Free exchange: Towers of Babel

Posted: March 26, 2015 in economy
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UK Only Article: 
standard article

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The world is going to university

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Free exchange

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Is there such a thing as a skyscraper curse?

Click here for more skyscraper data-graphics

THE world is in the middle of a skyscraper boom. Last year nearly 100 buildings over 200 metres tall were built—more than ever before. This year China’s business capital will welcome the Shanghai Tower, which will be the world’s second-tallest building. Saudi Arabia is building Kingdom Tower, which will be the world’s tallest (and twice the height of One World Trade Centre in New York, the tallest building in the Americas). Does this frenzy of building augur badly for the world economy? Various academics and pundits, many of them cited by The Economist, have long argued as much, but new research casts doubt on it.
In 1999 Andrew Lawrence, then of Dresdner Kleinwort Benson, an investment bank, identified what came to be known as the “skyscraper curse”.* Mr Lawrence noticed a curious correlation between the construction of the world’s tallest buildings and economic …<div class="og_rss_groups"></div>

via Economic Crisis http://ift.tt/1HNEume

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