XL and AIG are seeking tenants for large portions of their fancy buildings. That’s not good news for the array of building projects planned or underway in Hamilton (or for Bermudian landlords and construction workers).
The number of shipping containers arriving on Hamilton docks has visibly dropped. Those rental listings are getting longer and longer. And, for the first time in recent memory, HWP is having a sale on cars to reduce their inventory. This recession is beginning to feel like a depression.
The 2009-2010 Government budget should be interesting. In recent years, Government’s spending has doubled to more than a billion dollars annually. This laxity was enabled by the unexpected boom in international business … and most of it has gone into soft costs like payroll instead of capital projects that expand our economy or infrastructure. We have Big Government in a Small Country.
Now that the boom has fallen off the cliff, it will be no mean feat to manage those footloose habits in the face of rapidly declining tax income.
Why should you care? In the past, Government excess was paid for largely by foreign tax dollars. As those decline, there are only we Bermudians left to foot the bill. Brrrr.
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