#atlanta economic growth

[stratuspropertygroup]

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[robertreich]

The Dark Side of Sports Stadiums

Billionaires have found one more way to funnel our tax dollars into their bank accounts: sports stadiums. And if we don’t play ball, they’ll take our favorite teams away.

Ever notice how there never seems to be enough money to build public infrastructure like mass transit lines and better schools? And yet, when a multi-billion-dollar sports team demands a new stadium, our local governments are happy to oblige.

A good example of this billionaire boondoggle is the host of the 2023 Super Bowl: State Farm Stadium.

That's where the Arizona Cardinals have played since 2006. It was finally built after billionaire team owner Michael Bidwill and his family spent years hinting that they would move the Cards out of Arizona if the team didn't get a new stadium. Their blitz eventually worked, with Arizona taxpayers and the city of Glendale paying over two thirds of the $455 million construction tab.

And State Farm Stadium is not unique. It’s part of a well established playbook.

Here’s how stadiums stick the public with the bill.

Step 1: Billionaire buys a sports team.

Just about every NFL franchise owner has a net worth of over a billion dollars — except for the Green Bay Packers, who are publicly owned by half a million cheeseheads.

The same goes for many franchise owners in other sports. Their fortunes don’t just help them buy teams, but also give them clout — which they cash-in when they want to get a great deal on new digs for their team.

Step 2: Billionaire pressures local government.

Since 1990, franchises in major North American sports leagues have intercepted upwards of $30 billion worth of taxpayer funds from state and local governments to build stadiums.  

And the funding itself is just the beginning of these sweetheart deals.

Sports teams often get big property tax breaks and reimbursements on operating expenses, like utilities and security on game days. Most deals also let the owners keep the revenue from naming rights, luxury box seats, and concessions — like the Atlanta Braves’ $150 hamburger.

Even worse, these deals often put taxpayers on the hook for stadium maintenance and repairs.

We taxpayers are essentially paying for the homes of our favorite sports teams, but we don’t really own those homes, we don’t get to rent them out, and we still have to buy expensive tickets to visit them.

Whenever these billionaire owners try to sell us on a shiny new stadium, they claim it will spur economic growth from which we’ll all benefit.  But numerous studies have shown that this is false.

As a University of Chicago economist aptly put it, "If you want to inject money into the local economy, it would be better to drop it from a helicopter than invest it in a new ballpark."

But what makes sports teams special is they are one of the few realms of collective identity we have left.

Billionaires prey on the love that millions of fans have for their favorite teams.

This brings us to the final step in the playbook: Threaten to move the team.

Obscenely rich owners threaten to — or actually do — rip teams out of their communities if they don’t get the subsidies they demand.

Just look at the Seattle Supersonics. Starbucks’ founder Howard Schultz owned the NBA franchise but failed to secure public funding to build a new stadium. So the coffee magnate sold the team to another wealthy businessman who moved it to Oklahoma.

The most egregious part of how the system currently works is that every dollar we spend building stadiums is a dollar we aren’t using for hospitals or housing or schools.

We are underfunding public necessities in order to funnel money to billionaires for something they could feasibly afford.

So, instead of spending billions on extravagant stadiums, we should be investing taxpayer money in things that improve the lives of everyone — not just the bottom lines of profitable sports teams and their owners.  

Because when it comes to stadium deals, the only winners are billionaires.

[threadatl]

This is a good article about Atlanta's I-MIX zoning designation, created in 2020 to allow for mixed-use development in formerly industrial spaces while leaving space for some industrial uses. Some of the biggest recent developments in the city have happened through this zoning.

Apparently the success of it is prompting other cities to explore similar zoning designations.

And while it's good to see new life on these properties, there's still some serious work to be done to improve the projects. Apart from the obvious need to fund affordability in theme, there's also the transportation component that needs to be addressed.

The article focuses on The Works on Chatthoochee Avenue. It's a street that lacks frequent transit, has no protected bike lanes, and has spotty sidewalks. We can do better than drive-to urbanism. Instead of just applauding individual developments in a vacuum, let's work at a more holistic level and ensure that these projects are part of equitable, sustainable urban neighborhoods.

[dreaminginthedeepsouth]

Mike Smith :: Las Vegas Sun

* * * *

LETTERS FROM AN AMERICAN

April 29, 2024

HEATHER COX RICHARDSON

APR 30, 2024

In December 2020, when the pandemic illustrated the extraordinary disadvantage created by the inability of those in low-income households to communicate online with schools and medical professionals, then-president Trump signed into law an emergency program to provide funding to make internet access affordable. In 2021, Congress turned that idea into the Affordable Connectivity Program (ACP) and made it part of the bipartisan Infrastructure Investment and Jobs Act (also known as the Bipartisan Infrastructure Law). 

The program has enabled 23 million American households to afford high-speed internet. Those benefiting from it are primarily military families, older Americans, and Black, Latino, and Indigenous households. In February, the Brookings Institution cited economics studies that said each dollar invested in the ACP increases the nation’s gross domestic product by $3.89 and that the program has led to increased employment and higher wages. It also cuts the costs of healthcare by replacing some in-person emergency room visits with telehealth.  

Slightly more of the money in the program goes to districts represented by Republicans than to those represented by Democrats, which might explain why 79% of voters want to continue the program: 96% of Democrats, 78% of Independents, and 62% of Republicans.

But the ACP is running out of money. Back in October 2023, President Joe Biden asked Congress to fund it until the end of 2024, and a bipartisan bill that would extend the program has been introduced in both chambers of Congress. Each remains in an appropriation committee. As of today, the House bill has 228 co-sponsors, the Senate bill has 5. 

Senate majority leader Chuck Schumer (D-NY) has said he supports the measure, but House speaker Mike Johnson (R-LA) has not commented. Judd Legum pointed out in Popular Information today that the 2025 budget of the far-right Republican Study Committee (RSC) calls for allowing the ACP to expire, saying the RSC “stands against corporate welfare and government handouts that disincentivize prosperity.” More than four fifths of House Republicans belong to the RSC. 

The differences between the parties’ apparent positions on the ACP illustrates the difference in their political ideology. Republicans object to government investment in society and believe market forces should be left to operate without interference in order to promote prosperity. Democrats believe that economic prosperity comes from the hard work of ordinary people and that government investment in society clears the way for those people to succeed. 

Wealth growth for young Americans was stagnant for decades before the pandemic, but it has suddenly experienced a historic rise. In Axios, Emily Peck reported that household wealth for Americans under 40 has risen an astonishing 49% from where it was before the pandemic. Wealth doubled for those born between 1981 and 1996. This increase in household wealth comes in part from rising home prices and more financial assets, as well as less debt, which fell by $5,000 per household. Households of those under 35 have shown a 140% increase in median wealth in the same time period.

Brendan Duke and Christian E. Weller, the authors of the Center for American Progress study from which Peck’s information came, say this wealth growth is not tied to a few super-high earners, but rather reflects broad based improvement. “A simple reason for the strong wealth growth is that younger Americans are experiencing an especially low unemployment rate and especially strong wage growth,” Duke and Weller note, “making it easier for them to accumulate wealth.” 

In honor of National Small Business Week, Vice President Kamala Harris today launched an “economic opportunity tour” in Atlanta, where she highlighted the federal government’s $158 million investment in “The Stitch,” a project to reconnect midtown to downtown Atlanta. This project is an initial attempt to reconnect the communities that were severed by the construction of highways, often cutting minority or poor neighborhoods off from jobs and driving away businesses while saddling the neighborhoods with pollution. 

While some advocates wanted to use the $3.3 billion available from the Bipartisan Infrastructure Law and the Inflation Reduction Act to take down highways altogether, the administration has shied away from such a dramatic revision and has instead focused on creating new public green spaces, bike paths, access to public transportation, safety features, and so on, to link and improve neighborhoods. More than 40 states so far have received funding under this program. 

The administration says that projects like The Stitch will promote economic growth in neighborhoods that have borne the burden of past infrastructure projects. Today it touted the extraordinary growth of small businesses since Biden and Harris took office, noting that their economic agenda “has driven the first, second and third strongest years of new business application rates on record—and is on pace for the fourth—with Americans filing a record 17.2 million new business applications.” 

Small businesses owned by historically underserved populations “are growing at near-historic rates, with Black business ownership growing at the fastest pace in 30 years and Latino business ownership growing at the fastest pace in more than a decade,” the White House said. The administration has invested in small businesses, working to level the playing field between them and their larger counterparts by making capital and information available, while working to reform the tax code so that corporations pay as much in taxes as small businesses do.  

“Small businesses are the engines of the economy,” the White House said today. “As President Biden says, every time someone starts a new small business, it’s an act of hope and confidence in our economy.” 

In place of economic growth, Republicans have focused on whipping up supporters by insisting that Democrats are corrupt and are cheating to take over the government. Matt Gertz of Media Matters noted in February that “Fox News host Sean Hannity and his House Republican allies spent 2023 trying to manufacture an impeachable offense against President Joe Biden out of their fact-free obsession with the president’s son, Hunter.” At least 325 segments about Hunter Biden appeared on Hannity’s show in 2023; 220 had at least one false or misleading claim. The most frequent purveyor of that disinformation was Representative James Comer (R-KY), chair of the House Oversight Committee, who went onto the show 43 times to talk about the president’s son. 

The House impeachment inquiry was really designed to salt right-wing media channels with lies about the president and, in the end, turned up nothing other than witnesses who said President Biden was not involved in his son’s businesses. Then the Republicans’ key witness, Alexander Smirnov, was indicted for lying about the Bidens, and then he turned out to be in contact with Russian spies. 

Comer has been quietly backing away from impeaching the president until today, when he popped back into the spotlight after news broke that Hunter Biden’s lawyer has threatened to sue the Fox News Channel (FNC) for “conspiracy and subsequent actions to defame Mr. Biden and paint him in a false light, the unlicensed commercial exploitation of his image, name, and likeness, and the unlawful publication of hacked intimate images of him.” His lawyer’s letter calls out FNC’s promotion of Smirnov’s false allegations. 

Last year, FNC paid almost $800 million to settle defamation claims made by Dominion Voting Systems after FNC hosts pushed the lie that Dominion machines had changed the outcome of the 2020 presidential election. 

Legal pressure on companies lying for profit has proved successful. Two weeks ago, the far-right media channel One America News Network (OAN) settled a defamation lawsuit with the voting technology company Smartmatic. Today, OAN retracted a false story about former Trump fixer Michael Cohen, apparently made to discredit the testimony of Stormy Daniels about her sexual encounters with Trump. OAN suggested that it was Cohen rather than Trump who had a relationship with Daniels, and that Cohen had extorted Trump over the story.  

“OAN apologizes to Mr. Cohen for any harm the publication may have caused him,” the network wrote in a statement. “To be clear, no evidence suggests that Mr. Cohen and Ms. Daniels were having an affair and no evidence suggests that Mr. Cohen ‘cooked up’ the scheme to extort the Trump Organization before the 2016 election.”

LETTERS FROM AN AMERICAN

HEATHER COX RICHARDSON

[aqquai]

The Democratic party needs drastic changes in messaging to win the next election. The party is seen as old, affulent, and out of touch with middle America.

Harris did, in part, what she attempted to: make gains in white, college educated suburbs while minimizing losses everywhere else. She did the first part relatively well.

The Democrats believed that by moving to the right on specific issues, they could win moderate suburban (generally wealthier) voters. Harris portrayed herself as tough on crime, strong on border control, and put forth means tested welfare policies. She did her best to portray herself as an extension of the status quo, and Trump as a radical.

Democrats made gains they desired: in the suburbs of Atlanta and Dallas, and shifts to the right were minimized in wealthy suburbs outside cities like Milwalkee and Austin, even as those states made hard turns to the right. In 2024, more than any other election year in recent history, voters for the Democratic candidate were comparitively wealthier and older.

It is clear that voters wanted a change to the status quo. If the Democrats want to get back the voters they lost: Hispanic and Black voters in high cost of living cities, working class voters in the rust belt, young voters, they need to acknowledge that the issues they are facing are real.

Globalization and neoliberal economic policy have led to a loss in manufacturing jobs. Poor planning has made large cities too expensive to live in. Inequality and midde class flights have led to poverty concentration in urban centers and increased crime. Job growth is strong, but most of this growth has been in lower paid service sector work: underemployement is a real issue for young voters, and they are generally worse off than previous generations. And politicians, wealthier than ever, seem more bothered by fundraising and corporate interests.

And Republicans have been able to make these issues stick to Biden-Harris.

Workers feel screwed over and overworked, and Trump is telling people that they are. He says immigrants and "coastal elites" are bringing crime and taking jobs, while Americans are being left behind. Trump, to the working class voters who left the Democrats behind, was seen authentically pointing out issues "everyones thinking about:" job loss, crime, immigration, war, and inflation. Trump's platform is short and to the point, while Harris's takes 600 words to answer one policy question.

Elections are based on vibes, and the "Vibe" of the Democratic party is that it's dominated by liberal intellectuals and party machine candidates. Policy such as student loan forgiveness, tax cuts for first-time homebuyers, etc, mean nothing to voters who never went to college and can't imagine buying a home in this economy.

If the Democrats want to move to the right on issues like crime and immigration--if they think this will better reach voters--they cannot simply just take a page out of the Republican's playbook and start talking about border security and being tough on crime. Using Republican framing will fail and will just legitimize Republican talking points.

If they want to move right on issues of immigration and crime, Democrats need to frame the issues in "Democrat" ways. Talk about the potential depressing effect immigrants have on wages. Talk about how big agribusiness loves illegal immigration because they can exploit that labor more, and this is why nothing is done. Talk about inequality and its relation to crime. Talk about how large chains have eaten away at small businesses in middle America, killing downtowns and a small town middle-class.

Democrats also must talk about issues that are generally relatable to voters and motivate their base. Issues like expensive health insurance, strong union rights, high housing costs, stagnant real wages, and money in politics.

A Republican would tell you that it was DEI, abortion, and lgbt issues that caused voters to leave the Democratic party, but I would disagree. Harris, more than Hillary, minimized her gender and focused on policy. Voters broadly agree with the democratic party on issues of abortion and lgbt, but those issues are simply not as important as the core economic issues that bring people to the polls.

I voted for Harris, but I could see her loss coming before the election started. I work with people on the ground, and they feel unheard.

[atlantathecity]

I love this scene. But it's not enough.

Getting affordability right and implementing rail are both key components for equity on the Atlanta Beltline.

If the Beltline ends up as a playground for wealthy & able bodied people, that means we've spent tons of public resources to benefit the privileged -- to generate gentrification.

This has to become a transportation and neighborhood-building project that benefits every economic group, and every ability. We have to do better with funding affordable homes here amid the new growth, and we have to build the rail that has always been at the heart of the Beltline concept.

[atlurbanist]

This quote comes from Dan Immergluck's great book "Red Hot City: Housing, Race, and Exclusion in Twenty-First-Century Atlanta." Recommended reading.

Atlanta saw a 28% increase in its tech talent pool from 2013-18. During that boom, we missed a huge opportunity for equitable outcomes.

Instead of transforming that economic growth into critical public services such as subsidies for housing for lower-income Atlanta, the inflow of higher-wage workers just ended up driving local rents higher, hurting low-income folks the most.

I'm glad to see the city make good efforts toward affordable housing in recent years. We're moving in the right direction.

But going forward, we need to think of growth and investment as a tool for truly equitable outcomes, with measurable success. We're not at that point yet.

City leaders are constantly getting an earful of demands from the local elite about remaining "business friendly" and not disturbing the status quo of investment returns for powerful interests. They need to hear from the rest of us.

[187days]

Day Ninety-Eight

Today was “anything but a backpack” day, so I had students bring their school stuff in suitcases, laundry baskets, coolers, lockers, shopping carts borrowed from Walmart, a remote control car, etc, etc... 

It was hilarious. 

In World, I showed students some pictures of the bridges that have been or are being built in Nepal since they were so curious about whether or not that was happening. Some had even gone home and looked up more information on their own, and they shared that, which was very cool. And then we had a broader discussion about how development can help cultures overcome geographic difficulties- and other kinds of difficulties- but it has to be sustainable.

That was the segue to having them read the UN’s Sustainable Development Goals. We read the first one- no poverty- together, then I had them pick another goal to read on their own. Then I asked them to share what they’d read and learned with their classmates. That went really well, and even the boys in my Block 2 class, who still attempt to try my patience daily and grumble under their breath about how much they hate my class, told me it was interesting. So that’s a win. I wanted to end with an example of a country that’s made progress towards those goals, so I showed students some images of South Korea in 1960 versus today so they could get a sense of the economic development that’s taken place there over the past few decades. Then I had them read an annotate an article about how it’s happened. There were lots of comments about how rapid the country’s transformation has been. And the article touches on k-culture exports, so some talk about kpop, Squid Game, and such also ensued. That was fun. 

My APGOV students had to tackle the evolution of federalism today. First, they shared what they’d learned about for homework: the 10th and 14th amendments, plus the rulings in several court cases (McCulloch v. Maryland, Gibbons v. Ogden, Heart of Atlanta Motel v. United States, United States v. Lopez, Obergefell v. Hodges, Dobbs v. Jackson Women’s Health). We discussed what each of those rulings meant for the balance of national and state power, and I went on a tangent about expansive commerce power so they could see how its relevant to their daily lives. And, lastly, we talked about how the growth of the bureaucracy has led to the literal expansion of the national government, but also the expansion of its power. I used the passage of the Pure Food and Drug Act and the creation of what would become to FDA to illustrate that point, and went on another tangent about how broadly the FDA’s authority now extends. 

And, even after all that, there were still 20 minutes left in the block. My students were surprised that I didn’t just keep going to fill the time, but I reminded them that it’s a college-style course; when we’re done whatever we need to do for the day, we’re done. I added that when they’re actually in college their professors will just let them leave, which not all of them realized. But they like that, and they liked me giving them the free time today. 

I used it to wrap up a few odds and ends so that I could leave right at the end of my contract day, too. I walked out with Mr. F and Ms. A, and, thankfully, it wasn’t too cold outside. Now, it’s really getting frigid out there; tomorrow the low is going to be -20! Eeeek!

[stratuspropertygroup]

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[threadatl]

Invest Atlanta is requesting proposals for turning a 1-acre stretch of parking lots next to MARTA’s Garnett Station into affordable & market-rate housing! The property is at 184 Forsyth Street. There is *way* to much underused space (mostly parking) around this Downtown rail station and it's past time for something to happen with it. Mixed-income housing would be a great outcome. The Request for Proposals (RFP) also asks for the project to have "revenue sources other than rent paid by residents (ground floor retail, rooftop urban farm, etc.)" Responses are due March 31, 2023. You can spot Thread ATL's own Matt Garbett in the article/video linked above, talking about why these parking lots are a bad use of this land.

[dreaminginthedeepsouth]

LETTERS FROM AN AMERICAN

February 1, 2024

HEATHER COX RICHARDSON

FEB 2, 2024

One of the biggest stories of 2023 is that the U.S. economy grew faster than any other economy in the Group of 7 nations, made up of democratic countries with the world’s largest advanced economies. By a lot. The International Monetary Fund yesterday reported that the U.S. gross domestic product—the way countries estimate their productivity—grew by 2.5%, significantly higher than the GDP of the next country on the list: Japan, at 1.9%.

IMF economists predict U.S. growth next year of 2.1%, again, higher than all the other G7 countries. The Federal Reserve Bank of Atlanta projects growth of 4.2% in the first quarter of 2024.

Every time I write about the booming economy, people accurately point out that these numbers don’t necessarily reflect the experiences of everyone. But they have enormous political implications. 

President Joe Biden, Vice President Kamala Harris, Secretary of the Treasury Janet Yellen, and the Democrats embraced the idea that using the government to support ordinary Americans—those on the “demand” side of the economy—would nurture strong economic growth. Republicans have insisted since the 1980s that the way to expand the economy is the opposite: to invest in the “supply side,” investors who use their capital to build businesses. 

In the first two years of the Biden-Harris administration, while the Democrats had control of the House and Senate, they passed a range of laws to boost American manufacturing, rebuild infrastructure, protect consumers, and so on. They did so almost entirely with Democratic votes, as Republicans insisted that such investments would destroy growth, in part through inflation. 

Now that the laws are beginning to take effect, their results have proved that demand-side economic policies like those in place between 1933 and 1981, when President Ronald Reagan ushered in supply-side economics, work. Even inflation, which ran high, appears to have been driven by supply chain issues, as the administration said, and by “greedflation,” in which corporations raised prices far beyond cost increases, padding payouts for their shareholders.

The demonstration that the Democrats’ policies work has put Republicans in an awkward spot. Projects funded by the Infrastructure Investment and Jobs Act, also known as the Bipartisan Infrastructure Law, are so popular that Republicans are claiming credit for new projects or, as Representative Maria Elvira Salazar (R-FL) did on Sunday, claiming they don’t remember how they voted on the infrastructure measure and other popular bills like the CHIPS and Science Act (she voted no). When the infrastructure measure passed in 2021, just 13 House Republicans supported it. 

Today, Medicare sent its initial offers to the drug companies that manufacture the first ten drugs for which the government will negotiate prices under the Inflation Reduction Act, another hugely popular measure that passed without Republican votes. The Republicans have called for repealing this act, but their stance against what they have insisted is “socialized medicine” is showing signs of softening. In Politico yesterday, Megan Messerly noted that in three Republican-dominated states—Alabama, Georgia, and Mississippi—House speakers are saying they are now open to the idea of expanding healthcare through Medicaid expansion.

In another sign that some Republicans recognize that the Democrats’ economic policies are popular, the House last night passed bipartisan tax legislation that expanded the Child Tax Credit, which had expired last year after Senate Republicans refused to extend it. Democrats still provided most of the yea votes—188 to 169—and Republicans most of the nays—47 to 23—but, together with a tax cut for businesses in the bill, the measure was a rare bipartisan victory. If it passes the Senate, it is expected to lift at least half a million children out of poverty and help about 5 million more. 

But Republicans have a personnel problem as well as a policy problem. Since the 1980s, party leaders have maintained that the federal government needs to be slashed, and their determination to just say no has elevated lawmakers whose skill set features obstruction rather than the negotiation required to pass bills. Their goal is to stay in power to stop legislation from passing.

Yesterday, for example, Senator Chuck Grassley (R-IA), who sits on the Senate Finance Committee and used to chair it, told a reporter not to have too much faith that the child tax credit measure would pass the Senate, where Republicans can kill it with the filibuster. “Passing a tax bill that makes the president look good…means he could be reelected, and then we won’t extend the 2017 tax cuts,” Grassley said.

At the same time, the rise of right-wing media, which rewards extremism, has upended the relationship between lawmakers and voters. In CNN yesterday, Oliver Darcy explained that “the incentive structure in conservative politics has gone awry. The irresponsible and dishonest stars of the right-wing media kingdom are motivated by vastly different goals than those who are actually trying to advance conservative causes, get Republicans elected, and then ultimately govern in office.” 

Right-wing influencers want views and shares, which translate to more money and power, Darcy wrote. So they spread “increasingly outlandish, attention-grabbing junk,” and more established outlets tag along out of fear they will lose their audience. But those influencers and media hosts don’t have to govern, and the anger they generate in the base makes it hard for anyone else to, either. 

This dynamic has shown up dramatically in the House Republicans’ refusal to consider a proposed border measure on which a bipartisan group of senators had worked for four months because Trump and his extremist base turned against the idea—one that Republicans initially demanded. 

Since they took control of the House in 2023, House Republicans have been able to conduct almost no business as the extremists are essentially refusing to govern unless all their demands are met. Rather than lawmaking, they are passing extremist bills to signal to their base, holding hearings to push their talking points, and trying to find excuses to impeach the president and Secretary of Homeland Security Alejandro Mayorkas.

Yesterday the editorial board of the Wall Street Journal, which is firmly on the right, warned House Republicans that “Impeaching Mayorkas Achieves Nothing” other than “political symbolism,” and urged them to work to get a border bill passed. “Grandstanding is easier than governing, and Republicans have to decide whether to accomplish anything other than impeaching Democrats,” it said. 

Today in the Washington Post, Jennifer Rubin called the Republicans’ behavior “nihilism and performative politics.”

On CNN this morning, Representative Dan Goldman (D-NY) identified the increasing isolation of the MAGA Republicans from a democratic government. “Here we are both on immigration and now on this tax bill where President Biden and a bipartisan group of Congress are trying to actually solve problems for the American people,” Goldman said, “and Chuck Grassley, Donald Trump, Mike Johnson—they are trying to kill solutions just for political gain." 

LETTERS FROM AN AMERICAN

HEATHER COX RICHARDSON

[news365timesindia]

[ad_1] By Craig Stirling The European Central Bank will probably advance the global push for monetary easing in the coming week with an interest-rate cut that policymakers had all but ruled out just a month ago.   Click here to connect with us on WhatsApp The third quarter-point reduction of this cycle is seen likely by economists to herald a longer-lasting acceleration in action by officials seeking to cushion the euro zone from the hit to growth created by an extended period of high borrowing costs, and now playing out with a lag.    ECB President Christine Lagarde, at the press conference she’ll host after Thursday’s gathering near the Slovenian capital of Ljubljana, may be quizzed both on the path forward for further cuts, and on what materially changed from the September meeting.   With a smaller-than-usual gap of just five weeks between decisions, and not much new data available, officials appear to be abandoning recent caution about lingering inflation pressures in order to respond mainly to survey data pointing to a contraction in the private-sector economy. Such reports have moved the needle for financial markets, and stoked momentum for a cut that’s widely anticipated after policymakers largely endorsed the change in bets.  The switch has been abrupt. At the Sept. 12 decision, officials almost excluded a cut in October. Days later, Slovakian central bank governor Peter Kazimir declared that “we will almost surely need to wait until December” for another move because “very little new information” would be available by Oct. 17.  He’s now the sole voice publicly arguing against a move on Thursday, although other hawks could potentially join him behind the scenes.   What Bloomberg Economics Says:   “The ECB will lower borrowing costs by 25 basis points in October and again in December. After that we see quarterly moves as policymakers feel their way to neutral.”   —David Powell, senior euro-area economist.   As for what happens next, economists now reckon the ECB will speed up its easing to bring borrowing costs down to a level that no longer constricts the economy by the end of 2025, according to a Bloomberg survey.  Elsewhere, Chinese data may show the economy continuing to underperform its target, other central banks from Southeast Asia to Chile will deliver rate decisions, and UK inflation may finally slow below 2%. The Nobel Prize in economics will be announced in Stockholm on Monday.  US and Canada   US reports will offer a sense of how much momentum consumers, manufacturers and homebuilders had approaching the final quarter of the year. Data out Thursday are forecast to show steady retail sales growth that underscores resilient consumer spending habits.  The Atlanta Fed’s GDPNow forecast currently sees a faster pace of personal consumption expenditures powering stronger economic growth in the third quarter. At the same time, a Fed report on Thursday is expected to show an easing in factory output that illustrates a struggling manufacturing sector. And housing starts the following day will probably point to cooler residential construction. The impact on September economic data from Hurricane Helene may be modest considering landfall occurred late in the month. However, Helene and Hurricane Milton are expected to skew October data. Fed officials speaking in the coming week include Christopher Waller, Neel Kashkari and Mary Daly.  Turning north, the Bank of Canada will be watching for more cooling in core inflation in September’s data after the headline rate finally reached the 2% target in August.  However, a small upside surprise wouldn’t throw policymakers off their easing track, as they’ve said they expect some bumpiness on the path toward a sustainable return to the target.  Asia   China’s in the spotlight all week, culminating in growth figures Friday that are likely to show the economy is still expanding below the 5% target for the year. 

That outcome would underscore why authorities undertook aggressive easing measures late last month, and presented another salvo of support on Saturday.  Beijing will publish a slew of monthly figures, including industrial output and retail sales for September, along with third-quarter gross domestic product data. Property investment probably fell at a double-digit clip for a fifth straight month.  The week kicked off with figures on Sunday that showed that China’s deflationary problems became more entrenched in September, with consumer prices still weak and factory gate prices continuing to fall. Elsewhere, the Monetary Authority of Singapore issues its policy statement on Monday, while Southeast Asia gets a blast of central bank action on Wednesday.  In Manila, Bangko Sentral ng Pilipinas is forecast to cut its benchmark and standing overnight deposit facility rates by a quarter-point each, while the Bank of Thailand and Bank Indonesia may hold their policy settings steady.  Consumer prices in Japan for September are seen rising faster than the Bank of Japan’s target for a 27th straight month, and Australia gets labor statistics on Thursday that may reflect continued tightness.  Singapore’s growth probably picked up in the third quarter, according to the consensus estimate for data on Monday. Trade data are due from China, Japan, Indonesia, India, Singapore and Malaysia, and New Zealand is set to publish third-quarter consumer price figures. Europe, Middle East, Africa Aside from the ECB decision, the UK is likely to prove a key focus, with data on wages, inflation and retail sales all scheduled for release.  With Bank of England Governor Andrew Bailey having signaled he could be open to a more aggressive approach to easing, the numbers will offer a glimpse on whether the consumer-price backdrop has become benign enough to allow that.  Economists anticipate that the inflation data will show weakening in September to below the 2% target for the first time since April 2021. Meanwhile, UK is hosting a majore investment summit to showcase the nation as an attractive destination for multinational companies and money managers. In the euro zone, Germany’s ZEW survey of investors is released at a time the country’s government is coming to terms with its new forecast, acknowledging that Europe’s biggest economy will probably contract this year.  Fiscal affairs may draw attention in Italy, with a budget due by Tuesday evening in time for a European Union deadline. Both Fitch Ratings and S&P Global Ratings are scheduled for potential updates on Italy after the market close on Friday. The region’s economic travails are likely to feature at a Brussels summit of EU leaders on Thursday and Friday, with competitiveness one of the topics on the agenda.  Looking south, in Israel on Tuesday, inflation, already above the official target of 1% to 3%, is expected to quicken further as the country engages in a multi-front conflict. Analysts predict the rate rose to 3.7% in September from 3.6% a month earlier. In South Africa, the Reserve Bank will publish its biannual monetary policy review, providing guidance on the inflation and rate outlook. Governor Lesetja Kganyago will speak at the event.  Investors in Nigeria will watch to see if annual inflation continued to slow in September, even as price pressures built from higher fuel costs and devastating floods. Inflation is currently at 32.2%.   In Namibia, the central bank is set to lower its key interest rate, now at 7.5%, by 25 basis points on Wednesday in line with South Africa’s reduction last month. The Namibian dollar is pegged to the rand, which means monetary policy is often guided by the South African Reserve Bank’s actions. In Turkey on Thursday, the central bank will likely hold its rate at 50% for a seventh straight meeting. Inflation has decelerated from 75% in May to 49% in September, but officials will want to see it drop further before they consider easing.

Some analysts reckon policymakers will hold off on cuts until 2025. In Egypt, the central bank is likely to hold its rate at 27.25% after data showing inflation quickened for a second straight month in September. Goldman Sachs is among the banks now predicting a delay to cuts in borrowing costs until early next year. Latin America   At Chile’s rate meeting, cooler-than-expected inflation data likely sews up a quarter-point rate cut to 5.25%. That would bring the central bank’s easing cycle to 600 basis points, with another 75 bps of reductions likely by the end of 2025. Among the other big Latin American central banks, easing in Peru has largely tracked expectations, while action in Brazil, Colombia and Mexico has proved far more modest than the consensus estimates of mid-2023. In other central bank news, monetary authorities in Chile, Brazil and Colombia will all publish much-watched surveys of expectations. In addition to economists and analysts, Chile also conducts a survey of traders, on tap for Monday. Unemployment in Peru’s capital inched up to 6.1% in August, and may have edged up again in the September reading due Tuesday, but is running near a post-pandemic low as the economy continues to add jobs.     Also Tuesday, Colombia posts August readings on industrial production, manufacturing production and retail sales. The July prints were all in the black, the first such sweep in 17 months. GDP-proxy readings from Brazil, Colombia and Peru may show all three economies hitting headwinds in July after closing out the first half of the year on a high note. (Updates with UK investment summit in EMEA section.) [ad_2] Source link

[dkaufmandevelopment]

Sunbelt Rental Demand Surges as New Construction Slows

Key multifamily markets in the Sunbelt—Texas, Florida, and North Carolina—are experiencing renewed rental demand, positioning the region for strong future growth.

After two years of climbing vacancy rates caused by a supply and demand mismatch, the Sunbelt has entered a new phase of opportunity. A recent multifamily report by American Landmark highlights how this resurgence is closely tied to a sharp decline in new construction starts, alongside ongoing population growth and economic expansion in the region.

Why the Sunbelt Stays in Demand

Southern states continue to attract residents and businesses due to a combination of factors:

• Favorable climate: Mild winters and abundant sunshine appeal to both individuals and companies.

• Economic opportunities: Thriving industries, including tech, finance, and manufacturing, are fueling job growth.

• Business-friendly policies: Low taxes, minimal regulation, and lower overall costs of living compared to other regions make the South a magnet for relocation.

These advantages have led to an impressive 87% of the nation’s population growth in 2023, adding over 1.4 million residents to the South, which now boasts a population exceeding 130 million.

The Impact of New Construction on Occupancy Rates

One of the most significant factors affecting multifamily occupancy in the Sunbelt is the influx of new construction. Newly built properties often experience a “lease-up” phase that temporarily inflates vacancy rates. However, when these projects are excluded, occupancy rates tell a different story:

• Dallas: Vacancy rates drop from 11% to 8%.

• Tampa: A sharper fall from 12% to 6.1%.

This trend signals a robust underlying demand for rental housing, especially as construction cycles slow.

Market Highlights Across the Sunbelt

Texas

In major metros like Dallas/Ft. Worth and Houston, occupied multifamily stock grew by 3% in 2023. Even with ongoing lease-ups, vacancy rates remain in the single digits, and they are expected to stabilize by early 2025. Texas’ absence of state income tax and warm climate continue to draw diverse renters, supporting positive rent growth.

Florida

Florida remains a standout market, with Jacksonville and Orlando leading the charge. Occupied stock in these cities grew by over 6% last year, and vacancy rates hover near 6% when excluding new developments. The state’s appeal to retirees and remote workers ensures rental demand stays high, while construction starts are projected to taper by mid-2025.

North Carolina

Tight housing markets and rising home prices are prompting more North Carolinians to rent. Cities like Charlotte and Raleigh are experiencing strong demand fueled by job growth in the tech and finance sectors. Charlotte, for instance, saw a 5.1% increase in occupied multifamily units as of Q2 2024. However, a relatively small reduction in new construction (16%) could keep vacancy rates higher than average through 2025.

Emerging Markets

Other Southern states such as South Carolina, Tennessee, and Georgia are also benefitting from population growth and job creation. Cities like Nashville and Charleston are seeing steady rent increases, while Atlanta is poised for positive rent growth starting in 2025 as construction slows.

Navigating the Path Forward

The Sunbelt’s multifamily market is undergoing a critical transition. While rent growth has decelerated since the pandemic’s unsustainable surge, this adjustment is a necessary correction that aligns with market fundamentals. As construction starts decline and the pace of new supply normalizes, steady demand is likely to drive sustained rent growth across the region.

For developers and investors, the Sunbelt remains a compelling opportunity—one where strategic timing and targeted investments can yield significant returns.

Are you seeing similar trends in your markets? Let’s continue the conversation—what’s your take on the Sunbelt’s multifamily momentum?

[news365times]

[ad_1] By Craig Stirling The European Central Bank will probably advance the global push for monetary easing in the coming week with an interest-rate cut that policymakers had all but ruled out just a month ago.   Click here to connect with us on WhatsApp The third quarter-point reduction of this cycle is seen likely by economists to herald a longer-lasting acceleration in action by officials seeking to cushion the euro zone from the hit to growth created by an extended period of high borrowing costs, and now playing out with a lag.    ECB President Christine Lagarde, at the press conference she’ll host after Thursday’s gathering near the Slovenian capital of Ljubljana, may be quizzed both on the path forward for further cuts, and on what materially changed from the September meeting.   With a smaller-than-usual gap of just five weeks between decisions, and not much new data available, officials appear to be abandoning recent caution about lingering inflation pressures in order to respond mainly to survey data pointing to a contraction in the private-sector economy. Such reports have moved the needle for financial markets, and stoked momentum for a cut that’s widely anticipated after policymakers largely endorsed the change in bets.  The switch has been abrupt. At the Sept. 12 decision, officials almost excluded a cut in October. Days later, Slovakian central bank governor Peter Kazimir declared that “we will almost surely need to wait until December” for another move because “very little new information” would be available by Oct. 17.  He’s now the sole voice publicly arguing against a move on Thursday, although other hawks could potentially join him behind the scenes.   What Bloomberg Economics Says:   “The ECB will lower borrowing costs by 25 basis points in October and again in December. After that we see quarterly moves as policymakers feel their way to neutral.”   —David Powell, senior euro-area economist.   As for what happens next, economists now reckon the ECB will speed up its easing to bring borrowing costs down to a level that no longer constricts the economy by the end of 2025, according to a Bloomberg survey.  Elsewhere, Chinese data may show the economy continuing to underperform its target, other central banks from Southeast Asia to Chile will deliver rate decisions, and UK inflation may finally slow below 2%. The Nobel Prize in economics will be announced in Stockholm on Monday.  US and Canada   US reports will offer a sense of how much momentum consumers, manufacturers and homebuilders had approaching the final quarter of the year. Data out Thursday are forecast to show steady retail sales growth that underscores resilient consumer spending habits.  The Atlanta Fed’s GDPNow forecast currently sees a faster pace of personal consumption expenditures powering stronger economic growth in the third quarter. At the same time, a Fed report on Thursday is expected to show an easing in factory output that illustrates a struggling manufacturing sector. And housing starts the following day will probably point to cooler residential construction. The impact on September economic data from Hurricane Helene may be modest considering landfall occurred late in the month. However, Helene and Hurricane Milton are expected to skew October data. Fed officials speaking in the coming week include Christopher Waller, Neel Kashkari and Mary Daly.  Turning north, the Bank of Canada will be watching for more cooling in core inflation in September’s data after the headline rate finally reached the 2% target in August.  However, a small upside surprise wouldn’t throw policymakers off their easing track, as they’ve said they expect some bumpiness on the path toward a sustainable return to the target.  Asia   China’s in the spotlight all week, culminating in growth figures Friday that are likely to show the economy is still expanding below the 5% target for the year. 

That outcome would underscore why authorities undertook aggressive easing measures late last month, and presented another salvo of support on Saturday.  Beijing will publish a slew of monthly figures, including industrial output and retail sales for September, along with third-quarter gross domestic product data. Property investment probably fell at a double-digit clip for a fifth straight month.  The week kicked off with figures on Sunday that showed that China’s deflationary problems became more entrenched in September, with consumer prices still weak and factory gate prices continuing to fall. Elsewhere, the Monetary Authority of Singapore issues its policy statement on Monday, while Southeast Asia gets a blast of central bank action on Wednesday.  In Manila, Bangko Sentral ng Pilipinas is forecast to cut its benchmark and standing overnight deposit facility rates by a quarter-point each, while the Bank of Thailand and Bank Indonesia may hold their policy settings steady.  Consumer prices in Japan for September are seen rising faster than the Bank of Japan’s target for a 27th straight month, and Australia gets labor statistics on Thursday that may reflect continued tightness.  Singapore’s growth probably picked up in the third quarter, according to the consensus estimate for data on Monday. Trade data are due from China, Japan, Indonesia, India, Singapore and Malaysia, and New Zealand is set to publish third-quarter consumer price figures. Europe, Middle East, Africa Aside from the ECB decision, the UK is likely to prove a key focus, with data on wages, inflation and retail sales all scheduled for release.  With Bank of England Governor Andrew Bailey having signaled he could be open to a more aggressive approach to easing, the numbers will offer a glimpse on whether the consumer-price backdrop has become benign enough to allow that.  Economists anticipate that the inflation data will show weakening in September to below the 2% target for the first time since April 2021. Meanwhile, UK is hosting a majore investment summit to showcase the nation as an attractive destination for multinational companies and money managers. In the euro zone, Germany’s ZEW survey of investors is released at a time the country’s government is coming to terms with its new forecast, acknowledging that Europe’s biggest economy will probably contract this year.  Fiscal affairs may draw attention in Italy, with a budget due by Tuesday evening in time for a European Union deadline. Both Fitch Ratings and S&P Global Ratings are scheduled for potential updates on Italy after the market close on Friday. The region’s economic travails are likely to feature at a Brussels summit of EU leaders on Thursday and Friday, with competitiveness one of the topics on the agenda.  Looking south, in Israel on Tuesday, inflation, already above the official target of 1% to 3%, is expected to quicken further as the country engages in a multi-front conflict. Analysts predict the rate rose to 3.7% in September from 3.6% a month earlier. In South Africa, the Reserve Bank will publish its biannual monetary policy review, providing guidance on the inflation and rate outlook. Governor Lesetja Kganyago will speak at the event.  Investors in Nigeria will watch to see if annual inflation continued to slow in September, even as price pressures built from higher fuel costs and devastating floods. Inflation is currently at 32.2%.   In Namibia, the central bank is set to lower its key interest rate, now at 7.5%, by 25 basis points on Wednesday in line with South Africa’s reduction last month. The Namibian dollar is pegged to the rand, which means monetary policy is often guided by the South African Reserve Bank’s actions. In Turkey on Thursday, the central bank will likely hold its rate at 50% for a seventh straight meeting. Inflation has decelerated from 75% in May to 49% in September, but officials will want to see it drop further before they consider easing.

Some analysts reckon policymakers will hold off on cuts until 2025. In Egypt, the central bank is likely to hold its rate at 27.25% after data showing inflation quickened for a second straight month in September. Goldman Sachs is among the banks now predicting a delay to cuts in borrowing costs until early next year. Latin America   At Chile’s rate meeting, cooler-than-expected inflation data likely sews up a quarter-point rate cut to 5.25%. That would bring the central bank’s easing cycle to 600 basis points, with another 75 bps of reductions likely by the end of 2025. Among the other big Latin American central banks, easing in Peru has largely tracked expectations, while action in Brazil, Colombia and Mexico has proved far more modest than the consensus estimates of mid-2023. In other central bank news, monetary authorities in Chile, Brazil and Colombia will all publish much-watched surveys of expectations. In addition to economists and analysts, Chile also conducts a survey of traders, on tap for Monday. Unemployment in Peru’s capital inched up to 6.1% in August, and may have edged up again in the September reading due Tuesday, but is running near a post-pandemic low as the economy continues to add jobs.     Also Tuesday, Colombia posts August readings on industrial production, manufacturing production and retail sales. The July prints were all in the black, the first such sweep in 17 months. GDP-proxy readings from Brazil, Colombia and Peru may show all three economies hitting headwinds in July after closing out the first half of the year on a high note. (Updates with UK investment summit in EMEA section.) [ad_2] Source link

[stratuspropertygroup]

Industrial Real Estate Market

Atlanta's Industrial Real Estate - Where Opportunity Meets Innovation

In the realm of commerce, the significance of industrial real estate cannot be overstated. It forms the bedrock upon which businesses flourish and prosper. Nestled in the heart of Atlanta lies a realm of opportunity for organizations seeking to establish or expand their footprint. From sprawling warehouse facilities to cutting-edge manufacturing plants, Atlanta beckons with its strategic location, unparalleled infrastructure, and vibrant business landscape. Join us as we dive into the benefits and advantages that Atlanta's industrial real estate offers, making it the ultimate choice for businesses on the rise.

A Strategic Nexus of Connectivity

Situated in the southeastern United States, Atlanta stands as a beacon of connectivity, boasting a robust transportation network. Anchored by the world-renowned Hartsfield-Jackson Atlanta International Airport, businesses enjoy seamless access to global markets. With a web of highways and interstates weaving through the city, Atlanta serves as a vital artery for efficient distribution and logistics operations, offering unparalleled connectivity to regional and national markets.

Infrastructure Excellence

Atlanta prides itself on its robust infrastructure, tailored to accommodate the demands of industrial endeavors. From sleek, modern warehouses to state-of-the-art manufacturing facilities, the city's real estate offerings are equipped with every essential amenity. High ceilings, spacious loading docks, ample parking, and cutting-edge security systems ensure optimal operational efficiency. Furthermore, Atlanta guarantees uninterrupted workflow with reliable utilities, including electricity, water, and telecommunications.

A Talent Pool of Unrivaled Expertise

At the heart of Atlanta's allure lies its skilled and diverse workforce, a cornerstone of its industrial prowess. Drawing from a rich tapestry of talent spanning myriad industries, including manufacturing, logistics, and technology, businesses find themselves amidst a veritable oasis of expertise. Bolstered by esteemed universities and technical schools, Atlanta nurtures a continuous pipeline of skilled professionals, driving innovation and productivity within its industrial landscape.

Fostering Growth in a Supportive Environment

Embracing a culture of entrepreneurship, Atlanta cultivates a business-friendly environment, primed for growth and innovation. Leveraging favorable tax policies and incentives, the city beckons with open arms to businesses from all sectors. A supportive regulatory framework and a plethora of initiatives further fuel the city's magnetism for industrial enterprises. Moreover, Atlanta's entrepreneurial ecosystem offers access to capital, networking opportunities, and essential business support services, fostering collaboration and innovation at every turn.

Tapping into Lucrative Markets

Spanning the Atlanta metropolitan area lies a vast and diverse consumer market, serving as a lucrative playground for businesses. With a population exceeding six million, the region offers boundless opportunities for growth and expansion. Beyond its borders, Atlanta's proximity to other major cities in the Southeastern United States extends the reach of businesses far beyond the local sphere. This strategic access to consumer markets propels businesses towards exponential growth and heightened revenues.

In Conclusion

Atlanta's industrial real estate represents not just a location but a gateway to unparalleled success for businesses. With its strategic nexus of connectivity, infrastructure excellence, skilled workforce, supportive business environment, and access to lucrative consumer markets, Atlanta offers a fertile ground for industrial enterprises to thrive and prosper. Whether in search of warehouse facilities, manufacturing plants, or distribution centers, Atlanta's industrial real estate market stands ready to cater to every operational need. By seizing the boundless opportunities afforded by Atlanta's industrial landscape, businesses position themselves for triumph in the dynamic arena of commerce. Want to start looking into the Atlanta commercial real estate market? Contact Stratus Property Group today, to ensure you find the perfect home for your business!