Foreclosed Economy Compels Florida County to Declare Emergency

The South Florida County of Lucie that had been the hub of housing frenzy just a couple of years ago has now fallen upon hard days mauled by foreclosures. It has declared a stage of emergency on Tuesday 21st April 2009.

The action taken by Lucie County authorizes use of $25 million to $30 million for a swath of new construction jobs. The condition is that local labour will be engaged and supplies to be taken from local sources. It is hoped that this will jump start the local economy.

The commission however struck a cautious note by insisting that the government was financially sound despite a pressing need to boost the economy. Commissioner Dough Coward said, “The whole country is in an economic crisis. Clearly a declaration of local economic emergency sends a message of distress, but in my opinion, we need to balance that with the optimism that I think we in the board have.”

The number of unemployed in the construction sector has shot up by 25% to even 40%. It is essential that a life line be thrown to them. The contractors who win the jobs must use from local sources 75% of the labour force as also purchase locally the required materials.

The National Association of Counties commented that no other county in USA has taken up such steps.

Lucie County has very recently involved several bio-technological companies that employ high wage earners. But nevertheless the rate of unemployment is 12.8%. It makes it rank third among the 67 counties in Florida. The state figure and national figure of unemployment is 9.7% and 8.5% respectively. It is the construction section that has been worst hit. But job losses in a chain reaction are evident in other departments – finance, government jobs and also health care and education.

The construction industry’s zooming and booming is the cause of the busting today. It is the same story right across Florida. Property values rocketed to touch the sky from 2000 to 2007. This led to the doubling of the population in the largest city of the county – Port St. Lucie.

After the bubble burst there was no safety net to catch the falling stars. The number of foreclosed homes in 2008 were over 10,000– it being three times bigger than the total number of houses mowed down by the last three hurricanes! Currently one out 87 residential units in St. Lucie has been taken over by the banks.

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