Tourism: Florida's economy is more a state of depression than sunshine - by Steven Kurlander

Florida at the turn of the 21st century was a thriving place with a bright future. There was opportunity and growth everywhere, with widespread home building and construction far and wide. The cost of living was very reasonable: There was no income tax and property taxes and insurance costs were low.

A boom economy based on construction, tourism and real estate is now in shambles. One in eight Floridians is unemployed and nearly 1 million state residents are now collecting food stamps. Bankruptcy attorneys and debt collectors are extremely busy here.

The foreclosure crisis has transformed neighborhoods and condo developments into slums; skyrocketing property taxes and insurance eats away at the disposable income of struggling Florida residents (and negates any advantage from a lack of state income tax), and boarded-up strip malls and stores are popping up daily. People and jobs are now leaving Florida. Office Depot just announced that 80 jobs in Boca Raton are being moved offshore to Guatemala, where it is cheaper to do business.

For more: Florida economy New York: Florida's economy is more a state of depression than sunshine - South Florida Sun-Sentinel.com