Comparing the Recovery of Florida Cities from the 2008 Financial Crisis in the Construction Industry

Assessing the Impact of the 2008 Financial Crisis on Florida's Construction Industry

The construction industry experienced a sharp downturn during the financial crisis of 2008. Construction peaked between 2005 and 2008 before drastically declining. Tampa peaked first in 2005, followed by Jacksonville and Tallahassee in 2006, and Orlando and Miami in 2008.

Analyzing the Magnitude of the Downturn in Florida's Construction Industry

The cities saw a significant decline in construction activity, ranging from 51.55% in Miami to 88.75% in Tampa, with Jacksonville, Orlando, and Tallahassee also experiencing over 80% declines. This level of decline can have a sizable impact on the local and broader economy.

Examining the Duration of the Bear Market in Florida's Construction Industry

The duration of the downturn varied among the cities. Orlando experienced the shortest downturn, lasting four years. Jacksonville, Miami, and Tallahassee had six-year downturns, respectively, while Tampa had the longest downturn lasting seven years from 2006 to 2013.

Author Olivia Ramos
Founder and CEO of Deepblocks, holds master's degrees in Architecture from Columbia University and Real Estate Development from the University of Miami. Her achievements before Deepblocks include designing Big Data navigation software for the Department of Defense's DARPA Innovation House and graduating from Singularity University's Global Solutions and Accelerator programs.