As credit from banks and major lenders just refuses to loosen--even for ongoing projects all over the world--major city projects are coming to a screeching halt. Many of these projects were featured on TrendHunter.com when they were announced.
Dubai has been hit the hardest because they were the most aggressive with building superstructures, but the collapse of building projects is a worldwide phenomenon.
Implications - With the lack of liquidity in the market, expensive purchases have slowed to a halt. The lack of credit offers the opportunity for increased creativity to come into play when conceiving of a design or product. Consumers have not stopped purchasing, but rather, what they are purchasing has changed.
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Credit Crunch Construction
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