An omen for disaster
Not black cats, but skyscrapers. That’s right. Build a skyscraper and welcome a recession.
October 13, 2009 1:29 by kippreport
We don’t need financial gurus, economic experts or complicated statistics to find out when the next recession is going to strike the world. According to a report in The Guardian, analyst Andrew Lawrence created the “Skyscraper index” in 1991, which claims that the construction of skyscrapers often signal the start of a financial crisis. Here are some examples from the report:
“The best example is the late 1920s, which saw an unprecedented skyscraper boom prior to the Great Depression. The Empire State Building, which was finished in 1929, didn’t achieve full occupancy for 40 years. Other examples include the Sears Tower in Chicago, finished in time for the Oil Crisis of 1974, and the Petronas Towers in Malaysia, which appeared after the Malaysian stock market went down the plughole in 1997. By the time Canary Wharf was finished in 1991, the London commercial property market was in recession.”
Of course, the most recent example is our very own Burj Dubai, which probably signaled off the current financial crisis. Perhaps Saudi and Nakheel should think twice before building their mile high towers; seems like the higher they go, the worse the crisis.