Miami: A Reflection Of The US Economy
May 26th, 08Miami is known for palm trees, beaches, and luxuries but as the economy continues to worsen a large part of the Miami lifestyle is beginning to suffer.
Miami is just one city throughout the United States that is seeing the devastating effects of a housing and job market reaching all time lows. As a city known for its prime real estate the housing market here has definitely slowed due in large part to the Sub Prime Mortgage crisis which has put the entire economy in a tail spin.
While cranes and other construction equipment dot the landscape and nearly finished condos raise from the ground the overall housing forecast is grim, at best. This is causing many to wonder what is in store for the rest of the year. Miami represents a large part of the economic class that is not usually affected by small hiccups in the economy. This time however, businesses that mainly serve the luxury market are beginning to suffer which is affecting other sectors.
With the dwindling Miami housing markets, construction workers are having a hard time finding work. Construction workers are used to hard times on occasion but with the down turn in the housing market which started in the late summer last year these workers are facing certain financial doom. Other job sectors are also suffering especially in retail and food service.
Since there are less new homes being built in Miami, area stores and restaurants are not seeing the projected growth they need to make ends meet. As a result, many Miami malls are seeing empty shops due to poor consumer spending. There is simply not enough income after the bills are paid and groceries, many experts state.
Many analysts are looking at Miami as a way of forecasting where the economy as a whole is heading; so far the outlook is bleak. Many believe that the economic downturn will last for the rest on 2008 and into 2009.
