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The Coronavirus’ Threats on Florida’s Economy

Florida Chamber Foundation Chief Economist Dr. Jerry Parrish says Florida should be “concerned, but not panicked” about the coronavirus’ threats on Florida’s economy.

“Yesterday the Dow dropped by more than 1,000 points, companies are cutting their GDP forecasts, 30-year mortgages are at an eight-year low, manufacturers are idling their factories because of supply chain issues. All of this is having an effect on Florida’s economy, and it could continue. This is certainly a concern, but it’s not anything to panic about,” Dr. Parrish explained in his latest Florida By The Numbers report.

 

According to Dr. Parrish, Florida’s most vulnerable industries include:

  • International Visitors
  • Cruise Passengers
  • Imports/Exports
  • Manufacturing Jobs

The 10-year government bond, and the three-month T-bill are now showing an inversion.

“An inversion of the yield curve has been a reliable, but not perfect signal, of a future recession. This is one of the metrics that goes into the calculation of the probability of a Florida recession which is on TheFloridaScorecard.org,” Dr. Parrish explained. “The probability of Florida being in a recession over the next nine months has now increased to 24.1 percent.”

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The Florida Chamber Foundation is the business-led, solutions development and research organization working in partnership with state business leaders to secure Florida’s future. The Foundation’s “Six Pillars” serve as a visioning platform for developing the first-ever, long-term strategic plan for the state. The Foundation’s work focuses on:  1) Talent Supply and Education, 2) Innovation and Economic Development, 3) Infrastructure and Growth Leadership, 4) Business Climate and Competitiveness, 5) Civic and Governance Systems, and 6) Quality of Life and Quality Places. Founded in 1968, the Foundation is a critical voice for improving the state’s pro-business climate to enable Florida to grow and prosper. For more information, visit www.FLFoundation.org.

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