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Towne Bank Message Board

  • usaf_ghost_rider usaf_ghost_rider Oct 25, 2009 9:37 AM Flag

    Economy in Hampton Roads may be hurting TOWN

    Real estate and the economy in Hampton Roads were less affected by the recent downturn than many other areas, but that's about to change and it may hurt TOWN:

    - 1200 jobs lost in Franklin this week (paper plant closing)
    - more Ford backlash (cutbacks) in production
    - Navy budget impacts (DOD's investment accounts down 40% in the future) affecting Newport News
    - BRAC "benefits" to Ft Eustis much less than originally envisioned (the base may actually lose jobs)
    - MAJOR overcapacity in retail outlet growth (30-40% of recent development is excess)---this will come home to dramatically impact the local area
    - Fort Monroe closure --- and its future real estate development project deferred
    - NASA laying off 15-20% of its workforce (to pay for "back to moon" and Shuttle retirement affecting NASA Langely
    - permanently deferred real estate projects in Newport News (Endview, others)
    - increased drain on taxpayers from out of control local Hampton, Newport News, Norfolk govt spending
    - and the list goes on

    Bottom line: I unloaded my TOWN shares this week -- will wait to reenter at lower price.

    GR, CFA

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