Report: Florida

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The report of key economic indicators from the Floridwa Center for Fiscal andEconomix Policy's (FCFEP) finds that per person, income growth in Floridaw has fallen behind the rest of the natiob and that the gap in incomer between the most affluent and those on the bottom rung of the economicd ladder is among the widest in the natiom – and getting wider. In additio to having one of the nation’s highesy unemployment rates – in June, it hit 9.5 percengt – many of Florida’s jobs are low The national average annual earnings for all occupationswere $42,270 as of May 2008. Florida’e average was almost 10 percent less, at $38,470.
"Theses key indicators point to a state in FCFEP Executive Director John Hall said in anews release. "Asd Florida makes decisions aboutf how muchto spend, what to spend it on and how to raisw the needed revenues, the economic realities detailed in this report need to be kept uppermos t in the minds of Florida's population growth, which has driven the state'ws economy since World War II, is stagnant. Florida's rate of incomwe growth has fallen to 45th in the The real rate of growth in grosss stateproduct – the value of goods and servicese the state produces has fallen to 47th in the nation. With a povertgy rate of 12.
5 percent, the number of people living in povertty in Florida has increasedby 180,000 in one year. About 1.9 million Florida residents about one in 10 receivefood stamps. Foreclosures in Florida have quadrupled over the lastthrew years. In the firstg four months of this year, new Florida foreclosur filingstotaled 198,880, according to Per-capita state government spending is 44th in the and Florida spends proportionately more of its budgegt on corrections than all but two stateas and a smaller share on education than most The FCFEP is a Tallahassee-baserd nonprofit organization that conducts independenrt research.
Improving these trends will require “wise choices on both the spendinyg and revenue sides of theFloridaz budget,” Hall said.