Homes During RecessionsSeptember 15, 2019
We were recently at an event, where an industry expert said, “are we going to talk about the *R-word* at all?” For some it was jarring, for others it was a bit of a laugh. What does the R-word stand for, you may wonder? Well, our friends, it stands for a word that can be a bit scary to some… recession. It doesn’t matter where you live, and it doesn’t matter how much money you’re bringing in at the end of the day, there is this reputation for it (double R-word joke intentional), and often times, it’s not good.
Recessions have been prevalent throughout many a decade, dating far before prolific events like the Great Depression in the early 1900s. Ask anyone who has gone though one, and they’ll quickly say that they’re no fun whatsoever, but an interesting way to learn many a lesson. Whether you’re someone who builds houses as a profession or someone who is in the market for buying one, just the word can put a damper on the experience.
At VIC Underpinners, we are a company that prides itself on reinforcing the foundations of your home, and therefore, helps build the next chapter of your life, we take insane pride in ensuring that every chapter of your home ownership is seamless and easy. Because of this, we thought that building a blog on our Website would be the best way to be your comrades in these processes and the best way to always be there to answer any questions that you may have. While it’s not the most fun topic, it’s pretty important. Today, we’re kicking off another series of content to discuss the ups and downs of the construction industry.
Big I (IA Magazine) says it pretty well – “The threat of huge losses has made standard insurance markets in many states less than eager to insure general contractors and even subcontractors. Typically, excess and surplus lines carriers are the only markets available to agents. And complicating matters further is the extreme volatility of the construction sector: When national unemployment increased to 9.7% at the outset of 2010, unemployment in the construction sector skyrocketed to 24.7%.”
Yes, it sounds like a lot of numbers, but they’re numbers that you truly need to know. Forget your maths from primary school, this is where grown-up math comes into play. Without them, you’re not set up for success as a homeowner, no matter what the season may be. It’s too easy to get caught up in the excitement of buying or building your next home, but the VIC Underpinners team can’t preach enough about the importance of doing your homework. Talk to your friends, talk to different contractors, and ultimately end up with us. We’ll always have your back, whether it’s through this blog and our commitment to sharing information, our services or our ongoing conversations about quality… you’re definitely in very good hands.