#U.S. Census Bureau’s Building Permits Survey

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Fiscal Facts: Housing permitting slows, adding to affordability concerns

The state’s largest housing market, metro Milwaukee, saw a decline the last three years in the pace of multi-family housing construction relative to 2017-2019, while single-family construction held flat.

As housing has become increasingly unaffordable in Wisconsin and nationally since 2021, our state has issued more permits for housing construction. But the pace has declined slightly over the last two years and still lags far behind the housing boom years of the early 2000s. Meanwhile, a growing share of new housing permits were for multi-family units, while the pace of single-family permitting…

[dkaufmandevelopment]

U.S. Rental Market Sees a Shift as Build-to-Rent Gains Momentum Amid Aging Housing Stock

In the face of an aging multifamily housing stock, the United States is witnessing a significant shift in the rental market. Data from the U.S. Census Bureau's 2023 American Community Survey indicates that a considerable 17.6 percent of multifamily properties, those with five or more units, were constructed prior to 1959. This has led to a pressing need for innovative solutions to rejuvenate the nation's rental housing.

The decline in new multifamily construction permit applications, which dropped over 20 percent in 2023, aligning with pre-pandemic figures, has further exacerbated the issue. However, the build-to-rent (BTR) sector has emerged as a promising alternative, experiencing a surge in starts as lifestyle renting gains popularity.

The Rise of Build-to-Rent

BTR developments, a segment of the single-family rental market designed specifically for rental rather than sale, are introducing high-quality apartment units that address the supply-demand imbalance. These communities often mirror single-family homes, offering modern amenities and professional management. Their appeal has extended across demographics, from lifestyle renters to Baby Boomers and Generation Z, resulting in rent growth that outpaces traditional multifamily units.

Institutional investors have taken note of the BTR sector's robust fundamentals, pouring capital into these growth opportunities within commercial real estate.

Addressing the Aging Dilemma

Urban and suburban landscapes across the country are dotted with residential properties showing signs of wear, necessitating costly renovations. The trend towards new construction, where maintenance issues are less imminent, is gaining traction.

Development Trends and Future Outlook

Despite a downturn in multifamily permitting in 2023, single-family BTR starts reached a record 75,000 units, accounting for 7.9 percent of all single-family housing starts—a clear indicator of investor confidence. Meanwhile, for-sale single-family starts have seen a decline of 6.9 percent.

Regions beyond the Sun Belt, including New York, Virginia, and Maryland, are now experiencing a rise in BTR activity. As the sector continues to grow, it is poised to play a crucial role in alleviating the persistent housing shortage in the U.S.

Kaufman Real Estate & Consulting: Pioneering BTR Development

Kaufman Real Estate & Consulting is at the forefront of this transformative trend with a late-stage BTR project set to deliver its first units in October 2024. Located in one of the nation's fastest-growing suburbs, this development promises to attract high-income tenants who prefer renting, offering stability with lower turnover rates compared to conventional apartments.

For more information on this burgeoning sector and investment opportunities, visit Kaufman Real Estate & Consulting's website: www.dkaufmandevelopment.com

[chemicalresearchupdates]

Residential Resurgence: Textile Flooring Market in Home Decor

The Textile Flooring Market is estimated for 2023 for the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Textile flooring is a floor covering material made of natural or man-made fibers that are woven, nonwoven or tufted. It is used in residential and commercial sector for its various properties like durability, comfort, design versatility and moisture resistance.

Market Dynamics:

The growth of the textile flooring market is mainly driven by the increasing demand from the residential construction sector. According to the U.S. Census Bureau, privately-owned housing units authorized by building permits in September 2022 were at a seasonally adjusted annual rate of 1,455,000. This shows recovery of construction activities post pandemic which will drive the demand for textile flooring in residential buildings going forward. Additionally, growing popularity of eco-friendly flooring solutions due to rising environmental concerns among consumers is also fueling the market growth. Textile flooring requires less toxic chemicals during installation and contains recycled content which makes it a sustainable option.

Major Driver

1: Increasing Demand for Durable and Aesthetic Flooring Options

The textile flooring market is witnessing significant growth due to the rising demand for durable and aesthetic flooring options from both commercial and residential sectors. Textile flooring such as carpet tiles, broadloom carpets and rugs offer various benefits over traditional flooring materials like ceramic tiles, wood, and laminates. They provide excellent insulation from heat and sound, are incredibly durable, moisture-resistant, and come in a wide variety of styles and colors to match any home décor or office interior. Their soft textures also provide safety, comfort and reduce stress and fatigue. The extensive range of designs as per the latest trends have been a major factor supporting their increased adoption rate in both developed and developing regions globally.

2: Growth of Non-Residential Construction Projects

Another major growth driver for the textile flooring market has been the steady rise in commercial construction activities worldwide. Both government and private sector investments into infrastructure development, hospitality, healthcare centers, education buildings, retail showrooms and office spaces have witnessed consistent growth over the past few years. Textile flooring products like broadloom carpets and modular carpet tiles are ideal for high foot traffic commercial applications due to their durability and ease of maintenance. Their acoustic properties help reduce sound, providing a more conducive environment for work and learning. These beneficial attributes have fueled their demand from various end-use industries.

Major Restrain: Volatility in Raw Material Prices

Fluctuating prices of key raw materials used in textile flooring production pose a major challenge for market players. Raw materials like petroleum-based chemicals, cotton, wool, nylon, polyester and latex undergo frequent price hikes owing to geopolitical issues, supply chain disruptions and rising fuel costs. This passes on additional production expenses to flooring manufacturers, in turn pushing their product prices upward. Developing affordable raw material sourcing strategies to mitigate price risks remains a critical task. Any further raw material cost escalations can negatively impact the demand-supply equilibrium of the industry.

Major Opportunity: Rising Home Improvement Activities

The textile flooring market stands to significantly benefit from the growing trend of home improvement and renovation activities worldwide. According to recent surveys, millions of homeowners are investing their discretionary income into beautifying and upgrading their living spaces on a regular basis. Textile flooring options are increasingly being incorporated into such remodeling projects owing to the variety of new styles, textures and aesthetics on offer. Carpets and rugs effectively transform the entire look of a room without substantial redoing required. This evolving opportunity can be capitalized by focusing on innovative product launches and marketing strategies targeted at boosting replacement demand from the remodeling sector.

Major Trend: Increasing Usage of Bio-Based and Recycled Materials

Sustainability has emerged as a dominant trend across industries with major implications for textile flooring production as well. There is a growing consumer preference for eco-friendly flooring materials made from bio-based, recycled or reclaimed resources. Flooring brands are responding proactively through extensive research and development of green product lines. Some examples include carpets manufactured from bio-polyester derived from plant-based raw materials like corn or sugarcane. Similarly, rugs comprising partially recycled polyester, cotton or wool yarns are gaining popularity. Such sustainable innovations allow companies to strengthen their brand image, comply with stringent regulations and capture the high-potential market for environment-friendly flooring options.

[thelistingteammiami]

Thinking of Buying A New Construction Home? Here Are 7 Common Myths You Shouldn't Believe

House-hunting is no easy journey, especially once you find that there's a limited inventory of previously-owned homes in the housing market. 

If you’re a first-time home buyer, you might find that a new construction house is one of your viable options to finally achieve your homeownership dream. According to the National Association of Home Builders, a full one-third of inventory on the market is now new construction homes.

But if your knowledge of these newly-built homes is still clouded with a lot of misconceptions, we might be able to help set the record straight so you can make a wiser choice based on facts, and decide on the home that's best for you and your family.

The truth: While they technically cost more upfront, if you look beyond the price tag, you can take into account what you can save by not having to replace, upgrade, or bring to code elements of the home anytime soon.

After all, new construction homes will have brand new roofs, plumbing, flooring, heating and air conditioning, energy-efficient appliances, and other major systems. It's normal for previously owned homes to have undergone wear and tear of these crucial components. With new homes, it will be years before you have to worry about making any repairs, which could cost tens of thousands of dollars. They also typically come with a warranty, which will cover most repairs in the unlikely event there is a problem.

The truth: Financing a new home can often be easier and simpler. Many reputable builders maintain relationships and/or partnerships with lenders, who tend to be more flexible when it comes to a newly-built home since it translates to less risk compared to a previously-owned home.

The lenders they work with are familiar with the company and the quality of their work so they can quickly get buyers into new homes. Similarly, new construction companies usually have their own lending companies that will offer you several incentives when you do business with them instead of an outside lending source. This can make it easier for you to secure financing and help you get a better deal on your mortgage.

The truth: While they do take time to be built—about seven months on average, according to the 2021 U.S. Census Bureau's Survey of Construction, this does not mean you’ll need to wait that long.

Many home builders often start building long before they have a buyer. Construction on speculative homes, or spec homes, might already be well underway or even completed before you even start a transaction. You can easily find a move-in ready home if you’re looking to invest as soon as possible. 

But still, it would be helpful to do some planning in advance. Make sure to ask how far along the home is in the building process, and if it can be completed within a reasonable time frame. It’s also worth keeping in mind that the build time will vary widely depending on the supply chain, the availability of labor and materials, municipality permitting times, and other factors.

The truth: It might be true for a car, which loses a lot of its value the instant it is driven off. It isn't applicable to a new construction home, though. 

In fact, a new home easily appreciates in value because of price increases as the builder sells more homes. You may even find that you’ve built equity even before you moved in, as more and more homes are sold within the area and the entire community is completed.

The truth: No matter what kind of house it is, the building construction principles generally stay the same. 

Regardless of their amenities and features, new homes are still going to be built to a requisite standard and are even subject to the latest in building codes, which have become more demanding over time. 

The truth: Home inspections, including new construction properties, are a standard and critical component of buying a home.

While a reputable builder will conduct their own inspection, you can also hire a third-party inspector to ensure the property was built according to the local building code. You can even periodically inspect the home throughout the construction process so you and the inspector can have a better understanding of the home's condition, and help them to see things they probably wouldn’t once the home is completed.

As a matter of fact, any builder who refuses to allow you to perform a home inspection is a major red flag, since a new build doesn’t necessarily mean it’s free of flaws. New construction houses are also inspected by local municipalities throughout the build, and they’re also the ones who provide a final certificate of occupancy before move-in is allowed.

The truth: You may not be required to have a real estate agent when entering a new construction deal, but there's no way you’d want to miss out on having your own representation, especially if you’re a first-time home buyer. 

As with any real estate transaction, you’d want a knowledgeable and trusted real estate professional who will work in your best interest to negotiate for you on the best possible price, contract terms, add-ons, warranties, target completion dates, and other incentives. Having an agent can help you get the most value for your money and ensure that the transaction is completed properly. 

Builders will be happy to work with your agent when you include them early in the process, even before you start searching for new construction homes. When it comes to their commissions, the cost is often part of the builder's marketing budget when they’re determining the sales price of a home. Besides, not choosing to work with an agent won’t make them offer you a better deal.

[chriseschenburg]

An Overview of the Custom Homebuilding Process

Custom home builders can make your dream home a reality. To make the process as seamless and easy as possible, you will want a clear understanding of the major steps it takes to create a quality custom home.

The first stage involves planning and designing the home. Once you have chosen a custom home builder, schedule a planning session. Bring photos of homes you love and their layouts, as well as a list of your must-have items. The more closely you communicate with your home builder or contractor, the better they will understand exactly what you want.

After you’ve secured a location and finalized a design, you will need to obtain all necessary approvals and permits. Your builder will usually take care of this, submitting all the required information to local building officials. Factors such as the home’s building site, construction plan, energy analysis, HVAC design, and roof loading information all require approval before construction begins.

The home’s construction process begins with the site’s excavation. The excavation crew will prepare the site for building by removing any undesirable trees, debris, or rocks. Additionally, they will level the ground and dig footers for the foundation or a basement, as required, and remove the dirt that won’t be needed. At this point, the building crew will lay all necessary lines to connect to city water and sewer lines. Eventually, these lines will connect to pipes in the home’s basement, or if there is no basement, they’ll go underneath the slab or other foundation.

Depending on where the house is being built, the building team will then lay the appropriate type of foundation. This might be concrete footings for basement walls, concrete slabs that rest on the ground, or preservative-treated wood foundations that are resistant to decay. Once the foundation is complete, an inspector will review the construction site to ensure the foundation complies with all codes. With the inspector’s approval, construction can proceed.

Next, builders will frame the home, the major components of the home’s structure including wall, floors, ceilings, and the roof’s supporting structure. At this point, the house looks like a large skeleton waiting for all the internal and external components.

With the framing in place, multiple crews will likely work on various technical aspects of the home. Typically, a roof is put in place to keep water out while other work is begun. For example, an HVAC crew will install the HVAC system, while an electrical crew will install the home’s electrical system and plumbers will install the plumbing. A crew will also begin working on the home’s exterior, including windows, doors, and siding, again doing this as soon as practical to keep the interior dry and protected.

With the major plumbing, electrical, and HVAC systems in place, builders can begin covering the framing with insulation and drywall. Next, they will begin working on interior finishes to make the house feel like a home. The building crew will install items like cabinets, baseboards, crown molding, tiling, and any other finishes you selected. Additionally, they will paint the walls and ceilings with your chosen palette.

Most builders will then complete a walkthrough with you, noting any minor details that still need attention. This ensures small items like outlet covers or doorknobs are not overlooked. You can also comment on any details that don’t look right or that don’t match the original plan.

With all finishing touches complete, the builder will take you on a final walkthrough, explaining how to maintain appliances, fixtures, and other home items. This is your final opportunity to ensure all countertops, cabinets, and finishes meet your expectations.

According to data from the latest available U.S. Census Bureau’s Survey of Construction (2017), the average length of time for a contractor-built home was 9.21 months.

[creconsult]

Multifamily Permits Surge in January Building permits for the construction of multifamily projects hit an annual level of 557,000 units in January 2021, according to the U.S. Census Bureau’s monthly building permits survey. https://www.creconsult.net/market-trends/multifamily-permits-surge-in-january/?feed_id=1350&_unique_id=607b008fabf39

[go-redgirl]

Housing Starts Jump 22.6% Higher, Much Better Than Expected

Homebuilding was far more energetic in July than expected.

U.S. homebuilders began construction on homes at a seasonally-adjusted annual rate of 1.496 million in July, up 22.6 from June, Census Bureau data showed Tuesday. Compared with a year ago, home building activity was 23.4 percent higher than a year ago.

Economists had forecast homes to be built at 1.24 million rate, a 4.6 percent move above the initially reported June level. The July jump was so powerful that it exceeded the high end of forecasts by economists surveyed by Econoday.

June was revised up from a rate of 1.186 million to 1.22 million.

Increases in both single-family and multifamily starts contributed to the rise in building.

Permit applications to build new homes rose at a seasonally-adjusted annual rate of 1.495 million, up 18.8 percent from the prior month and 9.4 percent from July 2019

[cutsliceddiced]

New top story from Time: Constance Woodson Worked Hard All Her Life. How Did She End Up Homeless During a Pandemic?

A few days after her 60th birthday, Constance Woodson took in the early-June sun on a bench in New York City’s Madison Square Park. Masked, except when she sipped her coffee, she reflected on her luck. The good news was that, in the midst of a pandemic, she had secured a job, as a contact tracer. She could do it from her home, with a company-issued laptop and headset. The bad news was that her current home was a room in a hotel–provided by New York City’s Department of Homeless Services (DHS)–where, she was informed, laptops were not permitted and wi-fi was not provided. Woodson had finally found a job that might get her out of her long struggle with homelessness, but she couldn’t do it, because she was homeless.

The DHS caseworkers at the Best Western Bowery Hanbee eventually told her she could bring in the laptop. But there was still the wi-fi issue, and then Woodson would have to figure out how to do a sensitive task with a roommate who liked to watch Disney cartoons day and night with the blinds drawn, and without chairs or lamps. They had been removed, she was told, because the hotel was being sold. “The system is not designed to move you forward,” she says. “I don’t want to sound like I’m complaining, but it’s been heartbreak after heartbreak.”

At last count, in 2019, more than 560,000 Americans were homeless, and 16.5% of them–about 92,000 people–were in New York State. New York City has the highest number of homeless people of any metropolitan area in the U.S., although Washington, D.C., has the highest per capita, and because of New York City’s extensive shelter system, Los Angeles has far more people living on the streets. According to the Department of Housing and Urban Development (HUD), 40% of homeless people are African American, like Woodson.

Homelessness has recently been getting worse, with a 3% increase in the number of homeless people just in the past year. But, says Nan Roman, head of the National Alliance to End Homelessness, “there’s never been anything like this.” One Columbia University analysis of unemployment figures suggested that by the end of 2020, homelessness would increase by 40%. In July, about 44.5 million Americans told the Household Pulse Survey takers at the Census Bureau that they either hadn’t made last month’s mortgage or rent payment on time or doubted they could make the next one. Unless Congress acts, the moratorium on evicting people from most federally subsidized housing will run out at the end of July. “Starting on July 25, 2020, landlords must give 30-day notice before pursuing eviction for nonpayment between March 27, 2020, and July 24, 2020,” says a HUD official. The Aspen Institute estimates that by October, 1 in 5 American renters could face eviction.

The world they will encounter is, to be generous, not very compassionate. Even before the pandemic, Woodson was kept at such distance and treated with such suspicion that she often felt as if she were contagious. In the COVID era, life for unsheltered people has gotten even more desperate. John Sheehan, director of ecumenical outreach services for Fifth Avenue Presbyterian Church in New York, who has been working among the homeless community for 40 years and who has known Woodson since 2018, says it’s not just that people have nowhere to go, no bathrooms to use, and fewer places to sleep, it’s that even the few dollars they used to get from passersby have dried up with the lack of foot traffic. “They’ve lost all the connections to the community,” says Sheehan. “I met one of my regular clients, and he said he hadn’t eaten for three days.”

Kholood Eid for TIMEWoodson holds a yoga warrior pose in Central Park on July 16

People end up with nowhere to live for myriad reasons, but there is one constant: it’s much easier to lose a home than to get a new one. Eight years ago, when her mother died after a three-year illness, Woodson discovered the family owed so much money on the home the two of them had lived in with Woodson’s daughter, Joelle, that the bank was repossessing it. Since then, her opportunities for stable housing have flattened like a slowly leaking tire. The experience has upended not only her sense of security but also her self-image. “I do not recognize this person that I have become,” says Woodson, who says at one point she briefly considered suicide. “I keep trying to figure out how I got here, what I did wrong.”

Woodson’s story is not full of dramatic mistakes. She recalls her childhood as middle-class; her father was a musician, and her mom worked in HR at the University of Missouri–Kansas City. It was, she says, “domestically turbulent”; her parents divorced when she was young, and her mother got the house. Woodson has worked most of her life, including seven years in health care administration and 13 as a manicurist at a high-end spa. In 2008, she got a degree in organizational leadership and development from Rockhurst University. With the aid of scholarships, she and her ex-husband put Joelle through Kansas City’s prestigious Pembroke Hill School, and the Rensselaer Polytechnic Institute (RPI) in New York.

But the foreclosure revealed how precarious her situation really was. By many estimates, homeownership is the most reliable wealth-building vehicle the American economic factory has ever produced. Home equity allows people to get money when they need it, which delivers them from many financial perils. It can also help them to accrue and pass along wealth. Paying off a home, however, requires not only a certain level of income but a reliable one. Otherwise, people can end up worse off than they started. Labor Department figures show that in April, on the heels of the economic shutdown, fewer than half of all African Americans were employed, the lowest rate in four decades.

In the first quarter of 2020, 74% of white people owned their homes, whereas only 44% of Black people did. This is due in part to discriminatory practices over the years that have limited Black people’s access to homes in certain areas and to mortgages, especially those at attractive interest rates. This disparity in ownership is one of the reasons that, in 2016, the median Black household wealth was $13,024 while the median white house-hold had $149,703. The loss of a home, moreover, doesn’t affect just one generation. When RPI closed its dorms for the summer, Joelle took low-paying employment as a camp counselor just to ensure a roof over her head. “What freaks me out is the fragility of everything,” Joelle says. “There’s a very thin line between having a roof and not having a roof.”

As the few jobs following the spa’s closure dried up, Woodson did what most people do when they have to move out and don’t have much money: she moved around from city to city, staying with friends or family, bartering her car for rent, dipping into her savings and petsitting. By 2016, Kansas City no longer felt like home, so she decided to join her daughter in New York. She bought a one-way ticket east, and arrived on the day Joelle graduated.

While she looked for work, Woodson bunked in with Joelle and her three roommates, but she was never able to pay much rent, and after about a year, the situation grew tense. Joelle, 26, paid for so many Airbnbs that she too began to get into financial difficulty. She still gives her mother as much money as she can spare, but she can’t afford a place for them both on her salary. “I worry about my mother every single day,” says Joelle, who works for a communications and marketing agency. “There’s a limit to what you can actually do. You hope there’s some other system that can pick up what you can’t, but there’s actually not.”

Woodson is resourceful, funny and plucky. Sheehan says she’s always advising other participants in his programs on where to find meals or a bed. She’s a client advocate at the Coalition for the Homeless. She gets SNAP food benefits ($194 a month) and keeps her Medicaid up to date, but has never been on welfare. But on March 20, when New York Governor Andrew Cuomo imposed the stay-at-home order, none of that was enough.

First, a church-run shelter Woodson used most Sundays to get a decent sleep (and where I occasionally volunteer) closed. Then the drop-in center where she sometimes scored a chair for the night halved its intake. One of her daughter’s roommates had been in contact with someone who had the virus, so Woodson couldn’t go there. The now deserted streets became an even less safe place for a woman on her own to sleep. Many of the soup kitchens closed, as they figured out how to feed people safely. Woodson, who had always resisted entering a city-run shelter, believing she was better off on her own, finally applied for a place. “I thought, I’m resilient, I’ve been through so much,” she says. “I can just do this for a few months, until I get a job.”

The DHS has helped countless people get off the streets, but Woodson found it to be illsuited to assist someone like her. Those who are the most vulnerable–physically disabled, mentally ill, addicted or formerly incarcerated–have particular programs to assist them with a place to live. Woodson is none of those things. She falls to the bottom of the list for those who need help. “They did a lot of blood tests and psych evaluations,” she says. “They looked at me, and I could tell they didn’t know what to do with me.”

At first, she was assigned to the 200-bed Casa de Cariño in the Bronx, which had just become the first shelter to have a reported case of COVID-19. (The DHS says that as of July 16, it has found 1,358 people living in shelters or on the street with COVID-19; 1,189 of them have recovered, and 103 of them have died.) Terrified, she called Joelle, who called an old friend. He had an apartment in Brooklyn that was waiting for renters who had changed their minds when the virus hit. He let Woodson stay there while it was empty.

Having a place to go to, to cook, to stay allowed Woodson to recall what it was like to be regarded as just a person walking down the street instead of a “street person.” She was not an outcast, not a problem. “It is so much better than I thought,” she said after a few weeks there. “I’m in a neighborhood. There are all sorts of people wandering around. I’m just one of them.”

By the time the landlord needed his apartment, most New York City shelter residents had been moved to hotels. The Best Western seemed clean and safe, but having tasted autonomy, Woodson found the restrictions arbitrary and cruel. The staff were overwhelmed, and she could never get in to see her case manager. She says she even got to envying her room-mate, “perfectly content watching her cartoons and stocking up on snacks.”

Just as she began to sink into despair, a family from one of the churches she went to offered her their apartment; they had moved with their five kids to Texas for the summer. All she now needed was the equipment for her new job, but having no permanent address slowed the delivery, and a month passed before she was actually working. The family’s lease is up at the end of July. As of press time, Woodson was not sure where she would go.

Perhaps if Woodson has made any mistake, it is this: She hoped for too much. She hoped for more than America was prepared to offer a Black woman who has had some run-of-the-mill setbacks. She will not settle for cartoons and free snacks. Woodson doesn’t want to be on welfare, doesn’t want to be in the shelter system, doesn’t want to just pick up jobs here and there. She wants meaningful work, independence and stability. She wants to be the one who can offer her daughter a place to stay during the pandemic.

Shopping for food at her local corner store in the Bronx, she can’t find healthy options. She wants to ask the people there: “Why do you feel like this is what we should settle for?” But she doesn’t. She just takes the long walk to Whole Foods and buys a little less. And she wants a place of her own. “I’m done with the shelter system,” Woodson says. “My plan is never to return.”

When she feels down, Woodson has two antidotes: yoga and the preacher T.D. Jakes, whom she listens to most mornings. “T.D. Jakes talks about mountains,” she says. “You can’t go around them. You have to go over them. My mom made the decision to get a reverse mortgage, and I can’t get around it.” Recently she was listening to a sermon about the beggars at the gates of Jerusalem. “I feel like that’s me,” she says. “I can see the gates, but I can’t quite get through them.”

Despite it all, Woodson retains her positive outlook. She can’t help but notice the kinds of problems she’s been wrestling with for years have emerged in other people’s lives during the pandemic. Suddenly everyone has to play by more rules; everyone is regarded with a little more suspicion; lots of people have limited access to public bathrooms. Suddenly there are many stories of men and women who face great uncertainty, worry about rent, have to think about whether there will be food that day. “People are worried about losing their houses. I know what that feels like,” she says. “It’s not, ‘Look what I’ve gone through. Welcome to my world.’ It’s that I haven’t felt so much like the outsider or the freak. I feel like now, finally, we’re all in this together–and maybe we can have a conversation.”

via https://cutslicedanddiced.wordpress.com/2018/01/24/how-to-prevent-food-from-going-to-waste

[bigyack-com]

House Impeachment Vote Is Unlikely to Sway Markets

Breaking: IAC and the online dating company Match Group have agreed to separate in a tax-free transaction. (Want this by email? Sign up here.)

Investors shrug off Trump impeachment

Voting nearly along party lines, the House approved two articles of impeachment against President Trump, making him the third president in history to face removal by the Senate. But the stock market has been largely unfazed by the news of impeachment proceedings, and that is unlikely to change, reports MarketWatch. Investors are shrugging at the news because they don’t expect the Republican-controlled Senate to remove the president from office. Market participants have grown more comfortable with the expectation that Mr. Trump would be impeached but not convicted, according to an investor survey conducted by RBC Capital Markets.

Obamacare insurance mandate is struck down

A federal appeals court yesterday struck down the provision of the Affordable Care Act that requires Americans to have health insurance, saying it was unconstitutional, but the future of the decade-old health care law is still in limbo, writes the NYT’s Abby Goodnough. The decision did not invalidate the rest of the law, and the panel of the U.S. Court of Appeals for the Fifth Circuit in New Orleans sent the case back to a federal district judge in Texas to see which parts of the law could survive without the mandate. If the law were thrown out, insurers would no longer have to cover people up to age 26 on their parents’ plans, and could refuse coverage for more than 50 million people with pre-existing conditions. About 17 million Americans bought coverage through the A.C.A. The case could go before the Supreme Court. The California attorney general, Xavier Becerra, said he planned to petition the court to hear the case. He led 21 states that intervened to try to preserve the law. President Trump, who campaigned on repealing the law, tried to appeal to both opponents of the law and people concerned about losing their health insurance. He called the ruling “a big win for all Americans,” and said it would not alter the health care system. Mr. Trump also said he wanted to protect people with pre-existing conditions. The case is unlikely to be resolved before next year’s presidential election.

Leaked Bank of England feed gave investors an edge

The Bank of England said today that an audio feed from its news conferences had been leaked to some investors before it was made public. The early access to policymakers’ remarks gave those investors a leg up on the rest of the market, reports the NYT’s Amie Tsang. The central bank is investigating the source of the leak, an unidentified third-party supplier that has provided sound from news conferences ahead of their video feed since earlier this year. Investors closely monitor the news conferences to gain insight. “In the world of high-speed trading, just a few seconds’ lead time can offer some investors a trading advantage,” Ms. Tsang reports. The bank said it had disabled the supplier’s access. “The bank operates the highest standards of information security around the release of the market-sensitive decisions of its policy committees,” it said.

Uber reaches a settlement on sexual harassment

Uber has a resolution on one investigation into its workplace culture: Yesterday, the ride-hailing company agreed to create a $4.4 million fund to compensate employees who had been sexually harassed at work, the NYT’s Kate Conger writes. The company “permitted a culture of sexual harassment and retaliation,” the Equal Employment Opportunity Commission found. It has been examining workplace issues there since 2017. Besides creating the fund, the company agreed to three years of monitoring by a former agency commissioner to ensure that it changes its practices. “This agreement will hopefully empower women in technology to speak up against sexism in the workplace knowing that their voices can yield meaningful change,” a lawyer for the Commission said. The prevalence of sexual harassment at Uber came to light when a former engineer, Susan Fowler, published an essay describing how the company had allowed inappropriate behavior to fester. The company has “worked hard to ensure that all employees can thrive at Uber by putting fairness and accountability at the heart of who we are and what we do,” said Tony West, the company’s chief legal officer.

A big threat to job growth: demographics

The U.S. job market continues to exceed expectations, but it is on a collision course with a dimming demographic outlook, writes Greg Ip in the WSJ. Job numbers are growing faster than expected: The current economic expansion has lasted a record 10-plus years. But the U.S. population is smaller than the Census Bureau had predicted. “The U.S. has had two longstanding demographic advantages over other countries: higher fertility and immigration,” Mr. Ip writes. “Both are eroding.” • The country’s fertility rate dropped to its lowest on record in 2018. • And the foreign-born population in the U.S. had a historically low expansion rate last year. “Job creation is constrained by the number of people of working age,” Mr. Ip writes. And until the trends are reversed, “the U.S. cannot assume it is immune to the demographic downdraft holding back Germany and Japan.”

Boeing suppliers wait for the other shoe to drop

Boeing buys parts from 600 suppliers around the world to build its 737 Max planes. Those suppliers are now waiting to see how the company’s temporary halt in production will affect their businesses, writes the NYT’s David Yaffe-Bellany. “We are in a crisis mode,” Philippe, the C.E.O. of Safran, a French company that makes engines for the Max in partnership with General Electric, told L’usine nouvelle, a French newspaper. “Any day we do nothing now costs us money.” The grounding of the Max has reduced G.E.’s cash flow by $400 million per quarter, company officials said in August. And Spirit AeroSystems, a Kansas company that manufactures the plane’s fuselage, relies on Boeing for 80 percent of its revenue. Yet “the full reach of Boeing’s production process extends beyond those direct suppliers,” Mr. Yaffe-Bellany writes. Major suppliers that also manufacture materials for other companies may be equipped to weather the suspension, while smaller operations will struggle. Yet a halt to production that lasts longer than a month could put even those larger companies in peril. More: President Trump reportedly called Boeing’s C.E.O. on Sunday to discuss the company’s plans to halt production of the 737 Max.

Revolving door

Louis Dreyfus named Patrick Treuer, a former Credit Suisse investment banker, its new finance chief. Peter Zaffino, the executive overseeing a turnaround effort of A.I.G.’s general insurance unit, was named as the company’s president. Pearson’s chief executive, John Fallon, will step down next year. Blythe Masters, the former JPMorgan executive and C.E.O. of the blockchain start-up Digital Asset Holdings, has joined the investment firm Motive Partners.

The speed read

Deals • Several suitors have reportedly expressed interest in acquiring the Spanish-language broadcaster Univision. (WSJ) • Now that PSA and Fiat Chrysler are combining, Carlos Tavares has a hefty to-do list. (Bloomberg) • Broadcom is looking to sell one of its wireless-chip units, a move that would accelerate the company’s shift away from its roots as a semiconductor maker. (WSJ) • Valence Media, the parent of Billboard magazine, is acquiring Nielsen Music, a transaction that comes as data takes on an increasingly outsize role in the music industry. (WSJ) • Adyen has sealed a deal to process McDonald’s mobile app payments, expanding the Dutch company’s portfolio of clients in a growing sector. (Bloomberg) • Short-sellers are betting against companies that they believe are unduly inflated by environmental, social and governance promises. (Reuters) • Direct lenders, including hedge funds and buyout firms, are preparing to dish out billions at a time to lure borrowers away from the $1.2 trillion leveraged loan market. (Bloomberg) • The year the markets stopped believing in unicorns. (FT) Politics and policy • President Trump has asked advisers for a plan to help ease student loan debt for Americans, according to senior administration officials. (WSJ) • Mayor Pete Buttigieg, a presidential candidate, cemented his place in the top tier of the Democratic primary after becoming more aggressive. (NYT) • As his coal mining company was going bankrupt, Robert E. Murray paid himself $14 million, gave his successor a $4 million bonus and earmarked nearly $1 million for casting doubt on human-made climate change. (NYT) • The special inspector general with the Troubled Asset Relief Program is calling for the U.S. to establish a national financial fraud registry. (WaPo) Brexit • After Prime Minister Boris Johnson’s election victory, activists who wanted Britain to stay in the E.U. have thrown in the towel. (WSJ) • Amazon is reportedly scouting sites in Ireland for a warehouse to fulfill orders currently shipped from Britain, as the Brexit deadline looms. (Bloomberg) Tech • Many people don’t hesitate to spend $600 on a cellphone. Here’s another device that money could be spent on: a toaster oven. (NYT) • Tesla shares hit an all-time high. (CNBC) • Chancellor Angela Merkel of Germany played down any public threats from China if her government were to bar Huawei from the country’s 5G network. (Bloomberg) • The Texas authorities say Google is trying to hamstring an antitrust investigation of the company brought by 51 attorneys general. (WaPo) Best of the rest • Wall Street analysts are unconvinced that Beyond Meat, the maker of “plant-based meat,” can repeat its stock performance from 2019. (Bloomberg) • If Prime Minister Boris Johnson of Britain decides to reshape the BBC, he has five ways to pursue it. (FT) • Edward Snowden is not allowed to profit from his memoir because he didn’t get publication clearance from the C.I.A. and the N.S.A., a judge ruled. (Bloomberg) • Inflation in Britain remained at a three-year low in November, comfortably below the Bank of England’s 2 percent target before its next interest rate announcement, which is expected today. (Reuters) • Coca-Cola documents show that the company’s public-relations goals included targeting teenagers, even as childhood obesity rates were rising. (WaPo) • Renaissance Technologies, which has produced the greatest investment returns of any hedge fund, may be facing a clawback over a tax maneuver. (WSJ) • Bernie Ebbers, the WorldCom C.E.O. imprisoned in one of the biggest frauds of the 20th century, will soon be free after serving just over half of a 25-year sentence. (NYT) Thanks for reading! We’ll see you tomorrow. We’d love your feedback. Please email thoughts and suggestions to business@nytimes.com. Read the full article

[ericfruits]

Housing Starts

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This page provides national and regional data on the number of new housing units authorized by building permits; authorized, but not started; started; under construction; and completed. The data are for new, privately-owned housing units, excluding "HUD-code" manufactured (mobile) homes. The data are from the Building Permits Survey, and from the Survey of Construction (SOC), which is partially funded by the Department of Housing and Urban Development (HUD). Local building permit data may be found on the Building Permits Survey webpage.

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Announcements

7/17/19 - With this release, unadjusted estimates of housing units authorized by building permits for January through December 2018 have been revised. Also, seasonally adjusted estimates of housing units authorized by building permits have been revised back to January 2013. All revised estimates are available on our website.

FRED Mobile App - Receive the latest updates on the nation's key economic indicators by downloading the FRED App for both Apple and Android devices. FRED, the signature database of the Federal Reserve Bank of St. Louis, now incorporates the Census Bureau's 13 economic indicators.

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Source: U.S. Census Bureau | New Residential Construction | (301) 763-5160 |  Last Revised: August 29, 2019

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[creconsult]

Multifamily Permits Surge in January Building permits for the construction of multifamily projects hit an annual level of 557,000 units in January 2021, according to the U.S. Census Bureau’s monthly building permits survey. https://www.creconsult.net/market-trends/multifamily-permits-surge-in-january/?feed_id=1120&_unique_id=605f4fde856ad

[topicprinter]

I find this question kinda simple and complicated at the same time. While the basics remains the same there're many apps in the space that inventing the new normal.I've tried to accumulate some of the must-have's in this post:On-demand services are everywhere and continue to grow. According to recent a U.S. Census Bureau’s American Community Survey, over 22 million customers are spending $36 billion through on-demand platforms.Demand for these services is not slowing down. An increasingly diverse group of customers are using on-demand services, proving they are succeeding breaking out of the urban, time poor, financially comfortable Millennial (age 18-34) market. The Harvard Business Review confirms that “30% are between 35 and 54, and 22% are age 55 or older”, which is a positive sign of trust for on-demand businesses.However, this also means competition in every market segment and country is getting tougher. New entrants only have a matter of seconds to make a first impression. Everything about your website and app needs to convert as many new visitors as possible. You never have a second chance to make a first impression, and a customer who isn’t happy with the service when they use it the first time won’t come back.Quick, Efficient, User-friendly: Must Have Features for On-Demand AppsCustomers need quick, easy, intuitive, well-designed user-friendly apps. User experiences can make or break an on-demand startup. Some core essentials for on-demand apps include:#1: USER EXPERIENCE AND ONBOARDINGMake everything, from your website – where you encourage new users to download the app – to the onboarding process as simple as possible. Don’t assume anything. A few years ago, you could assume that most smartphone users will know their way around apps, but we are seeing more people from outside the core 18 – 34 demographic turning to on-demand apps.Design and user-experience should guide users through the app, making every action intuitive, as if you’ve placed features where users expect to find them before they realise they need them. Seamless and simple is essential to prevent users getting frustrated and abandoning the journey to placing an order.#2: CLEAR IN-APP NAVIGATION AND FLOWNew app users will get fed up and frustrated if they can’t find what they need within the app. People have far less patience for poor navigation when they are seeking information or want to place an order using a mobile device. Once someone gives up on their first attempt to use an app, they won’t come back again.Make every step, from start to finish, logical and clear. Get a user from A to B – the checkout – as smoothly as possible, while ensuring they experience the app in a positive way that emphasises the value you are creating at every stage. It is also worth including opportunities for them to share the app with others, shortly after downloading, after they’ve placed an order or after they’ve left feedback.Planning to build an on demand app? Get a 15 minute free consulting session from KFG International!#3: A CLEAR ORDER PLACING AND CHECKOUT SYSTEMIt should be incredibly easy for people to make a purchase/place an order. A few clicks are all it should take. Aim for a frictionless experience, with the option for a guest checkout (through a social network authentication – Facebook or Twitter) if you don’t want to reduce friction for first-time users.#4: DELIVERY SCHEDULING AND ORDER TRACKING (SHOULD ALWAYS INCLUDE A MAP)For customer’s, convenience is one of the main selling points for on-demand services. Convenience and speed. Once an order has been made, customers need to know where it is, which is an integral part of the service for on-demand companies. When a delivery is on the way, a real-time tracking map or feature reassures customers that the speed and convenience they’ve paid for is something they can depend on.#5: RATING/FEEDBACK SYSTEM. LEVERAGE SOCIAL VALIDATIONNow you need to show people are happy using your app. Reviews are essential. Collect and curate positive reviews within the app to further leverage social validation. Support every review with images – head shots – pulled from social networks. Testimonials from third-party websites, social networks and search engines, such as Trustpilot, Facebook and Google, are more valuable as sources of social proof.Give customers the option to rate the service and leave feedback; giving others the chance to clearly see how you respond to any service failings. Handling negative reviews in a positive, professional manner is essential since it shows you will act quickly to resolve problems.#6: LIVE CHAT, VOICE CALLS AND OTHER EASY WAYS TO CONTACT CUSTOMER SERVICESBe responsive. Make quick, efficient and positive customer service your number one priority. Integrate Live Chat or third-party messenger systems into the app so your team can respond to customer needs 24/7. Include a phone number to ensure people can call when they need help. Even if staffing levels don’t permit that, ensure there is an FAQ or self-serve resource section, or an AI-powered Facebook Chatbot, to answer questions when your team can’t.#7: AN FAQ OR SELF-SERVE RESOURCE CENTREWhen a customer has a problem or wants to know more about how your service works, an FAQ section or resource centre is a valuable marketing tool. It empowers customers. It prevents you losing revenue since they can resolve a problem themselves and complete a purchase.#8: AN INTELLIGENT SEARCH FUNCTIONDepending on the service you’re providing, when you are selling a wide range of products from third-party vendors, customers need to find what they want quickly and easily. People spend less time on mobile than web-based apps. Smaller screens are known to reduce the time customers are willing to spend searching for something or filling in details, so make the search function smart enough to accommodate a wide range of search terms and variables for each product.For on-demand startups, your apps – iOS and Android – are more important than your website. Invest time making them look and function perfectly. Some developers estimate that a fully functioning iOS on-demand app can take anything from 1400 to 2400 hours to build.SummaryBuilding an on-demand app involves the hard work of making something that, behind the scenes, can be difficult to put together. You need a service that scales without heavy capital or talent costs, usually through third-party of self-employed providers. At the same time, your startup needs to pull in new users/customers at scale, while delivering first class customer service. At the centre of all of this sits your on-demand app.Before launching your on-demand app, road test the app and service. Make sure that users can navigate easily, find what they want, place and track an order, and leave feedback/share with others. Encourage private beta users can test everything before officially launching. Start small. Start local.Once you’ve got an MVP, paying customers, a true indication it can scale and a clear way to work with contractors or supplier partners, then invest more time in app development. At that point, with paying customers and revenue as evidence, investors are going to take an interest. The on-demand economy is maturing, adapting to government regulations in numerous markets, but not slowing down.P.S. What do you think are the most important must-have's for an on-demand mobile app?

[chorddebtor0-blog]

Real Estate in Brief: Lender sentiment, housing starts and more

by Andrew Morrell March 15, 2019

Lender optimism jumps as rates drift lower

The latest survey of mortgage industry sentiment from Fannie Mae found lenders markedly more optimistic about their business prospects at the start of 2019. While still negative overall, the results of Fannie Mae’s Mortgage Lender Sentiment Survey rebounded considerably in the first quarter of 2019 so that on net, only 8 percent more respondents were more pessimistic than optimistic about profit expectations. Contrast that with fourth quarter 2018 results, when net sentiment was negative 34 percent, or mostly pessimistic.

On closer analysis, Fannie Mae senior vice president and chief economist Doug Duncan said most survey respondents had overwhelmingly negative expectations for growth in the purchase loan sector in the last three months. However, much of that pessimism was counterbalanced by confidence in the three months ahead.

“Lenders’ improved demand outlook going into the spring selling season bodes well for our forecast of relatively flat mortgage volume this year following the double-digit drop in 2018,” Duncan said in a press release on the survey.

Unexpectedly low mortgage rates at the start of the year may be contributing to renewed faith among lenders that profits won’t continue to slide. The day after Fannie Mae’s lender sentiment survey, Freddie Mac’s weekly report on mortgage interest rates found the 30-year fixed commitment rate fell to fresh lows.

“At 4.31 percent, the average 30-year fixed mortgage rate is at its lowest since February of last year,” according to Freddie Mac’s March 14 report. “While these low rates will certainly get the attention of prospective homebuyers, the supply of homes for sale remains stubbornly low.”

Housing starts spike, new construction sales stumble

The U.S. Commerce Department, which releases a number of regular reports on key economic indicators including construction starts and new home sales, is still catching up from a data backlog caused by the prolonged government shutdown earlier this year. Based on those reports, U.S. homebuilders are playing catch-up themselves, with some positive results. A March 8 release of January home starts indicated a sharp rebound in construction activity after a dismal December. Single-family starts grew 25.1 percent between December 2018 and January 2019, and were also up 4.5 percent from last year. Home completion rates also grew on an annual (2.1 percent) and monthly (27.6 percent) basis.

“It didn’t take long for the wounds left by December’s starts and permits data to heal,” Zillow economist Matthew Speakman wrote of the new data. “It was a difficult end to 2018, but builders appear primed for better days ahead.”

On the other hand, January’s new home sales data, released just a few days later, were less inspiring. The Census Bureau reported new construction sales were down 6.9 percent from December and 4.1 percent lower for the year. Prices on new homes also fell 3.8 percent year-over-year, although inventory grew 14.3 percent. On the heels of strong builder data, Speakman said the new home sales figures were disappointing but not entirely surprising.

“The partial federal government shutdown and the harsh winter weather that affected much of the country both weighed on economic activity,” he wrote. “But our bet is that buyers will prove resilient as winter turns to spring, and throw their hats into the ring with the benefits of falling mortgage rates, falling home prices and rising inventory.”

Realogy taps new CFO, hopes to woo Wall Street

Realogy Holdings Corporation announced March 11 that it had appointed Charlotte Simonelli as its new chief financial officer, as well as treasurer and executive vice president. Simonelli most recently served as CFO for the medical devices arm of health and retail giant Johnson & Johnson.

Replacing interim CFO Tim Gustavson, Simonelli joins Realogy at a challenging time for the largest real estate franchisor in the U.S. After a poor quarterly earnings report last month, Realogy’s stock price sank to an all-time low. NRT, the largest brand in the Realogy portfolio that includes Coldwell Banker, Corcoran, Century 21 and Sotheby’s International Realty, was primarily responsible for the company’s lower earnings.

“Realogy is an industry leader with unmatched scale, and I look forward to working with the team to leverage the company’s resources, including technology and data analytics, to drive improved business results going forward, Simonelli said in a press release announcing her appointment.

Is open concept falling out of favor?

Throughout homes, apartments, offices and more, open concept floor plans have become among the most popular of all design trends. Removing walls or designing without them has come to define modern building. But as a recent feature in the Boston Globe points out, open concept is not without its detractors, and now real estate agents and homebuilders say they are hearing more complaints about it from clients.

“The pendulum is swinging back,” one local builder told Globe reporter Beth Teitell. “The reality is that life can be loud.”

Teitell spoke with several local real estate professionals as well as residents, one of whom was in the process of adding some walls back to her kitchen after having them removed in a remodel. The owner said she and her husband had experienced what is becoming a trend all its own: open concept remorse.

“Buyers are moving away from uninterrupted views,” said Loren Larsen, a Compass agent in Boston. Larsen said clients often cite a desire for privacy in their requests for more traditional floor plans, as well as concerns about clutter that can be hard to hide when wall space is limited.

Source: https://chicagoagentmagazine.com/2019/03/15/real-estate-brief-lender-sentiment-housing-starts/

[garynsmith]

New home sales up 4 percent in March, reversing recent declines

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New home sales are finally on an upward path, after three months straight of month-over-month declines.

According to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development (HUD), new single-family home sales increased to a seasonally adjusted rate of 694,000 — a 4.0 percent month-over-month (+/- 18.6 percent) and an 8.8 percent year-over-year (+/- 17.0 percent) increase in home sales.

The estimate of new homes for sale at the end of January was 301,000, which represents a 5.2-month supply at the current sales rate.

Realtor.com chief economist Danielle Hale said March’s report represents positive progress, but there’s still much work to be done to meet buyer demand and quell rising home prices.

“New home sales rose again increasing 4.0 percent from last month and 8.8 percent from last year. This move is in the right direction, but there is still plenty of additional room to grow,” Hale said in an emailed statement. “New home sales made up 11 percent of all U.S. home sales in March, while in a normal market they would be 14-15 percent of sales.”

How to win the listing before you arrive

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“Additionally, new home prices were up 4.8 percent.  This is slightly below the increase of 5.8 percent that we saw in March existing home sales prices,” she added. “Rising prices are a mixed bag for the housing market. While homeowners benefit from extra equity, potential buyers can get discouraged as the dream of homeownership becomes more elusive.”

“On Thursday, we’ll see data on the homeownership rate for the first quarter of 2018, and get an indication of whether or not home buyers have been able to succeed in spite of rising prices and mortgage rates.”

Other data from the Census Bureau and HUD:

The median sales price of new homes sold in March was $337,200

The average sales price was $369,900

The Northeast experienced the greatest dip in residential home sales (-54.8 percent), followed by the Midwest (-2.4 percent). Only the South (0.8 percent) and the West experienced an increase (28.3 percent)

The Census Bureau and HUD use sample surveys to collect data for their home sales, which means this data is subject to sampling variability as well as the typical statistical variance. The survey is based on a sample of houses pulled from building permits. “Sales” are defined as deposits taken or sales agreements signed, not necessarily closings.

Email Marian McPherson

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[cprokansascity]

Albany region residential building permits hit lowest point since 2011

The number of residential building permits approved in the Albany region declined for the fourth straight year in 2019 — the first time that’s happened in the past 35 years.

Recently released data from the U.S. Census Bureau’s Building Permits Survey found that through the end of last year, 1,924 building permits were approved in the Albany metro area.

That’s down 14% from 2018, and it’s the fewest number of permits approved in the region since 2011.

Since a recent peak in 2015, when pent-up…

[unixcommerce]

How to Open a Retail Store

Things look good for retailers this holiday season. Nearly 190 million U.S. consumers shopped from Thanksgiving Day through Cyber Monday this year. That reflects an increase of 14 percent over last year’s sales numbers according to the National Retail Federation. And most retailers are small businesses. So the future looks good to get your share of the retail pie — if you do it right. Of course, 20 percent of business startups don’t survive past the first year in business. So take the proper steps and you will make the difference between success and failure.

How to Open a Retail Store Checklist

Have you always imagined owning your own store? Check out our how to open a retail store checklist.

Step 1. Do Your Homework

Got a great business idea? You can have the best idea on earth but if you don’t have a market to sell to, you’re definitely starting off on the wrong foot. Find out as much as you can about your target customers including age, location, shopping behavior patterns and more. The government is a great source of information. Explore the Census Bureau data page for key numbers and research websites like Pew Research for surveys and trends. Have a retail idea for specific city, check with the city’s business and economic development office for local demographics.

Step 2. Create a Business Plan

You’ve, of course, heard stories about successful entrepreneurs whose business plans were merely scribbles on a napkin, but those tales don’t really work for most entrepreneurs hoping to make a new retail idea take off. That’s why a business plan should be the next step on your how to open a retail store checklist. A business plan not only gives you clarity about understanding about how your business will be organized, it can help you make smarter financial and management decisions.

Plus, if you need investors or bank loans, the business plan will be the first thing they ask for. A business plan is a dynamic document that should be adapted and modified throughout your business life. It basically consists of an executive summary, market analysis, financial projections, employee needs and a thorough description of the products sold in your retail store.

Step 3. The Nuts & Bolts

It might not be as exciting as planning your grand opening, but having a solid foundation is what is going to make your retail business stick around when others are closing due to poor planning. It’s important to register your business name in the state you plan to do business, file papers for incorporation (if that’s the business entity you choose), get all the necessary licenses and permits for doing business in your city and get an Employer Identification Number (EIN, or Federal Tax Identification Number) from the IRS.

A resale license allows you to buy products for resale without having to pay sales tax. Next, it’s crucial to buy business insurance for your retail store. Shoplifting and employee theft are common issues retailers face, but there is also the risk of customers getting hurt in your store. Bottom line: Make sure you’re protected. Once you’ve crossed all the practicalities off your how to open a retail store checklist, you’re prepared to meet loan officers or investors to help secure your startup financing.

Step 4. Set Up a Location

Before we get too far into location options, you need to know owning any kind of business today requires also having a website. A website will help market your brand, build your reputation and enable customers to find you. As for a physical location, look for spaces near your target market — a commercial realtor can assist you to find something within your budget and that meets your needs. To make your retail store professional and functional, you’ll need an array of equipment and fixtures, such as signage, display cases, a point-of-sale system, security and more. If you’re unsure, work with a commercial interior designer experienced in retail layout to get the right feel — and flow in your retail store.

Step 5. Sales and Marketing

Luckily, today’s numerous sales and marketing tools make getting the word out about your new retail business easier than ever. Not that your work ends there. Actually getting shoppers to visit your store takes building a buzz before you even have a grand opening. Your marketing strategy should include a hefty emphasis on social media including Yelp, Instagram, Pinterest and Facebook.

Also, reach out to your city’s business development office. Find out about any local events you can attend to talk about your business. And get involved in your community by sponsoring a charity drive or volunteering at a city event. Plan a grand opening and give away free items or a portion of sales to a local cause. As a result, you make yourself known in your community. And more local consumers will want to do business with you and become loyal customers.

Image: Depositphotos.com

This article, “How to Open a Retail Store” was first published on Small Business Trends

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