Bay County Market Comments for Lynn Haven, Panama City, Panama City Beach

New Jobs for Tyndall on the Horizon

In a presentation to the Bay County Chamber of Commerce last Friday, the Brig. general of Tyndall Air Force Base announced that up to 1,000 new personnel will be coming to Panama City; bringing with it a new F-22 fighter squadron.

This is welcomed news as this will likely create some civilian jobs as well. As I have stated in the past, the local unemployment issues continue to hamper our local housing market. Of course, with the high rate of unemployment, REO and short sale activity continues to impact the Bay County and Panama City marketplace.

The high unemployment trends in Florida in addition to the local trends continue to impact the residential housing market. To view a historical time line, continue reading the full report on our sister blog.

The detached single family market in Bay County, FL continued to decline during 2011 being typical of many areas in the United States. On a positive note, sales volume increased for the year and the standing inventory was also reduced.

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The proposed Embassy Suites Hotel & Marina has been pitched to City officials and of course lots of questions are being raised. Developers of the project are asking for Community Development grant funds.

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The Panama City News Herald is reporting that the U.S. Air Force’s grounding of the F-22 Raptor may be attributed to carbon monoxide. 

Tyndall Air Force Base is the home of the 325th Fighter Wing, whose primary mission is to provide training for F-22 Raptor pilots in addition to maintenance personnel. 

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