SAN FRANCISCO — Builders! They have no work and are laying off all of their workers. This past week the Moscone Center has been hosting the annual Pacific Coast Builders Conference. Horace Hogan, chairman of the California Building Industry Association (they put on the PCBC) and president of Brehm Communities (homebuilder), said, "Every builder I know has laid off most of their staff, and contractors and suppliers we’ve done business with for years have folded up shop."

At the peak of the housing boom in 2006 the conference drew in 35,000 attendees — that’s 21,000 more people than this year. "It’s like a ghost town," said Andy Mihaylo, president of the Christane Co., an Orange County firm. The lack of building means a lack of jobs, and Hogan says that 360,000 jobs in his industry are now gone.

Sam Chandan, president and chief economist of New York’s Real Estate Econometrics, has even more bad news. He predicts a "huge wave of defaults in commercial mortgages."

"This used to be the kind of show where we’d have six or seven people in the booth and they would all be busy at once all the time," said Adam Slutske, owner of Century Shower Door. "Now it’s quiet, very quiet."

Reposted with permission from Curbed.com. Click here to view original post.

Copyright (c) 2009 Curbed.com LLC

***

What’s your opinion? Leave your comments below or send a letter to the editor.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription