What happens when a real estate investor does not look at changing consumer preferences when undertaking a new project? More often than not, it ends in disappointment, and lost money. One project that is heading down this path is New Jersey’s American Dream mega-mall. The unfinished property, which ... READ MORE >
Coronavirus
Americans spent more on building homes than on building anything else for the first time in 14 years
In another sign of the housing market’s continued strength, U.S. spending on residential buildings—both private and public—increased by 0.4% in August to $795.5 billion, while nonresidential spending declined by 0.4% to $788.6 billion, on a seasonally adjusted annual rate. The data points directly ... READ MORE >
Building permits in Canada continued to fall with material shortages
The value of building permits in Canada decreased by 2.1% in August from July to a seasonally adjusted 9.66 billion Canadian dollars as developers continued to feel the effect of supply and labour shortages. August’s decline, which fell short of forecasts, continued the downward trend from the peak in ... READ MORE >
Workforce transformation: The American labor market, firms and the post-pandemic economy
Widespread labor shortages are hampering companies’ ability to capitalize on an economy that is expanding as the country recovers from a devastating pandemic. Firms will not experience a return to the way things were in the labor markets before the pandemic. The retirement of baby boomers, ... READ MORE >
Strong demand boosted manufacturing growth as PMI reached a four-month high
The headline manufacturing Purchasing Managers’ Index increased by 1.2 percentage points in September, to 61.1%, continuing to indicate overall expansion of the manufacturing sector. The increase in the overall index, the 16th in a row dating to April 2020, was driven by upticks in prices paid and ... READ MORE >
Spending posted strong gains in August, a boost from the enhanced child tax credit
Personal spending rose by 0.8% in August, following a downwardly revised decrease of 0.1% in July and showing the strong impact of the extra incomes from the enhanced child tax credit that began in July. The direct payments to families from the tax credit helped to offset the continuing decline in ... READ MORE >
Canada’s GDP showed modest contraction in July
Canada’s gross domestic product contracted by 0.1% in July, continuing the trend from the second quarter, according to government data released Friday. Losses in agriculture, coupled with continued global supply chain issues, wiped out gains in other sectors. This trend undermines the hope of a ... READ MORE >
Initial jobless claims rose for third straight week as millions lost federal pandemic benefits
First-time jobless claims rose to 362,000 for the week ending Sept. 25 as enhanced federal unemployment benefits ended, according to government data released Thursday. The report provided the first look at how filing for benefits has changed with the expiration of enhanced federal unemployment benefits on ... READ MORE >
Chart of the day: Pending home sales rose a surprising 8.1% in August
Pending sales of homes bounced back strongly in August with an 8.1% increase after two consecutive months of declines, according to data released Wednesday by the National Association of Realtors. While the increase exceeded analysts' forecast of 1.8%, it comes as housing inventory has increased ... READ MORE >
Natural gas shortage and soaring prices threaten economic growth
Soaring natural gas prices point to an energy shortage across the globe, from the United States to Europe and China. The crunch has the potential to turn into a crisis if not managed, and has already caused industrial and residential power outages, threatened economic growth and jeopardized climate ... READ MORE >