The effects are already being felt in Florida – and soon may spread to the rest of the country.
For starters, flood insurance renewals as administered by the National Flood Insurance Program are not being processed. New construction has stalled as environmental permits stack up. Federal loans for homebuyers are a no-go.
This, of course, is catastrophic for Florida where real estate is 24.1% of it’s gross domestic product – the largest percentage of any state.
If the shutdown extends for weeks into the future, analysts worry that it can have a strong negative effect on factors such as jobs and consumer confidence.