Word: overbuilt
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Dates: during 1990-1999
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...rush to the beach started years ago. As far back as the 1970s, Florida officials realized that the state's environmentally sensitive barrier islands, which protect the mainland from the force of incoming storms, were becoming overbuilt. But when officials tried to put the brakes on development, they came up against some hard political realities. The fat revenue stream from condo towers, resorts and convention hotels made it very difficult to elect antigrowth politicians. Hurricanes were acknowledged to be a danger. But, says Charles Lee, senior vice president of the Florida Audubon Society, "instead of restrictions, you got engineering standards...
Among the industries hurting most are telecommunications, retailers, autos, computers and financial services. Competition there is so hot that firms have been unable to rein in their capital spending; in some cases they've borrowed heavily to keep it up. Those industries are overbuilt and headed for retrenchment. For investment, focus on industries not spending so heavily. They will be better able to protect earnings and--who knows?--maybe buy back shares...
Willman's plight is more than just a bit of local promotion gone haywire. It is a direct result of the gambling industry's frenzied competition for players at a time when saturated markets are putting sharp downward pressure on gaming companies' earnings. In overbuilt markets like Atlantic City, N.J., Tunica, Miss., and St. Louis, Mo., the ability to win now the real, revenue-generating gamblers from the $50-a-day dilettantes has become nothing less than a matter of survival...
...million visitors pass through each year. Though still rural, the county has a choice: either it finds a way to shape the sprawl, channeling development into existing growth areas and preserving open space, or it loses its high-lonesome charm and becomes, like so many Colorado valleys, overbuilt, overcrowded and irrevocably scarred...
While Greenspan has been surprised by how hard his soft landing is turning out to be, he and his supporters at the Fed are convinced the slump is a temporary "inventory correction'' -- a pause while businesses draw down inventories they overbuilt during the rapid growth of the past two years. "We're not as surprised as some outsiders to see some weak numbers,'' insists Fed governor Janet Yellen, a Clinton appointee. "These are actually consistent with the [soft landing] scenario...