The current recession is turning out to be severe, and Florida, with its dependence on housing, is particularly vulnerable. The most immediate help to the Florida economy will come from the federal stimulus bill. The American Recovery and Reinvestment Act of 2009 (ARRA) has a price tag estimated at $787 billion. The Florida Office of Economic Recovery estimates about $14.1 billion of these funds will flow into the state.
Most of the funds from the stimulus bill will go toward staving off education budget cuts, extending unemployment benefits and buttressing the state’s Medicaid program. However, there have been considerable funds allocated toward construction spending. From $49.3 billion in total transportation stimulus, Florida is to receive an estimated $1.35 billion in highway funding; its mass transit was awarded $310.7 million. Of the $1.1 billion allotted for total airport improvement grants at the national level, Florida will collect about $70 million.