Construction Industry Outlook
|
|
- Silvia Haynes
- 7 years ago
- Views:
Transcription
1 Construction Industry Outlook VERSION 01 YEAR 13 OUTLOOK: Structural Weaknesses
2 Key Points The residential housing market has begun to show a sustained improvement in 2013 as a result of lower inventory, rising prices, attractive financing to qualified buyers, as well as an improvement in the general economy. Commercial construction has also begun to rebound but not as quickly as the residential sector due to the large number of vacancies and longer lead-times required to complete new projects. Concerns about the Fed taper caused a run-up in mortgage rates in the middle of the year. Higher rates primarily manifested in a slowdown in refinancing activity but also disrupted some of the momentum in the residential market.
3 Overview Homeownership is one of the most important factors to the overall state of the general economy as it is one of the largest purchases an individual will make in their lifetime and the home is usually a family s largest asset. The residential construction industry was adversely affected by the burst of the housing bubble initiated by the subprime mortgage crisis and corresponding collapse of credit markets. The recovery began to gain traction in 2012 and that momentum has continued into 2013 as a result of greater consumer confidence, low levels of new and existing home inventories, and attractive financing options for qualified buyers. With sustained improvement in the residential segment and macroeconomic environment, the commercial segment is also likely to rebound, as businesses again begin to expand, and existing commercial inventory levels decrease, resulting in the need for new commercial construction. Residential Construction Residential construction declined substantially as a result of the Great Recession; construction slowed as a result of unsustainable lending practices, home values declined, and credit markets collapsed. The market began to see improvement in 2012 and that momentum has continued into However, the recent run-up in mortgage rates is creating volatility in the market. The Fed s taper talk caused a rise in mortgage rates during the middle of the year. Existing home sales surged as on the fence buyers rushed in to purchase on fears of further rate increases. As it became clear that the tapering was not imminent both rates and purchasing activity declined. Conversely, new home sales collapsed following the interest rate rise before recovering lately as purchasers adjusted to the new environment. While these data points seem contradictory, we hypothesize that rising rates pulled forward hesitant buyers who were waiting for a bottoming of rates, while simultaneously discouraging buyers from entering contracts on new homes. Moving forward we believe housing will continue to recover as builder incentives, improving consumer confidence and good home affordability places buyers in a better position to purchase a home. Disparity in Recovery of New and Existing Homes Existing Single Family Units New Single Family Units Source: IHS Global Insight, Euler Hermes
4 Home Prices and Affordibility Home Affordibility Index Home Price Index Source: IHS Global Insight, National Association of Realtors, Euler Hermes Non-Residential Construction The non-residential construction industry has seen declines of 8.5% annually over the past five years, as a result of decreased consumer spending, increased unemployment, and businesses downsizing or declaring bankruptcy. The industry began to see a rebound in 2012 due to improvements in the macro-economic environment and increased consumer confidence that has continued into 2013 with revenues expected to increase by mid-single digits. The recovery in this sector is not expected to be as quick as the residential sector due to a higher level of current commercial vacancies resulting from overbuilding that took place in 2005 and 2006, and that commercial projects tend to take longer to complete due to the large nature of these projects. As consumer confidence grows, unemployment decreases, and vacancies are filled, we would typically expect the need to new projects to satisfy growing demand. However, demand within the traditional brick-and-mortar retail space faces secular headwinds as consumers continue to shift toward online shopping, suppressing demand in this niche.
5 Office Rental Vacancy 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% e 2016e 2018e Source: IBISWorld Outlook Residential construction is expected to continue to rebound as the economy improves. However, the impact of rising mortgage rates is not yet fully known and could take steam out of the recovery. As buyers continue to return to the market due to low interest rates (on a historical basis) and good affordability, the resulting decline in existing inventory will drive an acceleration in new home construction. Thus far the recovery has been biased towards existing homes. While these represent the majority of home purchases, the slow recovery in new construction is limiting the contribution to the macro recovery due to the fact that new home sales have a much large multiplier effect as a result of the amount of materials, labor, furnishings, appliances and other ancillary goods and services that go into each sale. Commercial construction is also expected to rebound over the next five years. The recovery will be slower than the residential sector as there is a large amount of vacant commercial property that needs to be filled before a sustained need for new construction is established. While the outlook for both the residential and commercial sectors calls for sustained improvement over the next five years, a downturn in the macroeconomic environment or a rise in rates substantially above current levels would imperil this viewpoint.
6 Euler Hermes North America Insurance Company 800 Red Brook Blvd Owings Mills, MD Tel Fax Euler Hermes North America is the oldest and largest provider of trade credit insurance and accounts receivable management solutions. We offer both domestic and export credit insurance policies that insure against commercial and political risk in more than 200 countries worldwide. Euler Hermes maintains a database of proprietary information on more than 40 million companies worldwide and is rated A+ (Superior) by A.M. Best and AA- by Standard & Poor s. KEYS TO SYMBOLS Positive fundamentals & outlook Signs of weaknesses Structural weaknesses Imminent or recognised crisis Published 11/2013
Oil and Gas U.S. Industry Outlook
Oil and Gas U.S. Industry Outlook VERSION 01 YEAR 13 OUTLOOK: Positive fundamentals & outlook www.eulerhermes.us Key points WTI Crude is expected to continue to converge to Brent crude prices, narrowing
More informationComputer Hardware Industry Outlook
Computer Hardware Industry Outlook OutlOOk: Signs of Weakness www.eulerhermes.us Overview The outlook for the Computer Hardware industry is considered neutral with signs of weakness. Most U.S. technology
More informationMBA Forecast Commentary Joel Kan, jkan@mba.org
MBA Forecast Commentary Joel Kan, jkan@mba.org Weak First Quarter, But Growth Expected to Recover MBA Economic and Mortgage Finance Commentary: May 2015 Broad economic growth in the US got off to a slow
More informationAssessing your customers credit worthiness
Assessing your customers credit worthiness Mike Buggy Risk Underwriting F4G event 19th November 2014 Department / author 1 Bad Debt and Insolvency Matters... 40% of a Company s assets are typically in
More informationManaging Trade Risk and Business Credit Insurance. Association of Independent Corrugated Converters
Managing Trade Risk and Business Credit Insurance Association of Independent Corrugated Converters Sept 11, 2009 "Capitalism without failure is like religion without sin it just doesn t work. Adam Smith,
More informationThe President s Report to the Board of Directors
The President s Report to the Board of Directors May 5, 2015 CURRENT ECONOMIC DEVELOPMENTS - May 5, 2015 Data released since your last Directors' meeting show that economic growth continued to slow in
More informationThe Aftermath of the Housing Bubble
The Aftermath of the Housing Bubble James Bullard President and CEO, FRB-St. Louis Housing in America: Innovative Solutions to Address the Needs of Tomorrow 5 June 2012 The Bipartisan Policy Center St.
More informationSenior Loan Officer Survey 2015 Q4
21 November 215 Banking Sector Analysis Senior Loan Officer Survey 215 Q4 Filip Blazheski Not a lot of change and positive on the whole C&I and CRE loan demand still growing, but lending standards might
More informationDeficits as far as the eye can see
Testimony of Mark A. Calabria, Ph.D. Director, Financial Regulation Studies, Cato Institute Submitted to the Subcommittee on Insurance, Housing, & Community Opportunity House Committee on Financial Services
More informationColorado Springs, Colorado
C O M P R E H E N S I V E H O U S I N G M A R K E T A N A L Y S I S Colorado Springs, Colorado U.S. Department of Housing and Urban Development Office of Policy Development and Research As of August 1,
More informationwww.coastalsecuri es.com 1 800 489 3232
WEEKLY ECONOMIC COMMENTARY WEEK OF OCTOBER 30, 2015 The Federal Reserve s policy meeting caused a bit of a stir in the financial markets this week. To be sure, no one expected the Fed to take any overt
More informationMBA Forecast Commentary Joel Kan, jkan@mba.org
Jun 20, 2014 MBA Forecast Commentary Joel Kan, jkan@mba.org Improving Job Market, Weak Housing Market, Lower Mortgage Originations MBA Economic and Mortgage Finance Commentary: June 2014 Key highlights
More informationGenesis of the Crisis
THE ROLE OF ACCOUNTING IN THE FINANCIAL CRISIS: LESSONS FOR THE FUTURE S.P. Kothari Rebecca Lester MIT Sloan School of Management London School of Economics June 27, 2011 Genesis of the Crisis Unusually
More informationUS HOUSING MARKET MONTHLY
US HOUSING MARKET MONTHLY th Oct. Editor: Ed Stansfield New build sales finally making some headway Overview: The drop in mortgage rates towards the end of September has given mortgage applications a boost,
More informationChapter 12: Gross Domestic Product and Growth Section 1
Chapter 12: Gross Domestic Product and Growth Section 1 Key Terms national income accounting: a system economists use to collect and organize macroeconomic statistics on production, income, investment,
More informationmay 2014 Improved Household Spending & Global Environment Expected to Accelerate Economic Growth A Cushman & Wakefield Research Publication
United States economic update A Cushman & Wakefield Research Publication may 2014 The Thaw is Here Improved Household Spending & Global Environment Expected to Accelerate Economic Growth Summary & Conclusions
More informationDEUTSCHE ASSET & WEALTH MANAGEMENT REAL ESTATE OUTLOOK
Research Report DEUTSCHE ASSET & WEALTH MANAGEMENT REAL ESTATE OUTLOOK Second Quarter 2013 Economic Outlook Business and consumer spending to drive recovery Quantitative easing beginning its expected unwinding
More informationFRBSF ECONOMIC LETTER
FRBSF ECONOMIC LETTER 01-1 April, 01 Commercial Real Estate and Low Interest Rates BY JOHN KRAINER Commercial real estate construction faltered during the 00 recession and has improved only slowly during
More informationTHE IMPACT OF THE FIRST-TIME BUYER ON THE ILLINOIS ECONOMY WHY IT MATTERS AND HOW TO BRING THEM BACK INTO THE MARKETPLACE
THE IMPACT OF THE FIRST-TIME BUYER ON THE ILLINOIS ECONOMY $ WHY IT MATTERS AND HOW TO BRING THEM BACK INTO THE MARKETPLACE A As the U.S. housing market continues its rebound, many buyers and lenders are
More informationLecture 16: Financial Crisis
Lecture 16: Financial Crisis What is a Financial Crisis? A financial crisis occurs when there is a particularly large disruption to information flows in financial markets, with the result that financial
More informationLEE BUSI N ESS SCHOOL UNITED STATES QUARTERLY ECONOMIC FORECAST. U.S. Economic Growth to Accelerate. Chart 1. Growth Rate of U.S.
CENTER FOR BUSINESS & ECONOMIC RESEARCH LEE BUSI N ESS SCHOOL UNITED STATES QUARTERLY ECONOMIC FORECAST O U.S. Economic Growth to Accelerate ver the past few years, U.S. economic activity has remained
More informationZurich, 13 December 2007. Introductory remarks by Philipp Hildebrand
abcdefg News conference Zurich, 13 December 2007 Introductory remarks by Philipp Hildebrand Six months ago, when our Financial Stability Report was published, I stated that "the global financial system
More information2014 Kern County. Economic Forecast. California
214 Kern County Economic Forecast California Economic Forecast March 26, 214 Bakersfield, California The 214 Kern County Economic Forecast Volume 1 March 214 Prepared for: Kern Economic Development Corporation
More information} The state s strength
Housing Recovery Gains Momentum By D Ann Petersen and Christina Daly } The state s strength made it a magnet for those looking for work and contributed to No. ranking for domestic inmigration for a seventh
More informationSalt Lake Housing Forecast
2015 Salt Lake Housing Forecast A Sustainable Housing Market By James Wood Director of the Bureau of Economic and Business Research Commissioned by the Salt Lake Board of REALTORS By year-end 2013 home
More informationThe U.S. Economy after September 11. 1. pushing us from sluggish growth to an outright contraction. b and there s a lot of uncertainty.
Presentation to the University of Washington Business School For delivery November 15, 2001 at approximately 8:05 AM Pacific Standard Time (11:05 AM Eastern) By Robert T. Parry, President and CEO of the
More informationThe Value of a Home. RCIO Monthly Market Advisor
The following information and opinions are provided courtesy of Wells Fargo Bank N.A RCIO Monthly Market Advisor The Value of a Home JULY 16, 2015 Regional Chief Investment Officers Sean McCarthy, CFA,
More informationHistorically, employment in financial
Employment in financial activities: double billed by housing and financial crises The housing market crash, followed by the financial crisis of the 2007-09 recession, helped depress financial activities
More informationUS Employment 1939-2010. * All data from the U.S. Bureau of Labor Statistics
US Employment 1939-2010 * All data from the U.S. Bureau of Labor Statistics Total US Non-farm Employment (thousands) 1939-2010 140 000 RECOVERY 120 000 100 000 Sub-prime Mortgage Crisis 80 000 Dot Com
More informationThe U.S. Housing Crisis and the Risk of Recession. 1. Recent Developments in the U.S. Housing Market Falling Housing Prices
Economic Spotlight ALBERTA FINANCE Budget and Fiscal Planning March 4, 2008 The U.S. Housing Crisis and the Risk of Recession Summary The worsening U.S. housing slump is spreading to the broader economy
More informationEUROSYSTEM STAFF MACROECONOMIC PROJECTIONS FOR THE EURO AREA
EUROSYSTEM STAFF MACROECONOMIC PROJECTIONS FOR THE EURO AREA On the basis of the information available up to 22 May 2009, Eurosystem staff have prepared projections for macroeconomic developments in the
More informationThe Impact of the Financial Crisis on Developing Countries. Justin Yifu Lin Senior Vice President & Chief Economist, The World Bank
The Impact of the Financial Crisis on Developing Countries Justin Yifu Lin Senior Vice President & Chief Economist, The World Bank Outline Why was the global economy so dynamic in 2002-07? Why has that
More informationSpotlight on the Housing Market in the Orlando-Kissimmee-Sanford, FL MSA
Spotlight on in Orlando-Kissimmee-Sanford, FL MSA The Orlando-Kissimmee-Sanford, FL Metropolitan Statistical Area (Orlando MSA) is located in central Florida and includes four counties: Lake, Orange, Osceola,
More informationMaking Sense of the Housing Recovery
Making Sense of the Housing Recovery John V. Duca * Associate Director of Research and Vice President Federal Reserve Bank of Dallas Adjunct Professor Southern Methodist University * I thank Camden Cornwell
More informationU.S. Economic Health Tracker September 2014
A D&B Monthly Briefing U.S. Economic Health Tracker September 2014 Presented by Paul Ballew, D&B Chief Data & Analytics Officer and Chief Economist Tuesday, September 2, 2014 11:30 AM ET Executive Summary
More informationTHE STATE OF THE ECONOMY
THE STATE OF THE ECONOMY CARLY HARRISON Portland State University Following data revisions, the economy continues to grow steadily, but slowly, in line with expectations. Gross domestic product has increased,
More informationBUILDING TOWARDS BALANCE
Fiscally Responsible Proposals for Economic and Job Growth to the House of Commons Standing Committee on Finance The Canadian Real Estate Association (CREA) is one of Canada s largest single-industry trade
More informationTHE POTENTIAL MACROECONOMIC EFFECT OF DEBT CEILING BRINKMANSHIP
OCTOBER 2013 THE POTENTIAL MACROECONOMIC EFFECT OF DEBT CEILING BRINKMANSHIP Introduction The United States has never defaulted on its obligations, and the U. S. dollar and Treasury securities are at the
More informationOutlook for Australian Property Markets 2010-2012. Perth
Outlook for Australian Property Markets 2010-2012 Perth Outlook for Australian Property Markets 2010-2012 Perth residential Population growth expected to remain at above average levels through to 2012
More informationU.S. and Regional Housing Markets
U.S. and Regional Housing Markets House Prices Boom, Bust and Rebound Index, 1991: Q1=1* 3 CoreLogic house price index Real FHFA house price index 25 2 15 1 5 1991 199 1997 2 23 26 29 212 215 *Seasonally
More informationThe US Economic Outlook
IHS ECONOMICS US Economic Outlook The US Economic Outlook 14 January 2016 ihs.com Patrick Newport, Director of Long Term Forecasting +1 781 301 9125, patrick.newport@ihs.com The US economy on a moderate
More informationWhy Did House Prices Drop So Quickly?
Why Did House Prices Drop So Quickly? David Barker April 26, 2009 Summary: After a long period of stability which ended in the early 1990s, U.S. house prices rose for more than a decade, then suddenly
More informationInvestment Symposium March 14-15, 2013 New York, NY. Session E5, U.S. Economic Conditions and the Housing/Mortgage Market
Investment Symposium March 1-15, 213 New York, NY Session E5, U.S. Economic Conditions and the Housing/Mortgage Market Moderator: Jonathan Glowacki Presenter: David Berson Housing & Mortgage Market Outlook
More informationSpotlight on the Housing Market in the Las Vegas-Henderson-Paradise, NV MSA
Spotlight on the in the Las Vegas-Henderson-Paradise, NV MSA The Las Vegas-Henderson-Paradise, NV Metropolitan Statistical Area (Las Vegas MSA) is located at the southern tip of Nevada and contains the
More informationHome Improvement Franchises Predicted to Rise
WWW.IBISWORLD.COM October 2013 1 October 2013 Fastest Growing Franchises in Home Improvement By Lauren Setar As the economy improves and residential market recovers, franchises in the home improvement
More informationCapital generally refers to bank equity, loan loss reserves and certain forms of debt.
Are commercial real estate loans going to hurt banks? By Sue Kirchhoff, USA TODAY Collman & Karsky Architects of Tampa has increased its staff by nearly a third since late 2004, trying to keep pace with
More informationCanadian Consumer Credit Trends. Q3 2014 Prepared by: Equifax Analytical Services
Canadian Consumer Credit Trends Q3 2014 Prepared by: Equifax Analytical Services About Equifax Inc. Equifax is a global leader in consumer, commercial and workforce information solutions that provide businesses
More informationhttp://www.ritholtz.com/blog/2014/11/housing-market-headwin...
Page 1 of 5 - The Big Picture - http://www.ritholtz.com/blog - Housing Market Headwinds Posted By Guest Author On November 10, 2014 @ 5:00 am In Real Estate,Think Tank 3 Comments Housing Market Headwinds
More informationStrong Employment Growth in Mountainland
localinsightssummer mountainland 2015 An economic and labor market analysis of the Area mountainland Summit Wasatch Utah Juab In Depth: Construction's vital role in the economy. Strong Employment Growth
More informationSouth Georgia Business Outlook
South Georgia Business Outlook Center for Business and Economic Research Langdale College of Business Valdosta State University Volume 10, Number 2 Second Quarter 2014 The South Georgia Business Outlook
More informationThe GSEs Are Helping to Stabilize an Unstable Mortgage Market
Update on the Single-Family Credit Guarantee Business Rick Padilla Director, Corporate Relations & Housing Outreach The Changing Economy: The New Community Lending Environment June 1, 29 The GSEs Are Helping
More informationUS Economic Outlook. How long will the ride last? IHS ECONOMICS. US Outlook
IHS ECONOMICS US Outlook US Economic Outlook How long will the ride last? December 2014 ihs.com Douglas Handler, IHS Chief US Economist, +1 781 301 9283, doug.handler@ihs.com US Economic Overview 2 Executive
More informationa) Aggregate Demand (AD) and Aggregate Supply (AS) analysis
a) Aggregate Demand (AD) and Aggregate Supply (AS) analysis Determinants of AD: Aggregate demand is the total demand in the economy. It measures spending on goods and services by consumers, firms, the
More informationThe Impact of Lock-In Effects on Housing Turnover and Implications for a Housing Recovery
W RESEARCH BRIEF The Impact of Lock-In Effects on Housing Turnover and Implications for a Housing Recovery FEBRUARY 2014 TABLE OF CONTENTS SECTION I Introduction 3 SECTION II Background Lock-In Effects
More informationTaipei - Economic Profile in 2008
The Market Profile of Taiwan Non-Life Insurance Industry in the year of 2008 Economic Profile in 2008 I. Economic situation (1) International economy In 2008, affected by extended USA credit crisis, the
More informationSummary. Abbas P. Grammy 1 Professor of Economics California State University, Bakersfield
The State of the Economy: Kern County, California Summary Abbas P. Grammy 1 Professor of Economics California State University, Bakersfield Kern County households follow national trends. They turned less
More informationDiminished Expectations, Double Dips, and External Shocks: The Decade After the Fall
MPRA Munich Personal RePEc Archive Diminished Expectations, Double Dips, and External Shocks: The Decade After the Fall Carmen Reinhart and Vincent Reinhart University of Maryland, College Park, Department
More informationThe U.S. Financial Crisis:
JA Worldwide The U.S. Financial Crisis: Global Repercussions Introduction For many years, we have all heard talk of globalization. But what does it really mean? In the simplest of terms it refers to an
More informationCurrent account deficit -10. Private sector Other public* Official reserve assets
Australian Capital Flows and the financial Crisis Introduction For many years, Australia s high level of investment relative to savings has been supported by net foreign capital inflow. This net capital
More informationEuro Zone s Economic Outlook and What it Means for the United States
WELCOME TO THE WEBINAR WEBINAR LINK: HTTP://FRBATL.ADOBECONNECT.COM/ECONOMY/ DIAL-IN NUMBER (MUST USE FOR AUDIO): 855-377-2663 ACCESS CODE: 71032685 Euro Zone s Economic Outlook and What it Means for the
More informationHelping businesses manage risks and opportunities. Since 1893. Accounts Receivable Management Solutions from Euler Hermes ACI
Helping businesses manage risks and opportunities. Since 1893. Accounts Receivable Management Solutions from About Commercial Credit Protection Trade Finance Enhancement Buyer Risk Assessment & Monitoring
More informationChapter 11: Activity
Economics for Managers by Paul Farnham Chapter 11: Measuring Macroeconomic Activity 11.1 Measuring Gross Domestic Product (GDP) GDP: the market value of all currently yproduced final goods and services
More informationPREDICTING LONG-TERM TRENDS & MARKET CYCLES IN COMMERCIAL REAL ESTATE
PREDICTING LONG-TERM TRENDS & MARKET CYCLES IN COMMERCIAL REAL ESTATE by Glenn R. Mueller Working Paper #388 10/24/01 Land, together with labor and capital, is one of the three major factors of production.
More informationA Strong Housing Recovery Fuels Growth
Chapman University A. Gary Anderson Center for Economic Research FOR RELEASE: ONLINE: June 12, 2013; 10:00 a.m. PRINT: June 13, 2013 CONTACT: James Doti, President and Donald Bren Distinguished Chair of
More informationState of the Philadelphia Real Estate Market
State of the Philadelphia Real Estate Market January 14, 2014 KEVIN C. GILLEN, Ph.D. gillenk@upenn.edu Disclaimers and Acknowledgments: The Fels Institute of Government at the University of Pennsylvania
More informationSouth Georgia Business Outlook
South Georgia Business Outlook Center for Business and Economic Research Langdale College of Business Valdosta State University Volume 10, Number 4 Fourth Quarter 2014 The South Georgia Business Outlook
More informationEconomic Forecast OUTPUT AND EMPLOYMENT WHAT THE TABLE SHOWS:
Economic Forecast OUTPUT AND EMPLOYMENT 7 8 9 1 11 1 1 1 15 United States Real GDP $ billions (fourth quarter) $1,996 $1,575 $1,5 $1,9 $15, $15,5 $15,9 $16,51 $17,1 % change over the four quarters 1.9%
More informationFRBSF ECONOMIC LETTER
FRBSF ECONOMIC LETTER 2012-25 August 20, 2012 Consumer Debt and the Economic Recovery BY JOHN KRAINER A key ingredient of an economic recovery is a pickup in household spending supported by increased consumer
More informationSwitzerland 2013 Article for Consultation Preliminary Conclusions Bern, March 18, 2013
Switzerland 2013 Article for Consultation Preliminary Conclusions Bern, March 18, 2013 With the exchange rate floor in place for over a year, the Swiss economy remains stable, though inflation remains
More informationWhat are the impacts of the home buyer's tax credit on housing and the economy?
What are the impacts of the home buyer's tax credit on housing and the economy? ABSTRACT Tricia Snyder William Paterson University Elizabeth Ekmekjian William Paterson University Homeowners lost close
More informationUTAH ECONOMIC OUTLOOK
Real Time Indicators of Utah s Economic Outlook July 2013 With the economic recovery in full swing, revived residential construction is further establishing the construction industry as a bright spot in
More informationUpdate on Market Challenges
Update on Market Challenges Charlottesville Area Association of Realtors August 6, 2009 Virginia Housing Development Authority Four inter-related factors continue to hold back recovery in the Charlottesville
More informationTom Aliff Vice President, Modeling and Analytics Martin O Connor Senior Vice President, Global Analytics
Credit scores don t tell the entire story for car buyers A new approach to the 3 C s offers a deeper, more accurate view of risk for subprime auto lending Tom Aliff Vice President, Modeling and Analytics
More informationSpecial Thanks to: Publication design by VISUAL FUSION visualfusiongraphicdesign.com AND PARTICIPATING REALTOR MLS SYSTEMS ACROSS KANSAS
Special Thanks to: Karen Gehle Kansas Association of REALTORS Jeremy Hill WSU Center for Economic Development and Business Research Tennsui Khow WSU Center for Real Estate John Ringgold Real Estate Business
More informationOver the past several years, Americans have
Industry Securities Industry Bears, bulls, and brokers: employment trends in the securities industry in the securities industry strongly correlates with stock market value; however, market volume does
More informationWestern Union. Scott Scheirman, EVP and CFO. March 11, 2013
Western Union Scott Scheirman, EVP and CFO March 11, 2013 SAFE HARBOR This presentation contains certain statements that are forward-looking within the meaning of the Private Securities Litigation Reform
More informationFNB HOME BUYING ESTATE AGENT SURVEY 4 th QUARTER 2012
22 January 203 JOHN LOOS: HOUSEHOLD AND CONSUMER SECTOR STRATEGIST 0-6902 John.loos@fnb.co.za THEO SWANEPOEL: PROPERTY MARKET ANALYST FNB ASSET FINANCE 0-632060 tswanepoel@fnb.co.za The information in
More information23822 - Plumbing, Heating, and Air-Conditioning Contractors: NAICS 2002 23511b - Plumbing: NAICS 1997
IBISWorld Executive Summary Industry Report 23822 - Plumbing, Heating, and Air-Conditioning Contractors: NAICS 2002 : NAICS 1997 DISCLAIMER This product has been supplied by IBISWorld Inc. ('IBISWorld')
More informationThe Coordinated Plan. to Address Foreclosures in Minnesota
The Coordinated Plan to Address Foreclosures in Minnesota An overview of the Goals, Strategies, and Successes of the Minnesota Foreclosure Partners Council September 2010 The Crisis The number of mortgage
More informationINFLATION REPORT PRESS CONFERENCE. Thursday 4 th February 2016. Opening remarks by the Governor
INFLATION REPORT PRESS CONFERENCE Thursday 4 th February 2016 Opening remarks by the Governor Good afternoon. At its meeting yesterday, the Monetary Policy Committee (MPC) voted 9-0 to maintain Bank Rate
More informationThe Key to Stabilizing House Prices: Bring Them Down
The Key to Stabilizing House Prices: Bring Them Down Dean Baker December 2008 Center for Economic and Policy Research 1611 Connecticut Avenue, NW, Suite 400 Washington, D.C. 20009 202-293-5380 www.cepr.net
More informationUS Labour Market Monitor July report set to attract much attention as both employment and growth have slowed in 2016
Investment Research General Market Conditions 02 August 2016 US Labour Market Monitor July report set to attract much attention as both employment and growth have slowed in 2016 Jobs report preview We
More informationProductivity Trends: Why is Growth So Slow?
Productivity Trends: Why is Growth So Slow? March 26, 2015 9:15 10:30 am Martin Neil Baily and Barry P. Bosworth Brookings Productivity Growth Slowed Sharply Around 2005 Output per hour in the Nonfarm
More informationINTERNATIONAL ECONOMIC PERFORMANCE SINCE THE STOCK MARKET BUBBLE
INTERNATIONAL ECONOMIC PERFORMANCE SINCE THE STOCK MARKET BUBBLE A JOINT ECONOMIC COMMITTEE STUDY Vice Chairman Jim Saxton (R-NJ) Joint Economic Committee United States Congress March 2004 Executive Summary
More informationEconomic Outlook 2009/2010
Economic Outlook 29/21 s Twenty-Eighth Annual Forecast Luncheon Paul R. Portney Dean, Professor of Economics, and Halle Chair in Leadership Marshall J. Vest Director Economic and Business Research Center
More informationOwner spending on improvements to existing homes also rose over the past year. Benefiting from strengthening house sales, CONSTRUCTION RECOVERY
2 Housing Markets After another year of healthy growth in 213, the housing market paused in the first quarter of 214. The renewed weakness in residential construction, sales, and prices raised fears that
More informationExecutive Summary. 3 Attracting ~ ~ ~ ~
Visa Small Business Q REPORT MAY 0 Spend Insights Visa Small Business Spend Insights monitors the economic confidence of U.S. small business owners by analyzing Visa Business card spend data and responses
More informationC&W ECONOMIC UPDATE NATIONAL ECONOMIC OUTLOOK & REGIONAL OFFICE MARKET UPDATE: NEW YORK U.S. & NEW YORK CITY
C&W ECONOMIC U.S. & NEW YORK CITY NATIONAL ECONOMIC OUTLOOK & REGIONAL OFFICE MARKET : NEW YORK The national economy remains in slow growth mode as the uncertainty created by the seemingly endless series
More informationCanadian Consumer Credit Trends. Q3 2013 Prepared by: Equifax Analytical Services
Canadian Consumer Credit Trends Q3 2013 Prepared by: Equifax Analytical Services About Equifax Inc. Equifax is a global leader in consumer, commercial and workforce information solutions that provide businesses
More informationEconomic Forecast OUTPUT AND EMPLOYMENT WHAT THE TABLE SHOWS:
Economic Forecast OUTPUT AND EMPLOYMENT 27 28 29 21 211 212 213 214 215 United States Real GDP $ billions (fourth quarter) $14,996 $14,575 $14,54 $14,942 $15,242 $15,54 $15,942 $16,51 $17,12 % change over
More informationEmerging Industry Structure
Emerging Industry Structure Remodeling remains an unusually fragmented industry. Joint Center estimates from the Census of the Construction Industries indicate that 53, contracting businesses primarily
More informationA Checklist for a Bond Market Sell-off
A Checklist for a Bond Market Sell-off New Zealand Fixed Income Monthly Commentary February 2013 Christian@harbourasset.co.nz +64 4 460 8309 Just like 2011 and 2012, the start of a new year has again prompted
More informationApartment Housing in Hampton Roads
Apartment Housing in Hampton Roads APARTMENT HOUSING IN HAMPTON ROADS Do you live in an apartment? If not, chances are that you know people who do. Approximately 35 percent of Hampton Roads residents do
More informationThe Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners
The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners April 2014 U.S. Department U.S Department of Housing of Housing and Urban and Urban Development Development
More informationEFN REPORT. ECONOMIC OUTLOOK FOR THE EURO AREA IN 2013 and 2014
EFN REPORT ECONOMIC OUTLOOK FOR THE EURO AREA IN 2013 and 2014 Autumn 2013 1 About the European ing Network The European ing Network (EFN) is a research group of European institutions, founded in 2001
More informationWhy is California s Unemployment Rate so High and what does it Mean for the State s Economic Future?
September 2010 Why is California s Unemployment Rate so High and what does it Mean for the State s Economic Future? The state s unemployment rate is now nearly 3% higher than the national rate. In August
More informationThe Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners
The Obama Administration s Efforts To Stabilize The Housing Market and Help American Homeowners July 2014 U.S. Department of Housing and Urban Development Office of Policy Development and Research U.S
More informationConsumers mortgage shopping experience. A first look at results from the National Survey of Mortgage Borrowers
Consumers mortgage shopping experience A first look at results from the National Survey of Mortgage Borrowers January 2015 Table of contents Table of contents... 2 Preface... 3 1. Survey overview and key
More informationPreparing for 2015 Housing Market Opportunities
January U.S. Economic & Housing Market Outlook Preparing for 2015 Housing Market Opportunities As we enter 2015, the U.S. economy and housing markets are prepared for a robust start. Unlike one year ago,
More information