Well, it's official, as of Monday the United States is in a recession. That's following the announcement earlier this month that many European countries had entered a recession. Two of Europe's biggest economies--Germany and Italy--fell by 0.5% in the third quarter of 2008, after a 0.4 percent drop in the second.
And the numbers only get worse from there. Here is just a taste of more bad economic news, from CNNMoney.com:
Is there anything that can slow this downward spiral? Public works projects maybe? That is the path many countries are starting to go down as the situation grows worse.
The European Union called for member countries to spend $258 billion to spur growth. Britain and Spain are leading the way with plans ranging from $14 billion and $30 billion already announced, according to washingtonpost.com.
And it doesn't stop there. China is increasing its nuclear power plant projects and said it would spend 4 trillion yuan renminbi on an economic stimulus package that includes projects to address low-income housing, sustainability, technological innovation and post-disaster rebuilding, among other things.
Over in Italy, the first-ever bridge linking the country to Sicily is now expected to get the green light. And South Africa is planning on increasing its public spending programs over the next 5 years to reduce poverty and cut unemployment, which currently sits at about 23%.
The influx in these types of project may be a good thing for the economy, infrastructure, social responsibility ... the list goes on. But what are the implications for project management and project managers? What does it take to succeed on public works projects? Can anyone do it? Is this a career option for project managers who may be facing cuts in struggling industries?
And the numbers only get worse from there. Here is just a taste of more bad economic news, from CNNMoney.com:
• The Institute for Supply Management said its November (U.S.) manufacturing index fell to a 26-year low of 36.2 from 38.9 in October. That was worse than what economists were expecting, according to a survey from briefing.com.And all of this is clearly taking its toll on projects--even in once booming markets like Dubai, United Arab Emirates. On Monday, construction and engineering giant Murray & Roberts (M&R) said its Trump Towers project in Dubai would be suspended by the developer, Nakheel, until the global economic system stabilized.
• October U.S. construction spending fell 1.2% versus a flat reading in the previous month. Economists thought spending would drop 1%.
Is there anything that can slow this downward spiral? Public works projects maybe? That is the path many countries are starting to go down as the situation grows worse.
The European Union called for member countries to spend $258 billion to spur growth. Britain and Spain are leading the way with plans ranging from $14 billion and $30 billion already announced, according to washingtonpost.com.
And it doesn't stop there. China is increasing its nuclear power plant projects and said it would spend 4 trillion yuan renminbi on an economic stimulus package that includes projects to address low-income housing, sustainability, technological innovation and post-disaster rebuilding, among other things.
Over in Italy, the first-ever bridge linking the country to Sicily is now expected to get the green light. And South Africa is planning on increasing its public spending programs over the next 5 years to reduce poverty and cut unemployment, which currently sits at about 23%.
The influx in these types of project may be a good thing for the economy, infrastructure, social responsibility ... the list goes on. But what are the implications for project management and project managers? What does it take to succeed on public works projects? Can anyone do it? Is this a career option for project managers who may be facing cuts in struggling industries?
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