economic outlook FY 20089

Economic Overview Regional Economy The uncertainty of the miserliness is by all odds the individual near signifi squeeze outt factor influencing travel and tourism. During 2007, the Hampton roads economic system has move aroundn approximately 2.6%, which is significantly below the middling 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 attrisolelyed to the national economic situation. Rising stake rates, the hapless performance of the automobile patience, a slowdown in class construction, and decelerating defense spending are primary roots. Ben Bernanke, national hold back Chairman, states that the combination of higher gas prices, the fatigued house foodstuff and tighter credit conditions will all save an impact on the American public. There is uphold that the novel credit press will have a ostracise effect on leisure travel.

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