We want to highlight how the construction slowdown is effecting peoples lives especially in what used to be hot markets such as Las Vegas. No other city could match the commercial building frenzy that Las Vegas was able to sustain from the early 90’s until 2007 but now that many projects are on hold or are now off the table there are thousands of skilled tradespeople who are facing the dilemma of waiting out the slow period or moving on to other markets that are also in a slow down.
The Wall Street Journal covered this subject in-depth and we found these passages the most interesting.
Boomers used to complete a job then easily move to another city or state when work became scarce. That changed as the unemployment rate for construction workers nationwide rose to 16.5% in August, double the rate a year earlier. In Las Vegas, there were 21,000 fewer construction jobs in August than there were a year earlier — a 20% drop.
One development that became a victim of the economic crunch was the $3 billion Fontainebleau Las Vegas casino and resort. When it went bankrupt last spring, about 3,000 people were laid off.
“All that work is just sitting there,” Mr. Valdez said. “You can see it right across the fence before your eyes. You just can’t get to it,” he said, referring to the shuttered construction sites.
Does the WSJ have this story right? Anyone from Las Vegas want to weigh in here – please do in the comments below.
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