Friday, August 31, 2012

BuilderBytes' MetroIntelligence Economic Update for 8/31/12


Please click here to see the edition of BuilderBytes for 8/31/12 on the Web.

In this issue of the MetroIntelligence Economic Update, I covered the following indicators:
  • Pending home sales rise to highest level in two years
  • U.S. GDP revised to 1.7% for 2Q 2012
  • Initial unemployment claims remain unchanged from previous week
  • Mortgage applications fall by 4.3% in latest survey, mostly due to fewer refinancings
Want to advertise in the newsletter and reach over 130,000 readers? Contact National Sales Manager Nick Cosan at nkosan@penpubinc.com.
Want to make sure your company or event is included in the events calendar? Contact editor Dani Smith at dsmith@penpubinc.com.

Thursday, August 30, 2012

Registration now open for the 2012 San Diego Economic Forecast Conference



Join some of California's most renowned forecasters and economists at the 5th annual San Diego Economic Forecast Conference.  As in previous years, MetroIntelligence will be contributing the sections on residential and commercial real estate for the conference book offered to all attendees.

Click here to register. Use code metrosd12 to save $40 on registration!

Wednesday, October 3, 2012
Hilton San Diego Bayfront
1 Park Boulevard
San Diego, CA 92101

Registration and Breakfast: 7:30 AM
Program: 8:00-11:00 AM Tickets:
$155 /Individual
$120 /Discount Affiliate Rate
$600 /Table of 6
Seating is limited so register today!

Click here to register. Use code metrosd12 to save $40 on registration!

Featured Speakers

Christopher Thornberg
Founding Partner
Beacon Economics
Global & U.S. Forecast

  • Will the U.S. economy continue to decelerate? Or have we already turned the corner?
  • Euro-recovery or Euro-meltdown? Why should we care?
  • Is the nation facing a fiscal cliff, fiscal hill, or is it much ado about nothing? 

Jordan Levine
Director of Economic Research
Beacon Economics
California & San Diego Forecast

  • How is California faring in this s-l-o-w recovery?
  • Governor Brown is advocating for higher taxes... what would it mean for the state's economy in the long and short term if he achieves them?
  • Which of San Diego's industries are poised for job growth?

Norman Miller, PhD
Professor
Burnham-Moores Center for Real Estate, University of San Diego

  • What's Next For San Diego's Real Estate Markets?           
  • Where are housing prices headed and how fast will they get there?
  • What does the housing market recovery mean for San Diego's broader economy?
  • When will commercial and residential construction begin again in earnest?
Click here to register. Use code metrosd12 to save $40 on registration!

Wednesday, August 29, 2012

BuilderBytes' MetroIntelligence Economic Update for 8/29/12

Please click here to see the edition of BuilderBytes for 8/29/12 on the Web.

In this issue of the MetroIntelligence Economic Update, I covered the following indicators:
  • S&P/Case-Shiller Home Price Indices all rise in 2Q2012
  • Consumer confidence dips in August after improving in July
Want to advertise in the newsletter and reach over 130,000 readers? Contact National Sales Manager Nick Cosan at nkosan@penpubinc.com.
Want to make sure your company or event is included in the events calendar? Contact editor Dani Smith at dsmith@penpubinc.com.

Monday, August 27, 2012

BuilderBytes' MetroIntelligence Economic Update for 8/27/12

Please click here to see the edition of BuilderBytes for 8/27/12 on the Web.

In this issue of the MetroIntelligence Economic Update, I covered the following indicators:
  • Durable goods orders rise past estimates in July
  • Initial unemployment claims rise by 4,000 in latest report
  • Mortgage applications fall by 7.4% in latest survey, mostly due to fewer refinancings as rates rise
Want to advertise in the newsletter and reach over 130,000 readers? Contact National Sales Manager Nick Cosan at nkosan@penpubinc.com.
Want to make sure your company or event is included in the events calendar? Contact editor Dani Smith at dsmith@penpubinc.com.

Friday, August 24, 2012

BuilderBytes' MetroIntelligence Economic Update for 8/24/12


Please click here to see the edition of BuilderBytes for 8/24/12 on the Web.

In this issue of the MetroIntelligence Economic Update, I covered the following indicators:
  • July existing home sales rose by 2.3% from June and by 10.4% since July of 2011
  • U.S. home prices rose by 1.8% between first and second quarters of 2012
  • FOMC minutes point to future Fed action; housing market continues to improve
Want to advertise in the newsletter and reach over 130,000 readers? Contact National Sales Manager Nick Cosan at nkosan@penpubinc.com.
Want to make sure your company or event is included in the events calendar? Contact editor Dani Smith at dsmith@penpubinc.com.

Monday, August 20, 2012

The Rise of the Single-Person Household

As recently as the late 1950s, 80% of Americans taking part in a survey by the University of Michigan believed that people who preferred the single life were, among other things, “sick,” “immoral” or “neurotic.”  At the time, such pronouncements could be viewed as a product of their time, given that 70% of adults were married and divorce, when granted, was still viewed with eyes of suspicion.

Fast forward to today, however, and the rise of single living has become one of the most important generational changes of the last 50 years. According to the most recent Census Bureau statistics, just 51% of adults today are married, putting singles within shouting distance of becoming a majority cohort.  Moreover, 28% of the country’s households now include just one person, which has doubled since 1960 and is the highest in U.S. history.  And this trend isn’t just confined to the U.S. – single-person households account for 50% of the total in cities like London and Paris and even higher (60%) in Stockholm.

Although semi-hysterical books such as “Bowling Alone” and “The Lonely American” have portrayed single Americans as threats to wealth, well-being and longevity, New York University Professor Eric Klinenberg begs to differ.  In his new book, “Going Solo:  The Extraordinary Rise and Surprising Appeal of Living Alone,” Klinenberg, writing in Fortune magazine, argues that most people who live alone do so by choice, and this freedom is driven in large part by their higher discretionary incomes.


According to federal consumer expenditure surveys from 2010, singles spent an average of $34,471 per person, or 23% higher than married folks without kids ($28,017) and 49% higher than highest-spending families with children ($23,179).  In other words, take increasing numbers of singles, multiply that by their higher incomes, and what you get is rising economic clout that the Bureau of Labor Statistics estimates to be as high as $1.9 trillion.

While most corporations have been slow to take notice of this gradual demographic shift, there are certainly exceptions to the rule including Coldwell Banker, Lowe’s, Chevrolet and even the diamond merchant DeBeers.  Apparently they already know that singles are more likely to eat out, join a health club, take classes in art and writing, attend public events and volunteer in the community. Perhaps most important of all, single households also play a crucial role in revitalizing cities and giving life to public spaces, often as part of social networks called “urban tribes,” which often substitute for traditional families.

One major builder investing heavily in this demographic is The Related Companies. Last year, the company opened MiMA (“Middle of Manhattan”), a 63-story high-rise including luxury (and ultra-luxury) apartments, a 633-unit “Yotel” with its own bar scene and offering micro ‘cabins’ to rest and relax, an Equinox health club, outdoor screening space and three party rooms.  To make the project a cultural destination, Related brought in architect Frank Gehry to design a new multi-purpose space for The Signature Theater Company along with a cafĂ© and a bookstore.  The idea is that residents here not need to venture off-site for a training session, a movie screening, a drink with friends or even an off-Broadway play.

Of the total 814 apartments available at MiMA, most are studios or one-bedroom floor plans, and nearly two-thirds of its occupants live alone.  Even with rents starting at over $3,500 per month, 90% of inventory was leased within six months.  It, too, will target not just another tenant but households with more than $100,000 in income who are seeking the lifestyle which revolves around one of their apartments.

Of course singles also buy homes, and that is attracting the attention of both brokers and builders.  Today, single households buy one-third of homes and, according to the NAR, unmarried men and women account for 10% and 21% of all buyers.  Interestingly, despite their higher incomes, men in their thirties and early forties show little interest in buying a home, while women increasingly look to homeownership as a way to graduate to the next life stage of total independence. Then, and only then, will many of them even consider partnering up with a significant other.

Given that single women living alone and age 18 to 34 years make up the fastest-growing demographic group – rising from 500,000 in 1950 to 5 million today – housing providers which target them with the right mix of floor plans, amenities and similar neighbors will likely be at the forefront of a trend that will be with us for some time.  For many, being single is a distinct advantage.

BuilderBytes' MetroIntelligence Economic Update for 8/20/12

Please click here to see the edition of BuilderBytes for 8/20/12 on the Web.

In this issue of the MetroIntelligence Economic Update, I covered the following indicators:

  • July housing starts down by 1.1% from June but 21.5% above July of 2011
  • July building permits up by 6.8% since June and by 29.5% from July of 2011
  • Leading Economic Index rose by 0.4% in July following similar decline in June
  • Consumer sentiment unexpectedly improves in August
  • Philadelphia Fed's Business Outlook Survey increases slightly from July
  • Initial unemployment claims rise by 2,000 in latest report
Want to advertise in the newsletter and reach over 130,000 readers? Contact National Sales Manager Nick Cosan at nkosan@penpubinc.com.
Want to make sure your company or event is included in the events calendar? Contact editor Dani Smith at dsmith@penpubinc.com.

Friday, August 17, 2012

BuilderBytes' MetroIntelligence Economic Update for 8/17/12


Please click here to see the edition of BuilderBytes for 8/17/12 on the Web.

In this issue of the MetroIntelligence Economic Update, I covered the following indicators:
  • Overall CPI unchanged in July; core CPI rose by 0.1%
  • Industrial production rose by 0.6% in July; capacity utilization rose by 0.4%
  • Business inventories rise by 0.1% in June as shipments fall by 1.1%
  • Mortgage applications fall by 4.5% in latest survey
Want to advertise in the newsletter and reach over 130,000 readers? Contact National Sales Manager Nick Cosan at nkosan@penpubinc.com.
Want to make sure your company or event is included in the events calendar? Contact editor Dani Smith at dsmith@penpubinc.com.

Thursday, August 16, 2012

August column for Builder & Developer magazine now online

My column for the August issue of Builder & Developer magazine is now posted online.

For this issue, entitled "The 2012 Gold Nuggets: Where Design Meets Green Building," I reviewed some the Grand Award winners in various categories at the 2012 Gold Nugget Awards in San Francisco.

An excerpt:


In today’s competitive business environment, product design for consumer technology, cars and Web sites has taken center stage, and it is now increasingly felt in updated designs for a variety of building projects whether they’re intended for single-family homes, multi-family projects, mixed-use projects or even the growing demand for multi-generational homes...

With new home projects such as these capturing the interest of buyers or renters and winning the plaudits of their peers in the building industry, I think it can be said that practical and efficient need not equal boring.  Best of all, these designs will provide a compelling alternative to older, more staid homes which, relatively speaking, hog both water and energy.

To read the entire column, click here.

To read the entire August 2012 issue in digital format, click here.

Wednesday, August 15, 2012

BuilderBytes' MetroIntelligence Economic Update for 8/15/12

Please click here to see the edition of BuilderBytes for 8/15/12 on the Web.

In this issue of the MetroIntelligence Economic Update, I covered the following indicators:

  • July retail sales rise by 0.8% from June and by 4.1% from July 2011
  • July Producer Price Index rose by 0.3% in July
Want to advertise in the newsletter and reach over 130,000 readers? Contact National Sales Manager Nick Cosan at nkosan@penpubinc.com.
Want to make sure your company or event is included in the events calendar? Contact editor Dani Smith at dsmith@penpubinc.com.

Friday, August 10, 2012

BuilderBytes' MetroIntelligence Economic Update for 8/10/12


Please click here to see the edition of BuilderBytes for 8/10/12 on the Web.

In this issue of the MetroIntelligence Economic Update, I covered the following indicators:
  • Labor productivity rose by 1.6% during the second quarter of 2012
  • Initial unemployment claims fall by 6,000 in latest report
Want to advertise in the newsletter and reach over 130,000 readers? Contact National Sales Manager Nick Cosan at nkosan@penpubinc.com.
Want to make sure your company or event is included in the events calendar? Contact editor Dani Smith at dsmith@penpubinc.com.

Wednesday, August 8, 2012

BuilderBytes' MetroIntelligence Economic Update for 8/8/12

Please click here to see the edition of BuilderBytes for 8/8/12 on the Web.

In this issue of the MetroIntelligence Economic Update, I covered the following indicator:
  • 80 areas on Improving Markets Index for August
Want to advertise in the newsletter and reach over 130,000 readers? Contact National Sales Manager Nick Cosan at nkosan@penpubinc.com.
Want to make sure your company or event is included in the events calendar? Contact editor Dani Smith at dsmith@penpubinc.com.

Monday, August 6, 2012

BuilderBytes' MetroIntelligence Economic Update for 8/6/12

Please click here to see the edition of BuilderBytes for 8/6/12 on the Web.

In this issue of the MetroIntelligence Economic Update, I covered the following indicator:
  • Non-farm payroll employment rose by 163,000 in July
  • Initial unemployment claims rose by 8,000 in latest report
  • Mortgage applications rose by 0.2% in latest survey; 81% were refinancings
  • Service sector economy index rose by 0.5% in July
Want to advertise in the newsletter and reach over 130,000 readers? Contact National Sales Manager Nick Cosan at nkosan@penpubinc.com.
Want to make sure your company or event is included in the events calendar? Contact editor Dani Smith at dsmith@penpubinc.com.

Friday, August 3, 2012

BuilderBytes' MetroIntelligence Economic Update for 8/03/12


Please click here to see the edition of BuilderBytes for 8/03/12 on the Web.

In this issue of the MetroIntelligence Economic Update, I covered the following indicators:
  • Private sector jobs grew  by 163,000 from June to July
  • Planned layoffs declined for second consecutive month in July
  • Construction spending rose by 0.4% in June; May increase also adjusted upwards
  • Federal Reserve decides to take no further action to stimulate the economy for now
  • Manufacturing sector activity contracted in July but overall economy still growing
Want to advertise in the newsletter and reach over 130,000 readers? Contact National Sales Manager Nick Cosan at nkosan@penpubinc.com.
Want to make sure your company or event is included in the events calendar? Contact editor Dani Smith at dsmith@penpubinc.com.

Wednesday, August 1, 2012

BuilderBytes' MetroIntelligence Economic Update for 8/1/12

Please click here to see the edition of BuilderBytes for 8/1/12 on the Web.

In this issue of the MetroIntelligence Economic Update, I covered the following indicators:

  • S&P/Case-Shiller Home Price Indices rose by 2.2% in May
  • Personal spending fell slightly in June as incomes rose
  • Consumer Confidence Index improved slightly in July after falling in June
Want to advertise in the newsletter and reach over 130,000 readers? Contact National Sales Manager Nick Cosan at nkosan@penpubinc.com.
Want to make sure your company or event is included in the events calendar? Contact editor Dani Smith at dsmith@penpubinc.com.