Woodworking & the bad economy...

[Eric Schniewind]

I'm a hobbyist and am just putting together my first shop which i've wanted for about 8 years now. Had to move to do it. I had money invested in the stock market which i had earmarked for getting set up with bigger tools. That money has decreased in value by a sizable chunk reflective of the general market. It has made me make different decisions on buying tools. I have bought some tools on Craigslist but even though there may be more used tools on the market, there are also more buyers. So some things must be bought new. I tried to get a Grizzly DC before the end of the year but they back ordered it and now have raised prices so I bought something else on sale. I just made a very simple workbench and economics drove the choices I made on materials.

Bottom line is that it is affecting my purchases but it's not killing all purchases.

I'm currently contemplating putting more cash into the stock market this year. It may not be this year or even the next but I have to believe that there will be some big gains somewhere down the line.

Best of luck to everyone. If only there was big money in sawdust.

[Steve Clardy]

Still buying what I need to buy.

Work is still coming in.

Having problems collecting final payment on a couple of recent jobs though.
Bank cut them off from the funds to pay me off.

[John Ricci]

I may just be one of the more fortunate ones playing the ww game in that my wife and I opened a retail store in 07 (arguably the worst possible time) dealing in antiques, vintage housewares, collectibles etc. as well as my woodworking and her custom sewing efforts. We live in an area that is seasonally inhabited by cottagers/skiers living in $1m+ "recreational homes" and as others have said, these folks just don't stop spending We have been building a reputation through our work and store as the local "go to" for custom work and unique finds that you won't see at "the mall". The retail store is the real exposure for us and I don't think we could do nearly as well as we have been without it...the economy worsens and our sales figures keep going up???

Right now I'm stuck at home getting a website set up for the store so that we can reach more people, increase sales and hopefully start to employ other people in a place that has seen two major manufacturers fold recently...one making furniture and the other that made shoes. A lot of those folks who lost their jobs were 2nd income farmers who needed the work to make ends meet so it would be nice in time to give some jobs back to the community where we can.

Tool purchases? I don't spend a lot on tools, save for the General 650R I bought last summer. Most of my stuff is old, well built machinery that should outlive me and all of it is up to the task of making fine sawdust When I find I need a new machine I think, research, decide and then argue over a price until I get what I want...or find a way to work without it "for now".

We certainly do have a few interesting years ahead of us as far as where the global financial situation will wander but be assured, those of us with talents to produce products will find our services in demand from a "can you fix...?" to "I need these two walls with floor to ceiling pantry cabinets" (I have two of those right now) etc. Keep in mind that what we do with wood is as much a mystery as neurosurgery to a lot of people so why not let it help feed you? Enough of my ranting now!

J.R.

[Dewayne Reding]

Just returned from my hardwood dealer. A small operation in western Illinois. She said their business was better than expected. I overheard a few of their customers remarking they were amazed their business was still brisk. They were furniture and cabinet makers. I suppose it will set in slower in some parts of the country. The hardwood dealer has very competitive prices, so perhaps they are drawing customers that are now willing to travel a little ways for a better deal?

[Gene Howe]

No debt, home paid for, steady and secure income, I'll be buying tools as needed.

We'll be flying to Hawaii, Japan and Okinawa within the year. That may curtail some purchases for a while.

[Cary Falk]

Well, our situation is not looking so hot. We have been forced to take large paycuts due to reduced work hours and uypayed vacations. We have severely cut our expenses. No spending is happening unless it is a life or death situation. I wanted to buy a couple of tools this year but that probably won't happen. My woodworking hobby is partially funded by side projects that have also dried up. If we both make it through the announced layoffs that will be happening on the 19th this year might be slightly better then a disaster.

[Don Bullock]

I retired last year and my wife retires in June. Our retirement income will be good, secure and steady. Still I don't plan to buy a lot of equipment. I bought most of my large machines over the past three years before many of the recent price increases. For the most part I'm set with tools. My wife and I purchased a home for our retirement and had a shop/garage built next to it. Our only problem with the economy will be selling our present home. On paper we've lost quite a bit, but it is still worth far more than we paid and invested in it. Considering that the home we bought was a foreclosure the paper "loss" on our present home won't be as big as it could have been. I plan to enjoy life as much as possible despite the "state of the economy."

[Peter Quinn]

I work for a medium sized custom millwork shop dealing mostly in high end work, i.e. for people in the wealthy to stupid rich category. Things are definitely slower than they were two years ago but we are still fully employed. Overtime has been cut out, but this didn't affect me as I wasn't taking any when it was available, preferring to spend my extra hours in my own shop or with my family. There are tons of bids being given and estimates for work being done, and there are deposits on numerous jobs without definite start/finish dates. Flooring and molding orders are off considerably, which means orders now take three to four weeks to fill rather than 6 weeks to 4 months. Not dead but eerily quiet. The contractors we deal with indicate that things are slow but again not dead stopped. This is typically the slowest point of the year even in a strong economy.

I am working on a set of garden furniture pieces that my boss put in the pocket so to speak early this fall, opting to start in the middle of the winter when other things slow down for a spring delivery date. Being the junior cabinet maker on staff I will be the first to know if layoffs are happening should things get slower. But I sleep well at night knowing my debt is low, my credit cards are paid off and my home shop is well equipped and paid for. Remember the parable of the ant and the grasshopper? I am an ant.

I have a commission to build a desk in my own shop that I have been designing slowly and should start building soon. A few weeks forced vacation this winter would be a godsend at this point. I have turned down other work that I simply cannot produce in my off hours. I considered but opted not to try and work full time under my own name this spring and am now glad I didn't but certainly wood should the need arise. I did establish a business entity and set up an LLC that I can begin working under when or if necessary.

As far as tool purchases for the home shop I am on a earn it then buy it basis at this point. I have everything I need to work wood and then some save a few cutters and bits that I will continue to buy on a when on sale or as actually needed basis. There are lots of things I want, in fact the list is endless. I would love to get a big euro band saw and a new planer, but that won't be happening until I sell some work with the things I have now, more due to a commitment to stem my tool addiction than the economy.

Remember, a 7% unemployment rate means that 93% of people are STILL employed minus those that have stopped looking, a figure I do not know but always baffles me about government statistical analysis. I hope they start laying off some members of the press and television soon; I understand the news must be reported but they seem to relish in economic bad news. It comes through in their vocal inflections on television and gross repetition of the same statistics in print.

[Noah Vig]

Not much different for me (hobbiest, secure job) and have switched to emphasis on getting shop setup rather than tools. Been procrastinating. Going to have house upgraded to 200 amp service first.

[Larry Edgerton]

Most craftsmen should be alright in the higher end market, some people always have money to spend. It's the low end that will take the hit as those with limited disposable money pull back.
.

Not so here. My clients are the upper crust, and at least here in Michigan they have pulled in their horns. No one is spending anything. Over 90% of the carpenters in my town that were working 4 years ago are laid off or have moved. I RAN OUT OF WORK YESTERDAY! First time, ever! I have nothing of note in the pipeline other than some gun room cabinets, a 1 week job, alone.

I am looking at buying a motel in Montana, but that too is a scary proposition, because the cancer that started here is spreading.

But on the up side, I may get my own kitchen done.......

[Karl Brogger]

If you're a pro, are you without customers/clients?

Yep, I had to go get a fricken job. I HATE working regular hours.

[Jason Whitaker]

Not so here. My clients are the upper crust, and at least here in Michigan they have pulled in their horns. No one is spending anything. Over 90% of the carpenters in my town that were working 4 years ago are laid off or have moved. I RAN OUT OF WORK YESTERDAY! First time, ever! I have nothing of note in the pipeline other than some gun room cabinets, a 1 week job, alone.

I am looking at buying a motel in Montana, but that too is a scary proposition, because the cancer that started here is spreading.

But on the up side, I may get my own kitchen done.......

I don't disagree at all Larry, rather that is my point about how different areas of the country have been affected quite differently. I cant presume to know about your town, but I certainly know that Michigan as a whole has been in the news for financial woes long before this whole worldwide mess even got rolling. Have a friend who lives in Detroit...and well needless to say he is looking at making a return to Northern NJ.

[Jim Becker]

No real change from "planned"...I'm picking up high-quality used hand tools here and there and had no major expenditures in the works for the shop anyway. And I'm getting time in the shop to work, too, which means I'll have less lumber to move upstairs when I relocate the rack one of these days.

I'm being a little more conservative on "disposable income" expenditures these days, but not excessively so. It's either for woodworking or equestrian activities when it does get spent, however...

[Dave Lehnert]

No debt, home paid for, steady and secure income, I'll be buying tools as needed.

..............And you own a Shopsmith that will never quit. Life is good. LOL!!!

[Steve Griffin]

Not so here. My clients are the upper crust, and at least here in Michigan they have pulled in their horns. No one is spending anything. Over 90% of the carpenters in my town that were working 4 years ago are laid off or have moved. I RAN OUT OF WORK YESTERDAY! First time, ever! I have nothing of note in the pipeline other than some gun room cabinets, a 1 week job, alone.

I am looking at buying a motel in Montana, but that too is a scary proposition, because the cancer that started here is spreading.

But on the up side, I may get my own kitchen done.......

+1 on upper class clients-- I think the economy is hurting them far worse than anyone else. Most of my business has been the very wealthy. Now, that is all but dried up.

Luckily I'm getting more upper middle class remodel work.

Folks with good income who still have jobs are not wanting to give it away to stocks or real estate, vacations or luxury items. So with cash building up, they are remodeling.

Looks like I have at least 4 months of work for my shop. If nothing happens after that, it's time to get our addition done and some camping vacations in. Sounds pretty good actually...

-Steve