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After months of reading it in the papers and seeing it on the news I will have to admit the economy is slowing down here on LI.
The biggest sign is the stoping of commercial contruction on LI and in NYC. Many of our vendors and sales reps are really starting to feel the pinch.
Anyone else seeing or feeling the turn down yet?
Thats not the problem. New construction & renovation projects have been cut back dramatically. Budgets are getting slashed left and right. The only major projects going on right now are jobs that were in the 2007 or 2008 budgets. Such as the World Trade Center, Yankee & Mets stadiums, the Jets new stadium, etc.
Its going to get worse b4 it gets better believe me.
Homeowners are tightening their budgets and extensive projects are being pared back. Interestingly enough, the people who are moving forward with their projects have been saving for them -- no refi, no HELOC. If more Americans had been so financially responsible...
I know two people that lost jobs last week. They were upper level management and the breadwinners for their families (both were in NYC, not LI). My brother works in finance (back office operations) - he says he is really slow and everyday walks into the office preparing himself if he is let go. Others that I know that have lost their jobs say that interviews are few and far between and are for crappy jobs.
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