In China, construction on Sky City, which is expected to be the world's tallest building, will begin in June.
It is expected to rise to 838 meters.
Barclays' Skyscraper Index suggests that construction booms, especially those highlighted by record-breaking skyscrapers, coincide with the beginning of economic downturns. The index even suggests that the rate of increase in height could also reflect the extent of that economic crisis.
Drawing on Barclays' Skyscraper Index, we pulled 11 skyscrapers whose constructions coincided with the financial crises of their times.
Equitable Life Building (1873)
The Long Depression, 1873 - 1878
The pervasive U.S. economic recession with bank failures that came to be known as the Long Depression coincided with the construction of the Equitable Life Building in New York in 1873. At the time the building was the first skyscraper at a height of 142 feet.
Source: Barclays
Auditorium (1889) and New York World (1890)
British Banking Crisis, 1890
Chicago's 269-foot tall Auditorium building completed in 1889, and the 309-foot tall New York World building completed in 1890, coincided with the British banking crisis of 1890, and a world recession.
Source: Barclays
Masonic Temple, Manhattan Life Building and Milwaukee City Hall (1893)
U.S. panic marked by the collapse of railroad overbuilding, 1893
Chicago's 302-foot tall Masonic Temple, and the 348-foot tall Manhattan Life Building, and the 353-foot tall Milwaukee City Hall coincided with the U.S. panic of 1893 marked by the collapse of railroad overbuilding. It also coincided with a string of bank failures and a run on gold.
Source: Barclays
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