January 2012 Archives
Barclays Capital's latest Skyscraper Index published this week provides a gloomy forecast for the UK economy this year. But, rather than complex financial modelling,it points to the historic link between the completion of tall towers and countries going into recession.
It says that the world's first skyscraper, the Equitable Life Building in New York, was completed in 1873, coinciding with a five-year recession; the Sears Tower in Chicago (now the Willis Tower) was finished in 1974, just as the oil shock shook the economy; and the Petronas Towers in Kuala Lumpar were built in 1997, just as the Asian financial crisis took hold.
So, with Irvine Sellar's 1,017ft Shard set to complete in May 2012 and take the crown of tallest building in the European Union, perhaps London should prepare for the worst.
The Equitable Life building in New York, completed in 1873 coinciding with a five year recession.
The Sears Tower in Chicago, completed just in time for the 1974 oil shock.
The Petronas Towers in Kuala Lumpar, completed in 1997 - as the Asian financial crisis rocked the country.
London's Shard, set to complete in 2012...