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.