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Pamplin Media Group – Oregon construction contractors gloomy as 2020 grinds on

Project cancellations on the rise in contracting, while residential building flourishes


COURTESY: REED'S CROSSING - Residential construction work hold strong, like this at Reed's Crossing in Hillsboro, but many commercial projects are being canceled during the pandemic.

A recent survey by the Association of General Contractors found growing pessimism among contractors amid rising project cancellations.

In terms of business volume returning to a normal level relative to a year ago, 38% of respondents said they expect it will take more than six months.

In June that number was 30%.

An AGC spokesperson said the likely reason for the gloomier view is that 60% of respondents report a scheduled project has been postponed or canceled, up from 32% in June.

As the COVID-19 pandemic and its accompanying recession drag on, companies both expect to lay off staff and then hire them back.

Twenty three percent of firms said they expect to furlough employees temporarily and/or terminate employees to reduce headcount in the next 12 months, but 40% expect to recall employees and/or add new employees.COURTESY: REED'S CROSSING - Residential construction work hold strong, like this at Reed's Crossing in Hillsboro, but many commercial projects are being canceled during the pandemic.

In the 2019 Workforce Survey, 72% of firms expected to add employees.

Despite unemployment running as high as 16% in 2020, 52% of respondents reported difficulty filling some or all hourly craft positions. Salaried positions were also proving hard to fill, with 28% of firms complaining.

Forty-one percent of firms report a decrease in headcount over the past 12 months, 27% an increase, and 46% no change.

While construction employment increased in August by 16,000, gains were limited to residential and select nonresidential categories. There was a net decrease of 11,000 in nonresidential construction employment, including nonresidential building, specialty trades, and heavy and civil engineering construction.

Between July 2019 and July 2020, New York City lost the most construction jobs (-26,500, -16%), while Baltimore-Columbia-Towson, Md. added the most construction jobs over the year (4,800, 6%). Walla Walla, Washington, had the largest percentage gain (25%, 300).

Construction spending inched up 0.1% to a

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Black Americans Pay More For Homes Than Any Other Group: Study Finds

A new study from MIT has found that Black Americans pay more for homeownership than any other group.

Black Americans, HomeownershipJoe Raedle / Getty Images

The study, conducted by Edward Golding, executive director of the MIT Golub Center for Finance and Policy, reports that Black Americans pay more for mortgage interest, mortgage insurance, and property taxes than other homeowners.

The disparities are as follows: $743 per year in mortgage interest payments, $550 a year mortgage insurance premiums, and$390 per year in property taxes. All-in-all this accounts for a $67,320 loss in retirement savings for Black homeowners over 30 years.

“The small differences compounding over the life of the mortgage and during homeownership can add up,” writes Golding. “Even if it is a few hundred dollars a year here and there, it can amount to another year’s salary families would otherwise have.”

“While mortgage costs are determined by markets to some extent,” said Golding, “there is a great deal of public policy that influences these rates, especially as it impacts people of color. We can and should address these issues at a policy level and start now to eliminate the large wealth gap between Black and White homeowners that we created in part through our current mortgage system.”

Check out the paper for yourself here.

[Via]

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United States Home Decor Markets 2020-2027 by Product Type, Distribution Channel, Income Group, Price and Category

The “U.S. Home Decor Market by Product Type, Distribution Channel, Income Group, Price and Category: Opportunity Analysis and Industry Forecast, 2020-2027” report has been added to ResearchAndMarkets.com’s offering.

The rise in popularity of eco-friendly home decor products among consumers, owing to increase in environment concerns significantly contribute toward the growth of the global market. Moreover, an increase in disposable income and improvement in living standards in the emerging countries such as China and India along with rise in affinity of consumers toward luxury home decor products augment the growth of the home decor market.

However, availability of low-quality and counterfeit products restricts the growth of the market. In addition, dearth of skilled labor, ineffective transportation, and lack of infrastructure facilities may act as a hindrance for the home decor market. On the contrary, The upsurge in demand for trendy, customized, and fashionable designs for home decor products and increase in popularity of home decor products among high-income consumers are anticipated to provide lucrative growth opportunities for the global home decor market.

The U.S. home decor market is segmented into product type, income group, price, distribution channel, and category. On the basis of product type, the market is divided into furniture, home textile, and floor covering. Depending on distribution channel, it is segregated into supermarkets and hypermarkets, specialty stores, e-commerce, and others. By income group, it is fragmented into lower-middle income, upper-middle income, and higher income. As per price point, it is categorized into mass and premium. Based on the category, the market is segmented into eco-friendly and conventional.

The U.S. Home Decor Market is segmented based on service type and end-user. Based on the service type the market is segmented into event management security service, watch service, personal protection, mobile patrol security service, pre-employment screening, and other services. Based on

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