The Big Story In Ocean City: It's The Economy

The BIG STORY, in this Winter of 2009, is the same in Ocean City as it is everyplace. It's The Economy.

It will be the same in the Spring, most people agree, and maybe all year. Wall Street is still looking for The Bottom. Nearly every newspaper and TV news station tells the same story: "It's going to get worse before it gets better." Naturally, this raises apprehension in Ocean City, as it does all across America.

In Ocean City, the apprehension is particularly focused, because of the seasonal nature of the local economy.

Real estate values are down in Ocean City, as they are elsewhere. Major construction is slowing and will soon come to a standstill. City Manager Dennis Dare said as much at a public meeting last week: "We don't have any large projects pending." Only repairs and small additions; everyone had already guessed as much.

The good news is that construction continues on the new Avalon Inn (pictured at top), on Baltimore Avenue at First Street. They've been working all fall and winter and appear to be making good progress.

And progress continues on the Miramar (third and fourth pictures) at the site of the former Santa Maria Motel. The Miramar is to feature a Marriott Hotel, the return of The Captain's Table restaurant, and luxury condos. It stretches from the Boardwalk to Baltimore Avenue at 15th Street. The Miramar, originally scheduled to open in 2008, is now scheduled for this year.

The construction slowdown is an obvious symptom of the present recession. It's like the Biblical seven wet years and seven dry years. People are anxious about credit and unemployment. In Ocean City, people are anxious about what the 2009 season will bring.

The Economy will continue to be the big story for some time. This blog will follow it every step of the way. We'll try to put it in historical perspective when we can, and try to point out the bright spots when we see them.