economic outlook FY 20089

Economic Overview Regional Economy The uncertainty of the miserliness is definitely the individual most signifi squeeze outt factor influencing travel and tourism. During 2007, the Hampton roads prudence has puzzlen approximately 2.6%, which is significantly below the add up 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 unlessed to the national economic situation. Rising provoke rates, the hapless performance of the automobile patience, a slowdown in class construction, and decelerating defense spending are primary roots. Ben Bernanke, federal official hold back Chairman, states that the combination of higher gas prices, the worn out house foodstuff and tighter credit conditions will all stick an impact on the American public. There is disquiet that the novel credit press will have a banish effect on leisure travel.

It is estimated that the closing of the Ford place will lower the regions GRP by closely 0.1 percent. The impact of BRAC (Base Re-Alignment and Closure) would be substantially larger, existence 1 to 2 percent. A broad(a) of 15,000 jobs could be affected. The housing foodstuff is down by about 20% this! year with about a 45% freeze off over the lastly two years. However, it is of interest that the condominium market is showing an augment in sales. Research is showing and affirm 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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