I was just wondering if any of you out there worked in the construction industry. Basically I'm interested to know if you've felt any slow down from the recent economic crises. I myself am based in the UK, mostly dealing with commercial/industrial type projects. Up until 6 months ago things were flat out, now all of a sudden work for independent companies seems to be drying up or simply put on hold.
Nothing hard or fast really about this thread, simply curious to see whats happening to construction in other parts of the world.
I would say industrial and commercial work has slowed about 25% from last year this time. I also don't see a lot of non government work coming up. Government work is still steady but getting very tight.
Obama promises to increase spending on infrastructure. Should help some if they can get it going.
Peter Schiff said on one of his podcasts that the Chinese are going to need roads so his firm in investing in it among other things. Thats my 2cents, heres a vid about Peter Schiff http://www.youtube.com/watch?v=LfascZSTU4o
Government projects look to be the most likely source of construction development in the UK over the next 2-3 years, but thats dependent on which political party wins the next election (within 18 months or so). I have mixed feelings over the result of said election as its the party who plan to tax heavier that also plan to spend on the schemes. I suppose if it comes down to it, I'd rather be employed and taxed than unemployed and struggling.
Yeah there's still a lot of work on in the UK for the upcoming 2012 Olympics. The problem is all the work is concentrated on the South East of the country where its a great deal more expensive to live. The UK is nowhere near as vast as the US so I suppose it would be possible to travel back and for, but even then due to poor road facilities your looking at least a 3 hour each way from where I live. And, thats only travelling 180 miles.
My personal opinion is that if the government took all the money they plan on spending on make work projects, and just gave everyone the money back, in the form of rebates and tax cuts, the boom would generate more then enough work for everyone.
Dubai is certainly suffering, that's for sure. Latest news is that state owned developer Nakheel - The World islands, The Palm etc - has laid off 500 personel. People are being let go all over the place in general. It's billion dirham projects like the Dubai Canal and The Waterfront are now said to be totally delayed, or scaled down significantly. Other projects are being scrapped left, right and center. Other big developer, Emaar - The Burj, the tallest tower in the world - is said to have been in serious trouble.
We got cranes and half finished apartment blocks everywhere you look. It is starting to make people wonder...
I also understand that Dubai's neighboring and far more loaded cousin, Abu Dhabi, has already begun to step in and lend a helping hand...
Saving and paying down debt are not a bad thing to do. I think many would do that. Many small business owners and entrepenuers however would invest it and creat jobs. Those people who save the moeny and paid off debt would then be in the ideal positon to spend it on those items.
I just think that anything the government touches financially gets screwed up and costs more.
There's been so much hype surrounding the Autumn internationals over here that I think everyone, myself included forgot all about the 7's tournament! Shame really 'cos there's been one or two good players come through the 7's over the years, Andy Powell being the latest I believe.
Its not good news hearing that things are slowing up in the Middle East, especially with the amount of money available over there. A number of people I've spoken to over here have mentioned that if the worst was to happen they'd head over there for a few years and work until it picked up in the UK again.
Yeah, the avatar. Can't remember how I found it exactly, I was looking for something symbolic to Wales as this website is mostly used by our friends in States. I think it gets the point across!!
The company I work for manufactures construction equipment, excavators, dozers, backhoes, wheel loaders, etc.
We first saw the decline in North America, beginning late in 2007. Then a couple months into 2008 Western Europe followed, and right behind it Eastern Europe and the Middle East. Fortunately Latin America and APAC were carrying us most of the year, until October. Then both went south as well. Fluctuations in the US Dollar helped us for much of the year, now they are hurting us. 2009 is shaping up to be really, really bad.
The industry overall, worldwide is losing hundreds of millions a month. We're a fairly small player losing 20-30M a month. The big guys are taking it in the shorts too.