Not just car dealerships that are hurting...
Caterpillar Inc.'s job losses, which were reported today, are perhaps among the biggest measures yet of how tough times are in the housing markets.
As Industry Manufacturers' Council Executive Director Don Sachs said, if there's no demand for building, there's no need for the kind of heavy equipment vehicles that Caterpillar builds.
On the flip side of things, the presence of Caterpillar in the area for so long also shows just how huge the building industry has been locally.
Apparently, Caterpillar has been in the City of Industry going back at least to the 1950s.
Quinn bought the previous dealership, which had been here for a long time.
It just goes to show, that car dealerships aren't the only ones hurting in this economy.
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About this blog
Economic Alert is a daily blog on business and the economy in the San Gabriel Valley and beyond, featuring updates and observations from the staff of the San Gabriel Valley Newspaper Group. SGVN includes the San Gabriel Valley Tribune, Pasadena Star-News and Whittier Daily News.
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Kevin Smith is business editor for the San Gabriel Valley Newspaper Group. Over the past 15 years, Smith has covered development, housing, employment, technology and financial trends for a variety of newspapers.
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Ryan Carter covers business and the economy for the San Gabriel Valley Newspaper Group.
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Your hosts:
Kevin Smith is business editor for the San Gabriel Valley Newspaper Group. Over the past 15 years, Smith has covered development, housing, employment, technology and financial trends for a variety of newspapers.
Ryan Carter covers business and the economy for the San Gabriel Valley Newspaper Group.
Yes everyone is hurting and it seems to be getting worse. Hopefully we will hear more about some solutions and create a sense of hope.