• Popularity and dynamics of Southwest Florida point to positive environment for the local economy and real estate market
  
• Short term downturns in remainder of US and foreign economies dampened in Naples
  
• Real estate market in Naples shows signs of increasing strength
  
• Trend to continue for 2003
  
• longterm trend remains unchanged - supply limited, demand increasing, prices up!

Doug

Below are excerpts from the Naples Daily News covering this conference held on November 14th, 2002.

Southwest Florida has fared quite well through the economic downturn hitting America, and its future is as rosy as ever, said several economists who were featured speakers at the 16th annual Regional Economic Outlook Conference in Fort Myers. (note: held on 14 November, 2002)

"I think that the area is extremely strong. The structural changes that have occurred in Southwest Florida are really quite beneficial (to future economic growth)," said Hank Fish kind, a former University of Florida economist and professor. He spoke to several hundred people who attended the event at the Barbara B. Mann Performing Arts Hall. The event was sponsored by The Chamber of Southwest Florida. Fishkind, who has more than 20 years of economic forecasting experience and now runs a private consulting firm in Winter Park, said there are several engines driving economic growth in Southwest Florida. He said Florida Gulf Coast University is one of them, and this trend will continue in com ing years. He said the university has stimulated real estate development in different directions around the university as well as a proposed regional mall. "Our research indicates clearly that universities are major amenities that stimulate economic activity dramatically," he said. Fishkind also said that the expansion of Southwest Florida International Airport is going to have "very simulative effects" on the economy of this area in coming years. "Your community has the benefit of both of those things (the university and airport) being close together, and so they feed on each other, and that is going to become a major, major growth node," he said.

Also painting a rosy outlook for Southwest Florida's future and economy was Mark Vitner, a senior economist for First Union-Wachovia "This area of Florida probably has the strongest economy within the state," said Vitner in a interview with the Naples Daily News before his speech about the state of the national economy. "The population is growing more than twice as rapidly as the rest of country, and as a result, that creates enormous demand for both residential and commercial construction, financial services, finance, all of these things." He said the economic outlook for Southwest Florida remains "relatively upbeat."

The excerpts above are from the Naples Daily News, 15 November, 2002. For the full text please go to http://naplesnews.com/02/11/business/d851449a.htm

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Doug