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U of Central Florida's economic report not so sunny

The University of Central Florida's most recent economic forecast for our part of The Sunshine State is anything but sunny. In fact, it isn't great for the entrepreneurs and small business owners in and around Orlando.

The report says that thanks to job losses in the construction industry, the Orlando area's unemployment numbers are not so hot. A downtown in the tourism and hospitality industries caused by budget-conscious tourists delaying their trips has not helped, either.

Those are something of short-term statistics, though. What does the larger picture look like?

First, Florida's population will continue to grow. Our population is expected to increase by 1.2 percent this year and to swell by 1.7 percent between 2013 and 2015.

However, we might not have jobs for everyone.

Housing starts and retails sales -- key indicators that the economy as a whole is revving up - are forecast to rise slightly, but not appreciably. In fact, the report looks 30 years into the future and doesn't see a return to pre-recession levels anywhere in that window.

As we said, this news might have some business owners groaning. But then again, we as a country have been through this before and we have always come out on top. Small business owners are inventive, adaptable and tough.

Another thing to remember is that many attorneys run small businesses, too. A lot of law firms employ under 25 people, and those who work there live in the same communities and face the same factors that you do. Thus, a great many business and corporate law attorneys understand the unique pressures, opportunities and challenges faced by small business owners.

Source: The Orlando Sentinel, "Florida economy faces long road to recovery, report says," Jim Stratton and Donna Gehrke, Aug. 2, 2012

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