Part 7/11:
The layoffs are sprawling across industries that support housing—retail, manufacturing, logistics, insurance, and professional services. Furniture stores, paint suppliers, landscaping firms, moving companies, and property management firms are all laying off staff due to diminished demand. Insurance companies servicing real estate and construction sectors also face shrinking client bases, leading to further triggers for job cuts.
Government revenue streams are also drying up as development charges and building permits decline, forcing municipalities to slash expenditures and lay off staff dependent on growth-driven revenues.