Florida’s economy experienced a tremendous surge during the first half of the 2000s when home prices jumped 120% between 2000 and 2006. The gains fueled more construction and speculative buying, while the unemployment rate for the state stood at a scant 3.3% throughout most of 2006. But when the financial crisis hit, Florida was smacked as hard as any state in the nation. Home prices plummeted, foreclosures soared and unemployment peaked at 11.4% for the state.
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