Location Determines New Home Sales Prices, Census Bureau Report Says

By Staff
Monday, July 15, 2024 12:33 PM A home’s location has never been more important to its sales’ value, according to a new report from the U.S. Census Bureau. The report found that the price of new homes sold in 2023 varied by as much as $74 per square foot, depending on the area of the country. 

The average median price per square foot for a new home in the South was just over $146, while a home in the Midwest averaged $156.26. The Northeast saw the highest average price at $220.95 per square foot. The West averaged $195.38 per square foot. 

The organization noted that 660,000 single family homes were built in 2023, with an average median price of $428,000. These new homes had an average median size of nearly 2,300 square feet and a median price of $154.70 per square foot. 

The Northeast had the highest average median price for a home priced at $760,700 at a size of 2,430 square feet, followed by the West at $536,200, at 2,170 square feet. The average median price in the Midwest was $396,300 at 2,176 square feet, while the South saw an average home price of $388,800 at a size of 2,335 square feet, according to the Census Bureau.

Consumers Begin Back-to-School Shopping, NRF Survey Finds

By Staff
Friday, July 12, 2024 2:21 PM School shopping is well underway, according to a new report from the National Retail Federation (NRF) and Prosper Insights & Analytics. The annual Back to School survey finds that 55 percent of back-to-school and college shoppers have already begun buying items for the upcoming school year.

Despite the early start, more than 86 percent of consumers responded they still had at least half of their back-to-school purchases to complete. Approximately 45 percent of consumers said they were waiting for better deals to begin shopping, while 45 percent said they were unsure of what they needed for back-to-school supplies and had not begun yet. 

Online shopping remains one of the most popular ways to stock up on school supplies, with 85 percent of consumers saying they will take advantage of Prime Day and other retailer sales in July. 

Total back-to-school spending is predicted to reach nearly $39 billion, the second-highest figure on record, following last year's record-breaking $41.5 billion in back-to-school sales. 

Families with students in elementary school are expected to pay an average of $874.68 on clothing, shoes, school supplies and electronics, down $15 compared with 2023. 

Meanwhile, college students and their families are expected to spend an average of $1,364.75 on items for the upcoming school year, in line with last year’s record of $1,366, according to the NRF. College students are expected to spend an average of $359 on electronics, $192 on dorm or apartment furnishings, $171 on clothing and accessories, $149 on food and $112 on shoes. 

The NRF noted spending remains in line with last year, with 57 percent of consumers choosing to buy online, while 50 percent responded they will be shopping in department stores. Approximately 47 percent said they will be shopping in discount stores and 42 percent said they will be getting their back-to-school items from clothes stores.

Physical Activity Falls Globally, World Health Organization Report Finds

By Staff
Thursday, July 11, 2024 11:46 AM The World Health Organization (WHO) is sounding the alarm after new data revealed that one-third of the adults worldwide, or 1.8 billion people, did not meet recommended levels of physical activity in 2022. The WHO said the findings indicate a worrying trend of physical inactivity among adults, which they said, has increased 5 percentage points between 2010 and 2022. 

WHO warned that if these levels of inactivity continue to rise to a projected 35 percent by 2030, the world will remain off track from meeting the global target to reduce physical inactivity by 2030. 

The WHO recommends that adults have 150 minutes of moderate-intensity, or 75 minutes of vigorous-intensity physical activity, or its equivalent, per week. Adding physical activity to weekly schedules can reduce the risk of cardiovascular diseases such as heart attacks and strokes, type 2 diabetes, dementia and cancers.

The WHO reports many countries are making an effort to improve these results, with 22 countries identified as likely to reach the global target of reducing inactivity by 15 percent by 2030. Despite this trend, the WHO is calling on countries to strengthen their policy implementation to promote and enable physical activity through grassroots and community sports, active recreation and transport. 

“These new findings highlight a lost opportunity to reduce cancer and heart disease, and improve mental health and well-being through increased physical activity,” said Dr. Tedros Adhanom Ghebreyesus, director-general of the WHO. “We must renew our commitment to increasing levels of physical activity and prioritizing bold action, including strengthened policies and increased funding, to reverse this worrying trend.”

Measuring Tape Is More Important Than Cell Phone to Tradespeople, Stanley Survey Finds

By Staff
Wednesday, July 10, 2024 1:54 PM Trade professionals rely on their tape measure more than their cell phone, according to a new survey from Stanley. Recently, Stanley Black & Decker commissioned Atomik Research to conduct an online survey of 1,003 contractors throughout the United States including full-time, part-time and self-employed workers within the construction industry who do residential contracting work. 

The survey found that 75 percent of resident trade professionals reach for their tape measure more than five times per day, while 50 percent of respondents said they used their tape measure at least 10 times per day. 

The survey found that trade professionals have a unique set of on-the-job priorities. Nearly 42 percent of residential trades professionals said they would rather go without their phone, wallet and even keys than be without their tape measure.

The use of tape measures varied from tradesperson to tradesperson, according to the survey. More than 65 percent of respondents said they use their tape measure for measuring material to cut to size, while 44 percent said they used one to measure room dimensions. An additional 38 percent said they needed their tape measures to assist with estimating material needs.

Nearly 66 percent of residential tradespeople said they required different types of tape measures for various jobs. Approximately 71 percent of respondents said the length of a tape measure was their biggest consideration, while 65 percent said it was the reach of the tape measure that made the difference.

Fewer Americans Are Financially Prepared for Retirement, Nationwide Report Finds

By Staff
Tuesday, July 9, 2024 1:35 PM Fewer retirees are relying on their savings alone, according to the 9th annual Nationwide Retirement Institute’s (NRI) Advisory Authority study, which found 31 percent of retirees expect to be less secure in retirement than their parents and grandparents. 

Enhanced economic pressures paired with smaller retirement savings have retirees struggling to make ends meet when it comes to their daily living expenses. More than 26 percent of retired investors reported they were continuing to pay off their mortgage, while 25 percent said they were paying down credit card debt. 

The NRI reports that while most Americans had planned on a retirement that included leisure and travel, this is far from the reality for many retirees. Approximately 39 percent of retired investors said they were spending less on entertainment in order to meet financial commitments in today's economic environment, and 34 percent said they are taking fewer trips or vacations.

The report found that 22 percent of retired investors are drawing more funds from retirement accounts, intensifying the traditional decumulation stage. This has prompted many investors to shore up their savings, with 63 percent saying they have a strategy in place to protect their assets against market risk, up from 54 percent compared with 2023.

The NRI reports more retired investors are also initiating conversations about legacy planning and wealth transfer with their heirs, with 32 percent of respondents reporting they are discussing wishes for end-of-life care and death. Just 34 percent are discussing the financial details of their estate with heirs.

The NRI said more clients are looking to generate additional income and are refocusing their priorities. The company said 16 percent of retirees are now supplementing income out of necessity.

U.S. Job Market Slows as Unemployment Rises

By Staff
Monday, July 8, 2024 1:43 PM The American job market stumbled a bit in the second quarter, according to a new report from The Conference Board, a non-profit business membership and research group organization. Payrolls increased slightly in Q2, while hirings skyrocketed. Despite these positive numbers, unemployment increased to 4.1 percent in June, but still remains historically low. 

The Conference Board noted that an aging workforce continues to hinder labor force growth. The average has reached pre-pandemic levels, pointing to what The Conference Board said was “no material stress building up in the labor market.” It’s expected that unemployment will top out at 4.4 percent this year if the economy continues to show signs of stabilization. 

The report found the U.S. economy continues to soften, but despite this, fewer companies are releasing workers following the effects of “the sting of wage spikes to draw workers back into the labor market during the pandemic recovery,” according to The Conference Board. 

Workers were on the job an average of 34.3 hours in June, according to the report. This is on par with April and May, and within range of pre-pandemic figures, which The Conference Board believes signals that companies are not reducing hours in the face of rising labor costs.

Newly Built Apartments Are Filling Up at the Slowest Pace Since 2020, Redfin Reports

By Staff
Friday, July 5, 2024 10:00 AM Newly built apartments are filling up at a slower pace, according to a recent report from Redfin. According to new data, just 47 percent of newly constructed apartments completed in the fourth quarter were rented within three months. This a 60 percent drop from 2023 and the lowest rate since 2020.

Redfin stated that the slump may be due to a record number of apartments available for rent on the market. In the fourth quarter, 90,260 were completed, the second highest since 2012.

For the past three quarters, Redfin said, the rental vacancy rate has hovered at 6.6 percent, the highest vacancy rate since 2021. This has created an overall decline in new building starts, which have reached a 10-year historical low.

It has also significantly impacted the rent a landlord can ask, with Redfin stating that demand from renters who can’t afford to buy their own homes is keeping rents near their record high rates.

In May, the median rent for an apartment in the U.S. rose 0.8 percent compared with last year, the highest level since October 2022. To afford a space, renters must earn $66,120, according to Redfin. This is $11,408 more than the average renter earns.

According to Redfin, the supply of small apartments in America has been growing quickly, resulting in the steepest rent declines. The number of studio apartments completed in the fourth quarter was up 32.6 percent from a year earlier, compared with a 22.2 percent increase for one-bedroom apartments. There was a 2.3 percent increase for two-bedroom apartments and a 0.9 percent decrease for three-plus-bedroom apartments.

Car Inventory Climbs as Vehicle Sales Slip

By Staff
Wednesday, July 3, 2024 1:00 PM Car inventory has seen a slight uptick this summer as companies release new models. Demand for vehicles, however, remains stagnant, according to the latest State of the Dealer report from ZeroSum, an industry leader in software, marketing and data science.

The automotive retail agency said its latest findings show new vehicle inventory has reached nearly 3 million on a month-to-month basis, while the market for used and certified vehicles remains unchanged.

Market prices for new vehicles continue to rebound from a winter decline averaging $50,571. This is a $1,000 increase in manufacturer’s suggested retail price (MSRP) in the past year, according to ZeroSum.

The company added that the marketed prices for used vehicles continue to be “in the tight span” since early 2024, sitting well below the $30,000 mark that was seen a year ago.

Marketed pricing for certified vehicles rose for the fourth straight month, coinciding with a recent rebound in new vehicle pricing. ZeroSum noted that the underlying efficiency-oriented dynamics of the market have plateaued, noting car turn rates are settling in the high 30s and days-to-move in the low 60s.

Home Sales Shrink in May, National Association of Realtors Report Finds

By Staff
Tuesday, July 2, 2024 1:00 PM Home sales fell in May according to a new report from the National Association of Realtors (NAR). New data revealed that home sales fell in all four major U.S. regions. The South saw sales drop month over month, while the Northeast, Midwest and West remained relatively unchanged. Meanwhile, year-over-year sales increased in the Midwest, while falling in the Northeast, South and West.

Total existing home sales, including single-family homes, town homes, condominiums and co-ops, fell 0.7 percent between April and May to a seasonally adjusted annual rate of 4.11 million home sales. Year-over-year sales fell 2.8 percent, down from 4.23 million in 2023. Regionally, existing home sales in the Northeast in May remained unchanged from April at 480,000, down 4 percent compared with May 2023. The median price in the Northeast was $479,200, up 9.2 percent from the prior year.

In the Midwest, existing home sales also remained unchanged an annual rate of 1 million in May, up 1 percent from one year ago. The median price in the Midwest was $317,100, up 6.4 percent compared with May 2023.

In May, existing home sales in the South fell 1.6 percent from April to an annual rate of 1.87 million, down 5.1 percent from the previous year. The median price in the South was $374,300, up 3.6 percent from last year.

Gross Domestic Product Climbs During the First Quarter of 2024, Bureau of Economic Analysis Reports

By Staff
Monday, July 1, 2024 1:16 PM The U.S. real gross domestic product (GDP) slid in the first quarter of 2024, according to a new report from the Bureau of Economic Analysis (BEA). New data shows the GDP increased by a real annual rate of 1.3 percent in the first quarter of 2024, however, this is a deceleration from the fourth quarter of 2023 when the GDP increased by 3.4 percent. 

Experts believe the increase reflects a rise in consumer spending, residential fixed investment, non-residential fixed investment, and state and local government spending, partly offset by a decrease in private inventory investment.  

The BEA noted that compared to the fourth quarter, the deceleration in real GDP primarily reflected decelerations in consumer spending, exports, and state and local government spending, and a downturn in federal government spending. These movements were partly offset by an acceleration in residential fixed investment, the bureau noted. Imports also accelerated, the BEA said.

Disposable income also rose, climbing to $20 billion, however, this was down from original predictions. Personal savings also fell to $777 billion. Profits for financial corporations increased by $65 billion in the first quarter, however, this was also down from original BEA predictions, according to the report.  

The BEA said a downward revision to imports and upward revisions to non-residential fixed investment, state and local government spending, exports, federal government spending, private inventory investment, and residential fixed investment, were partly offset by a downward revision to consumer spending, all of which points to a slowdown in economic recovery into 2024.

Gas Prices Spike Ahead of July 4 Travel Period, AAA Report Finds

By Staff
Friday, June 28, 2024 3:03 PM A new American Automobile Association (AAA) report shows gas prices spiked ahead of long weekend travel and are averaging $3.50 per gallon. This uptick follows an increase in global oil prices which reached more than $80 per barrel at the end of June. 

Beginning July 1, several states will adjust fuel taxes and fees, with Indiana leading the pack with an increase to 35 cents per gallon. Meanwhile, Virginia will increase taxes on gasoline, gasohol and alternative fuels to 30.8 cents per gallon. 

Michigan will keep its tax rate the same at 18.8 cents per gallon and will reduce taxes on clear diesel fuel and kerosene to 20 cents per gallon. 

AAA noted recent data from the Energy Information Administration shows a drop in demand from 9.3 million barrels a day to 8.96 billion barrels a day at the end of June. 

As of the end of June, the most expensive gas markets were California where prices have reached an average of $4.80 per gallon, followed by Hawaii at $4.71 per gallon and Washington at $4.21 per gallon. 

The least expensive gas in the nation can be found in Mississippi which has fallen to $2.91 per gallon, followed by Louisiana and Arkansas which both sit at $3.01 per gallon.

Career Development and Health Care Benefits Are Top Priorities for Job Seekers, Kellanova Survey Finds

By Staff
Thursday, June 27, 2024 2:35 PM Job seekers are looking for more than just a paycheck when it comes to choosing a career. A new survey from Kellanova, formerly known as Kellogg Company, finds that job seekers are looking for employment in jobs that have a positive impact on their careers. More than 95 percent of respondents to the survey, titled "What About Me? Attracting Top Talent in a Shifting Job Market,” said they were looking for a workplace that demonstrates how they can make an impact, and in return, they want to be rewarded for their accomplishments. 

Meanwhile, 63 percent of respondents said they were looking for workplace flexibility with the opportunity for career development. Nearly all of the respondents said they want the opportunity to unleash their potential, while 92 percent of candidates expect their employees to make their well-being a priority. 

Health care support was a significant concern for employees, with 62 percent of job candidates in both the U.S. and Canada saying health care benefits and financial incentives will most likely increase interest in a company. 

Company legacy and brands were also deciding factors for potential candidates, with 40 percent responding they consider history of philanthropy and commitment to sustainability as differentiators. This was closely followed by long-standing relationships with customers and consumers at 39 percent.

More Older Adults Are Living in Poverty, U.S. Census Bureau Reports

By Staff
Wednesday, June 26, 2024 3:15 PM A new report from the U.S. Census Bureau finds that a significant number of older adults living in poverty are not receiving social security. According to the report, 28 percent of older adults relied on social security as their sole source of income in 2021. For many older adults, however, there is no social security option due to insufficient work or no work history.

Seventy percent of older adults in poverty lived in households that received Social Security, compared to about 91 percent of those in households that are not in poverty.

This has led to an increased risk of living in poverty and vulnerable living conditions—new data shows that 63 percent of older adults in poverty lived alone, compared with 26 percent of those not experiencing poverty. 

Approximately 8 percent of people over age 65 lived in poverty in 2021. Women were most likely to be living in poverty at a rate of 65 percent, compared with 54 percent of those in the same age category not living in poverty. 

Marital status may be exacerbating poverty for some Americans. According to the report, 24 percent of the people living in poverty were married, compared with 59 percent of those not living in poverty. Experts believe the higher rate of poverty among single people may be due to fewer financial programs, tax benefits, and non-tax benefits available to unmarried individuals. Older adults were also less likely to receive retirement and property income. 

Experts at the Census Bureau believe that creating a safety net for people with inconsistent income is important, adding that Social Security is no longer enough to meet the needs of those in poverty. 

Low Salaries and Work Stress Are Pushing Nurses Out of Health Care Jobs

By Staff
Tuesday, June 25, 2024 2:16 PM A new survey from Medical Solutions, which connects nurses and allied health clinicians with hospitals and health care systems, finds that more nurses are considering a career change. The Voices of Care survey examines the needs of medical professionals within the nursing industry. 

Survey results show that more nurses are considering leaving the profession to pursue jobs that are offering better salaries and benefits. Meanwhile, a significant number of nurses are also leaving the profession due to mental health issues and stress. 

More than 40 percent of respondents said job-related health issues were among the top three reasons for choosing to leave the profession. Meanwhile, more than 27 percent said the industry has unmanageable workloads, prompting nurses to consider quitting. Furthermore, 27 percent of respondents said they feel undervalued and unsupported by their employment organization.

Just over 7,000 registered nurses were surveyed including traveling nurses, staff nurses and PRN (as needed) nurses. The goal of the survey is to provide health care facilities with insights into the attitudes and behaviors of nurses under current working conditions. 

Salary remains one of the main priorities of nurses, with 97 percent of respondents saying this is why they selected a position as a traveling nurse. Additionally, 19 percent of permanent nurses and 14 percent of per diem nurses reported they would like to transition to a role as a traveling nurse.

Native Americans’ Access to Broadband Trails Behind the National Average, U.S. Census Bureau Reports

By Staff
Monday, June 24, 2024 1:57 PM American Indians and Alaskan natives have the lowest rates of high-speed internet access in the United States, according to a new report from the U.S. Census Bureau. Titled Computer and Internet Use in the United States: 2021, the report released in June finds that the “digital divide between tribal and non-tribal households” fell from 10 percent to 6 percent between 2016 and 2021.

Access to the internet, however, remains lower among American Indian and Alaskan Native households on tribal lands. New data from the American Community Survey conducted by the U.S. Census Bureau, shows that 90 percent of non-Native American households had broadband access compared with 84 percent of American Indian and Alaska Native thousands and 71 percent of American Indian and Alaska Native households on tribal land. 

Some areas in the U.S. are seeing improvement in broadband access. Data from the U.S. Census Bureau finds that tribal residents in six states, including Delaware, Florida, Georgia, Hawaii, Washington and Wisconsin, have broadband rates at or above the national average of 90 percent in 2021.

The U.S. Census Bureau noted one particular instance where the Navajo Reservation and Off-Reservation Trust Land, one of the largest tribal American Indian and Alaska Native populations, has a broadband subscription rate of only 33 percent.

Meanwhile, tribal residents in Arizona, Connecticut and New Mexico had among the nation’s lowest rates at less than 70 percent in Arizona and New Mexico, and 60 percent in Connecticut.