Orlando, Florida, is in an economic depression, not recession - What is the difference?
Ok everyone has heard the joke: A recession is when your friend loses his job. A depression is when you lose your job.
Definitions:
To answer if Orlando is in a recession or economic depression we must first define what represent the concepts and see which one fits in Orlando now.
If you sit down to ten and economists to ask what is an economic depression and what is a recession, probably get ten differentAnswers.
Recession
It is a drop in gross domestic product (GDP) for two or more consecutive quarters.
Depression
If an economic downturn where real GDP fell by more than 10 percent. It could be argued that depression is a serious recession.
What is Orlando?
o In Orlando, home prices have fallen by 24% + / - after half of the total Florida Realtor MLS statistics over the past 12Months.
or last month in Orlando CVB Hotel in sales of 27% + / -
claims or unemployment in the region have been growing
Housing starts, or are almost all but stopped
o The construction sector (mostly non-documented) was swept away
Car dealers are closing down or across the city
The share of firms or time (which is a huge employer of Orlando) collapsed on the credit and financing conditions deteriorate.Thousands have been arranged in November 2008 alone.
o If there is a brighter side to the doom and gloom, it is probably in technology and health care, but data are not recent enough to still be determined.
Reply
Orlando, GDP crashing into a 10% fall in the local and the phrase is growing.
Orlando is a deep recession within six months and will most likely be in a depression economy. There is a backlog of data whenhappens when it has collected and published, but it seems that the writing on the wall for economic Orlando. you should plan accordingly for your company.
