A Broader Economy

>>The good news? Southwest Florida was spared hurricanes. The bad news? The imploding housing market is causing far-reaching devastation of its own sort. Job losses. Rising foreclosure rates. Budget cuts. Our annual review of the year's business news (p. 16) is rife with references to the housing slump, and the forecast for the incoming year (which we've combined with the review this year instead of running it separately in January) doesn't look much more promising. The outlook for tourism and healthcare seems relatively rosy. The housing market? It's going to take at least another year to start recovering, say industry analysts.

 

Rare is the soul who isn't feeling the fallout from the real estate crash in Southwest Florida. The effects trickled from realtors and builders to other businesses, and our friends, families and neighbors started losing jobs or homes− or maybe just deciding to hold for a while on that dream vacation or new car.

It wasn't intentional, but because we frequently report on industry trends, this issue has "housing market slump" written all over it, from the effects on the job market (p. 12) and on the marketing profession (p. 102) to how builders are adapting (p. 77).

And "adapting" is the operative work. Smart people and businesses− those who will thrive− are adapting and finding new opportunities in a  grim situation. Marketing, construction and development companies that have diversified are hanging in there.

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