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Economy Tops Panhandle Headlines in 2009
12/31/09 - 06:38 PM

WMBB News Department

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The recovering economy was undoubtedly the top story this year, as the panhandle faced losses and gains in the business world.

In January, one of Bay County’s major employers declared chapter 11 bankruptcy.  When Smurfit-Stone, the company that owns the papermill, saw its stock fall 80%.  The company shut down production for one month, but are currently still operating.

In February, Bay district schools voted to close and repurpose 10 schools in attempt to get a handle on a $16 million deficit.  The closings claimed more than 100 jobs and uprooted students and teachers.

In March, Bay County gains some revenue by increasing its bed tax from 3% to 5% over two months bringing in tourist dollars for advertising for Panama City Beach and a low cost air carrier.

Also in March, Tyndall Air Force Base gets the news of an early retirement of F-15s, leaving its pilots and engineers to either be relocated, retrained, or find new jobs.  Congress is attempting to slow down the process until April of 2010 to buy time for the base to find new missions.  The bill has passed the House and Senate but has not been signed into law.

In April, Florida State University’s Panama City campus was threatened with the possibility of closing.

A few months later, they were given a deadline extension, but also an ultimatum: grow the campus to triple its size in three years or shut down.

In the fall, the city of Lynn Haven got 400 new jobs with the opening of a brand new super Wal-Mart.  Despite small business concerns, the city believes it energizes the economy.

A few days after that, the biggest news to hit the panhandle since the new airport, Southwest airlines announces it will make eight non-stop flights a day out of the new airport.  Southwest promised low air fares and 2000 available seats a day bringing in hope for beach tourism.

In November, Panama City leaders also saw a job growth with a new company.  Project Nemo, as it was referred to, gets a name: Coast Water Conservation Products. The toilet supply company that many hope will flush panama city’s economic woes down the drain brings with it 200 jobs.

In December, hard times strike a family owned Bay County bank, after 25 years of service, People’s First Community Bank sold its 29 branches to Hancock Bank after the FDIC said they were significantly under capitalized.

Many are hoping the job losses, pay cuts, and take overs are a sign of the times that they can leave behind in 2010.