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Florida’s Bottom Line: 5-Year Anniversary

11/9/2016

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Contact: Ashley Carr
(850) 413-2842
 
TALLAHASSEE, Fla. – Chief Financial Officer Jeff Atwater has released the fall edition of Florida’s Bottom Line, his award-winning, quarterly online economic magazine focused on providing the latest news and insightful analysis on Florida’s economic and financial health. This edition marks the five-year anniversary since the publication’s launch and after 21 editions, in addition to five special additions, Florida’s Bottom Line has been viewed more than 140,000 times and has featured more than 80 guest author articles from scholars, business leaders, and top government officials from across the state including former Governor Jeb Bush.
 
“I’d like to thank each and every one of our contributors and readers for making Florida’s Bottom Line the go-to publication for information and in-depth analysis on Florida’s economy,” said CFO Atwater. “When I took office in 2011, Florida remained in the midst of a recession that hit our state more severely than others and in this edition, we recapped the journey that we have been through, the obstacles that we have overcome, the challenges that we have conquered, and the achievements we have earned.”
 
In addition to CFO Atwater, leaders from all across Florida are featured in this edition telling the story of Florida’s financial and economic growth during the past five years. In 2011, Florida saw high unemployment, low GDP, and a housing market that was finally starting to rebuild. Since then, Florida has added nearly 1.25 million private-sector jobs, tourism has skyrocketed, GDP is up, unemployment has decreased by 6.5 percent, and home prices have returned to their pre-recession values.
 
Here’s what the edition’s guest authors have to say about the continuation of Florida’s success story:
 
“Month after month, we’ve been fortunate to trumpet good news about Florida’s job growth, but it hasn’t always been this way,” said Cissy Proctor, Director of Florida’s Department of Economic Opportunity. “The last recession was devastating for Florida. Since December 2010, Florida’s private-sector jobs and labor force have increased more than the nation’s, and our GDP growth beat the nation last year. Across the country, people know that Florida is a great place to get their dream job.”
 
“The housing bubble was, of course, a largely nationwide phenomenon, but few states were hit anywhere near as hard as Florida,” said Brad O’Connor, Ph.D., Chief Economist for Florida Realtors. “In 2015, Florida finally recovered the last of the nearly 900,000 net jobs it lost during the downturn, and home prices finally rose to the point where they are now in line with their inflation-adjusted pre-bubble values.”
 
“My calculations show that Florida’s recession lasted 35 months, compared to the U.S. recession which lasted 18 months,” said Jerry Parrish, Ph.D., Chief Economist and Director of Research at the Florida Chamber Foundation. “The U.S. recession was labeled as the worst since the Great Depression and Florida was hit harder than average states. Recovering from any economic downturn is difficult, especially one that was so deep. Fortunately, Florida’s leaders made decisions and took action to set up Florida for future success.”
 
To view the latest edition of Florida’s Bottom Line, and to subscribe to the publication, visit http://www.MyFloridaCFO.com/FloridasBottomLine/.
 
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Chief Financial Officer Jeff Atwater, a statewide elected official, oversees the Department of Financial Services. CFO Atwater’s priorities include fighting financial fraud, abuse and waste in government, reducing government spending and regulatory burdens that chase away businesses, and providing transparency and accountability in spending. Follow the activities of the Department on Facebook (FLDFS) and Twitter (@FLDFS).