Herald-Tribune: La palabra que empieza con "R"

The "R" word

Published: Sunday, November 11, 2007 at 3:04 a.m.

Last Modified: Sunday, November 11, 2007 at 7:59 a.m.

Herald-Tribune.com

The "R" word is coming up more in conversations across Southwest Florida.

If you are a beach bistro selling margaritas to tourists, you might not notice. But on the mainland, it feels and looks like a recession.

The end of the real estate boom has sent ripples through the economy. Cash register receipts are slumping. Many workers -- either laid off or marginalized by cutbacks in hours -- are leaving town or taking lower-paying jobs. Food banks are dishing out free food as fast as they can find it.

Consider these factors:

Taxable sales in the region have declined this year, the first time that has happened since 9/11 and the most serious decline in 20 years. In July, sales were down 10 percent.

Bank deposits dropped 8.5 percent in the region during the year ended June 30.

Housing permits in the region are down more than 70 percent from 2005's peak. Many builders have laid off three-quarters of their work force as a like amount of business has vanished.

Unemployment in the region has surpassed the state average for the first time that anyone can remember, rising to nearly 6 percent in Charlotte County. Builders estimate that 70 percent of their work force is undocumented workers, so the unemployment figures likely underestimate the true joblessness.

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