That sinking feeling: As China slows, so does Otis Elevator

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

A worker uses an elevator at a construction site in Beijing on April 23, 2013. China's economic growth has slowed, impacting revenues here at home. (WANG ZHAO/AFP/Getty Images)

HARTFORD — Otis elevator, which rose with China’s strengthening economy, now faces declining revenue as the world’s second-largest economy slows.

Parent company United Technologies Corp. has said for years that increasing urbanization in China will be key to growth in elevator sales and maintenance as high-rise buildings soar in China’s cities.

Otis, which is based in Farmington, also faces rising competition and shrinking market share in China.

Otis executives declined to comment for this article.

Otis was founded in 1853, installed its first elevator in Shanghai in 1900, has six factories that make elevators and escalators for markets in China and elsewhere, and operates engineering research and development centers in two Chinese cities.

Other manufacturers relying on construction also report a tougher reception in China.