AUGUSTA, Ga. (WRDW/WAGT) — Augusta’s giant federal workforce inhabitants, together with many army personnel at Fort Gordon and the Division of Veterans Affairs, faces rising uncertainty as the federal government shutdown continues and federal funding dwindles.
Consultants say client confidence will probably decline, negatively impacting companies like actual property that usually transfer with the financial system.
“Shopper confidence all the time performs a big think about any of our purchases, whether or not it’s going to the grocery retailer or shopping for a home,” stated John DeFoor, managing dealer at DeFoor Realty. “I had our first person who we confirmed a home to on Friday, who stated they had been furloughed. In order that’s actually the primary indication that we’ve seen or heard.”
Week three of the federal government shutdown has many shoppers within the CSRA drawing again, consultants say.
“Individuals not receiving their pay for a major period of time, that spreads out via the financial system as a result of they’re not shopping for as a lot on the day-to-day objects, even, particularly not the large ticket,” stated Dr. William Hatcher, political science professor and chair of social sciences at Augusta College. “In order that impacts the native financial system as effectively in areas the place federal employment or federal {dollars} are actually concentrated.”
DeFoor stated many potential consumers are taking a wait-and-see strategy.
“I feel lots of people are sitting on the fence. They’ve bought actually good rates of interest sitting in the home that they’re in proper now,” DeFoor stated. “So in the event that they’re not ready the place they must promote or they’ve to purchase one thing proper now, they’re simply sort of ready to see what’s going to occur.”
At the same time as financial exercise decreases, some stay optimistic Washington will work it out.
“In all probability one other 10 days, two weeks, then yeah, we’ll begin sitting down making an attempt to determine, hey, is that this one thing that we have to attempt to look into,” DeFoor stated. “Finally, they’re going to provide you with an answer. They know they’ll solely preserve it shut down for therefore lengthy.”
Individuals anticipate the strain to ramp up on Congress because the shutdown approaches the 2019 document of 34 days. Despite the fact that non permanent funding for employees and packages has helped, Hatcher stated the urgency to finish the shutdown for Congress has been low.
With day by day the shutdown continues, the prospect of long-term financial results turns into extra probably.
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