WHEN insolvency specialist Paul Reeves wants a snapshot of Bolton's economic climate, he goes "crane-spotting".
Paul, a director of Bury-based DTE Corporate Recovery, believes counting cranes on the skyline is the simplest way of carrying out an instant business "health check."
He said: "Looking at the sky doesn't necessarily mean managers are seeking divine inspiration. Crane-spotting is a tried and tested indicator of a possible slowdown in the economy.
"When times are good, there is a significant number of cranes in evidence. The more there are, the better it is. That is because the construction industry is usually the first to feel the effects when businesses start to tighten their belts. Conversely, when businesses are doing well, they grow and generate demand for new premises."
At present, Paul does not envisage a recession like that of the early '90s. However, he believes that a hike in interest rates could result in businesses hesitating before entering into projects which might increase overheads.
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