After World War I the state’s economy continued to develop rapidly. More than 1 million tourists a year visited Florida in the early 1920s, and land speculators rushed to the state, hoping to make their fortunes in real estate. Between 1920 and 1925 the population increased four times faster than that of any other state. Real estate prices soared, especially in the Miami area. Swamps and mudflats were drained, forests were cleared, and roads and railroads were extended to the newly developed areas. The real estate boom reached its peak in 1925 and then collapsed in the spring of 1926. Land values dropped, banks failed, and many personal fortunes were lost.
In addition, Florida was struck by disastrous hurricanes in 1926 and again in 1928. Nevertheless, the tourist industry continued to develop and the economy had made a partial recovery by 1929.
Income from tourism and other economic activities in Florida dropped sharply during the worldwide Great Depression, the hard times of the 1930s. After a few years, however, Florida’s economy began to improve, partly as a result of federal and state aid programs. During the depression, cooperative farm groups and farm markets were organized. Wood pulp and paper mills were also established. "Florida" © Emmanuel BUCHOT, Encarta, Wikipedia
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