I am semi-retired now but my spun-off GCs are doing well. My wait list diminished somewhat in this weird economy but I was in no danger of being out of work. Those that owned antique properties did not feel it the way others did I guess and Central Illinois, in general, was spared the worst. Most all the subs I used for restoration and renovation work were wait listed too.
There is a lot of under-cutting and under the table stuff that goes on here but those who are looking for those kinds of deals deserve the nightmares that most often come with hiring subs directly or unlicensed GCs in way over their head.