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Guam's economic forecast is bright

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 by Ken Quintanilla

Guam - In past years, Governor Eddie Calvo says there's been a sense of uncertainty in our economy, saying, "But there's now a sense of stability."

But for 2015, he's optimistic it's going to be an exciting year. "Now when I look at 2015 - it's a period of where we grow from that stability and it's a time for strengthening this island in terms of infrastructure, quality of life for people and its taking those next steps, it's growth it's taking this community to a higher level," he said.

Before the Guam Chamber of Commerce Wednesday afternoon, Governor Calvo says that very stability looks positive not just for 2015 but for the next 10 to 15 years. It can be attributed to the billions of dollars expected for the island. "We're looking at about $13.3 billion in construction over the next 13 years and that's both federal, in military and local government infrastructure and spending in terms of construction," he said.

Other areas include $3.3 billion in utility improvements, and more road construction to add to the $160 million already spent in the last four years. The administration plans to push for a Garvey Bond to leverage federal funds that may result in $80 million more in road work. As for tourism, while Guam saw the decline in Japanese and Russian arrivals, the island's tourism numbers are still up due to the diversification of our markets. Governor Calvo says the signing of legislation aimed at developing 1,600 hotel rooms through a special QC should help.

"What I heard from GEDA we already have three letters of interest in regards to applying for those QC's and that adds up to maybe 800 rooms when you add those three potential developers," he said.

As for the Guam Chamber of Commerce chairman Jeff Jones, he shares the governor's positive outlook, saying, "He's optimistic, and the Chamber is very optimistic as well about the military buildup as well as the tourism and other sectors in the economy, things seem to be going well, so we're very optimistic."
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