This document summarizes the state of the housing market and economy in Illinois. It finds that while housing sales increased in 2012, prices remained low due to a large inventory of foreclosed homes. Job growth is improving but remains below pre-recession levels. Continued recovery of the housing market and broader economy are dependent on addressing issues like high foreclosure rates, fiscal problems at the state level, and lack of leadership. The regional economy also remains tied to national and Midwest trends. Price and sales forecasts for 2013 anticipate only modest growth.
Housing and the Economy: Impacts and Forecasts - presented by Dr. Geoffrey J.D. Hewings, Director - Regional Economics Applications Laboratory (REAL), University of Illinois Institute of Government and Public Affairs
Commercial real estate outlook remains positive but slow growth is expected in 2014 and 2015. Job growth around 1.6% is projected to drive modest increases in GDP of around 2.3% in 2014. Residential real estate sales are expected to be flat with modest home price increases. Commercial real estate transaction volume and prices are recovering from the recession with office, apartment and retail properties leading the recovery. Overall moderate economic expansion and job growth should support continued strengthening in commercial real estate markets.
Sustain Blaine October 2008 Progress ReportNils Ribi
The document provides a progress report from TIP Strategies on an economic development strategy for Blaine County. TIP analyzed demographic, economic, and workforce data which showed trends like an aging population and more jobs than employed residents. Interviews identified weaknesses like a lack of higher education and threats like national economic impacts. Opportunities discussed were developing a countywide economic program, talent retention, and long-term redevelopment of the airport site to diversify beyond tourism. The report establishes a framework focusing on talent, innovation, and place-based assets to stimulate economic vitality.
Illinois Illustrated - A Visual Guide to Taxes & the EconomyKellie71
This chart book aims to help readers understand Illinois’ overall economy and tax system from a broad perspective. It also provides detailed illustrations of each of Illinois’ major tax types—individual income taxes, business taxes, sales and excise taxes, and property taxes—to help make the complicated task of understanding the state’s tax code a bit easier.
Illinois illustrated: A Visual Guide To Taxes And The EconomyTax Foundation
Taxes are complicated. Each state’s tax code is a multifaceted system with many moving parts, and Illinois is no exception. This chart book aims to help readers understand Illinois’ overall economy and tax system from a broad perspective. But it also provides detailed illustrations of each of Illinois’ major tax types—individual income taxes, business taxes, sales and excise taxes, and property taxes—to help make the complicated task of understanding the state’s tax code a bit easier.
The document discusses aggregate demand and factors that influence consumption. It introduces the consumption function, which shows the relationship between consumption and disposable income. The marginal propensity to consume is the change in consumption from a $1 change in disposable income. Several factors can shift the consumption function, such as wealth, price levels, and expectations about future income. Tax rebates in 1975 and 2001 failed to significantly boost consumption as intended because consumers viewed the increases in income as temporary rather than permanent.
This presentation on privatization and TIFs was given to Theresa Amato's public interest law class at the Loyola Law School. The audio is 47 minutes long. If you'd like a copy, please email tom@civiclab.us.
Tom Tresser presented at a forum of privatization and the Chicago Infrastructure Trust at SEIU's Chicago HQ on Saturday, June 23, 2012. Visit http://www.civiclab.us. Contact Tom = tom@civiclab.us
Housing and the Economy: Impacts and Forecasts - presented by Dr. Geoffrey J.D. Hewings, Director - Regional Economics Applications Laboratory (REAL), University of Illinois Institute of Government and Public Affairs
Commercial real estate outlook remains positive but slow growth is expected in 2014 and 2015. Job growth around 1.6% is projected to drive modest increases in GDP of around 2.3% in 2014. Residential real estate sales are expected to be flat with modest home price increases. Commercial real estate transaction volume and prices are recovering from the recession with office, apartment and retail properties leading the recovery. Overall moderate economic expansion and job growth should support continued strengthening in commercial real estate markets.
Sustain Blaine October 2008 Progress ReportNils Ribi
The document provides a progress report from TIP Strategies on an economic development strategy for Blaine County. TIP analyzed demographic, economic, and workforce data which showed trends like an aging population and more jobs than employed residents. Interviews identified weaknesses like a lack of higher education and threats like national economic impacts. Opportunities discussed were developing a countywide economic program, talent retention, and long-term redevelopment of the airport site to diversify beyond tourism. The report establishes a framework focusing on talent, innovation, and place-based assets to stimulate economic vitality.
Illinois Illustrated - A Visual Guide to Taxes & the EconomyKellie71
This chart book aims to help readers understand Illinois’ overall economy and tax system from a broad perspective. It also provides detailed illustrations of each of Illinois’ major tax types—individual income taxes, business taxes, sales and excise taxes, and property taxes—to help make the complicated task of understanding the state’s tax code a bit easier.
Illinois illustrated: A Visual Guide To Taxes And The EconomyTax Foundation
Taxes are complicated. Each state’s tax code is a multifaceted system with many moving parts, and Illinois is no exception. This chart book aims to help readers understand Illinois’ overall economy and tax system from a broad perspective. But it also provides detailed illustrations of each of Illinois’ major tax types—individual income taxes, business taxes, sales and excise taxes, and property taxes—to help make the complicated task of understanding the state’s tax code a bit easier.
The document discusses aggregate demand and factors that influence consumption. It introduces the consumption function, which shows the relationship between consumption and disposable income. The marginal propensity to consume is the change in consumption from a $1 change in disposable income. Several factors can shift the consumption function, such as wealth, price levels, and expectations about future income. Tax rebates in 1975 and 2001 failed to significantly boost consumption as intended because consumers viewed the increases in income as temporary rather than permanent.
This presentation on privatization and TIFs was given to Theresa Amato's public interest law class at the Loyola Law School. The audio is 47 minutes long. If you'd like a copy, please email tom@civiclab.us.
Tom Tresser presented at a forum of privatization and the Chicago Infrastructure Trust at SEIU's Chicago HQ on Saturday, June 23, 2012. Visit http://www.civiclab.us. Contact Tom = tom@civiclab.us
The document discusses business trends in northwest Illinois. It summarizes that the region has experienced population aging and a shift away from agriculture and manufacturing to services. While the last recession ended in 2009, employment has not returned to pre-2008 levels and continues to decline. The region has lower GDP per capita than Illinois as a whole due to its rural nature. Manufacturing contributes more to GDP than other sectors but employs fewer people. Opportunities for future growth include proximity to urban areas, workforce training to replace retiring workers, and leveraging growth in surrounding regions.
This Power Point, prepared for the Aspen Institute Roundtable and Funders' Exchange on Community Change, Poverty Reduction and Prosperity Promotion, presents a new framework for thinking about neighborhood change, as well as a new set of findings from the Dynamic Neighborhood Taxonomy project.
Prepared for the Chicago Federal Executive Board, this presentation assesses the nation's progress over the last 50 years and suggests a new framework for winning the "War on Poverty." Finding that welfare programs have significantly reduced absolute poverty but are inadequate to combat rapidly growing relative poverty, the presentation proposes a new market-based approach that leverages, rather than supplants, next economy markets to bring under-invested people and places back into the economic mainstream. The presentation concludes with principles for designing the federal government's role in this new effort.
Sustainable Coastal Development: Finding Certainty in Uncertain TimesOregon Sea Grant
The document discusses key trends and challenges facing cities including globalization, climate change, technological innovation, aging infrastructure, and changing demographics. It analyzes population and employment changes in various cities between 1970-2020 and investment in areas like venture capital and university research. Quality of life factors like parks, culture and education are also examined. Lessons for cities include the need for leadership, a clear vision and goals, institutional capacity, transparency, appropriate financing, land control, design excellence, and public trust in development partnerships.
This document discusses key findings from CEOs for Cities about the drivers of the new economy and implications for urban policy. It makes several points:
1) National policy is essentially urban policy as cities are disproportionate drivers of economic output and new economic activity.
2) The economy is now global and regional in nature, so urban policy must consider these larger geographic scales.
3) An efficient regional economy uses all of its assets, including developing a knowledgeable workforce and reducing inequality.
It also examines how factors like education, functional specialization, and immigration contribute to economic growth and the need for cities to build on their unique strengths.
"The Economy under President Obama" tells the story of the 2009-2016 period using a series of economic and budgetary charts. Definitive non-partisan sources such as the Federal Reserve Economic Database (FRED) and Congressional Budget Office (CBO) are used, along with major media sources.
The presentation covers the Great Recession and response, fiscal policies, trends in major economic variables, income inequality and the ACA/Obamacare. Key questions covered include: 1) What did President Obama and Congress do to help or hinder the recovery? 2) What were the important decisions President Obama had to make? 3) How much of the national debt addition was due to the President's policies? 4) What were the trends in the key economic and budget variables? 5) What economic and budgetary legacy did he pass along?
Transforming Legacy Cities for the Next Economygreaterohio
This document summarizes a report by the Greater Ohio Policy Center on legacy cities in Ohio. It discusses indicators used to measure the strength of 18 legacy cities, and finds that some cities like Philadelphia, Pittsburgh and Baltimore have shown signs of regeneration since 2000 while others like Detroit and Cleveland have continued losing population. It also examines strategies that have helped legacy cities leverage assets like focusing investment in viable neighborhoods and downtown areas. Critical challenges discussed include rising inequality, the need for stronger regional cooperation between cities.
The document discusses how the Consumer Price Index (CPI) is used to measure inflation and cost of living changes over time. The CPI tracks the prices of goods and services in a fixed market basket. It has limitations like substitution bias and fails to account for new products. While imperfect, the CPI provides a general measure of inflation, which economists use to adjust dollar figures and calculate real interest rates after removing inflation effects.
This document analyzes key economic indicators in the US for the first quarter of 2014. It discusses 10 important indicators: 1) GDP decreased 1% due to declines in corporate profits and income, likely due to harsh winter weather slowing business activity. 2) Housing market saw a small increase in existing home sales but declines in homeownership and increases in rental vacancies. 3) Unemployment has been decreasing but wages are also declining slightly. 4) Import and export prices rose slightly due to inflation. Raising the value of the dollar could boost trade and corporate profits. 5) Retail sales rose 4% showing consumer confidence. 6) Consumer credit is rising as interest rates remain low and confidence increases. 7) Keeping inflation low
Reform COVID19's Inequality to Avoid RevolutionsPaul H. Carr
COVID19 amplifies inequality, increasing tensions between poor Blacks, Whites, Police, and Immigrants. Economically disadvantaged Blacks joined by Whites are taking to the streets to demand reform. Economic inequality contributed to the French Revolution and to our Civil War, with the most casualties in our history.
We need reform to prevent revolutions. Karl Marx’s wrote his 1847 Communist Manifesto in response the newly rich industrialist’s exploitation of the poor workers in England. During this time, author Charles Dickens, as a boy, had to work ten-hour shifts pasting labels on bottles to support this family, because his father was confined in Debtor’s Prison.
In 1917,Trotsky led the Communist Revolution in Russia that ousted the Tsars’ monarchy. In 1924 Stalin emerged as the leader of the USSR. After WWII, the US fought the Korean and Vietnam Wars to stop the Communists from overrunning the world.
The rich, miserly Scrooge in Charles Dickens’ “Christmas Carol” underwent a conversion to a generous person who celebrated Christmas. In contrast to the Communist revolution, this can be a metaphor for the rule of law that enabled the US to overcome worker exploitation. The US passed child, labor, and anti-trust laws that constrained the power of the rich industrialists.
Since the 1980s, hourly worker pay has not increased in proportion to inflation and increased productivity. This disparity is increasing economic inequality. Most of the increased productivity pay has gone to those with education beyond a bachelor’s degree.
The minimum federal pay of $7.25 per hour has not been increased for over a decade. To keep up with inflation and productivity increases, the minimum wage should be gradually advanced to $ 20 per hour. Recently the minimum wage in Washington, DC increased to $14 per hour.
The property tax that funds public schools results in poor neighborhoods having poor schools and rich neighborhoods having good schools. State, federal, and corporate funds are needed to keep poor kids from being locked into poverty. Our high tech civilization needs an educated workforce. Let’s educate our poor rather than import educated immigrants. We must also reform our tax structure and corporate policies.
Houston Economy at a Glance November 2013Coy Davidson
This document provides an economic outlook and summary of key indicators for Houston, Texas in 2013. It discusses that most indicators suggest 2013 has been one of the best years on record for Houston, with home sales, auto sales, construction, and airport traffic nearing or reaching record levels. However, some indicators like the rig count and exports have slowed. The document announces an upcoming panel discussion and forecast from the Greater Houston Partnership that will provide further details and outlook on Houston's economy in 2014.
The Ravenswood City School District approved a budget for the 2011-2012 fiscal year that aims to close a potential $3.2 million budget gap. The budget calls for closing a yet-to-be identified school, furloughing teachers, and increasing class sizes. District staff struggled to create the budget due to low funding levels, volatile state legislation, and the need to cut spending.
1) Poverty in inner cities can be reduced by stimulating private sector investment and job creation within inner cities.
2) Research shows that inner city businesses that hire locally and invest in workforce development have lower turnover and higher productivity.
3) The organization's research aims to uncover barriers to capital investment in inner cities and identify policy solutions to reduce inner city poverty, such as maximizing local assets and infrastructure.
This document discusses reasons for slower economic growth in the US as the "new normal" compared to previous decades. It notes factors such as high household, business, and government debt levels; a more competitive global economy; demographic changes like retiring Baby Boomers; stagnant wage growth; cautious corporate behavior focused on financial engineering over hiring and investment; industry consolidation; the impact of technology in eliminating jobs; and income volatility among many workers. The document examines these trends in depth through data and examples to argue the US faces structural economic challenges compared to the post-WWII era.
Thirty years of growing income inequality, corporate tax cuts and personal tax breaks for the wealthy have undermined the livelihood of working people and set up a state budget crisis which does not need to
exist. We present alternative tax proposals and issue a warning of the ominous consequences of privatization, layoffs and state service cuts for all New Yorkers.
The cyber threat to our Army and Nation is pervasive and most often target, human behavior through social engineering. The best mitigation measure for this risk is to increase cyber awareness by educating our Soldiers, Family Members, Government Civilians, and Contractors. HQDA has directed Army Antiterrorism Quarterly Theme Cyber Threat Awareness (2Q/FY13). For more information on Cyber Security, visit http://www.staysafeonline.org/stay-safe-online/
Project Integration Management involves three main processes:
1) Developing the project charter to formally authorize the project.
2) Developing the project management plan to coordinate all project planning.
3) Directing and managing project execution by carrying out the project management plan.
5 September 2012 1ABCT Weekly News UpdateNoel Waterman
5 September 2012 1ABCT Weekly News Update: please pass along to Soldiers, Family and Friends of 1ABCT. You can always stay up to date with local events by going to 1st Infantry Division page at http://www.riley.army.mil/default.aspx or if you are having issues reading this you can click on this link to read the weekly news. http://www.riley.army.mil/UnitPage.aspx?unit=1bct. We are always up and posting new information on FaceBook!
October 2012 1ID and Fort Riley Monthly Newsletter Noel Waterman
Please find attached this month’s 1ID and Fort Riley monthly news update*. For your convenience it will be posted to the following link in the next few days: http://www.1id.army.mil/DocumentList.aspx?lib=1ID_FRG_Updates
24 Oct 2012 1ABCT Weekly News Update: please pass along to Soldiers, Family and Friends of 1ABCT. You can always stay up to date with local events by going to 1st Infantry Division page at http://www.riley.army.mil/default.aspx or if you are having issues reading this you can click on this link to read the weekly news. http://www.riley.army.mil/UnitPage.aspx?unit=1bct. We are always up and posting new information on FaceBook
The document discusses business trends in northwest Illinois. It summarizes that the region has experienced population aging and a shift away from agriculture and manufacturing to services. While the last recession ended in 2009, employment has not returned to pre-2008 levels and continues to decline. The region has lower GDP per capita than Illinois as a whole due to its rural nature. Manufacturing contributes more to GDP than other sectors but employs fewer people. Opportunities for future growth include proximity to urban areas, workforce training to replace retiring workers, and leveraging growth in surrounding regions.
This Power Point, prepared for the Aspen Institute Roundtable and Funders' Exchange on Community Change, Poverty Reduction and Prosperity Promotion, presents a new framework for thinking about neighborhood change, as well as a new set of findings from the Dynamic Neighborhood Taxonomy project.
Prepared for the Chicago Federal Executive Board, this presentation assesses the nation's progress over the last 50 years and suggests a new framework for winning the "War on Poverty." Finding that welfare programs have significantly reduced absolute poverty but are inadequate to combat rapidly growing relative poverty, the presentation proposes a new market-based approach that leverages, rather than supplants, next economy markets to bring under-invested people and places back into the economic mainstream. The presentation concludes with principles for designing the federal government's role in this new effort.
Sustainable Coastal Development: Finding Certainty in Uncertain TimesOregon Sea Grant
The document discusses key trends and challenges facing cities including globalization, climate change, technological innovation, aging infrastructure, and changing demographics. It analyzes population and employment changes in various cities between 1970-2020 and investment in areas like venture capital and university research. Quality of life factors like parks, culture and education are also examined. Lessons for cities include the need for leadership, a clear vision and goals, institutional capacity, transparency, appropriate financing, land control, design excellence, and public trust in development partnerships.
This document discusses key findings from CEOs for Cities about the drivers of the new economy and implications for urban policy. It makes several points:
1) National policy is essentially urban policy as cities are disproportionate drivers of economic output and new economic activity.
2) The economy is now global and regional in nature, so urban policy must consider these larger geographic scales.
3) An efficient regional economy uses all of its assets, including developing a knowledgeable workforce and reducing inequality.
It also examines how factors like education, functional specialization, and immigration contribute to economic growth and the need for cities to build on their unique strengths.
"The Economy under President Obama" tells the story of the 2009-2016 period using a series of economic and budgetary charts. Definitive non-partisan sources such as the Federal Reserve Economic Database (FRED) and Congressional Budget Office (CBO) are used, along with major media sources.
The presentation covers the Great Recession and response, fiscal policies, trends in major economic variables, income inequality and the ACA/Obamacare. Key questions covered include: 1) What did President Obama and Congress do to help or hinder the recovery? 2) What were the important decisions President Obama had to make? 3) How much of the national debt addition was due to the President's policies? 4) What were the trends in the key economic and budget variables? 5) What economic and budgetary legacy did he pass along?
Transforming Legacy Cities for the Next Economygreaterohio
This document summarizes a report by the Greater Ohio Policy Center on legacy cities in Ohio. It discusses indicators used to measure the strength of 18 legacy cities, and finds that some cities like Philadelphia, Pittsburgh and Baltimore have shown signs of regeneration since 2000 while others like Detroit and Cleveland have continued losing population. It also examines strategies that have helped legacy cities leverage assets like focusing investment in viable neighborhoods and downtown areas. Critical challenges discussed include rising inequality, the need for stronger regional cooperation between cities.
The document discusses how the Consumer Price Index (CPI) is used to measure inflation and cost of living changes over time. The CPI tracks the prices of goods and services in a fixed market basket. It has limitations like substitution bias and fails to account for new products. While imperfect, the CPI provides a general measure of inflation, which economists use to adjust dollar figures and calculate real interest rates after removing inflation effects.
This document analyzes key economic indicators in the US for the first quarter of 2014. It discusses 10 important indicators: 1) GDP decreased 1% due to declines in corporate profits and income, likely due to harsh winter weather slowing business activity. 2) Housing market saw a small increase in existing home sales but declines in homeownership and increases in rental vacancies. 3) Unemployment has been decreasing but wages are also declining slightly. 4) Import and export prices rose slightly due to inflation. Raising the value of the dollar could boost trade and corporate profits. 5) Retail sales rose 4% showing consumer confidence. 6) Consumer credit is rising as interest rates remain low and confidence increases. 7) Keeping inflation low
Reform COVID19's Inequality to Avoid RevolutionsPaul H. Carr
COVID19 amplifies inequality, increasing tensions between poor Blacks, Whites, Police, and Immigrants. Economically disadvantaged Blacks joined by Whites are taking to the streets to demand reform. Economic inequality contributed to the French Revolution and to our Civil War, with the most casualties in our history.
We need reform to prevent revolutions. Karl Marx’s wrote his 1847 Communist Manifesto in response the newly rich industrialist’s exploitation of the poor workers in England. During this time, author Charles Dickens, as a boy, had to work ten-hour shifts pasting labels on bottles to support this family, because his father was confined in Debtor’s Prison.
In 1917,Trotsky led the Communist Revolution in Russia that ousted the Tsars’ monarchy. In 1924 Stalin emerged as the leader of the USSR. After WWII, the US fought the Korean and Vietnam Wars to stop the Communists from overrunning the world.
The rich, miserly Scrooge in Charles Dickens’ “Christmas Carol” underwent a conversion to a generous person who celebrated Christmas. In contrast to the Communist revolution, this can be a metaphor for the rule of law that enabled the US to overcome worker exploitation. The US passed child, labor, and anti-trust laws that constrained the power of the rich industrialists.
Since the 1980s, hourly worker pay has not increased in proportion to inflation and increased productivity. This disparity is increasing economic inequality. Most of the increased productivity pay has gone to those with education beyond a bachelor’s degree.
The minimum federal pay of $7.25 per hour has not been increased for over a decade. To keep up with inflation and productivity increases, the minimum wage should be gradually advanced to $ 20 per hour. Recently the minimum wage in Washington, DC increased to $14 per hour.
The property tax that funds public schools results in poor neighborhoods having poor schools and rich neighborhoods having good schools. State, federal, and corporate funds are needed to keep poor kids from being locked into poverty. Our high tech civilization needs an educated workforce. Let’s educate our poor rather than import educated immigrants. We must also reform our tax structure and corporate policies.
Houston Economy at a Glance November 2013Coy Davidson
This document provides an economic outlook and summary of key indicators for Houston, Texas in 2013. It discusses that most indicators suggest 2013 has been one of the best years on record for Houston, with home sales, auto sales, construction, and airport traffic nearing or reaching record levels. However, some indicators like the rig count and exports have slowed. The document announces an upcoming panel discussion and forecast from the Greater Houston Partnership that will provide further details and outlook on Houston's economy in 2014.
The Ravenswood City School District approved a budget for the 2011-2012 fiscal year that aims to close a potential $3.2 million budget gap. The budget calls for closing a yet-to-be identified school, furloughing teachers, and increasing class sizes. District staff struggled to create the budget due to low funding levels, volatile state legislation, and the need to cut spending.
1) Poverty in inner cities can be reduced by stimulating private sector investment and job creation within inner cities.
2) Research shows that inner city businesses that hire locally and invest in workforce development have lower turnover and higher productivity.
3) The organization's research aims to uncover barriers to capital investment in inner cities and identify policy solutions to reduce inner city poverty, such as maximizing local assets and infrastructure.
This document discusses reasons for slower economic growth in the US as the "new normal" compared to previous decades. It notes factors such as high household, business, and government debt levels; a more competitive global economy; demographic changes like retiring Baby Boomers; stagnant wage growth; cautious corporate behavior focused on financial engineering over hiring and investment; industry consolidation; the impact of technology in eliminating jobs; and income volatility among many workers. The document examines these trends in depth through data and examples to argue the US faces structural economic challenges compared to the post-WWII era.
Thirty years of growing income inequality, corporate tax cuts and personal tax breaks for the wealthy have undermined the livelihood of working people and set up a state budget crisis which does not need to
exist. We present alternative tax proposals and issue a warning of the ominous consequences of privatization, layoffs and state service cuts for all New Yorkers.
The cyber threat to our Army and Nation is pervasive and most often target, human behavior through social engineering. The best mitigation measure for this risk is to increase cyber awareness by educating our Soldiers, Family Members, Government Civilians, and Contractors. HQDA has directed Army Antiterrorism Quarterly Theme Cyber Threat Awareness (2Q/FY13). For more information on Cyber Security, visit http://www.staysafeonline.org/stay-safe-online/
Project Integration Management involves three main processes:
1) Developing the project charter to formally authorize the project.
2) Developing the project management plan to coordinate all project planning.
3) Directing and managing project execution by carrying out the project management plan.
5 September 2012 1ABCT Weekly News UpdateNoel Waterman
5 September 2012 1ABCT Weekly News Update: please pass along to Soldiers, Family and Friends of 1ABCT. You can always stay up to date with local events by going to 1st Infantry Division page at http://www.riley.army.mil/default.aspx or if you are having issues reading this you can click on this link to read the weekly news. http://www.riley.army.mil/UnitPage.aspx?unit=1bct. We are always up and posting new information on FaceBook!
October 2012 1ID and Fort Riley Monthly Newsletter Noel Waterman
Please find attached this month’s 1ID and Fort Riley monthly news update*. For your convenience it will be posted to the following link in the next few days: http://www.1id.army.mil/DocumentList.aspx?lib=1ID_FRG_Updates
24 Oct 2012 1ABCT Weekly News Update: please pass along to Soldiers, Family and Friends of 1ABCT. You can always stay up to date with local events by going to 1st Infantry Division page at http://www.riley.army.mil/default.aspx or if you are having issues reading this you can click on this link to read the weekly news. http://www.riley.army.mil/UnitPage.aspx?unit=1bct. We are always up and posting new information on FaceBook
Nimal C Namboodiripad presents information on writing and publishing fiction. Some key points on writing include researching topics and converting obscure languages to English. Famous authors had different writing styles, such as Alexander Dumas plotting with partners or Frederick Faust writing as an insomniac. Publishing options include working with literary agents who represent writers to publishers. Publishers range from large classical publishers to smaller independent presses or self-publishing platforms. The process of publishing involves submitting a synopsis and chapters, waiting for acceptance, and following up on distribution, marketing and payments after publication.
The document discusses the rise of social media and its impact on marketing and commerce. It notes that 90% of consumers trust recommendations from people they know and over 50% of people on Twitter recommend brands. It also states that up to 15% of consumer spending could go through Facebook in the next few years. The document outlines how social advertising, image sharing and mobile engagement can be used to monetize social networks and more effectively target consumers.
This document provides an overview of a research project analyzing representations of religion and spirituality in mainstream factual British television programming between 2000-2009. The research examines over 200 programs across several channels to understand the nature of coverage, how it relates to notions of secularization, and how it portrays minority groups. Methods include textual analysis of language, imagery, and themes; industry research through interviews; and audience research by analyzing online discussions and conducting focus groups. Key findings include an emphasis on personal spirituality over organized religion, a preference for moderate and tolerant views, and portrayals that are seen as both respectful and disrespectful by different audiences.
The document summarizes the author's goals over the past 3 weeks to eat healthier and work out regularly. The author aimed to have a balanced diet from all food groups and focus on toning and building muscle mass at the gym for an hour a day, 5 days a week. After 3 weeks, the author achieved their goal of gaining 5 pounds of muscle and becoming more toned, reaching a weight of 175 pounds through discipline and sticking to a gym schedule. The author acknowledges it was not easy but they were able to accomplish their realistic fitness goal through determination and a sports background.
This document summarizes the research and planning process for a project. It discusses using a range of sources for research, including books, the internet, and existing similar products to improve creativity. It also describes setting up an interview to confirm information and presenting primary research results through pie charts. The roles of group members are outlined in a chart. Initial ideas for the project are discussed, noting fewer and less organized ideas in the first attempt that improved with more research and planning skills over time.
Vendor Evaluation by configuring Vendor Ratings and Vendor Scorecard:Sonata Software
Vendor is one of the most important clog in the current ecosystem of business and an efficient vendor has the potential to add tremendous value to the supply chain system. With this comes the need to carefully hand pick the vendors for one's business. Dynamics AX as an ERP system helps the user in this regard by providing a method to evaluate the vendors associated with business. The article explains how a quantitative assessment based on multiple user defined evaluation criteria can be used to arrive at a strategic decision to decide on the best suited vendor for the business.
This document discusses a PhD research project analyzing representations of religion and spirituality on factual British television from 2000-2009. It explores how these programs construct British identity, portray other cultures as a threat, and depict other cultures. The context of debates around secularization, multiculturalism, and public service broadcasting in Britain are provided. Examples of how Christianity and other religions are portrayed are discussed.
Larvicidal Activity of Mousticide RH and WP Against Anopheles sp.entogenex
1) Researchers tested the larvicidal effects of MousticideTM rice husk and wettable powder formulations against third instar larvae of Anopheles sinensis, a malaria vector mosquito.
2) MousticideTM achieved 100% larval mortality within 24 hours for both formulations, whereas the control chemical AbateTM only achieved 3.3% mortality over the same period.
3) The results suggest that MousticideTM can be an effective agent for controlling malaria transmitted by Anopheles mosquitoes. Both formulations of MousticideTM proved to be highly effective against Anopheles sinensis larvae.
This document provides instructions for replacing spark plugs on a 1994-2004 Ford Mustang V6 engine. It recommends using Autolite or Motorcraft copper core spark plugs for stock engines. The instructions list the necessary tools and supplies, and provide step-by-step directions for removing the air intake tube, gaping and installing new spark plugs, and reinstalling the air intake tube. The process involves removing one spark plug boot at a time, installing the new plug with anti-seize and torqueing it to the correct specification. Dielectric grease is applied to the boot connections.
МультиТендер - почему наша реклама действительно работаетtelekomkonsalting
МультиТендер.ру - портал интеллектуального поиска по аукционам и закупкам. Уникальное качество и охват целевой аудитории - ключевые факторы эффективности нашей рекламы.
Str8ts: Solution to Weekly Extreme Str8ts #29SlowThinker
The puzzle is solved using various Sudoku techniques like removing stranded candidates, X-wing, and big gap pairs. Linked chains and linked compartments are also used to solve cells like B4, J7, and H5. The puzzle is fully solved in under 30 steps with B4, J7, and H5 being some of the key cells found through chaining and compartment links.
The economic outlook summary is as follows:
1) The US economy has slowed significantly with weak GDP growth and persistently high unemployment.
2) Even the slow recovery is threatened by the ongoing European sovereign debt crisis which could trigger a global recession.
3) Domestic consumption, a major driver of GDP, remains subdued due to high unemployment, income inequality, and households focusing on debt reduction over spending.
IAR Public Policy Meetings, January 26, 2011.
Presented by Geoffrey J.D. Hewings, Director, Regional Economics Applications Laboratory - University of Illinois Institute of Government and Public Affairs
Housing Market and Economic Outlook: July 2011REALTORS
- The housing market showed signs of improvement in the first quarter of 2011 compared to 2010, though sales were still down in many areas due to the end of the homebuyer tax credit.
- Job growth and economic factors like rising stock markets and rents are expected to support a more stable housing market going forward, with annual sales growth projected around 4% without tax credits.
- However, uncertainty remains around potential policy changes in Washington and high unemployment could continue hindering the recovery.
The US economy is the largest in the world with a GDP of $15.1 trillion in 2010. It has experienced steady growth in recent decades and is driven mainly by the service sector. However, high unemployment, government debt levels, and other factors remain potential long-term concerns. The Federal Reserve has taken actions like lowering interest rates to counter the effects of the financial crisis and recession. While growth signals have been positive recently, challenges around jobs, housing, debt, and other issues could still impact economic performance.
This document discusses factors that could influence residential home prices in the United States over the next decade. It identifies 8 key factors: affordability, location, interest rates and inflation rates, mortgage rates, population growth and limited supply, the economy and unemployment, property taxes, and government policies. It provides analysis of each factor, including how rising incomes and affordability have not kept pace with home price increases. Charts show relationships between home prices, income, and location-based home price to income ratios.
“Covering Your Local Economy” was first offered on Aug. 21, 2013, as part of the Asian American Journalists Association’s pre-conference schedule.
The economy is still the biggest story going, and these resources will equip you with the story ideas and skills you need to tackle economic stories on any beat. Get armed with the tools and understanding you need to tackle local economic stories, including those in the labor and housing markets.
WHAT YOU WILL LEARN
How to find the economic angle in stories on any beat,
How to use statistics to find and develop local economic stories,
How to find fresh angles on the job and housing markets in your town, and
What 10 stories on the economy you should jump on now.
YOUR INSTRUCTORS
Marilyn Geewax is the national economics correspondent for NPR. Geewax is regularly heard discussing economic news on Tell Me More, Talk of the Nation and Weekend Edition. Her work contributed to NPR’s 2011 Edward R. Murrow Award for Hard News for “The Foreclosure Nightmare.” Follow her on Twitter at @geewaxnpr
Meena Thiruvengadam is business channel manager at Digital First Media’s Project Thunderdome. Previously, she covered the Treasury, Federal Reserve and economic news for Dow Jones Newswires and The Wall Street Journal in Washington. Follow her on Twitter at @Meena_Thiru.
SELF-GUIDED LESSON
Review the workshop materials below and discover new ways to cover local economic angles.
PowerPoint presentations
Covering Your Local Economy: It’s Everybody’s Business — Geewax
When Will the Jobs Come Back? — Geewax
What’s Happening with Housing — Geewax
10 Local Economic Stories to Jump on Now — Thiruvengadam
For more information about training for business journalists, please visit businessjournalism.org.
The document discusses growing income inequality in the United States and proposes several policy solutions. It notes that income is increasingly concentrated among the top 1% of earners, wages have been flat while corporate profits have risen, and the current tax system exacerbates inequality. It argues for tax reforms that incentivize job creation in the US, investing tax revenues from the wealthy and corporations in education, infrastructure and public services to stimulate broad-based economic growth and restore equality of opportunity.
This document provides an overview of the construction and surety industries in the United States in 2017. It finds that while private construction sectors are booming, public construction spending has remained flat. This trend is expected to continue in the coming years. The surety industry has remained profitable for over a decade despite flat premium growth, though consolidation in the industry has continued. Risks to the surety industry include quality issues on projects, labor shortages, lack of growth in public construction, and inflation.
Net worth is the total value of household assets minus liabilities. Median net worth in the U.S. increased from 2000 to 2005 but then decreased from 2005 to 2011, falling below the 2000 level. Regional trends varied significantly over this period, with the West experiencing the largest percentage changes. Changes in home equity were the primary driver of changes in overall median net worth.
VERTEX's CEO, Bill McConnell, PE, JD, MSCE, CDT, provides his annual outlook on the state of the Construction industry. The US economy has expanded, albeit slowly, for the past 8+ years. The construction industry, which over-corrected during the Great Recession, has rebounded with vengeance on the heels of record private construction spending. On the other hand, public construction spending was considerably less in 2017 than it was in 2006. Moving forward, all indicators suggest that private construction will slow while public construction spending will soon pick up steam. Also, all good things come to an end, and the current economic expansion will be no different—it is likely the US will enter into a mild recessionary cycle in late 2019 or 2020.
VERTEX's CEO, Bill McConnell, PE, JD, MSCE, CDT, provides his annual outlook on the state of the Construction industry. The US economy has expanded, albeit slowly, for the past 8+ years. The construction industry, which overcorrected during the Great Recession, has rebounded with vengeance on the heels of record private construction spending. On the other hand, public construction spending was considerably less in 2017 than it was in 2006. Moving forward, all indicators suggest that private construction will slow while public construction spending will soon pick up steam. Also, all good things come to an end, and the current economic expansion will be no different—it is likely the US will enter into a mild recessionary cycle in late 2019 or 2020.
This document defines key macroeconomic concepts including GDP, inflation, unemployment, aggregate demand, aggregate supply, and business cycles. It explains that GDP is the value of all goods and services produced in an economy in a year. Unemployment includes frictional, structural, and cyclical types. Fiscal and monetary policy tools can be used to address recessions or inflationary gaps. The natural rate of unemployment occurs at full employment. Exchange rates can impact exports and imports.
Executive summary Cook County Economic AnalysisJim Boyd
The document provides an executive summary of an economic analysis of Cook County. It finds that while the county saw rapid growth in the 1990s, growth has slowed since 2000. The county population is aging, traditional employment has declined, and average wages have fallen. However, the county also has strengths in tourism and natural amenities that could be leveraged for future economic development through strategies like improving workforce housing, education, high-speed internet access, and business support programs to diversify the economy.
This document provides an analysis of economic trends from 2010-2015 based on an Esri white paper. It finds that while some measures of economic recovery are present, such as stabilizing home values and population growth resuming in some areas, other indicators continue to decline, including ongoing job losses. Recovery has been uneven, with metropolitan areas generally faring worse than rural areas in terms of income declines and continued job losses. The economic outlook remains uncertain, with concerns about a potential double-dip recession.
Maria Davies is a real estate professional with experience in both local and global markets. She was born and raised in Europe but obtained her education in the US. Davies lived in Grenada for four years where her son was born, and she plans to spend six months annually there starting in October 2013. Grenada was discovered by Columbus in 1498 and alternated between French and British rule until becoming a British colony in 1783 and gaining independence in 1974. Real estate is a major industry in Grenada, with a high percentage of foreign ownership and incentives like a stable population, low crime, and low taxes.
1. The document discusses various topics related to the future including innovation, technology, automation, attention, and more. It raises questions about how certain jobs and industries may change and provides perspectives on cultivating openness and flexibility amid uncertainty.
2. Several sections examine challenges of increased connectivity and digital life, noting how multitasking and constant distraction can influence brain development and priorities. Issues of control over personal attention and boundaries are also addressed.
3. Advice includes thinking beyond single paths or boxes, cultivating principles and character over chasing plans or profits, considering implications of both change and tradition, and making room for calm amid ongoing disruption.
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Sense Levent Kagithane Catalog - Listing TurkeyListing Turkey
Sense Levent offers a luxurious living experience in the heart of Istanbul’s vibrant Levent district.
This cutting-edge development seamlessly integrates modern design with natural elements, featuring live evergreen plants maintained by an advanced irrigation system, ensuring lush greenery year-round.
The building’s elegant ceramic balconies are both stylish and durable, enhancing the overall aesthetic and functionality. Residents can enjoy the 700m Sky Lounge, which provides breathtaking views of Istanbul and a perfect space to relax and unwind.
Sense Levent promotes a healthy and active lifestyle with a full gym, swimming pool, sauna, and steam room, all available in the building. The interiors are crafted with high-quality materials, ensuring a luxurious and inviting living space.
Designed with young professionals in mind, Sense Levent features 1+1 and 2+1 units with smart floor plans and balconies. The project promises high investment returns, with an expected annual return of 6.5-7%, significantly above Istanbul’s average ROI.
Located in the rapidly growing and highly desirable Levent area, the development benefits from ongoing urban regeneration projects. Its prime location offers proximity to shopping malls, municipal buildings, universities, and public transportation, adding immense value to your investment.
Early investors can take advantage of discounted units during the construction phase, with an expected capital appreciation of +45% USD upon completion. Property Turkey provides comprehensive rental management services, ensuring a seamless and profitable investment experience.
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Rixos Tersane Istanbul Residences Brochure_May2024_ENG.pdfListing Turkey
Tersane Suites Residences is a luxurious real estate project located in the heart of Istanbul, next to the beautiful Golden Horn. This unique development offers hotel concept residences with Rixos management, making it the perfect choice for both homeowners and investors.
The Tersane Suites Residences offers a wide range of options, from studio apartments to spacious four-bedroom units, all designed to the highest standard. The suites are finished with high-quality materials and feature modern, open-plan living spaces, fully-equipped kitchens, and large balconies with stunning views of the city and sea.
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The Tersane Suites Residences also offers a great opportunity for investors, as it provides a rental guarantee program. This means that investors can enjoy a steady income stream, with the peace of mind that their property is being managed by a reputable and experienced team.
The location of Tersane Suites Residences is also unbeatable, with easy access to the city’s main transportation links and within close proximity to the historic center, making it the perfect base for exploring all that Istanbul has to offer.
Presentation to Windust Meadows HOA Board of Directors June 4, 2024: Focus o...Joseph Lewis Aguirre
Presentation to Windust Meadows HOA Board of Directors June 4, 2024: Focus on Public Safety as Job #1, Engagement, Wealth of HOA, Branding, Communication, Culture, Civic Responsibility
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The SVN® organization shares a portion of their new weekly listings via their SVN Live® Weekly Property Broadcast. Visit https://svn.com/svn-live/ if you would like to attend our weekly call, which we open up to the brokerage community.
The KA Housing - Catalogue - Listing TurkeyListing Turkey
Welcome to KA Housing, a distinguished real estate development nestled in the heart of Eyüpsultan, one of Istanbul’s most promising districts.
Just 10 minutes from the bustling city center, Eyüpsultan offers a serene escape with the convenience of urban living. The direct metro line ensures seamless connectivity to all parts of Istanbul, making it an ideal location for residents who seek both tranquility and vibrancy.
KA Housing boasts unparalleled accessibility, with proximity to Istanbul Airport only 30 minutes away, facilitating easy international travel. Effortless city access is guaranteed by direct metro and transportation links to Istanbul’s cultural and commercial hubs. Quick access to key metro lines connects you to every corner of the city within minutes, making commuting and exploring the city hassle-free.
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Residents of KA Housing enjoy exclusive on-site amenities, including a state-of-the-art gym, outdoor swimming pool, yoga area, and walking paths. Entertainment options abound with a private cinema, children’s playground, and a variety of dining options including a café and restaurant. Security and convenience are paramount with 24/7 security, a dedicated carpark garage, and an IP intercom system.
KA Housing represents a prime investment opportunity with limited availability in a high-demand area, ensuring enduring value and potential for lucrative returns. Homes in this development provide exceptional value without compromising on quality, offering affordable luxury for discerning buyers. The construction is of the highest quality, built to the latest seismic and disaster resistance standards, ensuring safety and resilience.
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Discover Yeni Eyup Evleri 2, nestled among the rising values of Eyupsultan, offering the epitome of modern living in Istanbul.
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Rams Garden Bahcelievler - Istanbul - ListingTurkeyListing Turkey
Implemented by Rams Global in Bahcelievler, the Rams Garden Bahcelievler Apartments includes 796 residences of different types from 2+1 to 5+1.
Next to the project, which will have 33 thousand square meters of green area, there will be 42 thousand 300 square meters of woodland. There will also be a 210-meter-long pond in the landscape of the project. There are 94.5 square meters of green space per flat.
Rams Garden Bahcelievler Apartments, which has 8 times more green space than the average of Istanbul with its 33 thousand square meters of green area located within a total of 75 thousand square meters, offers various housing options from 2+1 to 5+1.RAMS Garden has brought a lifeline to the construction industry.
Rams Global, which has signed projects in many places from Dubai to Phuket and delivered more than 20 thousand residences, is now starting new projects in Istanbul.
Rams Garden Bahcelievler is located 9 minutes from Metroport AVM, 5 minutes from Marmara Forum AVM, 12 minutes from Kazlıçeşme beach, 9 minutes from Yıldız Technical University, 7 minutes from Istinye University, 9 minutes from Ramada Hotel and Medicana Hospital.
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1. Housing and the Economy:
Impacts and Forecasts
Geoffrey J.D. Hewings, Ph.D.
Director
Regional Economics Applications Laboratory (REAL)
University of Illinois
Institute of Government and Public Affairs
217.333.4740 217.244.9339 (fax)
hewings@illinois.edu
www.real.illinois.edu
Illinois Association of REALTORS® January 2013
Public Policy Meetings
2. Regional Economics Applications
Laboratory - University of Illinois
Founded in 1989 initially as collaborative venture with
the Federal Reserve Bank of Chicago
Objective: enhance analytical capability for public
policy decision-making at the urban and regional scale
with an initial focus on Chicago and the Midwest
Employs doctoral students from economics,
agricultural economics, urban and regional planning
and geography
3. 2012-2013 Highlights
Last half of 2012 revealed positive changes in prices
Significant increase in sales volume
Resolution of foreclosure issues saw significant
increase in foreclosed properties
Consumer optimism dampened by “fiscal cliff issues in
Washington and the failure of Illinois state government
to address deficit and unfunded pension obligations
Combination of enhanced inventory, historically low
interest rates and accelerating costs of renting should
fuel the housing market in 2013
4. State of Illinois Economies
• State is 330,000 below prior peak (November
2000) “translates” into loss state income tax
revenue of $0.4 billion+ in lost sales and income
tax
But…need to add considerations of:
• population growth since 2000
• decrease in labor force participation rates
• Large number in part-time who would like full-time
employment THEN…
5. State of Illinois Economies
State probably needs to add close to:
• 647,000 jobs to achieve equivalent level to
November 2000
• Chicago would need to add 285,000 jobs to
return to 2000 level and another 100-140,000
to account for additional factors noted
6. RECOVERY
SCENARIOS
Jobs recovered
Since December 2009
Note:
Best year since 1980 – Illinois added 60,000
jobs
Last 12 months added 53,000 jobs
7. RECOVERY:
How long will it take?
• Before this recession, longest recovery was 8 years
(now > 12 years – since 2000)
• Current employment in Illinois matches that late 1990s
• Illinois has 5 of 10 sectors with employment levels
below those of 1990: Manufacturing, Information,
Construction, Trade, Transportation & Utilities, and
Financial activities
But in 2012, Illinois’ employment growth rate was
65% of U.S. but below that for the Rest of the
Midwest (IA, WI, IN, OH, MI, MO). Usually it is 35% US
8. Sources of Growth – Illinois
and Chicago
Both economies heavily tied to
U.S. domestic market
85% exports go to other states
15% international with strong dependence
(35%) on Canada and Mexico
40% of domestic exports and imports are with
Midwest neighbors – WI, IN, OH, MI, MO, IA
9. Sources of Growth – Illinois
and Chicago
Recovery of Chicago and Illinois tied in
with U.S. recovery but especially Midwest
recovery
Political leaders in Midwest fail to appreciate
the negative effects of “job poaching” (e.g.
the Indiana ad “Are you Illinoyed?”)
Illinois is in a sense the economic locomotive
for Midwest economy
10. Where is the growth/decline
taking place? US
Growing:
• Professional & Business, Education & Health
(Chicago flat)
Declining:
• Information and Financial (much greater losses
than Chicago)
11. Where is the growth/decline taking place?
Illinois Metros
TTU Trade, Transportation Utilities; PRO: Professional Services; CON:
Construction; EDU: Education; MAN: Manufacturing: GOV: Government
12. Illinois & National Economy
130.00
US
125.00 US
120.00
115.00
110.00
105.00
100.00
Illinois
National RMW IL
95.00
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Since early 1990s, Illinois’ growth rate has fallen
behind the U.S. and Rest of the Midwest, but
paralleling with the latter in the last two years
13. Illinois and National Economy
• Illinois’ performance is surprising in view of
the fact that, unlike the Rest of the Midwest, it
has a similar structure to the US
• Then, why have we underperformed US?
• Lower population growth?
• Loss of human capital?
• Less competitive industries?
• Governance issues?
14. Impacts of Migration &
Job Losses
• Probably see continued erosion of state’s
competitive position (dropped from 4th to 15th
in terms of per capita income in the last 15
years)
• Average income of in-migrants lower than out-
migrants leading to loss of income averaging
$1billion over the 2000-2010 decade
(translates into loss of 20,000 jobs)
15. Challenge
loss of jobs
loss of people
loss of expenditure
loss of business expansion
16. Housing Market
Sources of Demand for Housing
Market
• New time buyers – special credit programs
• Housing turnover – people upsizing or
downsizing
• Job relocation/migration
• Retirement
• Those currently “parked in rental properties”
17. Housing Market: Do
Incentive Programs Work?
Federal Government program successfully
attracted buyers – but REAL estimated that
CBO estimates were way too high
(i.e., incremental sales associated with the program failed to
account for sales that could normally have been expected to
have been made)
Secondly, after program ended, sales
plummeted for several months eroding much
of the benefit of the program
In essence, all the program did was
accelerate the timing of purchases
19. Housing Market: Turnover
Turnover generating fewer sales as
consumers become more risk adverse
• In recent years, “time on the market” has
extended to 15+ months (in the early 2000s,
2-4 months was normal)
• In December 2012, it was between 4-5
months (pre-recession, 2+ months)
20. Housing Market: Turnover
• Market segmentation by price becoming
more pronounced
• Time on market increases with price
• However, note the significant decreases
across all prices ranges comparing
December 2012 with 2011
21. Unsold Inventory by Price
Range – Illinois
December 2012 on top, Dec 2011 on bottom
22. Housing Market: Job
Relocation/Migration
Job relocation still important source of
demand but fewer people changing jobs
• Migration rates have been declining since
early 2000s - demographers are puzzled
by this phenomenon
• In a buoyant housing market and
expectation of price appreciation,
relocation often accompanied by sale and
purchase of house
23. Housing Market: Job
Relocation/Migration
• Now with job mobility down, those
relocating often “parking” themselves in
apartments to shelter against prospect of
short-term negative equity in a home
• Rental rates have thus risen in the last
two years
• A Deutsche Bank A.G., the cost of renting
in Chicago was 31.3% higher than
average after-tax monthly mortgage
payments in the third quarter in 2012
24. Housing Market:
Retirement/Migration
• Are retirees beginning to reconsider
remaining in the Midwest?
• Relative housing price declines greater in
FL and AZ – suggesting that retirees could
sell in IL (even below their desired price)
and still afford the house they desire in FL
or AZ
25. Housing Market:
Retirement/Migration
Is net effect positive or negative
for state?
• Retiree incomes spent in Illinois
generating positive ripple effects
• Retirees remaining here are not selling
their homes so there is a loss of energy in
the housing market
26. Housing Market: Turnover
generates impacts
• Through 2007, typical Illinois county
experienced 11% turnover in households
each year (5% in and 6% out)
• Further 6-12% change houses within the
same county
• Rates tend to be higher in metro counties
27. Housing Market: Turnover
generates impacts
• Illinois Total Direct Expenditures on a home
sale is $28,581 (payments to REALTORS®,
bank loan origination fees, state and county
taxes, fix-up costs) source: recent IAR study
• In 2010 111,319 sales so direct impact
was $3.2 billion
• Generates about $7.9 billion annually
through ripple effect
28. Housing Market: Turnover
generates impacts
• Each $1 billion generates about 12,000 jobs
directly: total direct + indirect effect = 130,000
jobs
• 34% reduction in sales translates into loss
of 50,000 jobs
• Further negative effect on states income and
sales taxes
• This is in addition to the construction
impacts associated with new homes
29. Let’s Do the Math –
Cumulative Impacts on Jobs
• Decline in housing sales 50,000
• Net Out-migration 20,000
• Reduced spending for
road construction (down $1 b) 16,000
Total (86,000) greater than IL job growth in
2012!
32. Mix of Home Sales remained steady
-slight decline in properties < $100,000
33. If sales have increased, why haven’t
prices? The Foreclosure Overhang
Three parts to consider:
– Filings
Occurwhen mortgagee cannot make
payments
– Sales
Sale of property returned to owner of the note
– Inventory
Accumulation of foreclosed properties not yet
sold
34. The Foreclosure Overhang…..
More on inventory
• Illinois uses the judicial foreclosure process.
• A typical foreclosure case in Illinois takes 210 to 270
days.
• However, if the borrower tries to fight against the
foreclosure process, then it will take much longer to
finish the foreclosure process – accumulating in the
inventory.
35. The Foreclosure Overhang…..
More on inventory
• According to RealtyTrac, Chicago MSA has the
highest foreclosure stock among the top 20 MSAs.
Sooner or later, part of the foreclosure inventory will
turn into foreclosure sales or short sales.
• For several months in 2012, Illinois led nation in
foreclosure sales
• This foreclosure inventory generates large impact for
the future housing market sales and prices.
36. The Foreclosure Overhang…..
More on inventory: Good news –
Bad news
• Bad news: foreclosed property sales drag down
median prices
• Good news: number of foreclosed sales greater
than new additions to the inventory
• Faster the foreclosed properties are moved,
greater the possibility for some sustained price
recovery (estimate 2 years)
39. Housing Market: Current
Situation: Sales
In December, year-over-year increase in sales
slowed down: 10,264 houses were sold in
Illinois, 15.2% more than a year ago.
In
Chicago, 7,372 houses were sold, 19.2%
more than last December.
40. Housing Market: Current
Situation: Prices
Median prices were $132,000 in Illinois,
reaching the highest year-over-year change
rate of 5.6% since 2008.
Similarly,
median price in Chicago PMSA
experienced a historic high yearly increase of
4.1% and stood at $151,000.
43. Housing Market:
Next 12 Months
Through mid Year:
• Year-over-year changes in monthly sales are
mixed in both Illinois and Chicago;
Mid Year through December
• Mixed changes tending to group around + or -
1-3%.
44. Housing Market:
Next 12 Months
By September 2013, the median price of a
house is forecast to be (September 2012 in
parentheses):
• $140,423 ($138,000) Illinois
(+1.75%)
• $166,045 ($160,000) Chicago PMSA
(+3.7%)
45. How well did we forecast
last year?
Last year, the forecasts for September
2012 (actual in parentheses) were:
• $127,527 ($138,000) Illinois
$141,603 ($160,000) Chicago PMSA
• Our model is a sprint/medium distance system
3-6 months ahead) and weights more recent
events higher
• Took a while to embrace the change in the last
6 months of 2012
46. Final Concerns
Signals in the economy and in the housing
market continue to be “noisy”
Congress’ inability to fully address Fiscal
Cliff (including deductibility of mortgage
interest) creates uncertainty
State has not yet demonstrated that it is
prepared to tackle its fiscal problems
Firms would like to locate/expand in the
state but have little faith in the state’s
fiscal management
47. Illinois’ Opportunities
Re-shoring is beginning to gather momentum
Boston Consulting Group estimated Chinese
wages will approach US levels in 3-5 years
Developments in 3-D manufacturing have the
capacity to change the state’s locational
competitive advantage
Do we have the leadership in place…?
48. REAL’s Current Initiatives
Continue to work on development of a housing
index that reflects housing characteristics
Examining the role of crime and gang activity in
affecting housing prices (in Chicago)
Completed a Japanese case study of the
impact of a negative event (death or crime in a
house) on its price
49. Monthly index of
leading indicators
for Chicago
L
Monthly Employment analysis
for state and Metro areas
Illinois Economic Review
(monthly) with employment
forecasts for next 12 months