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Article: Florida juices up its economy. (Corporate Expansion Relocation)
- Article from:
- Los Angeles Business Journal
- Article date:
- August 29, 1994
- Author:
CopyrightCOPYRIGHT 1994 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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When a recession in the early 90's highlighted weaknesses in Florida's economy, the state embarked on an ambitious economic development program that has turned the Sunshine State into an increasingly powerful economic engine.
An over-dependence on population growth had led to losses in Florida's huge service industry base, such as tourism and retail, and an unemployment rate exceeding the national average. It also had led to declining sales tax revenues triggering cutbacks in government spending and programs, leading to more layoffs throughout the state.
The state's economy was not nearly as strong or diversified as officials believed. The need to diversify ...