Real Estate & Construction News Roundup (10/11/23) – Millennials Struggle Finding Homes, Additional CHIPS Act Funding Available, and the Supreme Court Takes up Hotel Lawsuit Case
In our latest roundup, EV charging stations become more prevalent at commercial locations, home ownership becomes more difficult for younger Americans, Macy’s announces plans to build additional stores within strip malls, and more!
- Due to several factors including overpriced housing and student debt, millennials will not have the same level of home ownership as previous generations. (Jordan Rosenfeld, Yahoo)
- With the U.S. being short about 3.8 million housing units according Freddie Mac, 3-D printing may prove to be the answer while also being cost effective and environmentally friendly. (Lesley Stahl, Aliza Chasan, Shari Finkelstein and Collette Richards, CBS)
- The Department Commerce of announced a new initiative to funnel $500 million in CHIPS Act funding to projects with capital investments below $300 million that support the construction, expansion or modernization of semiconductor-related facilities in the U.S. (Sebastian Obando, Construction Dive)
- According to industry experts, it would take a 35% correction in price, a 4% decline in rates, or a 55% growth in income to normalize the housing market as of today. (Phil Rosen, Business Insider)
- Macy’s said it will open up to 30 smaller stores in strip malls over the next two years as malls see much less traffic than in years past. (Melissa Repko, CNBC)
- Sports Illustrated is launching a new line of college town resorts by announcing that the first will be built in Tuscaloosa, Ala. (Christopher Walsh, Sports Illustrated)
- The Supreme Court has begun hearing a case regarding the ability to sue hotels when their websites aren’t clear enough about their accommodations for people with disabilities. (Mark Sherman, AP via ABC)
- Owners of shopping centers, office buildings, hotels and other commercial properties are installing EV charging stations at a higher rate due to increased demand. (Megan Cerullo, CBS)
