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Housing market outlook remains bleak
There’s just no good news on the housing front. New home sales posted the biggest drop on record in 2007, according to a new government report issued yesterday. Economists are now saying that it doesn’t appear that the housing market will rebound anytime soon. Some are predicting the market won’t turn around until 2009.
And commercial markets may not be much better, according to Reed Construction Data. RCD says that higher financing costs, tighter credit controls and a weakening economy will slow commercial growth this year.
As a result of the downturn, construction distributors are laying off thousands of workers. Wolseley plc and its divisions in the U.S.-Stock building Supply and Ferguson Enterprises- have laid off an estimated 3,000 workers while HD Supply has shuttered branches and laid off a substantial amount of employees. HD Supply would not say how many workers have been affected.
Housing market outlook remains bleak
January 28, 2008
There’s just no good news on the housing front. New home sales posted the biggest drop on record in 2007, according to a new government report issued yesterday. Economists are now saying that it doesn’t appear that the housing market will rebound anytime soon. Some are predicting the market won’t turn around until 2009. And commercial markets may not be much better, according to Reed Construction Data. RCD says that higher financing costs, tighter credit controls and a weakening economy will slow commercial growth this year.
As a result of the downturn, construction distributors are laying off thousands of workers. Wolseley plc and its divisions in the U.S.-Stock building Supply and Ferguson Enterprises- have laid off an estimated 3,000 workers while HD Supply has shuttered branches and laid off a substantial amount of employees. HD Supply would not say how many workers have been affected.
Posted by Jack Keough on January 28, 2008 | Comments (0)
Industries: Executive Management
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