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Housing recovery slips away, again
Michael J. Berens Construction & Building MaterialsGiven the ups and downs of recent years, any prognosis about the state of the U.S. housing market is risky. Still, emerging data from the month of February suggests that the industry may have experienced the beginning of an upward trend going into spring, traditionally the busiest homebuying season of the year. Now, however, the oft-predicted recovery yet again will have to wait a while longer — perhaps much longer — as the country wrestles with the challenges created by the COVID-19 pandemic.
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Supporting student success through industry outreach
Sheilamary Koch Education"I learned early in my career that I alone did not bring enough to the table to ensure the success of my students," explains Mark Smith, an industrial arts teacher at Reed-Custer High School in Illinois. "I needed to develop relationships with people outside the education system that are passionate about educating the next generation of skilled employees." In addition to the six classes he teaches, Smith actively markets the work his students do — successfully bridging the gap between the classroom and industry. Over 20 years of consistent outreach has certainly paid off.
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Interior design is facing a talent shortage, and it’s going to get…
Lloyd Princeton Interior Design, Furnishings & FixturesAs anyone trying to hire in today’s job market knows, it’s getting harder and harder to find qualified candidates. From what we’re seeing in my firm, there currently is a talent shortage throughout the industry, in all positions. More troubling, it appears fewer younger people are entering the profession. That could create big problems for firms in the coming years. A number of factors are contributing to the current shortage.
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Downsizing comes to senior living
Michael J. Berens Interior Design, Furnishings & FixturesMore is more has been the trend in senior living for many years — more variety, more choice, more activities, more open spaces, more gathering places. That trend is poised to reverse itself in the coming decade, believe some industry experts. Developments in technology and construction will make smaller spaces more attractive to aging baby boomers looking for a place to spend their later years.
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Serving the preliminary notice: 3 pitfalls contractors must avoid
Patrick Hogan Construction & Building MaterialsThe biggest challenge that the construction industry is experiencing right now is getting paid on time and in full. The persistence of payment issues has led many contractors, subcontractors, and other industry professionals to consider them the norm rather than the exception. The root cause of this problem can be traced back to the nature of construction projects. Even just a single construction project can have multiple contracts signed by different parties.
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New remodeling forecasts revised upward
Michael J. Berens Construction & Building MaterialsDemand for remodeling services maintained momentum in the fourth quarter of 2019, with remodelers reporting average revenue gains a few notches above industry projections. That momentum is expected to carry over into the first half of this year, fueled by the recent uptick in activity in the housing market. Although industry experts still foresee mainly moderate growth for 2020, they have revised their long-range forecasts slightly higher than those of the previous quarter.
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US employers add 273,000 jobs; unemployment drops to 3.5%
Seth Sandronsky Business Management, Services & Risk ManagementIn February, total U.S. nonfarm payroll jobs increased by 273,000 after January's growth of 225,000, while the unemployment rate dipped to 3.5% from 3.6% the previous month, according to the Bureau of Labor Statistics. The jobless rate has been 3.5% or 3.6% since September. In February, nearly all major groups of workers had scant change in the rate of employment versus January's figures. Meanwhile, wage growth remained rather tepid.
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What are the features homeowners want the most?
Terri Williams Interior Design, Furnishings & FixturesAmericans are a diverse group, and as a general rule, that's a good thing. But a level of uniformity, especially as it relates to homes and neighborhoods, can also be good. For example, despite the snickers and snide remarks surrounding "cookie-cutter homes," these types of properties sell very well. And millions of people choose to live in a community that has a homeowners' association to ensure that no one paints their house purple. A survey by Porch and Homes.com has identified the top features that people want when they're looking for a home — and how much they’re willing to bust the budget to pay for it.
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Opportunity zone developments spread despite being under investigation
Michelle R. Matisons Construction & Building MaterialsOpportunity zones provide tax breaks for real estate developers who invest in low-income communities. Yet, numerous examples of opportunity zone (OZ) investments ignore the supposed original spirit supporting low-income, affordable housing. Democrats and Republicans in both the House and Senate criticize existing code, but disagree whether or not this is another ruling class machination to increase wealth. Some kind of opportunity zone reform seems inevitable in coming months as the Treasury Department’s inspector general investigates the program.
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Designers upbeat as remodeling boom continues
Michael J. Berens Interior Design, Furnishings & FixturesWith market conditions trending in their favor, residential interior designers are looking forward to another profitable year. Reluctant to give up their current homes, homeowners planning to stay in place for the long haul are choosing to spend instead on improvements and updates. Although industry forecasts predict remodeling and renovation activity will slow during the second half of the year, at present surveys show a sizable majority of homeowners have plans to undertake home improvement projects in the coming months.
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