Business - Business News

POSTED: Sunday, Apr. 05, 2009

Market report for March 2009

A challenging first quarter is now in the books.

The first three months of the year brought about a steep rise in unemployment, more than 25 business closures as well as drops in home sales, real estate prices and building permits in Whatcom County.

Here are some other local economic indicators that came out last month worth noting:

Banks: Two regional banks in the region - Horizon Bank and Frontier Bank - were hit with cease-and-desist orders in March by the FDIC. Both banks are required to make changes, including getting some bad loans off their books.

Maritime: Although it's a tough economy, there have been some positive developments in the local boat-building industry. This includes the expansion of Fairhaven Shipyards, which is taking over the former Arrowac facility in Fairhaven and adding its semi-submersible barge, which could add about 80 more employees to its 111-person workforce by the end of the year. Also, Norstar Boats has begun construction of sailing yachts, adding to its product line that includes custom power boats.

Other significant developments: A global company that focuses on green building materials recently launched its U.S. operations in Ferndale. Deltalok manufactures a soft soil bag and interlocking units that allow vegetation growth for slopes and walls, providing a green solution to erosion control... Alcoa Intalco Works in Ferndale has warned that it may not be able to keep operating unless it can get a power deal with Bonneville Power Administration that is tied to the price of aluminum... A senior housing complex has been proposed for Old Town area of Bellingham that would include housing, pub, café and spa, employing up to 50 people.