Regional Economy
The uncertainty of the miserliness is definitely the individual most signifi squeeze outt factor influencing travel and tourism. During 2007, the Hampton roadstead economy has grown approximately 2.6%, which is significantly below the average 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 attributed to the national economic situation. Rising interest rates, the hapless performance of the automobile patience, a slowdown in class construction, and decelerating defense spending are primary roots. Ben Bernanke, Federal hold back Chairman, states that the combination of higher gas prices, the weak house foodstuff and tighter credit conditions will all have an impact on the American public. There is concern that the recent credit press will have a negative effect on leisure travel.
It is estimated that the closing of the Ford Plant will lower the regions GRP by about 0.1 percent. The impact of BRAC (Base Re-Alignment and Closure) would be substantially larger, existence 1 to 2 percent. A total of 15,000 jobs could be affected.
The housing market is down by about 20% this year with about a 45% decline over the lastly two years. However, it is of interest that the condominium market is showing an augment in sales.
Research is showing and confirming 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 costs. 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: Orderessay
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