View Full Version : Another company massive layoffs
10-24-2008, 05:11 AM
I heard today a reputable construction/excavation company in the Lowermainland (Vancouver) area not mentioning name layed off over 100 of its employees this week. The work has dropped off so bad its the first time ever this company had to lay off employees it doesn't look good.
A contractor in my area is borderline laying off 30 of his guys. Hearing the news about the company in Vancouver laying off over 100 of its crew which is pretty well all employees isn't good news.
Ya right B.C.s economy is doing good.
This world credit crisis has big developers pulling out or canceling projects.
More and more I'am seeing I made the right choice and got out of the construction industry.
For Bobcat Ron he better be looking at that Muni job pretty seriously because the excavation business in B.C. is going to be a starvation business and its coming quickly.
You guys may say another negative post its pretty hard to be postive when your hearing and seeing guys getting laid off and they don't know if they will have a job. Like I said when I heard that the company I mentioned is out of work is yikes.
10-24-2008, 08:00 AM
the sky is falling..... the sky is falling.....
10-24-2008, 11:31 AM
Was it Bell Pacific? They got 3 large Cat hoe's in a hole from some stupid luxury high rise that ran out of money.
10-24-2008, 01:17 PM
I'm sorry to hear that GR. Things are slow here but as I predicted (though I worried) work is starting to pick back up. I just booked for another month and I'm looking forward to a few more contracts coming in for the winter. It may turn out to be a good year after all though I know things will be tight and competition will be stiff. In times like these your reputation and your attention to detail can help you win out over the fly by nighters who will undoubtedly go out of business in a slow market.
I hope your predictions are not right because I hate to see anyone suffer but the whole US housing market needed a correction. It was coming no matter what.Unfortunately, everyone that holds onto us dollars or is tied to the US economy will feel some of the aftershocks until this thing settles down. Gonna be a long year or two but we will emerge..
10-24-2008, 03:03 PM
All the Bel divisions are laid off I don't know if the blasting division has but all I heard was the guys are laid off. A decent sized company that does some of the larger projects. Ya companies have to lay people off but when your having mass lay offs in a short period of time.
I do find it funny that realestate in Vancouver/Lowermainland is in troubles. All these people that bought overpriced realestate is falling in value fast. People that bought condos and houses that are not built yet may not even be built.
The greedy developers are finally starting to get burned. Financing for the projects is falling through they don't have the money to start or finish.
All the problems stem from pure greed things in B.C. have gotten so expensive and people have spent so much money people are tapped out. Developers were pushing and pushing to get developments done to get in good realestate market.
The house forclosures are not too far behind.
B.C.s problems is like being constipated now the exlax is working. Its going to be atleast a year before the clensing stops.
10-24-2008, 03:27 PM
To add more the money spent in the construction it was nuts. Never seen it ever where money was no issue just get the job done. I think there was more money spent in the last 5 years than the last 30 years. There is more 1 million plus realestate than ever.
All I'am seeing now is what I was told 5 years ago and when this boom goes bust its going to hurt. The contractor that told me this is still working he isn't deep in debt I don't think he has lost any money. People have asked him why he never bought any new equipment, he kept the old tired iron going.
The other contractors with high payments which were okay when the work was plentyful now you have half paid for equipment sitting not making money that has to be stressful. Just imagine you have to clear 10 grand just to make monthly equipment payments. A brandnew gravel truck your paying 3-4 grand a month a new excavator is about 5 grand a month.
In the last 5 years everybody and their dog bought a excavator and went into the excavation business the market is flooded with contractors.
Its going to be intersting if the contractors start playing east indian style and under-cutting each other till they go broke. No vandalism to each others equipment yet. There is no speaking to one another.
Too many thought they were going to strike it rich in the excavation business.
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