WSJ: Marvin ready and waiting for middle- and high-end housing market to lift off
Oct 08, 2012 by admin
The lead story on the front page of Saturday’s Wall Street Journal used Friday’s important unemployment figures as the launchpad for a broader story on the state of the economy and the health of businesses from coast to coast (WSJ subscription might be required to view full story).
The story cited Marvin Windows and Doors, which has garnered notable attention for weathering the economic storm without laying off employees, as an example of what some employers are facing in the months and years ahead.
Marvin Windows and Doors, a family-owned manufacturer in Warroad, Minn., is suffering from the lack of housing construction that its custom-made products serve. Chief Executive Jake Marvin said he expects the company’s sales to be flat or slightly higher from a year ago at the end of 2012. Company payrolls have fallen 8% through attrition this year to 4,000 workers.
Mr. Marvin said that with many homes still headed toward foreclosure, the market for middle- and high-end homes “is going to have trouble lifting off the ground in any meaningful way for a few more years.”
Read the full story at WSJ.com.