The word "bad" is typically followed by "economy."
And that phrase opens up the floodgates for a whole host of others with a negative connotation- failing banks, frozen credit, plummeting housing market, and construction stand-still.
Here’s a new phrase- building through it.
That’s exactly what Coryell Enterprises is doing to combat a struggling economy.
This expansion to the apartment complex Coryell Courts is just one of many the company is proceeding with.
"It’s been a real good year for us over here.”
Whoa.
Read that again.
“It’s been a real good year for us over here."
No, that’s not an ancient quote dug out of the archives.
Jacob Harvey's talking about 2008, and he called it good.
Harvey’s with TLC Properties, an apartment management company doing more than just staying afloat in a poor economy; it’s thriving.
“In the last two years our company has built around 1,200 new apartment units, just in ‘07 and ‘08, about $100 million worth of construction."
Sam Coryell is the president of Coryell Enterprises, which puts up the projects TLC manages- lately at a rate that's reminiscent of better times.
“We had several things in the works before the economic meltdown,” Coryell tells KSPR.
The when is key.
According to Coryell beginning before the bust was best.
The what is important too; his business is strictly apartments, so a struggling housing market works to his advantage.
Another reason why building right now can actually be profitable is because construction costs- meaning labor and supplies- are at an all-time low.
They fell when oil prices did.
Coryell explains, “We’re able to command some lower prices."
Finally, he claims a slow economy can't stop expansion if you've got a rainy day fund.
“Right now if you've got some cash you can continue to do business.”
Coryell says business has slowed in terms of new projects due to the lending market.
He’s had to put a 138 unit project on Lone Pine in southeast Springfield on hold until next year because it's been so tough to get a loan.