Small Businesses and Contractors Largely Affected by Nation’s Struggling Economy
As this nation remains in one of the biggest recessions in the past {60 years, there are many companies that are adversely affected, but go unnoticed~Many industries and U.S. businesses are struggling indirectly because of the national recession~The largest recession that U.S. residents and businesses have seen in the past five decades continues to indirectly affect many industries}. The main focus has been on the housing market, financial loans, stock market, and the banking business. Many major U.S. owned companies, that employ millions of Americans, are also being affected by the recent decrease in these important industries.
At the center of the housing market and property value decline is Phoenix, Arizona – one of the hardest hit locations in the nation. Financing applicants are quickly finding out that their home is valued at 20 to 50 percent less than what it was just two years ago. Bank foreclosures are up 100%, and there are some cases of owners just abandoning under-valued.
Just when Americans think they have not been affected by this economic recession, some find out they are mistaking. When most homeowners desire to make enhancements to their properties, they may need financing or some sort of financial assistance. This home improvement loan generally comes from a local bank, credit union, or credit agency. Over the past twenty four months, these loans have not been available for “would-be” buyers of home improvements such as home remodeling, swimming pools and landscaping.
The swimming pool industry in Phoenix has been one of the largest businesses affected, since financing a swimming pool or landscape project was the best decision for over 60% of pool and spa customers. If a pool loan is not obtained, swimming pool and construction companies end up losing the job, or selling a job that is much less than expected. Phoenix pool builders have taken a huge hit, often closing their doors, down-sizing, or diversifying into other markets. By offering a wider range of construction services, such as pool remodels, landscaping, and hardscaping, Intelligent pool contractors are generating additional money. General contractors have entirely gone into other fields, such as sales, marketing, or consulting. In an attempt to earn extra income, many Arizona Landscaping Companies are expanding into fields such as water features, flagstone patios, Phoenix Pergolas & Ramadas, and outdoor kitchens.
One Phoenix pool and landscape builder, Unique Landscapes and Custom Pools, has figured out the technique of offering many different products to customers years ago. As Phoenix landscape and pool builders, along with a general contractor license, Unique Companies are able to provide its customers with many facets of residential landscaping and swimming pools. “We’ve been able to make things work despite these rough times, luckily we diversified several years prior, and have many different components of swimming pools and landscape services to offer our customers. However, the major drawbacks have been the simple fact that these financing programs are just not available to the average buyers.”
“It’s difficult to think about all the money that was given to banks just a few months ago for these construction loans, and now it’s challenging for our customers, who want to buy our products, to get this assistance” remarks 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. “Business has been really slow, and over half of our sales leads don’t end up buying at all” says Griffin “It’s frustrating, but Pool financing Phoenix is getting better”.
