Your local Economy

[Ferretlover]

I would like to hear how your local economy is doing and how it has either affected you or somebody you know.

Personally, I am starting to be effected. I am a small construction owner here in St. Louis and have owned my business since 1987. I have never seen building this slow. The local inspectors have said things are dead. My local Lowe's said their business is down from their usual $100,000 per day to around $50,000 per day. They are slashing hours and doing some layoffs. Buckle up people, this is going to get serious in 2009.

[JJ]

the local sawmill layed off 75 people two weeks ago. I work in the produce department of the local grocery store where all the resturaunts buy their produce. An owner told me last week that all the resturaunts are either operating in the red or closed already. Bertram BBQ place closed last week. A friend has been working for free at a local resturant for the last month on the promise (?) of a paycheck...the guy even called him last week after he finally quit and asked him to come back (?). My wife cleans houses under the table; a lady she cleans for works for the post office and just called, said they cut her hours from 50 a week to 34 a week and were laying people off...she hopes they don't lay her off because she's union...and it goes on and on and on...I hear it all day long in the grocery store...BUT WERE GONNA BE OK JUST AS SOON AS OBAMA GETS IN OFFICE.....

[Armageddon]

the local sawmill layed off 75 people two weeks ago. I work in the produce department of the local grocery store where all the resturaunts buy their produce. An owner told me last week that all the resturaunts are either operating in the red or closed already. Bertram BBQ place closed last week. A friend has been working for free at a local resturant for the last month on the promise (?) of a paycheck; the guy even called him last week after he finally quit and asked him to come back (?). My wife cleans houses under the table; a lady she cleans for works for the post office and just called, said they cut her hours from 50 a week to 34 a week and were laying people off...she hopes they don't lay her off because she's union, and it goes on and on and on...I hear it all day long in the grocery store...BUT WERE GONNA BE OK JUST AS SOON AS OBAMA GETS IN OFFICE.....

Where are you located ?

[JJ]

sorry, Burnet, Tx (central Texas) kinda close to Ludi and Peakoiler

[wisconsin_cur]

West Wisconsin...

a couple of business closings but not too much yet. Those working at the edges of the economy are starting to suffer. Had a long conversation with a flooring installer... not much work all summer, a little bit of work now as people want some job done before winter but they are anticipating a long winter. No spending except on necessities... this guy hires some local guys for day labor... doesn't know how those laborers are going get by. He hires a lot of recovering addicts out of a belief in redemption... he seemed to imply that he is afraid that they will return to their drug of choice.

It would be a lot worse if petrol product prices had stayed high.

[MarkJ]

Commercial construction is pretty busy in my area of Upstate New York in the growth areas. AMD move to Malta sparks land-grab frenzy

Contractors hopeful for AMD

We built one home and renovated an office/apartment building this year, but were too busy with our other businesses to take on other construction projects.

Residential new construction, expansion and renovation is very regional in nature. Pretty decent on the lakes and outside the cities in low tax areas, but slow or nonexistent in other areas. High property taxes in some regions are real growth killers.

Sales of building lots and acreage have been decent, although some people are sitting on the land I sold them. I put plans for some more spec homes on hold until the county runs the gas/water/sewer lines by my property.

The heating business has been flat out for a few years. We have more work than we can handle, which is good since you can be selective.

[patience]

Southern Indiana.
We have always had industry based on the hardwood forests here, but they are all in trouble. Paramount Plywood, 300 jobs, in New Albany closed 4 or 5 years ago, due to offshoring, and Kimball Furniture, 120 jobs, cut back by half at that time. (The same Kimball that makes pianos.) Kimball now has cut production at a separate plant in our town and sent the business to Maylasia. Childcraft (baby furniture), 110 jobs, closed last year, as did Link Handle, 40 jobs, (hammers, axes, shovels, etc.). Loggers are some of my repair business, and telll me that all they can sell is crating and skid lumber. One Sawmill, 8 jobs, in town shut down for part of the summer. There is a high quality hardwood flooring manufacturer, 15 jobs, who is still in business, but running about 2/3 capacity. That company had one of their customers go bankrupt last summer, which was 20% of their business, and died owing them about $50,000.

Tecumseh Products had a plant here that made transaxles for lawn mowers. It was running slow, and they sold it with the inference that all the existing contracts went with the sale, but it turned out the contracts did NOT, so they have now business except one possible contract with Sears. If that fails, they will close this month. 150-200 jobs there.

The auto industry has been big in Indiana for a long time, and many people here commuted to Louisville, KY to the Ford truck and Ford Explorer plants, both of which have had layoffs and 6 week long shutdowns. The Explorer is not on the build schedule for next year, and the survival of that plant hinges on getting money to retool to make small cars. KY has offered big tax breaks to try to keep the 3,200 jobs in town.

In our town (Salem) there is an auto parts maker that has cut back by 12 jobs/shift last year plus 12 of the MOST senior salaried employees (I used to work there--that would have got me), or, a total of 48 jobs lost out of about 200 hourly and 50 salaried jobs. They are currently planning more cuts if car sales stay low. Based on my experience there, I'd guess they are looking at eliminating about another 50+ jobs.

On the other hand, we have a newly built strip mall, apparently half of it leased upon completion! (Suntan City, a Mexican restaurant, and a Subway) Jaycee just completed doubling their grocery size into a WalMart sized store last summer, but there are few customers, and store people chase you down the aisle trying to "help" you. Half a dozen small mortgage brokers died this past year--good riddance.

Real estate people have gotten jobs at WalMart, and a couple restaurants went bust. Contractors tell me that they have ZERO houses to build, and are only doing some farm work. My repair shop is slower due to loss of hobbyist projects, and only the absolutely necessary work from farmers, and almost none from loggers.

NOT a pretty picture. I don't think this thing has a good start yet.

PS--A few people commute from here to Columbus, IN to work at Cummins Engine, but they laid off the entire 3rd shift, and cut back on 2nd shift. They make light truck engines, such as the Dodge pickup. Their build schedule used to be about 115/day, and is now down to 110 per week.

[Armageddon]

Keep 'em coming. I am trying to get a guage on the economy from real people around the US without an agenda.

[Ludi]

Business is being extremely good to us, we don't have a day off. Big job just finishing up and two to three jobs waiting in the wings. (Entertainment industry).

I don't see any obvious signs of a slowing economy locally; closer to the city, construction is booming, but many completed retail spaces remain untenanted...

Central TX

[Armageddon]

Here in the St. Louis suburbs, there are many, many empty strip malls. During the past 5-7 years, construction exploded, and now it has pretty much stopped. My Uncle and his friend are union carpenters and are currently laid off. He said nobody is hiring.

[SuperTico]

Rockin here. My beast bud owns a window and glass shop and is backed up for 3 months.
Another friend builds furniture and cabinets and has been doing 7 days a week for 2 years. Waiting period +*- /6 months. There are about 40 houses under construction and I couldn't even find an extra laborer to help me and my guys spread a bunch of rock on the jungle trails last month. We did it ourselves ( 1 mile worth).

OOOOOOps. You meant in the US! Nevermind.
Oh. I did hear the US govt would like to hire another 100,000 people.
For invading Iran, ( evil)

[Revi]

What economy? Seriously the economy around here is definitely down, but there aren't too many layoffs yet around here. The wood industry is mostly about making paper and pellets. There is a new pellet mill up in Athens, Maine that is doing well. I think low value uses of wood are doing okay.

It looks like 2009 is going to be tough around here.

[JJ]

yeah, I should have mentioned that if you drive to Marble Falls thirteen miles south of here or into Austin, Tx, 45 minutes south east of here its nothing but new construction, new malls, Lowes, Stabucks, everyone is building gung ho like theres no tommorrow. Its schitzophrenic. The only thing I can figure is that they already had the financing lined out and might as well build...

[Northern_Pike]

Not far from my home:
Tuesday, June 24, 2008 NewPage's Niagara Mill Closes THE BUSINESS JOURNAL OF MILWAUKEE:
This mill began experimenting with paper from wood pulp circa 1881. Milling operations before that included flour, lumber, and paper from straw going back to circa 1865. Circa 1885 it was known as the “Badger Paper Mill” and was the largest wood pulp paper mill in the United States at the time.

This mill was the lifeblood of the small town’s population. A lot of homes are up for sale in that tiny burg (population ~2000.) The area is not seeing much in the way of growth, making the likelihood of getting a good price for a home there, and moving elsewhere, very difficult.

The mill employed 319 people. I have heard rumors that the paper machines are being dismantled there, and moved elsewhere. This one horse town lost its horse. I can only guess at how long before Niagara WI dries up completely and blows away.

If the rest of the nation’s industries keep shutting down plants, mills, and factories, Americans won’t have any jobs paying enough to buy all the cheap Chinese made junk at Wal-Mart. In the grand scheme of things, perhaps it is for the best. Industry and the shipping of goods burns lots of oil.
- Pike

[Revi]

Small northern towns live and die with one big industry. Millinocket, Maine lost it's paper mill and it went from the miracle city to a ghost town in the last 10 years. I don't know what's holding it up now. It's too far from anything to commute.

Beautiful views from the town of Mt. Katahdin.

Maybe it can reinvent itself as a gateway to outdoor recreation, but that's far different from good paying jobs at the mill.

http://en.wikipedia.org/wiki/Millinocket,_Maine

[eastbay]

Huge planned FEDEX facility had its groundbreaking ceremony two days ago. Many, many new jobs are planned.

Local car dealers are selling next to nothing, but no major closings of any kind. A few small stores, but that's 'normal'.

You would hardly think there was an economic crisis if you only looked here.

[gollum]

My small Wyoming town- sawmill closed and local restaurant owner tells us business is way down.

[vtsnowedin]

Island Pond VT, main street restaurant told its employees tuesday that today was their last day. Somthing to do with bank financing. But vacant furniture plant is to be converted to making wood pellets for stoves.

[UltraViciousBudgie]

Eureka, CA area:

This area's been depressed for many years since the decline of the timber industry and fishing. The main industries now are pot cultivation, welfare, and government jobs (many argue the last two are one in the same).

The last pulp mill is closing soon due to falling global demand. All these jobs are $20+ an hour, which is a lot of money here.

The Mervyn's in Eureka (everywhere else as well) is closing. This won't help the mall. I wouldn't be surprised to see the mall close in the near future.

Rumor is one or both area K-Marts will soon close. This would leave Target as the only discount store.

There are 3 Indian casinos in this area but business enough for only one. No great loss, IMHO, as these casinos suck money from other businesses that actually provide something useful; but I feel sorry for those who lose their jobs when 2 of them close.

[tex123]

We had a friend who brought his personal realtor with him to look at some houses for investment purposes. She talked with a local realtor who told her all she is selling is foreclosures and short sales. The house down the street is suppossed to go into foreclosure this month. That same realtor said to me "This area of Texas is going to be the fastest growing in the state in 2012." Hmmm.

We have another friend who is in the process of buying a house with nearly 50% down and the bank/mortgage co. is still running him through the mill, asking for 3 year old tax returns etc.

I am in healthcare at the local hospital which is now the city's largest employer. We have lost so many factories in the past 10 years that I don't know what other people do for a living anymore. There were at least two large factories that replaced those with much lower paying non-union jobs.

They are still adding to the local strip mall. I swear there are more restaurants per capita here than anywhere else in the state. There is an indian casino in OK. that is advertising help wanted like crazy, they will even pay milage for you to get there.