Photo by myself of the Empire State Building, at 35th Street and Fifth Avenue.
No, the Empire State Building isn't under construction, but a building nearby is. There is still some construction going on in the city. NY1, the local news channel here, reports that some 5 billion dollars in construction has been postponed in the city.
Incidentally, the Empire State itself went up during the Depression. After being built in just two years, it sat empty for a long time. According to Wikipedia, the ESB did not turn a profit until its 20th year.
The keywords 'the cost of living in New York' are still the most popular referrals to this site. Whether that means people are curious about how much it costs to live here, or whether they're planning to relocate is still unclear.
From the trenches, I can report that I haven't seen anything toooo drastic, but then, I'm not in finance. There is a general fear of layoffs in my industry. Work is still coming into the office, though not as much as before. Contractors have been slashing their estimates to get work.
Some clients have postponed their projects. Others have scaled back scope. So far our office hasn't had to let anyone go. Let's hope it stays that way.
I must say that I was shocked to see on television the other day a commercial for apartments (was it in Queens?). Never, ever, EVER did I think I'd see tv ads for rental apartments in a city where it seemed that everyone was fighting to move in.
My, how times have changed.
Related posts: The Cost of Living Here, The Cost of Living Here Part II, or Life in Playland and Through the Roof.