1616-24 South Florida economy on the mend TM ANN CHAPMAN/HERALD FILE
FIGHTING CHANCE:Events like the Miami Beach Fitness Festival in South Beach help attract visitors who bopst the local economy.
South Florida economy on the mend
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Task force finds hopeful signs
BY GREGG FIELDS vention&Visitors Bureau.
gfields@herald.com "Nationally,we're told we're , ,, -t + zt
one of the quickest recovery 0 .. '4s ' ' I
�
Although weak spots remain, markets,"she said.Occupancy w +. �; �'�- ,� � '� �-�� .*
the South Florida economy has rates for hotels,which were off 7 �., ,� * i + • Lj ^1�I
nearly returned to normal fol- more than 20 percent last Sep- ?n);.-71-,, ft , „*>+tr )ii +: a
lowing the events of Sept. 11, tember,are now down by less V �....6"-":„-� rt '� ,µa e �.y.,,W * 'Z't
according to a task force set up than 5 percent. . , ?"1.1 ,. -1,-*--..aiii 'ry'
by the Greater Miami Chamber Broward's recovery was >"L'► - V', may:, A, ,� El?�
of Commerce. helped in part by a $500,000 -+ ,' ,` r " �
"It was a wonderful outcome emergency marketing campaign -
to a horrific event," said Jack launched last fall, which .i "" "' ''-"x -- , '
Lowell, who stepped down as included newspaper ads F.
co-chair of the chamber's Eco- throughout North America and ,` • a` —�- e a
nomic Recovery Task Force.Set mailing 50,000 postcards to pre- BOB EIGHMIE/HERALD FILE
up in the aftermath of the 9/11 vious visitors encouraging them gAC1C TO THE BEACH:Tourism is recovering in Broward,which
attacks,it held its last meeting to return. launched a$500,000 emergency marketing campaign last fall.
Tuesday morning at the Renais- But even with the improve-
sance Hotel on Biscayne Boule- ment,Grossman conceded that
yard.Broward,too,has regained "our numbers may not see plus important economic barometer to 55 percent.
most of the economic ground signs for awhile." of all—unemployment.After In Miami-Dade joblessness
lost following 9/11, said Nicki Still, both Miami-Dade and peaking at 6.2 percent in dropped to 7.2 percent in March
Grossman, president of the Broward are seeing positive Broward in January,the unem-
Greater Fort Lauderdale Con- movement in perhaps the most ployment rate has since declined 1 PLEASE SEE RECOVERY,4C
Venture fund investments in state fall 60%
BY BEATRICE E.GARCIA were done in the quarter,with December quarter and nearly 60 industry and federal sources,fell
bgarcia@herald.com three firms garnering the lion's percent lower than the same in 1999 to$4.3 billion from$4.8
share of the funds. period a year ago. billion two years earlier,accord-
For young companies in Flor- The PricewaterhouseCoop- Florida has also fallen`behind ing to a new study released by
ida looking for investors to fund ers/Venture Economics/Na- in another crucial area:Research the National Science Foundation
their growth,the news released tional Venture Capital Associa- and development funding, Tuesday.
Tuesday is grim. tion quarterly survey shows it which is needed to keep the Florida ranked 16th among all
Venture fund investments in was the lowest level in nearly ideas flowing from the lab to the 50 states and the District of
Florida companies dropped to four years. marketplace. Columbia for total R&D invest-
$81.4 million in the first quarter Florida's share of the$6.2 bil- Florida was one of three ments, down from the No. 12
of 2002,down nearly 60 percent lion raised in the first quarter states where total R&D spend-
from a year ago.Only 13 deals was 11 percent lower than the ing, including from university, 1 PLEASE SEE VENTURE FUNDING,3C
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