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Bill Freehling is a business writer for The Free Lance-Star and Fredericksburg.com. This blog is on Fredericksburg-area business. Send an e-mail to Bill Freehling.

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Pentagon cost-cutting impacting contractors’ bottom lines

Revenue at U.S. defense contractors is getting hit by measures the Pentagon is taking to cut costs, The Wall Street Journal reported today. The same trend is occurring in the U.K., the Journal reports.

This was one of the primary topics discussed this morning at a symposium for Stafford County government contractors held at MTCSC’s office at the Quantico Corporate Center. The keynote speaker was Col. Doug Stilwell, director of the U.S. Marine Corps’ Strategic Vision Group. He said the USMC is closely reviewing how it can get more efficient with costs in a “resource-restrained world.” U.S. Rep. Rob Wittman, a Republican Congressman who represents much of the Fredericksburg region, said it’s important for the Defense Department to be efficient with spending but “never at the expense of the defense of this nation.”

Defense contracting is critically important for the economies of both the Fredericksburg region and much of the state, hence Pentagon austerity measures are closely watched locally. Much of Stafford’s job growth has come from this industry, and it’s driven the commercial real estate market.

Permalink: http://news.fredericksburg.com/businessbrowser/2010/10/28/pentagon-cost-cutting-impacting-contractors-bottom-lines/

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