BAE Systems has issued a nationwide notice to their “ship repair team” that more than 3,500 production, management and administrative staff may be laid off due to the budget stalemate facing the U.S. Congress. For the state of Hawaii, this would mean that approximately 350 Pearl Harbor shipyard workers would be laid off, since the Navy would be forced to cancel all surface ship maintenance scheduled at private shipyards to make their budgetary requirements. President of the Ship Repair Association of Hawaii, Iain Wood, commented, “Obviously those folks work here, live here, eat here, spend their money here, pay their taxes here, so that will have an impact on the economy.”
If Congress is unable to act before March 1, 2013, sequestration would occur for the U.S. Armed Services, which would mean $500 billion in defense cuts and $500 billion in non-defense cuts over the next 10 years. U.S. Senator Mazie Hirono commented that if sequestration occurs, approximately 18,000 defense workers in Hawaii would be effected through either furlough days or job loss. In terms of a dollar amount, sequestration would cost the state of Hawaii approximately $2.3 billion per year.
Source: Honolulu Star Advertiser, 2-22-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
