Florida economy remains gloomy

The Florida economy is still sputtering, with a real GDP growth of 0.5%, according to a report from BMO Capital Markets Economics.

The statewide survey is essentially a tale of gains negated by losses. For example, the hospitality sector, what the survey calls accommodation and food services, grew 4.6% in 2011. But construction output dropped for the fifth straight year. The survey further reports that while tourism rebounded, statewide visitor traffic dropped 1% statewide year-over-year in the fourth quarter.

Other nuggets from the survey include:
• Job growth in all non-farm employment categories grew less than 1% year-over-year in April;
• Construction employment in Florida is at its lowest level since 1990;
• The elimination of NASA's shuttle program will wipe out thousands of jobs until a new program potentially begins in 2015;
• More than four out of 10 mortgages in the state, 44%, held a negative equity position in the third quarter — the third-highest rate in the country.

Montreal-based BMO is the parent company of M&I Bank, which recently opened a Florida headquarters in Sarasota.