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Getting grounded: Implications for business
Linda Popky Business Management, Services & Risk ManagementWe may all be ready to be done with the coronavirus, but the virus isn’t ready to be done with us. As a result, some of the short-term changes to how and where we work may turn out to be more longer-term than we ever expected. Not only do we need to maintain social distance and wear masks when out and about near others, but we also have to face the fact that for the most part, we’ve all been grounded. What do you need to do to be as effective as possible given these constraints?
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Delayed buying season pushes home sales to record levels
Michael J. Berens Construction & Building MaterialsPent-up demand from months of home confinement combined with record-low mortgage interest rates created a surge in home buying in June. Sales of new and existing homes reached some of their highest levels ever and were up in every region of the country. Industry experts differ, though, on whether this is a sign of the market’s recovery or just a temporary boost before activity tapers off again.
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Pandemic accelerates next-generation design in senior living
Michael J. Berens Interior Design, Furnishings & FixturesBecause COVID-19 spreads so rapidly, often undetected, and is disproportionately fatal in the case of elderly patients, the pandemic has exposed underlying vulnerabilities in the current design and operation of senior living facilities. This has some in the sector, including architects and designers, developing new models of what senior living might look like in the near future.
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Crosscurrents ahead — proceed with caution and optimism
Lloyd Princeton Interior Design, Furnishings & FixturesOur industry appears to have turned a corner. After a disappointing second quarter in which many clients delayed or postponed projects due to safety and economic concerns stemming from the COVID-19 health crisis, more architecture and design (A&D) firms are starting to see a resurgence in client activity. It may take a while for the industry as a whole to recover, but there is every indication that in the months ahead it will emerge not only intact but even more vital than before.
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Remodelers hopeful resurgence in business will continue
Michael J. Berens Construction & Building MaterialsRenewed homeowner interest in undertaking home renovation projects has boosted remodelers' optimism that demand for their services will rebound in the third quarter. Activity began to improve in the latter part of the second quarter as some states started opening up businesses and relaxing stay-at-home orders. But with some cities and states reinstating closures and lockdowns due to renewed outbreaks of COVID-19, the outlook at present is more uncertain.
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Home design priorities changing as owners age in place
Michael J. Berens Interior Design, Furnishings & FixturesWith the largest percentage of homeownership and length of stay, as well as home asset value, the 55-plus market continues to drive demand for home design, remodeling and renovation services. Older homeowners are more likely to hire a professional when undertaking design and renovation projects, and they tend to spend more on average per project. With many choosing to remain in their current home, they are shifting their attention from redesign to renovations that will support their future needs.
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How 3D architectural rendering services can boost your design business
Anvi Dave Interior Design, Furnishings & FixturesWhile architects and designers have always had a number of tools to help them do their job, 3D architectural renderings have truly changed the game. By providing clients with photorealistic 3D images of interior and exterior spaces, you can improve your business' performance and profitability. Whether you want to find new clients, optimize your budget, or enhance communication, CGI and CAD can help you do it all. Read on to learn more about how architectural rendering services can boost your design business.
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New advocacy group launches to help America’s small businesses
Seth Sandronsky Business Management, Services & Risk ManagementPolicymakers, beware. Small Business for America’s Future (SBAF) is a new advocacy group, evolved from Businesses for Responsible Tax Reform. Why? Look no further than the performance of Congress and the White House as the COVID-19 pandemic hammered mom-and-pop shops with a crash in consumer demand across the U.S. SBAF surveyed 1,200 small business owners whose responses show the damage as Capitol Hill dithered. For instance, 53% of small business owners have increased debt during the pandemic.
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Homebuyers head to the ‘burbs
Michael J. Berens Construction & Building MaterialsNew home sales soared in May, pushing year-over-year sales figures back into the black. Low interest rates, a shortage of existing homes for sale, and early steps to revive economic activity helped to fuel the demand for new homes. So did what appears to be a growing pandemic-driven trend, a migration from cities to the suburbs. After two months of declining sales, purchases of new homes vaulted 16.6% in May compared to the previous month, according to U.S. Census Bureau estimates. Demand drove prices back up as well.
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Change happens, so explore your possibilities
Lloyd Princeton Business Management, Services & Risk ManagementChange and uncertainty often go hand-in-hand, and right now, most people are experiencing a little (or a lot) of both! When change occurs, especially so abruptly, it can be disorienting, even alarming. But change can also be liberating, freeing us from our habitual way of thinking about things and forcing us to reconsider the path we’ve taken and our options for the future. If your professional prospects seem less bright at the moment or especially if you need some guidance, now can be the perfect time to explore "what if?"
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