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Business Observer Friday, Dec. 19, 2008 11 years ago

+ Florida per-capita income

+ Florida per-capita income

What the data shows: Florida per-capita personal income is calculated by taking total personal income by official estimates of the state's resident population as of April 1 of each year.

What it means: Florida's per-capita personal income reflects the real estate boom and subsequent decline. Incomes surged as residents benefited from rapidly rising real estate prices. But the rate of growth in personal income declined sharply as the subsequent drop in real estate activity started taking hold as early as 2006. What this shows is how dependent Florida residents remain on the fortunes of the real estate industry.

Forecast: Per-capita personal income in Florida will likely stay flat or even fall as real estate values continue to drop. However, personal incomes may show some surprising gains if strong sales of existing homes continue. Sales have surged in many areas as prices have fallen as much as 50% on an annual percentage basis.

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