Economy on runway, not taking off just yet

Anyone who has ever been stuck on an airplane awaiting takeoff can relate to an economist's analogy offered during an Urban Land Institute event in Tampa on Jan. 20.

Sean Snaith, director of the University of Central Florida's Institute for Economic Competitiveness, said during his keynote address at the ULI Tampa Bay 2011 Emerging Trends Conference that Florida's “jumbo jet” economy has pushed back from the gate, but it may take a few more years until it is cleared for takeoff.

“We've taxied to the head of the runway, but it may be 2012 or 2013 before we get to the end,” Snaith told the audience at A La Carte Event Pavilion. High unemployment (12% in December) and a housing overhang are the main causes of the delay, he said.

But there's good news ahead: Snaith said he believes Gov. Rick Scott's pledge to add 700,000 jobs statewide over the next seven years can be achieved in less time. So even though we have to remain content with peanuts and pretzels for now, he said, we can expect more generous meals to be carted through the cabin once our economy is up in the air and back to cruising altitude.