2001 to 2010
The biggest event of this decade has to be the “Great Recession”. While the list of jobs below completed during these years looks impressive, only a third of them were constructed after or during 2009 when the recession really hit our industry.
History tells us that the Construction industry goes into a recession about 2 years after it starts because they have projects planned and funded for that long, equally it takes about 2 years to recover after the recession ends.
The recession officially started in 2007, but the unemployment rate didn’t dramatically rise until 2009 when it exceeded 9%. From 2009 forward, Local One employment was down almost 50% and continues to this point in 2011. The worst situation since the “Great Depression” of the 30’s.
96 story Trump Hotel and Tower 82 story Aqua Building
73 story Legacy at Millennium Park 64 story 340 on the Park
62 story One Museum Park 60 story Elysian
60 story 300 North LaSalle 59 story Millennium Center
58 story River East Center 57 story Grand Plaza One
57 story The Heritage at Millennium Park 56 story 55 East Erie
54 story Blue Cross/Blue Shield Tower 54 story 1 Museum Park West
53 story Streeter Place 52 story The Clare at Water Tower
52 story The Fordham 51 story 111 South Wacker
50 story One North Wacker 48 story Hyatt Center
45 story 155 North Wacker 44 story 353 North Clark
39 story One South Dearborn 37 story Citadel Center
On the national and International scenes, it was a series of disasters.
September 11, 2001. The attack on the World Trade Center.
October 7, 2001. The U.S. and allies launched the war in Afghanistan in response to the 9/11/2001 attack on the World Trade Center.
March 19, 2003. The U.S. and allies invaded Iraq in response to reports of Weapons of Mass Destruction
August 29, 2005. Hurricane Katrina hit’s the Gulf coast.