Recession Indirectly Affects Other Large Industries
six decades, there are many industries that are greatly affected, but go unpublicized~A large quantity of industries and U.S. businesses are struggling indirectly because of this nation’s economic recession~The largest recession that U.S. residents and companies have seen in the past forty years continues to indirectly affect many industries}. Some of the main issues have stemmed from the financing and loan programs, stock market, banks and the nation’s housing decrease. All of these markets are inter-related in some way, but many major industries that affect millions of Americans are not far off.
At the epicenter of the housing market and property value collapse is Phoenix, AZ – one of the most affected locations in the country. Home values are down by hundreds of thousands of dollars, while in some extreme cases, overall home values are fifty percent of what they were just 24 months prior. Bank repossessions are up 100%, and there are some cases of residents simply leaving negative equity homes.
For those owners who are not affected by unemployment, housing market decline, and stock market woes – they quickly find out they are wrong. Looking to keep their finances out of the stock market, many investors desire to keep their money in their homes and home improvements. Local banks and credit unions can usually provide this type of home improvement loan. As of lately, most “would-be” buyers have not had these loan programs available for many home improvements, swimming pools, or landscape projects.
Since up to sixty-five% of swimming pool owners require financial assistance or loans, Phoenix swimming pool builders have been one of the largest affected companies. Without the aid of financing, these buyers are either unable to purchase a swimming pool, or end up buying a much smaller, less-expensive pool. Phoenix pool builders have taken a huge hit, often closing their doors, down-sizing, or diversifying into other markets. Intelligent pool companies have diversified into other venues such as pool remodeling, general construction, and even landscaping. Some general contractors and home remodelers have switched entire industries, trying their hand at completely different venues of work. By offering other landscape features such as outdoor kitchens, Phoenix barbecue islands, fire pits, and paver patios, some Arizona Landscaping Contractors are producing extra money.
Unique Landscapes and Custom Pools, a pool and landscape Phoenix builder, figured out how to diversify it’s products and services many years ago. As a Phoenix pool company, licensed general contractor, and landscaping contractor, Unique is able to offer their clients many different options when it comes to home improvement. By offering many different venues of our swimming pools and landscape services to our customers, we’ve been able to generate revenue during these challenging times – simply by diversification. The problems have come about with the inability for these motivated clients to gain these home-improvement loans or financial assistance.”
“It’s difficult to think about all the money that was given to banks just a year ago for these types of loans, and now it’s almost impossible for our homeowners, who want to buy our products, to get this aid” claims business owner Chris Griffin, of Unique Landscapes and Custom Pools in Mesa, AZ. It would be great for the economists to offer a little advice for the struggling construction companies, who are also suffering in this recession. “I don’t see the light at the end of the tunnel yet, but I can tell it’s there….” claims Griffin, “Phoenix pool loans are getting a little better”.
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