The Business Journal of Milwaukee: Housing slowdown causing pain - Contractors, unions report layoffs after peak cycle
The current state of the real estate market can be described as a buyer's market. This is great news for buyers. Unfortunately, this not only hurts sellers, but it also impacts other players in real estate (e.g. developers, builders, and contractors).In the numbers
The number of home starts in metro-Milwaukee has dropped 30 percent through October 2006 compared to the same period in 2005. Likewise, the October 2006 building permit total is 23 percent lower than the total for October 2005. This is the lowest volume for the month of October in seven years. Building permits issued during the first ten months of 2006 are also at a seven-year low.
Consequently, subcontractors are seeking work and unionized building trade workers have been laid off. Pete Millard of The Business Journal of Milwaukee reports that unions are facing ten percent unemployment because of the slowdown.
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posted by David Ray @ 3:43 PM
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