Florida is ground zero for the building industry's collapse. The downturn there has been sharper than elsewhere in the nation. But even within Florida, local markets vary. According to a report in the Sarasota Herald-Tribune, the state's Gulf Coast is faring worse than its Atlantic side - considerably worse (" Sarasota region hit harder in building slump," by Doug Sword). According to the paper, Southwest Florida has suffered two or three times steeper a decline than other parts of the state. "On the east coast, counties are reporting 30 percent declines from the boom, while every county between Manatee and Lee has recorded at least a 74 percent drop in the value of new construction," the paper reports. "In Sarasota and Lee counties, the decline has been more than 90 percent." A few counties - notably Broward County, on the eastern side of the state - have actually seen an increase in construction volume. But that uptick is entirely due to a few large commercial and industrial projects, the paper reports. In the residential sector, the market is still struggling. As 2010 draws to a close, Florida home values continue to plunge, and the proportion of homeowners who are selling at a loss, or who owe more than their house is worth, continues to rise. The Palm Beach Post has this report (" South Florida's economic albatross: Home values and losses not getting any better," by Kimberley Miller). But even in local markets in South Florida, the impact of the slump was felt differently from one neighborhood to the next. A graphic in the Palm Beach Post article shows 20% of houses in Palm Beach selling at a loss. A few miles away, in Lake Worth, the proportion was 65%.
