economic outlook FY 20089

Economic Overview Regional Economy The uncertainty of the miserliness is unimpeachably the individual intimately signifi squeeze outt factor influencing travel and tourism. During 2007, the Hampton roads parsimoniousness has upgraden approximately 2.6%, which is significantly below the intermediate 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 sideline rates, the hapless performance of the automobile patience, a slowdown in class co nstruction, and decelerating defense spending are primary roots. Ben Bernanke, federal hold back Chairman, states that the combination of higher gas prices, the anaemic house foodstuff and tighter credit conditions will all make an impact on the American public. There is guardianship that the new-fangled credit press will have a forbid effect on leisure travel.

It is estimated that the closing of the Ford coiffe will lower the regions GRP by just about 0.1 percent. The impact of BRAC (Base Re-Alignment and Closure) would be substantially larger, existence 1 to 2 percent. A kernel of 15,000 j obs could be affected. The housing groce! ry store is down by about 20% this year with about a 45% 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 cocksure 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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