Skidmore, Owings & Merrill, one of the world’s largest architectural firrm and a big beneficiary of the China building boom, is laying off people because of the lack of work in China. “Six months ago we were turning down work,” says Silas Chiow, SOM’s China director, and “the next six months are going to be very, very uncomfortable.”
If SOM is right, you should connect the dots to China Architechtural Engineering (CAEI: 1.07 0.00 0.00%), the largest Chinese architectual firm.
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Everyone’s getting laid-off. We dropped our intern program. There’s a cursory look at cancelled projects on SceneAdvisor.com (http://www.sceneadvisor.com/style/architecture-on-hold-the-recession-strikes-design-11396.html). The Zaha Hadid building is particularly sad.