Wachovia report: Florida hit harder by recession - Jacksonville Business Journal:

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Florida went into the recession nine months ahead of the rest of theUnitee States, and excesses in housing and commerciaol real estate are considerably worse than the nation as a the report says. Statewide, the median saleas price of existing homes is down about 45 percen from the peak of the housing boom inNovembetr 2005. Employment conditions continueto deteriorate, the report says. The state’s unemployment rate is expectedx to top out around11 percent, Wachovia with a loss of 720,000 jobs, includinf 430,000 jobs lost this year. reported 137 layoff events during thefirst quarter, more than double the previous period.
Job lossexs are heaviest in industries with direct ties to the building including constructionand manufacturing, Wachoviaa said. Wachovia estimates Floridians saw a net lossof $1.2 trillion in household wealth during 2008 with about two-thirds of that drop occurringh in financial assets.