New Report Finds Gulf Coast Weathering Economic Crisis

A new report finds that even in the middle of national recession Gulf Coast residents have reason to be cautiously optimistic. MPB’s Phoebe Judge reports.

The report released by the Gulf Coast Business Council finds that even though the overall economy of the Gulf Coast fell in 2008, respondents felt a reserved optimism for the first six months of 2009. Since Katrina, the Gulf Coast has had a steady stream of construction and infrastructure projects, helping to drive the economy even in these tough times. Tourism, the largest industry on the Coast, has been resilient. There are some challenges facing the Coast though, insurance rates have skyrocketed since Katrina, and an adequate amount of affordable housing is still a major issue. But those concerns are beginning to be addressed, with 20 million dollars in funding going towards the state wind pool insurance, and a number of new affordable housing projects coming online. All in all, the report indicates that the Gulf Coast may be faring better than other parts of the country as a direct result of Hurricane Katrina, and the number of infrastructure projects and funding that has come with the rebuilding. For MPB News, I’m Phoebe Judge in Gulfport.