As the Waterview Tower construction site in Chicago sits empty and the U.S. votes to bailout some of the big players on Wall Street, one has got to wonder what will happen to all the proposed, approved and even construction projects in the United States? Obviously, during the Great Depression, there was very little built in terms of new development (the Rockefeller Center stands as one of the lone major developments at the top of my head). Many of these new projects in the U.S. are residential and with the massive drop in real estate prices, companies investing millions of dollars in these projects may simply not find it worth it to continue with the projects at least until the housing prices start to ascend as well.
Although this recession exists mainly in the United States, you have got to wonder how this may affect other nations. Many first world countries, including my home of Canada will likely tighten up their economy which means we may see a similar effect in our own cities more for safety rather than lack of funds. Any way you look at our, at urban environment is at risk of deteriorating if we’re not too careful.
[...] What Does the US Recession mean for Urban Development? [...]