The most important news I have heard in the last week or so is that Florida has returned to gaining 1000 new residents each day. This is what produced the housing boom that fueled growth in the state economy until 2008. The return to 1000 new residents each day will definitely revive the construction industry, major consumer purchases, e.g. domestic appliances, and almost everything else. The recovery from the recession of the early 1980s was led by construction. New housing starts in 1983 were twice the number of 1982.
About Your Money: In the New Economy
The financial crisis of 2008 has ushered in a new facet of the “New Economy.” Whatever you say about the origins and course of this financial crisis, this new dramatic development will be a major influence in our economic future. I will discuss the financial crisis and where it has led us. I will then look at how this “New Economy” will affect your job prospects, investment strategies, retirement plans, personal finance. We are in an entirely new phase of our economic progress reinforced by a new administration coming into office. It will be exciting to some and of concern to others. But we all must understand it and use it to our advantage. — Leo Cecchini (Ethiopia 1962–64)
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