- Silver Report Uncut
Construction spending in down and crane counts are dropping in some of the hottest housing markets across North America. We mention Toronto the other day and the rapid collapse in condo prices for downtown. Well, most of the 124 cranes operation in Toronto were on high rise condo projects that are being cancelled or shouldered until demand returns, if demand returns. It’s happening in major housing markets across the US with NYC and San Francisco seeing the sharpest drop in crane counts during this recession.
The auto manufacturers are grappling with worker shortages and suppliers are juggling as many as 10 different staffing companies to try to fill the void from the mass exodus of manufacturing workers, that’s right manufacturing workers have begun leaving the industry due to unsafe working conditions and fears of becoming ill during the flu season. They are even warning that if they are dealing with 10% – 15% worker shortages during the fall what will they have available during the real flu season and the winter. The ugly truth is companies are finding it difficult to operate in these conditions and many companies may not survive. The hopes were that we would see a revival ninth e US manufacturing sector however I’m not sure anyone expected this.