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The U.S. economy shed 33,000 nonfarm payroll jobs in September, the first monthly decline in seven years, according to the Bureau of Labor Statistics (BLS). Two hurricanes that caused billions of dollars in property damage were the culprits, say real estate economists. Hurricane Harvey slammed into the Texas coast on Aug. 25 with extremely heavy rain and 130 mph winds. Hurricane Irma, a massive tropical cyclone that engulfed the entire Sunshine State, blew onshore in Florida on Sept. 10. It was the first time two Category 4 storms made landfall in the United States in the same year. Two employment sectors — most notably leisure and hospitality and food and drinking services — endured steep job losses in September, contracting by 111,000 and 105,000 jobs, respectively, for the month. To gain a better insight into the short- and long-term impact of the hurricanes on the U.S. economy and the employment market in particular, REBusinessOnline reached out to three economists: JLL’s chief economist Ryan Severino, Cushman & Wakefield’s principal economist Ken McCarthy and HomeUnion’s director of research Steve Hovland. Their edited responses to a series of questions sent via e-mail appear below. REBusinessOnline: The BLS offered a somewhat complicated explanation on its …

Without a shot fired, the Mobility Revolution has begun. Big Data, smart transportation and new mobility technology are affecting property owners and communities in myriad ways. Projecting the effects of these changes on future property values is difficult, but a look at recent innovations suggests where we are headed. Many property investors associate the Mobility Revolution strictly with driverless, interconnected autonomous cars. This view misses the larger, unfolding disruption story. Indeed, the shift is transforming the transportation of goods and people. Paraphrasing former U.S. Transportation Secretary Anthony Foxx, “smart transportation” is not about concrete and steel alone; it’s about how people want to live. Mobility is more than a transportation issue. It involves the digital marketplace that now competes with retail real estate, with growing implications for retail property values. Offices offering shorter and alternative commuting options to workers are more valuable than those that don’t. Mobility also involves ride-sharing services and the personal choices we make to get from one place to another. Deloitte researchers wrote in 2015 that change is coming to transportation whether we’re ready for it or not. “You can see it in public-sector investment, intelligent streets and digital railways, automakers’ focus on next-generation vehicles and …

Although autonomous vehicles are not yet a common sight on today’s roadways, land-use planners, developers and other real estate professionals are already preparing for its potentially vast impact on the real estate environment, according to BBG, a Dallas-based commercial real estate valuation, advisory and assessment firm. Recent announcements have put autonomous vehicles on the radar. On Monday, Sept. 18, Intel announced it is working with Waymo, the Alphabet-owned self-driving car company, to help its vehicles reach levels four and five autonomy, or high automation and full automation, respectively. And the technology is progressing rapidly. “Given the pace at which autonomous driving is coming to life, I fully expect my children’s children will never have to drive a car,” wrote Intel Corp. CEO Brian Krzanich in a blog post announcing the news. “That’s an astounding thought. Something almost 90 percent of Americans do every day will end within a generation.” His insights come in the wake of other major events, including General Motors’ announcement that it can begin manufacturing autonomous vehicles for mass production pending regulatory approvals. Following the likes of companies like Tesla and Google, the company is working to turn self-driving vehicles from something out of a movie into …