| State workers relatively shielded
While California construction workers have lost work because of the housing industry slump, the slack is being picked by work in the commercial, public and remodeling side of the construction industry, observers say. Nationwide, the job cuts that have occurred in the housing industry are significant. In the first quarter alone, the number of cuts almost matched those in all of 2006, an outplacement consultancy firm said Wednesday. Challenger, Gray & Christmas Inc. reported that job cuts in housing, including real estate, construction and mortgage lending, soared 346 percent to 21,245 in the first quarter, compared with 4,764 job cuts in the same quarter last year. In 2006, job cuts totaled 22,814; in 2005, the housing industry slashed only 13,656 jobs. In California, work in other building sectors is making up for some of the job losses.
State workers relatively shielded Alternative construction sectors ...
While California construction workers have lost work because of the housing industry slump, the slack is being picked by work in the commercial, public and remodeling side of the construction industry, observers say. Nationwide, the job cuts that have occurred in the housing industry are significant. In the first quarter alone, the number of cuts almost matched those in all of 2006, an outplacement consultancy firm said Wednesday. Challenger, Gray & Christmas Inc. reported that job cuts in housing, including real estate, construction and mortgage lending, soared 346 percent to 21,245 in the first quarter, compared with 4,764 job cuts in the same quarter last year. In 2006, job cuts totaled 22,814; in 2005, the housing industry slashed only 13,656 jobs. In California, work in other building sectors is making up for some of the job losses.
Churchill Expands With Back-To-Back
PHOENIX-Thirteen years after launching Churchill Mortgage Corp., a mortgage veteran has bought the Arizona component from her California-based partner and then merged it with the commercial banking arm. As a result, Churchill Commercial Capital Inc. is now one of the top five commercial mortgage bankers in the state with a loan-servicing portfolio topping $500 million. According to Cynthia Hammond, president of Churchill Commercial Capital, the merger means her company now handles the money side of loan servicing as well underwriting. She co-founded Churchill Mortgage Corp.'s Arizona operation with help from the firm's owners in Southern California. As part of the agreement, the SoCal operation will continue, but under a different name. .
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