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The construction industry took a beating because of the financial meltdown. Precisely how bad did home building drop? It depends where you seem but overall, the numbers are very scary.

In a report released recently, new order for homes built-in the 3rd quarter of 2008 was down 25% in comparison to last year. In numbers, that is 2,002 homes for this year compared to 2,660 homes in 2007.

As a result of what's happening in the economy, there was increase in the number of cancellations from 24% last year to 27% this year. While real estate companies tried to curb the development by giving it to other audience, industry wasnt biting which is why there were lots of homes that were never sold.

When it comes to home building earnings, that roughly equals $928 million. If you think that is still good, look back at the sales performance a year ago and you'll see that it had been lower by 27%. These numbers go on and on and they are really depressing.

So might be companies making money? The worse part and no is that in order to keep afloat construction companies have to layoff thousands or even thousands of individuals.

If you have more money moving around right now because many banks won't able to loan that total you right now if you wanted to develop a house, the only path you can do that's.

At this rate, the building industry is only going to have the ability to develop 817,000 new houses this year when compared with 1.98 million units in 2006. That's a lot and it is note expected to improve anytime soon.

But are these numbers shocking? The answer is also no because it could be the right effect especially when the united states is in a financial meltdown.

Professionals believe this will change next 2-3 years because within this time period, houses which were unoccupied will are in possession of people surviving in them and only then will house building be yet again on the upward trend.

What everyone else is hoping for right now is really a miracle because we're not yet from the woods when we talk about the existing financial crisis. Yes, a $700 million bailout plan was accepted and signed into law but just like Bernanke said, no body wants the recession to finish over night. It is going to devote some time.

Could be the home building decline also happening elsewhere? In the case of Canada, the answer is no. In fact, the opposite is happening. If you were to compare how many homes built for the month ending September this year versus last year, 6,000 more homes were built in 2008 compared to 2007.

There are lots of reasons for this such like more folks want so they go away from the rest of these family to relax and most of all the plan they have in place happens to be definitely better across the border when compared with what's available in the UNITED STATES.

But back again to reality, no one can deny that over here, there's a sharp decline in home building. So we can perhaps forget that actually happened the one thing anyone can do is a cure for the best in the months and years ahead. new homes in tulsa