The Virginian-Pilot
©
SUFFOLK
They've taken a hit, but the city's high-tech corridor and the local economy that it drives have weathered the closing of the U.S. Joint Forces Command far better than anyone expected one year ago.
Civilian and military jobs lost to JFCOM’s dismantling, economists say, are running at about half of what originally was predicted -- from 1,200 to 1,500 total. And the overall impact on the Hampton Roads economy is now expected to range between $200 and $300 million. That pales in comparison to the billion-dollar blow that was forecast last August, when it was announced that JFCOM was being shut down in a cost-saving effort.
While the impact of JFCOM’s disestablishment has yet to be fully felt, local government and business leaders say the region, and Suffolk and Norfolk in particular, has avoided the devastation that one economist likened at the time to a hurricane.
“It’s not good news, by any means,” said Old Dominion University economist James V. Koch, “but it’s not going to be as bad as we initially thought.”
For more details, return to PilotOnline.com later and read tomorrow's Virginian-Pilot.
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Needed to be done
The federal government shouldn't be a jobs program for the nation. That is what the economic affect comes down to. Let's face it: JFCOM was a bleeding sore on the American taxpayer that wasn't really accomplishing anything that wasn't already being done elsewhere.
If we are ever going to get control of government spending, more such closures need to be done and there will be more jobs lost. The only way America is going to climb out of the economic situation we are in now is if we re-invent our economy. The same goes for this region. We've got to get Hampton Roads off the government dole and bring in more private industry.
Media Driven
The "catastrophe" that was the JFCOM closing was largely a figment of the media's imagination from the outset.
Economy
Anyone have office space for rent in the area. Drive around and look at all the available office space in that area. That is a problem that won't be accounted for. The real problems here are the wars in Iraq and Afghanistan. If those wars end then the economy is no longer an issue.
NOT BAD??
Like usual someone who HAS A JOB!! commenting that it's "not as bad as first thought" Yeah, unless you are one of the 1200-1500 who LOST THIER JOB. Typical morons commenting on something they have no clue about.
Just proves
Everyone knows what EXPERT means....
EX is a has been.....Spert (spurt) is a drip under pressure.
Bet you find that losing a carrier will not bring all the doom and gloom they predict either. But it maks for good press and gives them their name in headlines. Wrong as they usually are. Much the the hurricane predictions. Same class of people.
Agree
Yes, perhaps for the first time, we are in agreement. Another factor in these situations is that some organizations try to use the perceived disaster to their own advantage at the expense of other organizations. That happened in response to the original announcement about JFCOM, and will happen again as new events occur.
Maybe the "High Tech" corridor is Ok but don't look too close
The portion of Suffolk work that is aligned with ODU and the virtual simulations arena is fine. But the vast majority of those govt civilians that filled DIA billets here in HR had to relocate to Charlottesville, DC and Quantico, if they wated work. The contract companies like GD, L3, SAIC, BAH, etc., not to mention a score of small and SDA/8a companies lost about one quarter, or more, of their Norfolk market that was JFCOM. One thing the author got right: it will be a while before the full extent of the damage is known...IF they don't play fast and loose with the numbers..like has already happened with the "$400M" in savings. Just a shell game and thats all it ever was.