CSPIRIT has put up a really good post on what he's seeing in his
business. I thought it might be interesting if others posted what
they're seeing wherever they live or work. So I'll chime in and
hope others will to. I've found there's a lot to learn from
anecdotal information. I'm particularly interested in hearing from
BPT members in various parts of the world.
I live in West Los Angeles, a pretty upscale neighborhood. What
I'm seeing is small businesses continuing to close, and those that
aren't closing are continuing to struggle -- restaurants, clothing
stores, just about anything retail, especially the mid to high end,
is still in big trouble here.
I've got a lot of friends who are IT professionals, and the
market is awful. One friend who has a web design company that's
been turning away business for ten years is barely eking out a
living now. I have two other friends who have gone form very good
jobs at Fortune 100 companies to out-of-work and not finding
it.
My doctor friends are finding that they are making a lot less
money. A combination of lowered reimbursement rates and patients
putting off anything that isn't critical.
Residential Real Estate has not come back at all. This is
probably one of the better areas in the country (coastal SoCal) and
it is dead. Very few transactions. I see a lot of houses that had
For Sale signs now hanging For Rent signs. Which means shadow
inventory is continuing to build.
Commercial Real Estate is terrible -- rents are being slashed
left and right for offices and apartment rentals, and it's
continuing to get worse.
Tourism -- way down.
Hollywood (studios, agencies, etc.) are still laying off people
and cutting back. Maybe that will improve a little going forward
because of a few hit movies, but it's too early to say -- They are
still slashing staff and cutting back wherever they can.
California is a basket case. I don't know how much of what I'm
seeing here is California specific, but since we're supposed to be
1/7 of the economy, this can't be good.
Posted by biketastic on 15th of Feb 2010 at 10:07 am
I talk to companies in a range of market sectors.
Today, the VP at a high end luxury boat builder told me
that their planning expects a double-dip recession.
An industrial supplier I work for is doing very well, even
though their competitors are going to the wall. The reason is
that they are "resilient" and smart. Resilience comes from
low overheads, owning their industrial unit and cash
balances. They are smart because they are way ahead of
competitors with a web presence and are selling throughout the
Eurozone where the GBP has been weak.
Public sector organisations by contrast think life if hard but,
believe me, b b b b baby they ain't seen nothing yet.
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CSPIRIT has put up a
Still In Cash
Posted by puma on 14th of Feb 2010 at 05:18 pm
CSPIRIT has put up a really good post on what he's seeing in his business. I thought it might be interesting if others posted what they're seeing wherever they live or work. So I'll chime in and hope others will to. I've found there's a lot to learn from anecdotal information. I'm particularly interested in hearing from BPT members in various parts of the world.
I live in West Los Angeles, a pretty upscale neighborhood. What I'm seeing is small businesses continuing to close, and those that aren't closing are continuing to struggle -- restaurants, clothing stores, just about anything retail, especially the mid to high end, is still in big trouble here.
I've got a lot of friends who are IT professionals, and the market is awful. One friend who has a web design company that's been turning away business for ten years is barely eking out a living now. I have two other friends who have gone form very good jobs at Fortune 100 companies to out-of-work and not finding it.
My doctor friends are finding that they are making a lot less money. A combination of lowered reimbursement rates and patients putting off anything that isn't critical.
Residential Real Estate has not come back at all. This is probably one of the better areas in the country (coastal SoCal) and it is dead. Very few transactions. I see a lot of houses that had For Sale signs now hanging For Rent signs. Which means shadow inventory is continuing to build.
Commercial Real Estate is terrible -- rents are being slashed left and right for offices and apartment rentals, and it's continuing to get worse.
Tourism -- way down.
Hollywood (studios, agencies, etc.) are still laying off people and cutting back. Maybe that will improve a little going forward because of a few hit movies, but it's too early to say -- They are still slashing staff and cutting back wherever they can.
California is a basket case. I don't know how much of what I'm seeing here is California specific, but since we're supposed to be 1/7 of the economy, this can't be good.
Again, would love to hear from others.
a view from the UK
Posted by biketastic on 15th of Feb 2010 at 10:07 am
I talk to companies in a range of market sectors.
Today, the VP at a high end luxury boat builder told me that their planning expects a double-dip recession.
An industrial supplier I work for is doing very well, even though their competitors are going to the wall. The reason is that they are "resilient" and smart. Resilience comes from low overheads, owning their industrial unit and cash balances. They are smart because they are way ahead of competitors with a web presence and are selling throughout the Eurozone where the GBP has been weak.
Public sector organisations by contrast think life if hard but, believe me, b b b b baby they ain't seen nothing yet.