REBusinessOnline

Fading Tailwinds Will Limit U.S. Economic Growth in 2019, Says MBA’s Chief Economist

SAN DIEGO — Despite a strong U.S. job market, GDP growth will slow now that the tailwind from the Tax Cuts and Jobs Act has largely dissipated, predicts Michael Fratantoni, chief economist with the Mortgage Bankers Association (MBA). More specifically, Fratantoni is forecasting the nation’s economy to grow 2 percent in 2019, down from 3.1 percent in 2018. Passage of the sweeping tax bill in late 2017 and signed into law by President Donald Trump “led to some front-loading of …

Houston Area to Add 2.5 MSF of New Shopping Center Space in 2019, Says Wulfe & Co.

HOUSTON — Wulfe & Co., a Houston-based full-service firm specializing in retail properties, has released its annual retail survey stating that approximately 2.5 million square feet of new shopping center space will open in the Houston area in 2019. The survey noted that average annual deliveries over the last decade were roughly 2.7 million square feet, and that overall retail occupancy should remain around 95 percent this year. The report also notes that according to the Greater Houston …

U.S. Army Corps of Engineers Selects Contractor for $92M Dredging Project at Port Corpus Christi

CORPUS CHRISTI, TEXAS — The U.S. Army Corps of Engineers (USACE) has awarded a $92 million construction contract to Great Lakes Dredge & Dock Co. LLC at Port Corpus Christi. The Illinois-based contractor will deepen and widen the Corpus Christi Ship Channel from the Gulf of Mexico to Harbor Island as part of the port’s Channel Improvement Project. The dredging will increase the depth from 47 feet to 54 feet from the jetties at the entrance of the ship channel to Harbor Island and will …

Marcus & Millichap Arranges Sale of 64,033 Tract in San Antonio for Self-Storage Development

SAN ANTONIO — Marcus & Millichap has arranged the sale of a 64,033-square-foot land tract at 4616 San Pedro Ave. in San Antonio. According to CoStar Group, the new ownership intends to demolish the existing structures by the end of the year and build a self-storage facility. Jon Danklefs of Marcus & Millichap represented the seller in the land

Beware of Double Taxation on Personal Property

Many states tax business personal property, a classification that includes furniture, fixtures, equipment, machinery and, in some states, inventory. Whatever the jurisdiction, the values of business personal property and real estate can easily be conflated in ad valorem taxation, unfairly burdening the taxpayer with an additional appraisal and/or taxation. If you live and work in a state that doesn’t tax business personal property, it may be included with the taxes on your real estate …

U.S. Wage Growth Points to Likely Interest Rate Increase in December, Say Real Estate Economists

The Bureau of Labor Statistics (BLS) released its monthly jobs report on Friday, Nov. 2, revealing that the U.S. added 250,000 jobs in October, above forecasts of 188,000 by The Wall Street Journal. The unemployment rate also stayed at 3.7 percent, its lowest rate since 1969. In addition to the strong employment findings, the BLS reports that wages are up 3.14 percent over the past 12 months, the first time since April 2009 that the metric rose more than 3 percent from a year earlier. The …

Houston’s 2018 Nonresidential Construction Starts Down 5 Percent Year-Over-Year

HOUSTON — The volume of nonresidential construction starts in the Houston-Baytown-Sugar Land metropolitan area has declined by 5 percent year-over-year, according to a recent report from Dodge Data & Analytics. The report also noted that residential construction starts in the metro have increased by 30 percent year-over-year. For the month of September, the value of Houston’s new nonresidential construction starts was approximately $479 million, down from $569 million in September 2017, …

Texas Unemployment Rate Falls to 3.8 Percent, Lowest in Four Decades

AUSTIN, TEXAS — The unemployment rate in Texas has fallen to 3.8 percent, its lowest mark in four decades, according to a report from the Texas Workforce Commission (TWC). The latest data shows a decline of 10 basis points in the unemployment rate from August to September, as well as 15,600 nonfarm jobs added in September. The Texas economy has now experienced 27 consecutive months of job growth and 3.3 percent employment growth year-to date . In Texas’ service providing sector, financial …

Southeast Dominates ULI, PwC’s Markets to Watch in 2019

BOSTON — In their annual Emerging Trends in Real Estate report, Urban Land Institute (ULI) and Pricewaterhouse Coopers (PwC) have emphasized their bullishness on the Southeast. Following the top two metros in the report’s "Markets to Watch in 2019" list (Dallas-Fort Worth and Brooklyn) are three Southeastern markets: Raleigh-Durham, Orlando and Nashville, none of which qualify as traditional gateway cities. “Survey respondents favored markets with potential for more growth over the …

ULI, PwC Rank Dallas-Fort Worth as Nation’s Top Real Estate Market

BOSTON — Urban Land Institute (ULI) and PricewaterhouseCoopers (PwC) have released the annual Emerging Trends in Real Estate report, citing the Dallas-Fort Worth (DFW) metroplex as the top market in the country for overall real estate growth and prospects in 2019. According to the report, DFW has the strongest localized economy in the country, ranks 11th in terms of investor demand, 10th with regard to development and redevelopment opportunities and 12th in availability of debt and equity …

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