The construction industry has seen gains in employment since April, despite overall declines in spending, as workers were brought back to complete necessary emergency projects and jobs begun prior to the pandemic. For the month of July, total construction employment increased a modest 0.3% to 7.2 million, up from an April low of 6.6 million. While ... READ MORE >
Real Estate
Real estate and the middle market go hand in hand. Developers in commercial, residential and industrial markets provide the economic fuel to transform local economies, building infrastructure that leads to new business and job creation.
An SOS for commercial real estate
As the length and severity of the coronavirus pandemic continue to wreak havoc on the economy, real estate deals are at best being reworked and at worst falling apart altogether. The data tells a clear story: Transactions are down almost 70% in the second quarter, according to Real Capital Analytics (RCA), a commercial real estate research firm, ... READ MORE >
School’s out for summer (or forever?)
It seems as if we are living through an alternate version of Alice Cooper’s song. While the COVID-19 pandemic has had a significant impact across real estate sectors, student housing, once a beacon of stability, is now vulnerable as universities rethink their plans for the school year. Universities mounted rapid responses to the pandemic in March with ... READ MORE >
12.3 million rental units at risk when federal eviction moratorium ends Friday
Local courts should be prepared for an influx of filings as the federal eviction moratorium under the CARES Act officially expires on Friday. In late March, the national stimulus legislation put in place a moratorium of 120 days on specific types of properties, including those with federally backed mortgage loans. According to the Urban Institute, over ... READ MORE >
Real estate investors seen as primary funding source for “the caring economy” plan
Democratic presidential candidate Joe Biden on Tuesday unveiled a 10-year, $775-billion plan to support what he deemed “the caring economy,” which is comprised of jobs that provide care for children and the elderly. In order to finance this proposal, Biden is looking to the real estate investment community. Like most proposals announced on the campaign ... READ MORE >
There is no V in housing, but there is in recovery
The strong data for housing starts and permits in June released last week were just the opening act for the V-shaped recovery in housing. Existing home sales increased 4.72 million for June, up 20.7% from the previous month, according to data released on Wednesday by the National Association of Realtors. Existing and pending home sales surged in ... READ MORE >
Businesses already strained by COVID-19 should prepare for hurricane season
The Atlantic hurricane season is already off to a busy start, with six named storms having formed as of early July. And it is likely to get worse. The National Oceanic and Atmospheric Administration predicts a 70% chance that this hurricane season will be worse than normal, with just a 10% chance of being less damaging than normal. Anywhere from 13 to ... READ MORE >
Housing remains a leader in the economic recovery
Housing continues to be a bright spot in the economy, with housing starts jumping 17.3% in June and housing permits rising 2.1% -- the second straight month of gains following the economic shutdowns of March and April. While the June housing data, released by the Commerce Department on Friday, may have been short of market estimates, the growth in ... READ MORE >
Rethinking the staycation: Driving boosts hotel occupancy in regional hotspots
As cities slowly awaken from coronavirus-related lockdowns and reopen their economies, regions that rely on auto travel are leading the nascent recovery in the hospitality sector. A combination of low gas prices, concern over air travel and convenience for drivers in many markets is prompting hotel operators – particularly on the more affordable end – ... READ MORE >
Miles away: U.S. airports face heavy lift and slow recovery
The COVID-19 pandemic and resulting shelter-in-place protocols have devastated the airline industry. Along with it, airports across the country, rife with retail, have suffered significant losses. As cancellations of business trips and vacations mounted beginning with the onset of the outbreak in mid-March, traffic from travelers plummeted. The ... READ MORE >