Annual cargo volume at the nation's leading retail container ports, including Hampton Roads, is projected to drop 6.5 percent in 2008, according to the latest monthly forecast by the National Retail Federation and Global Insight.
Volume is projected to total 15.4 million units in 2008, dropping to the lowest level since 2005, the report said. Container volume in 2007 was 16.5 million units.
The federation and Global Insight continue downward adjustments of cargo projections as the year goes on.
In August, they predicted that cargo would fall 4 percent for the year. In September, they revised their forecast to a 6 percent decline.
At the Port of Hampton Roads, cargo volume was about flat from January to June. But in July, it began a downward trend that officials expect to continue through 2009.
Volume is projected to total 15.4 million units in 2008, dropping to the lowest level since 2005, the report said. Container volume in 2007 was 16.5 million units.
The federation and Global Insight continue downward adjustments of cargo projections as the year goes on.
In August, they predicted that cargo would fall 4 percent for the year. In September, they revised their forecast to a 6 percent decline.
At the Port of Hampton Roads, cargo volume was about flat from January to June. But in July, it began a downward trend that officials expect to continue through 2009.