Analysts agree that the recovery the country has experienced from the recent recession has been considered one of the weakest economic recoveries in history. The US economy has experienced a total of 10 recessions since World War II. After each recession, the economy has experienced a recovery period lasting for 3 years. The 2009 economic recovery, experts agree, has been considered the weakest in the history of the U.S.
The recent recession not only left many people unemployed but also halted the country’s growth, creating an economy that is vulnerable. The slow growth in the U.S. markets was further complicated by the housing and financial crisis. This led to a slower growth which has affected many people.
Among those hardest hit with the foreclosure crisis was Southwest Florida. Among the areas in SWFL, Lee County was one consistently part of the foreclosure ridden areas. This resulted in historically high foreclosure rates and dropping house values. Many were left without homes and others burdened with bad mortgages.
The recession also created stringent processes for banks in providing loans. This provided a difficult situation for small businesses that are in need of extra cash flow as well.
Mr. Tom Wallace, the president of IDS Corp based in Fort Myers, was given authority by the Small Business Administration to provide assistance to companies to find the right lending programs for their organization. He noted that in SWFL, there were a total of 28 banks that either went out of business or had merged with other financial institutions. These events may have created damages to the financial environment.
in SWFL had also suffered the brunt of the recession. Jobs for these companies have dried up and these companies were forced to leave and find work in other places. There were almost little to no work available for these organizations during the recession in 2009.
The job market has also been another sector of the economy that was also badly affected with the recession. During and after the recession, there were 8.8 million jobs cut in the economy. This caused a cut in the pay of individuals causing consumer spending to go down.
In SWFL, the unemployment rate is currently at 8.8% and peaked to its highest of 13.3% back in January 2010.