WICK LAYOFFS AND THE ECONOMY
Tuesday, October 28th, 2008 -- 9:04 AM
The shrinking workforce at a Wisconsin company is further evidence of the worsening economy and housing market.When business was booming for Mazomanie-based Wick Building Systems, there were close to 700 employees at their Marshfield production facility.
With recently announced layoffs, the workforce there will dwindle to just over 100.
CEO Jeff Wick says the company began in 1954. The very first ?mobile home? was built at the Marshfield facility.
"That market reached a peak in 1993," Wick says, "In 2008, our shipments of HUD code homes is going to be approximately 9% of what it was in 1993."
Wick moved from manufacturing mobile homes to manufacturing ?modular? homes.
"But then in 2004, the general housing market turned down and the modular home market turned down with it. We've had numerous layoffs in that period of time," he notes.
Wick says they?re going through a ?chasm?, but expects the market will reach the other side as ?baby boomers? begin to retire.
"If they wish to have a place in a warm climate in the winter, they may not want to have the expense and the money tied up in a conventional home up here in the Midwest. So we see some tremendous market opportunities," Wick says.
Wick recently alerted 63 Marshfield employees they?d be laid off.
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