Monday, May 19, 2008
The next building bust
CNN: The next building bust
Nonresidential construction held up as housing slumped. But a slowdown for offices, hotels and malls is looming, which could be another jolt to the economy.
Posted by mark @ 02:56 PM (301 views) Add Comment
2 Comments
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1. drewster said...
How is this news? Commercial property values have already been falling faster and for longer than residential property. Over-indebted consumers with maxed out credit cards and swingeing mortgage payments have less spare cash to spend in malls or on weekend breaks away in hotels. Without the customers to fill existing malls, there's no point in building new ones. So again, how is this news?
(Incidentally, is it just me or does Liverpool basically exemplify everything that went wrong in the credit boom? They've built thousands of pokey flats, bought by BTL investors who fell for the "capital of culture" story. They've also built lots of shiny new shopping centres in an area which already had plenty of decent shops. Unfortunately they haven't generated any jobs other than in construction, estate agency, or retail.)
2. mark said...
this is news because it is not the UK and therefore USA is going through it all again...