economic outlook FY 20089

Economic Overview Regional Economy The uncertainty of the miserliness is unquestionably the individual well-nigh signifi squeeze outt factor influencing travel and tourism. During 2007, the Hampton roadstead thrift has stirn approximately 2.6%, which is significantly below the median(a) of 3.7% summation enjoyed each category since 2001. Economic growth in Hampton Roads decelerated to its lowest level since 2000 and is approximately the same as the reminder of Virginia and the Nation. Much of the lackluster performance of the regional economy can be attri scarcelyed to the national economic situation. Rising gratify rates, the hapless performance of the automobile patience, a slowdown in class construction, an d decelerating defense spending are primary roots. Ben Bernanke, federal official hold back Chairman, states that the combination of higher gas prices, the frail house foodstuff and tighter credit conditions will all make believe an impact on the American public. There is continue that the youthful credit press will have a dis collateral effect on leisure travel.

It is estimated that the closing of the Ford go under will lower the regions GRP by about 0.1 percent. The impact of BRAC (Base Re-Alignment and Closure) would be substantially larger, existence 1 to 2 percent. A rack up of 15,000 jo bs could be affected. The housing commer! cialise is down by about 20% this year with about a 45% line of descent over the lastly two years. However, it is of interest that the condominium market is showing an augment in sales. Research is showing and confirming a pocketable slowdown in the U S lodging effort for 2008. The average daily rate should grow about 5%; however, there is a growing concern within the industry of operating cost. Labor related costs make up 45% of operating expenses at most hotels. It is predicted that 2008 will lifelessness be a sellers market but hotel...If you want to induct a full essay, order it on our website: OrderCustomPaper.com

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