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The News-Press just recently reported on April 13, 2013 that recovery in Southwest Florida is apparent.  The article, by Tim Engstrom, suggests that auto sales are gaining momentum and home sales are coming out of recession lows.

Gary Jackson, director the Regional Economic Research Institute at FGCU is quoted:

“This has been a slow recovery but we are starting to see more consistent improvement. That is encouraging.”

As discussed in the article, here are some key indicators of the recovery in Southwest Florida.

• Automobile sales, often a key economic indicator because they are closely tied to consumer confidence, interest rates and manufacturing, have been growing steadily in Southwest Florida after recessionary lows. Gross sales totaled $415.5 million across the five county region in February, the most recent data available from Florida’s Department of Revenue. That’s up 19.7 percent from February 2012 and up more than 70 percent from February 2009.
• Permits for new construction have been increasing over the past few months and prices of existing homes have been climbing. Single-family building permits for Lee, Charlotte and Collier counties totaled 349 in February 2013, compared to 193 permits in February 2012 and 244 in January 2013, according to the Regional Economic Indicators report published in March by the FGCU Regional Economic Research Institute. That’s an 81 percent increase year over year and up 43 percent over the past month.
• Personal incomes have been steadily climbing across Southwest Florida since 2009, according the U.S. Bureau of Economic Analysis. From 2010 to 2011, the most recent data available, personal income increased almost 5.4 percent in Lee County and 5.1 percent in Collier County. That compares to a decline of 5.1 percent in Lee and a drop of 16.9 percent in Collier between 2008 and 2009.
• The unemployment rate across Southwest Florida is at four-year lows and the traditionally seasonal retail and hospitality sectors saw strong hiring through the peak winter season. However, job growth is likely to be slow over the summer months. Total non-agricultural jobs in Lee County have grown about 4 percent since 2009 to a twelve-month average in 2012 of 207,600 jobs. Lee County’s unemployment rate was 12.3 percent in June 2009 and peaked six months later at 13.3 percent. Lee’s unemployment rate was 7.4 percent in February.

To see the full article, click HERE.

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