FILE - In this Tuesday, Feb. 19, 2013 file photo, President Barack Obama speaks at the White House in Washington about potential automatic budget cuts, accompanied by emergency responders, a group of workers he says could be affected if state and local governments lose federal money as a result of the cuts. As economic policy goes, experts say, the automatic spending cuts that kick in Friday, March 1, are a bad idea. (AP Photo/Charles Dharapak, File)
NORFOLK, Va. (AP) — An Old Dominion University economic forecast says the Hampton Roads region stands to lose more than 12,000 jobs this year due to automatic spending cuts in the federal budget.
The billions of dollars in cuts begin to take effect on Friday.
The university had previously forecast that the region would gain more than 5,000 jobs this year.
The revised economic forecast is based on specific details of the proposed cuts that were released by the military branches and White House in recent weeks. The Hampton Roads region plays host to all five branches of the military and is home to the world’s largest naval base.
The forecast says the region stands to lose more than $2 billion in direct and indirect spending.
Copyright 2013 The Associated Press
