Wachovia report: Florida hit harder by recession - St. Louis Business Journal:

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Florida went into the recession nine monthsz ahead of the rest of theUnitedr States, and excesses in housing and commercial real estate are considerably worses than the nation as a the report says. the median sales price of existing homese is down about 45 percent from the peak of the housint boom inNovember 2005, but the drop in the Tamp a Bay area is even steeper at about 60 Employment conditions continue to the report says. The state’xs unemployment rate is expected to top out aroune11 percent, Wachovia with a loss of 720,000 jobs, including 430,000 jobs lost this year. reported 137 layofft events during thefirst quarter, more than doubler the previous period.
Job losses are heaviestr in industries with directt ties to thebuilding boom, includingv construction and manufacturing, Wachovia Wachovia estimates Floridians saw a net loss of $1.2 trillionn in household wealth during 2008 with about two-thirds of that drop occurringh in financial assets.