Real Estate & Construction News (8/6/24) – Construction Tech Deals Surge; Senators Reintroduce a Housing Bill and Nonresidential spending Drops
In our latest roundup, cybersecurity attacks target contractors, U.S. banks report weaker profits, additional commercial real estate is distressed, and more!
- Spending dropped in almost half of nonresidential subcategories in June, with the decrease stemming from higher interest rates, tighter credit conditions and a softening economy. (Sebastian Obando Construction Dive)
- Despite a decline in investment dollars in construction technology, the number deals increased by 18% over the past year, indicating sustained activity and interest in the sector. General contractors are not immune to the increasing number of cyber attacks against U.S. businesses. Jen A. Miller, Construction Dive
- Some U.S. banks are likely to report lower profits for the second half of the year as they earn less in interest payments and have more money set aside to cover deteriorating loan. Saeed Azhar and Niket Nishant, Yahoo)
- More that $94 billion in commercial real estate in the United States is currently distressed. Another $271 billion could fall into this category. Neil Callanan, Yahoo
- Real Estate organizations must adopt a more holistic approach to achieve sustainability goals. Climate-action policies and the market drive innovation. (Lauren Pesa and Tim Coy, Deloitte)
- Senator Raphael Warnock, along with Senator Elizabeth Warren, plan to reintroduce the American Housing and Economic Mobility Act of 2024, which would spend over $500 billion over 10 years to build nearly 3 million new housing units in the United States. (Benjamin Payne, Georgia Public Broadcasting)
