economic outlook FY 20089

Economic Overview Regional Economy The uncertainty of the miserliness is definitely the individual nigh signifi squeeze outt factor influencing travel and tourism. During 2007, the Hampton roadstead thriftiness has mothern approximately 2.6%, which is significantly below the ordinary 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 only whened to the national economic situation. Rising sake rates, the hapless performance of the automobile patience, a slowdown in class construction, and decel erating defense spending are primary roots. Ben Bernanke, federal hold back Chairman, states that the combination of higher gas prices, the faint-hearted house foodstuff and tighter credit conditions will all accept an impact on the American public. There is job that the new credit press will have a ban effect on leisure travel.

It is estimated that the closing of the Ford congeal will lower the regions GRP by roughly 0.1 percent. The impact of BRAC (Base Re-Alignment and Closure) would be substantially larger, existence 1 to 2 percent. A quantity of 15,000 jobs could be affected. The hou sing commercialise is down by about 20% thi! s year with about a 45% disdain over the lastly two years. However, it is of interest that the condominium market is showing an augment in sales. Research is showing and electropositive 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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