Fixing the Housing Crisis: Small Businesses Should Take Note
The current housing crisis has sent a shockwave to the economy that has reverberated across several sectors and industries. Though homebuilders and mortgage lenders have been singled out as the sole bearers of this economic burden, the truth is that numerous businesses and service providers are feeling the strain. Think carpenters, landscapers, and house painters as well as the retail outlets for home repair and supplies, such as Home Depot.
A large number of these goods and services are provided by local small businesses who have limited resources to weather the economic storm. So any action taken (or lack thereof) to fix the housing situation will impact the nation’s economy on both a macro and micro level. Since most small businesses are in some way effected by how the housing crisis is handled, they would do well to keep an eye on the issue.
If you are a little clueless about the details of recent housing legislation, CNN has a general primer on some of the different housing proposals to grace the Capitol. Small business owners should also follow the (sometimes evolving) proposals of McCain and Obama.
Being successful in today’s economy means staying informed.
