Which Skyscraper Booming City Will Be Impacted Most By Economic Slowdown? (state, compare)
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Due to the terrible sickness and death that COVID-19 is currently wreaking on the world's people, the economy worldwide will also take a big hit to the gut, unfortunately. This will result in hesitation, uncertainty and hold-offs in confidence levels by developers and banks, in some situations.
Which US city that is currently booming with skyscraper construction, will be hit the hardest and see many of their current projects stall, and some approved/proposed, even cancelled altogether?
I would guess that areas that have less diverse overall economies and more reliant on tourism, events, and hospitality, will be hit the hardest.
Seattle
San Francisco
Los Angeles
Las Vegas
Phoenix
Austin
Denver
Chicago
Nashville
Atlanta
Charlotte
Miami
New York City
Philadelphia
Boston
Due to the terrible sickness and death that COVID-19 is currently wreaking on the world's people, the economy worldwide will also take a big hit to the gut, unfortunately. This will result in hesitation, uncertainty and hold-offs in confidence levels by developers and banks, in some situations.
Which US city that is currently booming with skyscraper construction, will be hit the hardest and see many of their current projects stall, and some approved/proposed, even cancelled altogether?
I would guess that areas that have less diverse overall economies and more reliant on tourism, events, and hospitality, will be hit the hardest.
Seattle
San Francisco
Los Angeles
Las Vegas
Phoenix
Austin
Denver
Chicago
Nashville
Atlanta
Charlotte
Miami
New York City
Philadelphia
Boston
I tend to think that developers are thinking long term, and the 4 month or so hiccup caused by the virus
may not have an effect on most projects. It really depends on how much damage the economy has suffered.
SF and Seattle. Unlike a lot of other cities today, skyscrapers built in both are for offices, not just residential towers. Compare to that Austin and Los Angeles, even Manhattan, where almost all of new or proposed tallest are for condos.
Location: Miami (prev. NY, Atlanta, SF, OC and San Diego)
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Yes, I agree about the potential for Miami to get a correction—possibly for 2-5 years, though a bit premature about getting “crushed”. Depends how long this lasts and whether this remains at deep recession or turns into something worse.
Then again, people often have short term memories (see Long Island following Sandy) and how many year round warm weather oceanfront cities (i.e. desirable) in the US are there?...there could be plenty of condos for sale at discounted prices within the next year. Many other places, not just Miami, will face stock market/401K obliteration. Foreign investment has rescued Miami in the past, less certain this time; also, depends how many local professional workers and small business owners (those more able to afford to buy) are effected here as well. Retirees are just as or more likely to relocate to other areas of South Florida and the state as they are Miami. Residential construction underway will continue; new residential projects that have not broken ground might get pushed back.
Office and Hotel /construction should be fine—there will be pent up demand for vacations when this is done. I would expect the cruise industry to take a big hit but some are saying otherwise citing those who save up all year to go on one of these affordable travel options with the ability to see multiple cities/ports without having to repack each time. I’m not one of those, but that is what I am hearing.
Nobody has talked about this but we are seeing much cleaner skies with less CO2 emissions across the globe as a result of this crisis...might that have an impact on the climate crisis and possibly slow down the number and/or magnitude of hurricanes and other natural disasters (wildfires), at least this year??
Quote:
Originally Posted by Joakim3
Miami is going to be crushed with the stock market obliteration boomer 401k's
Vegas, NYC, Phoenix and SF are also going to be hurting like hell after this
Last edited by elchevere; 03-25-2020 at 10:39 AM..
If this whole shutdown lasts a few weeks, I don't think any city will have long-term issues with construction. If this shutdown lasts 6 months, then probably every city will have issues.
Tourism heavy cities will feel it first.
Some cities like Boston and Philadelphia are also stuck because the governors halted all construction (except healthcare or emergency). I know of several large projects in both cities held up because of this.
If this whole shutdown lasts a few weeks, I don't think any city will have long-term issues with construction. If this shutdown lasts 6 months, then probably every city will have issues.
Tourism heavy cities will feel it first.
Some cities like Boston and Philadelphia are also stuck because the governors halted all construction (except healthcare or emergency). I know of several large projects in both cities held up because of this.
Yes and no...
Tourist mecca here... But yet, most of the highrise construction is far removed from that, and is there to serve local professionals (and now students with the UCF Downtown Campus.) I don't see that part of the industry slowing down here.
What will definitely slow down and pretty much come to a halt, is any sort of hotel/resort construction in the tourist district, which, yes, is crushing to the Florida economy.
Your optimism for Houston and Dallas should hopefully carry over to Austin (who is listed) as well.
Dang. I missed both cities--should've included them now that I think back.
Initially I was also going to include Minneapolis & Portland, OR, but I decided they weren't necessarily "booming" in terms of high rises right now. Houston is building, but not a ton. Same for Dallas. But, they probably should've been on the poll.
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