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Suncoast Pasco News

Next Stop: The Bottom

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THE SUNCOAST NEWS

Published: February 4, 2009

Many of Pasco's business and government leaders turned out last week perhaps hoping one of the Southeast's top bank economists had some words of hope for the county's struggling economy. Mark Vitner, senior economist of regional banker Wachovia, was the featured speaker at a luncheon held as part of the West Pasco Chamber of Commerce's Business Development Week.

After hearing what Vitner foresees for the Pasco economy for the next year or so - the feint of heart may wish to stop reading - the best Mary Jane Stanley, president of the Pasco County Economic Development Council, could muster was. "I don't think it's everything we wanted to hear."

In brief, Vitner said the nationwide recession should hit bottom by the end of 2009. Just don't expect the recovery to start in Pasco then, he said. Pasco soared to great heights during the housing boom. Post-bust, however, it has a huge backlog of vacant housing that has to sell before the construction industry can get back to work. As a result, "It's going to take a while to clean this up," Vitner said.

After spending 30 years trying to diversify its economy, Pasco remains dependent on the housing industry for jobs and growth. Someone needs to big-think why this three-decade effort to attract commercial ventures other than housing construction to Pasco has borne so little fruit. That information could help jump start Pasco's next recovery - if not this one.

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