrz_FL** » Mon Sep 13, 2004 9:28 pm

I'm only speaking about Central Florida, but fortunately much of our revenue comes winter visitors and they are not affected by our summer weather.

Tourism: Yes, there will be some rippling effect losses from the last month, but the Central Florida hotels were at 100% occupancy as they quickly filled up with FL evacuees as soon as the tourist fled. Theme parks were closed for less than 5 days so far.

Citrus: This year's crop was devastated. Stock up on Florida OJ now. Trees survived ok; we'll recover by next year.

Port Revenues: Port Canaveral was closed for almost a week, so that income needs to be recouped, but the Port Authority did a great job getting a navigating channel open 6 days after Frances left.

All in all -- this impact will pale to the hit we took on tourism after 9-11 (2002). Besides that, many tourists like the fact that we have days and days of advance notice on our "natural disasters" unlike their states.

sea oat · #4 Postby **sea oat** » Mon Sep 13, 2004 9:31 pm

can new orlean's economy handle ivan?

crice · #5 Postby **crice** » Mon Sep 13, 2004 9:32 pm

Home insurance rates will go up short-term and building codes will be toughened in inland areas which will make it even more expensive to buy a house in this state.

Sean in New Orleans · #6 Postby **Sean in New Orleans** » Mon Sep 13, 2004 9:36 pm

sea oat wrote:can new orlean's economy handle ivan?

That remains to be seen. It would certainly hurt for a few months, IMO.

Sean in New Orleans · #7 Postby **Sean in New Orleans** » Mon Sep 13, 2004 9:38 pm

mrschad wrote:I think it may take a few months, but by next summer the economy should be back to normal. The tourists will keep coming, trust me. Have you ever been here? The repeated disasters are tough to deal with, but the state will not collapse. The federal govt would not allow that to happen to any of its states. Not that I am advocating for this, but the state could pick up more revenue by imposing a state tax, which thanks to tourism, we don't pay.
...Jennifer...

Many times---I love Florida. I go to the Emerald Coast, at least 5 times a summer. I've stayed in Pensacola, Panama City, Ft. Walton Beach, Navarre Beach, Destin....many times...always have a blast and enjoy the sun. Been to Disney World about 5 times. One of my favorite places to be--I always feel like a child.

latemodel25 · #8 Postby **latemodel25** » Mon Sep 13, 2004 9:39 pm

Sean in New Orleans wrote:With the intensity of Ivan, and the widespread damage likely in it's path, along with 2 powerful hurricanes striking the state already, the question is out there---how long will it take for Florida to bounce back? Five years, two years---can Florida win back the tourists by next Summer? I have no doubt that the spirit of the people of Florida is wonderful, but, that does nothing for the economic tolls of these repeated disasters. Will aid run dry for the state? Will the insurance industry continue to exist in the Sunshine State? Word out there amongst business leaders across the nation is that these systems taking on Florida will likely have economic consequences to the nation's economy for, at least, the next 6 months. I don't think that the economy of Florida will collapse, but, hard times for the state, unfortunately could be a part of life there for the next couple of years. Granted Walmarts and Home Depots will do a brisk business, but, there are much more deeper and more important figures that effect the economy like rolling unemployment which has a tendency to snowball, which spills into more and more businesses. Just curious, how long do you all think that the Sunshine State will be the Cloudy State?

yes this state is overwhelmed with tourists damn near year round. Ive lived here my whole life and believe me its crazy the way people flock here. I have nothing against snowbirds but it wouldnt bother me if a few decided to stay north a lil longer. atleast they'll think twice about buying a mobile home on the water! folks might just have to dig a little deeper into their pockets now, and believe me the majority of them that i have seen have very deep ones. lol

MiaMom · #9 Postby **MiaMom** » Mon Sep 13, 2004 9:44 pm

Yes, it will be much more expensive for many people to rebuild in Florida - and difficult for the state to regain footing after all these hurricanes, but one thing Florida almost never has is snow. People will still come here for the sunshine, the water and the beaches. Also, many international folks have strong ties to Florida.

Even with more expensive building costs, the price and availability of waterfront and near waterfront property is a strong draw. Waterfront property can't be purchased at any cost in many parts of the world.

We'll rebuild. Floridians always do.

Sean in New Orleans · #10 Postby **Sean in New Orleans** » Mon Sep 13, 2004 9:46 pm

I'm sure after these hurricanes that people will be coming down there by the flocks to by "waterfront property!" :lol:

J/J with ya--it was too tempting!!

MiaMom · #11 Postby **MiaMom** » Mon Sep 13, 2004 9:49 pm

There are lots of people just waiting for "hurricane distress" property sales.

#12 Postby **Deenac813** » Tue Sep 14, 2004 5:27 am

crice wrote:Home insurance rates will go up short-term and building codes will be toughened in inland areas which will make it even more expensive to buy a house in this state.

That is very true but I think the insurance rates will go up more than short term. I think the people in central and/or north florida will see what we saw down here in Hurricane Andrew. I can tell you that most of the insurance companies do not want to write in south florida they concentrated more on central and south florida which means most of their business is in that part of the state. The insurance industry is going to be a mess for many years due to these storms. IMO

MiaMom · #13 Postby **MiaMom** » Tue Sep 14, 2004 5:30 am

How right you are, Deenac813.

Can Florida's Economy Handle Ivan?

Can Florida's Economy Handle Ivan?

Re: Can Florida's Economy Handle Ivan?

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