Real Estate & Construction News Roundup (05/10/23) – Wobbling Real Estate, Booming (and Busting) Construction, and Eye-Watering Insurance Premiums
In our latest roundup, the commercial real estate sector continues to wobble, construction booms and busts, flood insurance premiums reach eye-watering levels, and more.
- In its latest Financial Stability report, the Federal Reserve acknowledges that the shaky commercial real estate sector could potentially harm the U.S. financial system. (Courtenay Brown, Axios)
- New data from the California Department of Finance shows that even though the state’s population significantly decreased during the COVID-19 pandemic, home building soared, reaching levels not seen since 2008. (Terry Castleman, Los Angeles Times)
- Already weakened by rising interest rates, inflation and debt, Sweden’s real estate sector took another hit as SBB’s shares continued to slump. (Reuters)
- The UK’s effort to become a “modern space nation” takes another step forward as new construction on the Sutherland Spaceport in Scotland kicks off. (BBC)
- A federal court has determined that the EPA must abide by a 2011 decision that required the agency to regulate perchlorate found in drinking water. (Rachel Frazin and Zack Budryk, The Hill)
- Floating solar, which has long been popular in Asia, is gaining traction in the United States. (Isabella O’Malley, Associated Press)
- According to data produced by FEMA’s controversial new risk rating system that calculates flood insurance by zip code, some Florida residents living in low-elevation coastal areas could see their premiums rise by an average of 342 percent. (William Rabb, Insurance Journal)
- Andy Weiner and Josh Becker discuss the current real estate ownership and investment climate and how investors should prepare for rising inflations rates via rescue capital. (AFIRE’s Summit Journal)
- Florida Senate Bill 1718, which targets businesses that employ undocumented workers, is already impacting the state’s construction industry as fears of deportation prevent some workers from showing up at jobs. (Gabby Arzola, CBS)
- With ambitions to become the solution for Europe’s dependency on Russian gas, Moroccan energy companies are debating whether to prioritize their home market or export clean electricity to Europe. (Jonathan Josephs, BBC)
- The EPA’s Clean Ports Program has announced that it plans to invest $4 billion in two new programs that will reduce vehicle emissions and pollution in U.S. ports. (Glenn Taylor, Yahoo!)
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