Florida is used to visitors – some come to see Disney World, while others relocate to the Sunshine State after they retire. According to University of Central Florida economist Sean Snaith, the state’s economy has depended on constant population growth – people moving to Florida for jobs and other reasons.
But when Florida’s housing bubble burst and the economy tumbled into a recession, that spigot of fresh taxpayers has largely shut down. And that change might force Florida to make changes to their tax policy and economic strategy, Snaith says.
We spoke with Snaith in Orlando, as part of our week of “Spotlight City” reports, about how he sees Florida as an “adolescent economy” – despite its large size it doesn’t have the maturity to sustain itself after the flow of migrants stops.
Watch the 03:25 interview with Sean Snaith here: Florida’s Economy Facing Big Challenges
Source: Spotlight City, April 12, 2010, Florida Prof: State’s ‘Adolescent’ Economy Is Still Growing Up, by Quinn Bowman, PBS NewsHour, MacNeil/Lehrer Productions