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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Ramsey Su who wrote (59537)	8/9/2006 8:41:38 PM
From: CalculatedRisk	Read Replies (1) \| Respond to of 306849

Region sees ripples from housing slump Slowdown in building is rocking small contractors as they scramble for jobs heraldtribune.com Excerpts: Southwest Florida's cooling housing market is starting to pinch people whose livelihoods are tied to housing. Many workers like cabinet-maker Jorge Ayo face the difficult choice of leaving the region for greener pastures, doubling up on contracts or moving to other job sectors to find stable work. Three months ago, Ayo says he earned $2,000 a week with one customer, Timberlake Cabinets. Now, even with two more accounts, he makes only half his previous income. "Three months ago, I worked every day. Now the big houses are gone," he said. "I have a condo here and a town home there, and I get a few remodels here and there. And sometimes, I have no work." ... Workers, builders, agents, sellers and buyers are caught in the middle of this adjustment. Because of its economic dependence on construction, Sarasota, Manatee and Charlotte counties are more vulnerable. Building slumps mean less revenue for suppliers and manufacturers. It also means less retail sales, restaurant revenues, home improvements and other purchases, Morgan said. "It's the truest example of the trickle-down economy," said Paul Morgan, a spokesman for the North Port Contractors Association. "Anything that affects construction affects all of us." ... "You will start to see smaller subcontractors begin to close up, adding more unemployment in the market, which might have an effect on labor cost," said Mike Timmerman, Hanley Wood's managing director of Florida. ... "It's hitting everybody real hard right now, especially the people on the low end of the totem pole. I see a lot of the small guys getting out of the business and going to industries where their incomes are more stable."