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Another 2.1M Americans File First-Time Unemployment Claims, Number of Continuing Claims Drops by 3.9M

WASHINGTON, D.C. — Another 2.1 million American filed first-time unemployment claims during the week ending May 23, the U.S. Department of Labor reported Thursday. Since the COVID-19 outbreak in March, 40.6 million Americans, or one in four in the workforce, have submitted claims. A continuing trend, though, is the steady decline in first-time weekly claims, which have decreased in number for eight consecutive weeks. The four-week moving average was 2.6 million claims, a decrease of 436,000 …

NRF: Pandemic Risk Insurance Act Would Provide ‘Greater Resilience’ in Future Outbreaks

WASHINGTON, D.C. — The National Retail Federation (NRF) has shown its support for the Pandemic Risk Insurance Act (PRIA), a proposed bill that would establish a federal program to help businesses obtain insurance coverage for future pandemics. PRIA is based on a model of the Terrorism Risk Insurance Act (TRIA), which was enacted following the attacks of Sept. 11, 2001, and grants companies the ability to get insurance money from a terrorist attack. “The development of a public-private …

Jobless Claims Continue to Rise as Another 2.4M Americans File for Assistance, Says Department of Labor

WASHINGTON, D.C. — COVID-19 has continued to impact the U.S. economy as an additional 2.4 million Americans filed first-time unemployment claims in the week ending May 16, the U.S. Department of Labor reports. Since mid-March, 38.5 million people have filed first-time claims. The number for this week was inline with what economists surveyed by Dow Jones expected when they forecast 2.4 million claims. The latest number is a decrease of 249,000 claims from the week ending May 11, which was …

AHLA Releases ‘Roadmap’ for Hotel Industry Recovery, Calls on Congress to Provide Relief for Hotel Workers

WASHINGTON, D.C. — The American Hotel & Lodging Association (AHLA) has released what it called a “Roadmap to Recovery” for the hotel sector in the United States. In the document, AHLA notes that the April jobs report issued by the U.S. Bureau of Labor Statistics (BLS) says the hotel industry was hit the hardest of any sector tracked, losing 7.7 million jobs. The AHLA wrote a letter on behalf of its members to the U.S. Congress urging it to prioritize hotel workers and small businesses …

Vogel Realty to Install New HVAC Systems in Historic D.C. Mixed-Use Building in Response to COVID-19 Concerns

WASHINGTON, D.C. — Vogel Realty has voluntarily implemented plans to install new heating and air conditioning systems designed to minimize airborne viruses and bacteria at Chelsea Gardens in Washington, D.C. The 105-year-old mixed-use building has been closed since D.C. Mayor Muriel Bowser announced stay-at-home orders for the District. Vogel Realty also plans to install handwashing stations and anti-microbial surfaces in the building before it can reopen on Saturday, May 30. The new HVAC …

Despite 16.4 Percent Drop in April Retail Sales Amid Pandemic, NRF Says Industry Remains ‘Resilient’

WASHINGTON, D.C. — Retail sales plummeted 16.4 percent in April, according to the U.S. Census Bureau. However, the sharp drop “was not a surprise” to the National Retail Federation (NRF) due to the government-mandated shutdown of huge swaths of the American economy starting in mid-March. “The vast majority of retail stores have been closed, we are in the midst of historic unemployment and when it comes to personal finances, discretionary spending takes a back seat to essentials,” …

NMHC Rent Payment Tracker Finds 87.7 Percent of Apartment Households Paid May Rent

WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) released data this morning showing that 87.7 percent of apartment households paid their May rent as of Wednesday. Though the rate is 2.1 percent lower year-over-year, it is a 2.7 percent increase from April. Last week, the NMHC Rent Payment Tracker found 80.2 percent of apartment households paid their May rent as of May 6. “Once again, despite the economic and health challenges facing so many, we have found that apartment …

Additional 2.9M Americans File for First-Time Unemployment Amid COVID-19 Outbreak

WASHINGTON, D.C. — An additional 2.9 million Americans filed for first-time unemployment for the week that ended May 9, the U.S. Department of Labor reported. Since mid-March, 35.9 million Americans have filed jobless claims due to the COVID-19 outbreak. Economists surveyed by Dow Jones expected a slightly smaller total of 2.7 million claims. Even though the volume of claims are rising overall, the weekly amount has lessened for six consecutive weeks, the Department of Labor found. The …

CoStar Group Agrees to Purchase Ten-X for $190M

WASHINGTON, D.C. — CoStar Group Inc. (NASDAQ: CSGP) has agreed to purchase Ten-X for $190 million. The all-cash deal is expected to close in the third quarter of this year. Irvine, Calif.-based Ten-X was launched in 2009 with the goal of providing a digital platform to complete commercial real estate transactions during the Great Recession. Since its founding, nearly $24 billion worth of commercial real estate transactions have been completed on the site. Companies such as Fannie Mae, Bank …

Peterson Cos. Unveils Plans for Reopening Shopping Centers Around Washington, D.C.

WASHINGTON, D.C. — In the midst of the COVID-19 pandemic, Peterson Cos. has unveiled its plans for welcoming back tenants and customers, once permitted to do so. Peterson owns and operates open-air, mixed-use and power center properties. The company will implement the plan across several of its properties, including at National Harbor, Downtown Silver Spring, Rio in Gaithersburg, Fairfax Corner and Fair Lakes. Virginia Gov. Ralph Northam says he wants to slowly begin reopening retail …

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