Florida is in a recession.

So says a report from the state’s second largest bank.

The state’s economy shrank from April through June, according to Wachovia Economics Group. It was the first quarterly decline in 16 years.

At the same time, the nation’s gross domestic product grew.

“It takes a lot to produce a decline in gross state product,” Mark Vitner, Wachovia’s senior economist, said Friday. The combination of the free fall in home values and sales and the decline in construction-related employment walloped the state, he said.

Read the rest of this Florida business article here…
Wachovia: Florida is in recession : Florida State News

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