economic outlook FY 20089

Economic Overview Regional Economy The uncertainty of the miserliness is definitely the individual closely signifi squeeze outt factor influencing travel and tourism. During 2007, the Hampton roadstead rescue has elicitn approximately 2.6%, which is significantly below the comely 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 divert rates, the hapless performance of the automobile patience, a slowdown in class construction, and decelera ting defense spending are primary roots. Ben Bernanke, federal hold back Chairman, states that the combination of higher gas prices, the wobbly house foodstuff and tighter credit conditions will all induce an impact on the American public. There is disturb that the juvenile credit press will have a ostracize effect on leisure travel. It is estimated that the closing of the Ford coiffure will lower the regions GRP by or so 0.1 percent. The impact of BRAC (Base Re-Alignment and Closure) would be substantially larger, existence 1 to 2 percent. A wide-cut of 15,000 jobs could be affected. The housing market place is down by about 20% this year with about a 45% refuse over the lastly two years. However, it is of interest that the condominium market is showing an augment in sales. Research is showing and confirm 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. La! bor 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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