Table 1: World's Tallest Buildings
|1908||Singer||New York||612 ft.||48||Panic of 1907|
|1909||Metropolitan Life||New York||700 ft.||50||Panic of 1907|
|1912||Woolworth||New York||792 ft.||57||——|
|1929||40 Wall Street||New York||927 ft.||71||Great Depression|
|1930||Chrysler||New York||1,046 ft.||77||Great Depression|
|1931||Empire State||New York||1,250 ft.||102||Great Depression|
|1972/73||World Trade Center||New York||1,368 ft.||110||1970s stagflation|
|1974||Sears Tower||Chicago||1,450 ft.||110||1970s stagflation|
|1997||Petronas Tower||Kuala Lumpur||1,483 ft.||88||East Asian|
Lawrence showed that in almost all cases the initiation of construction of a new record-breaking skyscraper preceded major financial corrections and turmoil in economic institutions. Generally, the skyscraper project is announced and construction is begun during the late phase of the boom in the business cycle; when the economy is growing and unemployment is low. This is then followed by a sharp downturn in financial markets, economic recession or depression, and significant increases in unemployment. The skyscraper is then completed during the early phase of the economic correction, unless that correction was revealed early enough to delay or scrap plans for construction. For example, the Chrysler Building in New York was conceived and designed in 1928 and the groundbreaking ceremony was conducted on September 19, 1928. "Black Tuesday" occurred on October 29, 1929, marking the beginning of the Great Depression. Opening ceremonies for the Chrysler Building occurred on May 28, 1930, making it the tallest building in the world. _Mises
China is building 44% of the 50 skyscrapers to be completed worldwide in the next six years, increasing the number of skyscrapers in Chinese cities by over 50%, says Andrew Lawrence, an Asian property analyst at investment bank Barclays Capital.
China is already host to six of the 15 tallest, completed buildings in the world, according to the Council on Tall Buildings and Urban Habitat, at the Illinois Institute of Technology in Chicago.
..."The appetite in China for high-rises, in the last five years and the next five, is bigger than ever before in the history of building," says Silas Chiow, China director for Skidmore, Owings and Merrill, the U.S. architectural firm, founded in Chicago, responsible for the Burj Khalifa.
The firm is currently engaged in 50 China projects, including the tallest buildings in eight separate cities.
Chinese government officials believe high-rises "show their progress in terms of urbanization and modernism," spur wider development by boosting investor confidence, and symbolize "a city's desire to become modern and international," says Chiow, a Chinese-American based in China for the past 15 years. _USAToday_via_ImpactLab