HighBeam Research - Newspaper archives and journal articles
Options
Cancel changes
Follow us:
  • Subscription benefits
  • Log in
  • Sign up for a free, 7-day trial
  • Publications
  • Research topics
  • Topics home
  • People
    • Artists and Entertainers
    • Company executives
    • Historical figures
    • Politicians and Government officials
    • World Leaders
  • Issues and Events
    • Health and Medicine
    • Historical Events
    • Religion and Theology
    • Science and Technology
  • Places
  • Organizations
  • A-Z
    • A-G
    • H-O
    • P-T
    • U-Z
    • 0-9
  • Publications home
  • Journals
    • Academic journals
    • Business journals
    • Education journals
    • Math and Engineering journals
    • Medical journals
    • Science and Technology journals
    • Trade journals
  • Magazines
    • Business magazines
    • Computer magazines
    • Education magazines
    • Industry magazines
    • Lifestyle magazines
    • Medical magazines
  • Newspapers
    • International newspapers and newswires
    • Reports, newsletters, and transcripts
    • U.K. newspapers
    • U.S. newspapers and newswires
  • Reference works and books
    • Almanacs
    • Dictionaries and thesauruses
    • Encyclopedias
    • Non-fiction books
  • Subscription benefits
  • Log in
  • PUBLICATIONS HOME
  • Journals
    • Academic journals
    • Business journals
    • Education journals
    • Math and Engineering journals
    • Medical journals
    • Science and Technology journals
    • Trade journals
  • Magazines
    • Business magazines
    • Computer magazines
    • Education magazines
    • Industry magazines
    • Lifestyle magazines
    • Medical magazines
  • Newspapers
    • International newspapers and newswires
    • Reports, newsletters, and transcripts
    • U.K. newspapers
    • U.S. newspapers and newswires
  • Reference works and books
    • Almanacs
    • Dictionaries and thesauruses
    • Encyclopedias
    • Non-fiction books
Home » Publications » Academic journals » Economics journals » EconSouth » December 2011 »
  • Save
    This article has been saved!
    You may organize and add notes about this article below.
    This article has been saved!
    View all saved articles
  • Export

    To export this article to Microsoft Word, please log in or subscribe.

    Have an account? Please log in

    Not a subscriber? Sign up today

  • Print
  • Cite

    MLA

    "The Southeast Struggles to Recover: Economic Recovery in the Southeast in 2011 Fell Somewhere between Sluggish and Fitful. for Every Bright Spot (Florida's Long - Chilled Housing Market Is Showing Signs of Thawing), Numerous Drags on Progress Remain. in 2012, Will the Region Begin to Regain the Dynamism That Was Once Its Economic Hallmark?." EconSouth. Federal Reserve Bank of Atlanta. 2011. HighBeam Research. 24 Apr. 2018 <https://www.highbeam.com>.

    Chicago

    "The Southeast Struggles to Recover: Economic Recovery in the Southeast in 2011 Fell Somewhere between Sluggish and Fitful. for Every Bright Spot (Florida's Long - Chilled Housing Market Is Showing Signs of Thawing), Numerous Drags on Progress Remain. in 2012, Will the Region Begin to Regain the Dynamism That Was Once Its Economic Hallmark?." EconSouth. 2011. HighBeam Research. (April 24, 2018). https://www.highbeam.com/doc/1G1-278786552.html

    APA

    "The Southeast Struggles to Recover: Economic Recovery in the Southeast in 2011 Fell Somewhere between Sluggish and Fitful. for Every Bright Spot (Florida's Long - Chilled Housing Market Is Showing Signs of Thawing), Numerous Drags on Progress Remain. in 2012, Will the Region Begin to Regain the Dynamism That Was Once Its Economic Hallmark?." EconSouth. Federal Reserve Bank of Atlanta. 2011. Retrieved April 24, 2018 from HighBeam Research: https://www.highbeam.com/doc/1G1-278786552.html

    Please use HighBeam citations as a starting point only. Not all required citation information is available for every article, and citation requirements change over time.

The Southeast Struggles to Recover: Economic Recovery in the Southeast in 2011 Fell Somewhere between Sluggish and Fitful. for Every Bright Spot (Florida's Long - Chilled Housing Market Is Showing Signs of Thawing), Numerous Drags on Progress Remain. in 2012, Will the Region Begin to Regain the Dynamism That Was Once Its Economic Hallmark?

EconSouth
EconSouth

See all results for this publication

Browse back issues of this publication by date

December 22, 2011 | Copyright
Copyright Federal Reserve Bank of Atlanta. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights or concerns about this content should be directed to Customer Service.
  • Permalink

    Create a link to this page

    Copy and paste this link tag into your Web page or blog:

    <a href="https://www.highbeam.com/doc/1G1-278786552.html" title="The Southeast Struggles to Recover: Economic Recovery in the Southeast in 2011 Fell Somewhere between Sluggish and Fitful. for Every Bright Spot (Florida's Long - Chilled Housing Market Is Showing Signs of Thawing), Numerous Drags on Progress Remain. in 2012, Will the Region Begin to Regain the Dynamism That Was Once Its Economic Hallmark? | HighBeam Research">The Southeast Struggles to Recover: Economic Recovery in the Southeast in 2011 Fell Somewhere between Sluggish and Fitful. for Every Bright Spot (Florida's Long - Chilled Housing Market Is Showing Signs of Thawing), Numerous Drags on Progress Remain. in 2012, Will the Region Begin to Regain the Dynamism That Was Once Its Economic Hallmark?</a>

The introduction to last year's outlook issue of EconSouth began with a suggestion of the bumpy road ahead for the region's economy in 2011: "From its early role as an agricultural center to its current growing significance in manufacturing, the Southeast's economy has continuously evolved in response to economic challenges and changing conditions. In 2011, the regional economy will have to surmount a number of obstacles before it can resume the growth that made it one of the nation's most dynamic economies"

Did the region surmount these obstacles? Has it resumed the growth that made the Southeast so dynamic? Unfortunately, the answer is no. Not completely, any way. While the region made some progress along the road to recovery, many impediments remain.

The challenges the region faces are similar to those faced by the nation as a whole, but many of these barriers have proven especially tough to overcome in the Southeast. A persistent decline in construction and development in particular made regaining solid economic footing difficult.

The driving force behind the region's economic growth over the years has been robust population growth, which ignited development and spurred job creation. The slowdown in population growth to the levels experienced by the rest of the country explains a big part of the regional economic contraction, and lagging in-migration appeared to continue in 2011. For example, U.S. Census Bureau data from Florida show that from 1980 to 2007, the state averaged an annual growth rate in population of nearly 2.5 percent. From 2008 to 2010, that rate declined to less than 1 percent. Georgia's population growth declined from an average annual gain of 2 percent (1980-2007) to 1 percent by 2010. Population growth in the United States has held at a fairly consistent 1 percent for decades (see chart 1).

[ILLUSTRATION OMITTED]

[ILLUSTRATION OMITTED]

[GRAPHIC OMITTED]

Demographers at the University of Florida's Bureau of Economic and Business Research (BEBR) do not foresee a quick return to population growth in the Sunshine State, which had averaged annual gains of around 300,000 in the last three decades. According to Stanley Smith, director of population studies at the BEBR, annual population increases for the state are not projected to reattain that level until 2014 or 2015.

Real estate remains suppressed

The dynamic between population and economic growth is quite nuanced, but when real estate developers anticipate steady population gains that fail to materialize, serious imbalances can result. Construction of homes and commercial space does not stop on a dime, hence the high degree of overbuilding apparent in many parts of the region. Housing demand remained historically low in 2011, according to regional business contacts, while commercial property vacancy rates--especially for retail space--barely budged from 2010 levels. Add in continued falling home prices, and it is little wonder that the real estate sector remained a drag on the region's economy in 2011.

Data show that new home construction, as measured by permits issued for new residential buildings, remained near historic lows in 2011 for southeastern states (see chart 2).

Multifamily construction permits also remained near historic lows, although apartment vacancy rates have declined throughout 2011. Ron Johnsey, president of Axiometrics Inc., an apartment market research firm, recently discussed the multifamily market with the Atlanta. Fed's Real Estate Analytics Center in a podcast. He noted that "the multifamily real estate market is performing at the highest level I have seen in over 15 years that I've been in this business." Johnsey explained that "there is less interest in owning homes because the buyer sentiment is just not there. The renters who would move out to buy homes, they see the home prices declining, they see that they have to have higher down payments, better FICO scores, and so on, and all of this is working to create more renter demand for conventional market-rate apartments."

[GRAPHIC OMITTED]

[GRAPHIC OMITTED]

Declining home prices weigh on homeowners as well as on potential homebuyers. Data from multiple sources show that the value of existing homes in the Southeast remains at or near recent lows, and prices continue to decline in several areas. …


To read the full text of this article and others like it, subscribe today!



Related articles on HighBeam Research

New Hampshire Business Review
New estimate is for less population growth tied to I-93 project.(REAL ESTATE & CONSTRUCTION)(Brief article)

New Hampshire Business Review; March 28, 2008

302 words
Preliminary research suggests that widening Interstate 93 in southern New Hampshire attract only a fraction of the thousands of previously estimated. The prediction was part of a court-ordered environmental review of the project that expand the highway from two to four lanes in each direction…
Info-Prod Research (Middle East)
SAUDI ARABIA: RAPID POPULATION GROWTH MAIN CHALLENGE FACING REAL ESTATE.

Info-Prod Research (Middle East); November 20, 2005

263 words
According to Al-Watan newspaper (November 20, 2005), Abdulrahman Rashed Al Rashed, Chairman of the Committee of the Eastern Province Chamber of Commerce and Industry, said that the high population growth is the main domestic challenge facing the Saudi real estate sector. The official added that the…
The Press-Enterprise
Population growth fuels Inland demand for commercial real estate.

The Press-Enterprise; July 21, 2005

700+ words
Byline: Mark Kawar Jul. 21--While the Inland Empire's housing market tends to overshadow commercial real estate, three new reports show there more than 34 million square feet of retail, office and industrial construction on going in the two-county region. The commercial real estate market in the…
The Daily Star (Beirut, Lebanon)
Salameh: population growth behind rise in prices of real estate in Lebanon.

The Daily Star (Beirut, Lebanon); June 30, 2010

700+ words
Summary: BEIRUT: Central Bank Governor Riad Salameh said on Tuesday that the growth in population in Lebanon was one of the main reasons behind the rise in prices of properties. "According to some reports the demand for properties in Lebanon comes from Lebanese living abroad or people of Lebanese…
The Boston Globe (Boston, MA)
THE REAL ESTATE GENERATION GAP - With baby boomers soon ready to retire and the state's population growth stagnating, who will be around to buy our...

The Boston Globe (Boston, MA); March 25, 2007

By MARY CARMICHAEL Mary Carmichael is a Boston-based general editor at Newsweek. E-mail her at marycarmichael@hotmail.com.; 700+ words
REAL ESTATE Bill McInerney had a million-dollar house, and he hated it. The 1 1/2-acre lot that constantly needed raking and mowing and shoveling, the multiple bedrooms and big kitchen that were too much for one person, the half-hour commute from Dedham to downtown Boston - none of it suited him.…
See all related articles »

Publication Finder

Browse back issues from our extensive library of more than 6,500 trusted publications.

Popular publicationson HighBeam Research

Daily Mail (London)
U.K. newspapers
The Economist (US)
Political magazines
Harper's Magazine
Cultural magazines
The Boston Globe (Boston, MA)
Massachusetts newspapers
The Mirror (London, England)
U.K. newspapers
Visit Cengage Brain
  • Company
  • About us
  • Subscription benefits
  • Group subscriptions
  • Careers
  • Privacy policy
  • Terms and conditions
  • Contact us
  • Help topics
  • FAQ
  • Search tips
  • Using the Research Center
  • Billing questions
  • Rights inquiries
  • Customer Service
  • Cengage Learning Network
  • Questia
  • CengageBrain.com
  • HighBeam Business
  • ed2go
  • MiLadyPro
  •  
HighBeam Research
Follow us:

HighBeam Research is operated by Cengage Learning. © Copyright 2018. All rights reserved.

The HighBeam advertising network includes: womensforum.com GlamFamily