-
Friday, January 28, 2022Comcast Plans To Double Spending on Movies, TV Shows, Adding to Already Surging Studio Property Dema
Media and technology giant Comcast plans to double spending this year on movies and TV shows for Peacock, one of several streaming services that's fueling escalating demand for soundstages and production offices across Los Angeles and other parts of the country. The Philadelphia-based company told analysts and investors it expects to spend more than $3 billion, up from about $1.5 billion last year, with the goal to reach $5 billion in annual content spending within about two years. Peacock launched in
Friday, January 28, 2022Home Depot Names New CEO, GDP Beats Expectations, Labor Shortage Expected To Persist
Home Depot Names New CEO A Home Depot veteran plans to take the helm of the big-box retailer in March. The Atlanta-based company is elevating Ted Decker, its chief operating officer, to CEO, replacing Craig Menear, who has been in the position since 2014. Menear will remain chairman of the board. Decker, 58, will also join the board. He started with the company in 2000 and worked his way through roles in business development, financing and merchandising before becoming COO in October 2020. “His ability
Thursday, January 27, 2022Fed Primed To Raise Rates in March
The Federal Reserve announced it will hold its policy rate near zero but it expects to begin raising rates “soon,” which Fed watchers widely interpret to mean at its next meeting. The statement implies that the central bank's policy goal of maximum employment appears to have been reached, allowing committee members to focus on tackling what has become highly elevated inflation to achieve their price stability policy goal. The central bank also signaled that its very accommodative monetary policy stance
Thursday, January 27, 2022Homebuilders Remain Confident, but Construction Levels Tell Another Story
Rising costs of lumber and other inputs to housing production in just the past month have put homebuilders in a bind. Demand for housing has been extraordinary, and historically low inventories of homes for sale have given buyers little room to negotiate, allowing builders to capture higher prices for the homes that they complete. Yet affordability is waning as prices rise and mortgage rates creep higher, hence builders planning for the next two to three years will weigh the risk that demand might be
Wednesday, January 26, 2022Traditional Retailers, Not Pure E-Commerce Sellers, Led to Record Large Warehouse Leases
Big warehouse leases hit a record last year, driven by not only e-commerce but traditional retailers as the economy rebounded and the boom in the U.S. industrial market forged ahead. Companies committed to 57 warehouse leases of 1 million square feet or larger in 2021, a 19% increase from 2020, according to a study that brokerage CBRE released Tuesday. By market, Chicago led the list with the greatest number of the top 100 lease transactions, at 12, representing 12 million square feet. CBRE looked at
Wednesday, January 26, 2022GM Accelerates Factory Investment, Computer Chip Troubles Remain, Consumer Confidence Drops
GM Accelerates Factory Investment General Motors is accelerating its plan to overtake the lead from Tesla and Ford in electric vehicles by investing nearly $7 billion on Michigan factories to produce EVs and batteries. The Detroit automaker said in its Tuesday announcement that the investment is the single largest in the company’s history and \will add 4,000 new jobs. Most of the investment will be in its Orion Assembly plant in Orion Township where the company is spending $4 billion to immediately begin
Wednesday, January 26, 2022COMCAST RISE APPLICATIONS NOW OPEN TO ALL WOMEN-OWNED SMALL BUSINESSES
In its first year alone, Comcast RISE has provided over $60 million in grants, marketing and technology services to support more than 6,700 small businesses owned by people of color in Comcast’s national footprint – including nearly 550 in the company’s Greater Chicago Region With the expansion to all women-owned small businesses, the program is on track to support 13,000 businesses by the end of 2022. CHICAGO (January 19, 2022) – Comcast announced today that its Comcast RISE program is open to all
Wednesday, January 26, 2022Disadvantages Business Enterprise Programs Workshops with IDOT
Building Blocks of Success: IDOT announces February dates for Disadvantaged Business Enterprise program workshopsCHICAGO – The Illinois Department of Transportation is hosting free virtual workshops in February as part of its continuing Building Blocks of Success series for firms interested in participating in the Disadvantaged Business Enterprise program, strengthening their skills and bidding on state construction projects. The workshop dates and topics are: Feb. 8, 10 a.m. to noon: Basic Math for Pay
Tuesday, January 25, 2022Kohl's Has Another Suitor, Office Use Slow to Recover, Restaurants Seek Government Help
Kohl's Has Another Suitor Department store chain Kohl’s reportedly has more than one suitor interested in buying the company at a premium that includes its real estate. New York City-based private equity firm Sycamore Partners, which owns department store chain Belk and a host of other retail brands, joined the fray over the weekend with an offer of $65 per share, CNBC reported. The offer is richer than the $64 per share, or about $9 billion, reportedly offered last week by Acacia Research Corp., which
Tuesday, January 25, 2022Walmart's Battle With Amazon Plays Out in This 1 Million-Square-Foot Building
Retailer Walmart plans to open a sprawling fulfillment center in northern Mississippi as part of the company’s strategy to challenge Amazon’s e-commerce supremacy. The company is finishing a distribution building in Olive Branch that measures more than 1 million square feet that Dallas-based developer Hillwood completed last November. It’s about 25 miles from the heart of Memphis, Tennessee, and is Walmart's first fulfillment center in the area. Walmart expects to open the operation in the spring. “The
Monday, January 24, 2022Stock Drop Draws Concern, Kohl's Reportedly Has Suitor, Car Prices Climb
Stock Decline Draws Concern Real estate stocks weren’t immune from Wall Street’s drubbing last week for its worst week since 2020 as the major indices dropped for four consecutive days. That raised some concern about where stocks are headed in coming days and beyond now that the Federal Reserve is ratcheting back stimulus funds. The Dow Jones Real Estate Index that tracks real estate investment trust stocks was down 9.6% Friday from the end of last year. The Dow Jones Industrial Average fell about 4.6%
Monday, January 24, 2022Back to Business Grants
Governor Pritzker Announces $111 Million in Back to Business Grants to Support Small Businesses Governor JB Pritzker and the Illinois Department of Commerce and Economic Opportunity (DCEO) have announced that more than $111 million in Back to Business (B2B) relief funds have been awarded to 2,913 small businesses in over 300 cities across the state, with almost 80% of awards delivered to businesses in disproportionately impacted communities. B2B is a key component of
Friday, January 21, 2022Peloton Temporarily Halts Production, Jobless Claims Rise, Home Sales Drop
Peloton Temporarily Halts Production Stationary bike and treadmill maker Peloton, which broke ground on a U.S. factory last August, is reportedly suspending production and may close retail stores as demand for its products runs out of steam. Production on its original bike will stop for two months beginning next month through March, CNBC reported, citing internal company documents. In December, the New York-based company had halted production on its more expensive Bike+ until June. Treadmill production
Friday, January 21, 2022US Commercial Service
Here is a list of terrific upcoming events to give you the information, tools, and resources you need to meet your top international expansion goals! Click on the event to get details below. The ABCs of Export Due Diligence: DIY Tips to Screen Business PartnersConnect with Women in International Trade at Trade Winds: WELLTI SummitThe Northwest Illinois Opportunity Equity Forum (OEF)Minority Business Focused Trade Mission to Italy, Spain and Portugal Virtual Events & ResourcesNew Market IntelligenceContact
Thursday, January 20, 2022Sparsely Populated Regions Grow as People Move to More Affordable Areas
Vermont and South Dakota Gain More Arrivals, While New Jersey and Illinois See More People Leave An annual study that tracks where — and why — Americans are moving found people flocking to states and cities with lower populations. The Medford-Ashland, Oregon, region and Punta Gorda, Florida — population 21,000 — led the nation in the percentage of inbound migration in 2021, according to United Van Lines' "National Movers Study" released this month. The study relies partially on moving company United Van
Thursday, January 20, 2022How Are Senior Living Complexes Changing? This One Serves Pints With Its Pickleball.
Multifamily developer Revel Communities opened its first senior housing complex in Southern California, an independent living facility in Palm Desert that mixes beer and pizza at happy hour with the traditional basket-weaving and pool aerobics classes. The 163-unit Revel Palm Desert at 74300 Country Club Drive is the 13th independent senior living complex developed by Revel, a division of multifamily investment and development firm The Wolff Co. It comes as the industry adapts its property design to
Wednesday, January 19, 2022Office Use Returning, Kohl’s Faces New Investor Push
Office Use Returning Many major metropolitan areas saw employees return to the office, bringing cities back closer to what has become a pandemic normal. All the major metropolitan areas tracked by Falls Church, Virginia-based security firm Kastle Systems saw office use increase in the week that ended Jan. 12. But the numbers still are not back to those before the holidays and a record rise in coronavirus cases from the omicron variant. Kastle gathers anonymous employee data from workplaces where it
Wednesday, January 19, 2022A Look at What Many Got Wrong, and What That Might Mean for the Coming Year
For the second straight year, the U.S. economy was largely determined by effects of the pandemic. CoStar News looked at five key charts that defied early predictions for 2021. It remains to be seen if the changes will be permanent or whether this year will hold just as many surprises. Here’s what many got wrong: 1. Commercial property investors have been waiting for a boom in distressed sales, hoping for bargains. But that hasn’t happened. Instead, owners hung on, and many sold for record prices. 2. A
Tuesday, January 18, 2022Consumers Give 2022 Best Setup to Any Year on Record, but Economists Say Challenges Remain
Consumers gave 2022 the best setup to any year on record for retail spending, a dramatic turnaround for an industry that saw numerous closures and bankruptcies during the pandemic, but economists warn there are challenges for the year ahead. Holiday spending at the end of 2021 jumped 14.1%, a record that beat at least one forecast and overcame headwinds from supply-chain disruptions, the rise of the COVID-19 omicron variant and surging inflation, according to the National Retail Federation. The trade
Tuesday, January 18, 2022Hospitality Investment Sales Close Out Year at Strong Pace
More than $13 billion in U.S. hotel assets traded hands in the fourth quarter of 2021, completing an impressive recovery from 2020 as investors acquired hotels at near record levels. By comparison, hotel sales totaled just $7.2 billion in the first quarter of 2020, the strongest sales quarter that year. However, the fourth quarter of 2021 also saw hotel sales decelerate from the $15.7 billion that sold in the second quarter and $14.8 billion in the third quarter. Overall, 1,330 hotel properties traded
Monday, January 17, 2022US Hotel Performance Dip Indicates Omicron Disruption of Business Travel Demand
With the holiday rush over, U.S. hotel performance declined in the first week of January to a level that suggests continuing weakness in business travel demand because of concerns over the COVID-19 omicron variant. Historically, the first week of January is a slower week for U.S. hotels anyway, but seasonality doesn’t account for the entirety of the loss in demand. U.S. hotel industry occupancy dipped to 45.4% for the week ending Jan. 8, which was eight percentage points lower than what it was in the
Monday, January 17, 2022Hotel Industry Faces Short-Term and Long-Term Disruptions With Events
While leisure travel has buoyed the hotel industry through the early stages of the recovery, many hoteliers are still hoping that 2022 sees a more broad-based return of demand, including a rebound in business transients and groups. But with COVID-19 cases still spiking and companies reticent to make big commitments to travel, the return of large, citywide events that drive a lot of that demand could be slower to return.The Recovery So Far Jan Freitag, CoStar's national director for hospitality market
Monday, January 17, 2022Celebrating Chamber Member Anniversaries
Happy Chamber Anniversary to our members celebrating anniversaries! We are honored to serve you and appreciate your tremendous support!! Over 70 YearsCity of ElginElgin Community CollegeGail Borden Public LibraryJudson UniversityLaw Offices of Douglas J. Scheflow 25 - 50 YEARSBerkshire Hathaway HomeServices Starck Real Estate-ElginCV-TEKFox Valley OphthalmologyHousing Authority of ElginManpowerPR Strategies & Communications, inc.Signarama 10 - 24
Friday, January 14, 2022Delta's Air Cargo Business Booms, Supreme Court Curtails Vaccine Mandate, Wholesale Inflation Slows
Delta's Air Cargo Business Booms Delta Air Lines struggled with maintaining consistent passenger travel because of the coronavirus in 2021 but its air cargo business boomed with products moving between warehouses by plane. Air cargo revenue rose 37% in 2021 to cross $1 billion. In the fourth quarter, which encompassed the holiday season, revenue increased to $308 million from $187 million in 2019. Cargo is a small part of the airline's business compared to passenger travel. But the big rise in business
Friday, January 14, 2022Department of Commerce Updates
Governor Pritzker Announces $9.6M in Grant Funding to Support Pre-Apprenticeship Programs In a strategic move to expand the talent pipeline and boost diversity for the rapid growth of well-paying jobs in the construction industry and building trades, this week Governor JB Pritzker and DCEO announced $9.6 million in grants for 23 organizations across the state under the Illinois Works Pre-Apprenticeship Training Program. A key deliverable of Illinois Works Jobs Program Act initiatives under DCEO’s Illinois
Thursday, January 13, 2022Pandemic Sends Office Furniture Packing
Electric sit-stand desks and ergonomic chairs that a tech company bought to attract top talent in Austin, Texas, are being wrapped in brown paper and plastic as a moving crew prepares to load 70 trailers with the once-coveted office furniture. An undisclosed technology company hired furniture liquidator Total Office Solutions to pack up its nearly 900 workstations spanning five floors of offices at The Domain in Austin and place the items on the resale market. There aren't likely to be many takers. The
Thursday, January 13, 2022Another Disappointing Jobs Report Masks the Strong Recovery
Another Disappointing Jobs Report Masks the Strong RecoveryContinuing a persistent theme for 2021, December’s employment report came short of expectations as firms added just 199,000 positions in the month, according to the Bureau of Labor Statistics. But as has been common this year, figures for the prior two months were revised higher and it’s likely that December job numbers will also see upward revisions. Overall, it turns out that 2021 was a solid year for job growth, with nonfarm employment growing by
Thursday, January 13, 2022Hastings Equity Partners Invests in XS Telecom
Hastings Equity Partners (“Hastings”) announced that its portfolio company, MKD Electric, LLC (“MKD”), a full-service industrial automation and electrical service platform, is pleased to announce its investment in XSTele.com, LLC (“XS Telecom”). This is the third investment MKD has completed since Hastings Equity Partners, a private equity firm focused on investing in lower middle market businesses, acquired MKD in January 2021. Based in Warrenton, VA and founded in 2014, XS Telecom is a national provider
Wednesday, January 12, 2022Amazon Union Vote Set, Southern Ports Post Record Year, Air Freight Growth Slowed
Amazon Union Vote Set Online retail giant Amazon faces a new union vote at an Alabama fulfillment center in a few weeks, nearly a year after winning. The National Labor Relations Board set Feb. 4 for the vote it ordered late last year after ruling that the Seattle-based company’s tactics used to fight the unionization effort at the Bessemer facility outside Birmingham prevented a fair election in April. In late December, the board reached a settlement with Amazon over how it handles unionization efforts,
Wednesday, January 12, 2022The Places Where Apartment Rents Are Rising the Most — and Who’s Paying Them — May Surprise You
Multifamily asking rents in the United States have expanded by an average of 11% year over year in 2021, the single highest increase ever recorded. However, the impact from that record growth varies a great deal by market and price point, a CoStar analysis has found. A handful of metropolitan areas are experiencing year-over-year rent growth upwards of 20%, including Phoenix, where asking rents rose 22.4%; Tampa, Florida, with rent growth of 24.8%; and Austin, Texas, which is up 20.4%. It’s important to
Tuesday, January 11, 2022Property Investors Spent More Than $1 in Every $3 on Apartments in Fourth Quarter
By Mark Heschmeyer and Rohit Diwadkar CoStar NewsMultifamily property sales surged in the second half of 2021 and accounted for more than $1 out of every $3 spent in the fourth quarter, according to preliminary CoStar data. The multifamily sector made up 34% of all property sales in the last three months of 2021, the highest percentage in five years. The surge comes at the expense of industrial assets, which, following a brief second-quarter spike in retail property sales, remain second choice among
Tuesday, January 11, 2022Crocs Sales Keep Rising, Office Use Recovers from Holidays, Consumer Expectations Hold Steady
Crocs Sales Keep Rising Crocs, the maker of foam footwear that plans to expand its distribution real estate this year, showed stronger sales for 2021 than the previous year despite supply-chain challenges. The Broomfield, Connecticut-based company reported ahead of an investor presentation Tuesday that 2021 revenue could rise 67% higher than 2020 and reach a record level for Crocs. Crocs announced in December that it would pay $2.5 billion for casual footwear brand Hey Dude. Crocs reported that it
Tuesday, January 11, 2022NEW YEAR HIRING BOOM: U.S. EMPLOYERS REPORT OPTIMISTIC INTENTIONS FOR Q1 2022 HIRING
NEW YEAR HIRING BOOM: U.S. EMPLOYERS REPORT OPTIMISTIC INTENTIONS FOR Q1 2022 HIRING - Employers in the U.S. report a Net Employment Outlook of 41% - the 8th strongest globally - Most optimistic Q1 expectations since the survey began in 1962 - IT employers anticipate the most optimistic hiring pace, followed by Financial Services and Construction - Outlooks look bright for job seekers across all four U.S. regions, most notably in the West with an Outlook of 47% MILWAUKEE, Dec. 14, 2021 /PRNewswire/
Tuesday, January 11, 2022OrthoIllinios to build $17.7M elective surgery center in Elgin
OrthoIllinois has received unanimous approval from the Illinois Health Facilities and Services Review Board to build a $17.7 million surgery center in Elgin. “We are excited to continue our investment in this community,” said Tom Stanley, a partner and a spokesman with OrthoIllinois. “We are committed to this community and increasing access to care. This approval is a huge win for this community.” The new surgery center will be on Alft Lane, a block away from OrthoIllinois’ 50,000-square-foot office,
Monday, January 10, 2022Job Growth Hits Record, Cargo Moved by Ships to Trucks, Trains Has Strong 2021
Job Growth Hits Record U.S. job growth finished 2021 on a mixed note in December but the full year set a record for hiring. The Labor Department reported that payrolls expanded by 199,000, a number that was far blew expectations and the 807,000 reported payroll company reported on Wednesday. ADP includes any active company employee while the government report includes only employees paid during the month. Still, the recovering economy brought nearly 6.5 million jobs back, the most ever in U.S. The Labor
Friday, January 07, 2022Upcoming Illinois Trade Events
Here is a list of terrific upcoming events to give you the information, tools, and resources you need to meet your top international expansion goals! Click on the event to get details below. Trade Winds Middle East and AfricaCentral America Trade Mission and Business ConferenceVirtual Events & ResourcesReady to Find Opportunities? Learn how and where to research markets.Contact UsTrade Winds Middle East and Africa Join us in Dubai, UAE for the largest U.S. government-led trade mission and business
Friday, January 07, 2022A Look at US and Hotel Employment Data in 2021
Throughout 2021, employers in the U.S. struggled to hire and retain employees as the economy recovered from the COVID-19 pandemic. Countless companies, including those in the hotel industry, laid off or furloughed employees at the start of the pandemic in 2020. Over time, though, the economy started to recover, and consumers felt comfortable spending after building up some savings. But as demand returned, businesses faced supply-chain constraints caused by the pandemic and a labor shortage after letting
Thursday, January 06, 2022No End in Sight Yet for Higher Home Prices
After a blistering year, the housing market shows no sign of retreat entering 2022. Demand continues apace, especially in cities in the Mountain West and Southeast where population growth has been particularly strong, while the number of homes available for purchase has not kept up. Consequently, price growth has been meteoric during the pandemic, and while that may slow, it’s not happening yet. The median price for existing homes grew by 13.9% year over year in November, according to the National
Thursday, January 06, 2022Ford Closes Challenging Year With Strong Sales, GM Announces Electric Silverado, Job Growth Beats Ex
Ford Closes Year With Strong Sales Ford Motor Co. sold fewer cars last year than in 2020 but finished 2021 with a strong quarter of sales. The Dearborn, Michigan-based automaker reported Wednesday that it sold 508,451 vehicles in the United States in the fourth quarter, marking a 26.8% increase from the third quarter. Ford’s sales topped all other automakers during the fourth quarter. For the year, however, the company sold 1.9 million vehicles, a 6.8% decline from 2020. Ford, like most automakers,
Wednesday, January 05, 2022Biotech Construction Not Keeping Pace With Rapidly Rising Nationwide Demand
Escalating demand for new life science laboratory space is outpacing speculative construction in one of the nation’s fastest-growing types of commercial real estate. A new report from brokerage CBRE points to several cities where the amount of speculative lab space under construction trails demand from companies scouting those regions for life science space. While about 21 million square feet of biotech space is under construction in the nation’s 12 largest life sciences markets, tenants are in the
Wednesday, January 05, 2022Small Business Hiring Rises, Ford To Increase Electric F-150 Production, Factory Activity Slows
Small Business Hiring Rises Small business hiring in December hit the highest level since 2014. Paychex reported that its index with data analytics firm IHS Markit rose to 100.94 from 100.72 in November, marking the seventh consecutive month of increases. It’s the highest reading since August 2014. The payroll company pulls data from some 350,000 clients employing fewer than 50 workers. A reading above 100 means that hiring is at or better than the benchmark year of 2004 when economic growth was deemed
Tuesday, January 04, 2022Goldman Sachs Shifts to Work From Home, Holidays Empty Offices, Apple's Value Sets Record
Goldman Sachs Shifts to Work From Home Investment banking firm Goldman Sachs, which had been among companies to mandate that employees return to the office full-time last year, reportedly has asked its staff to work from home amid a record rise in coronavirus cases. A memo went out to employees asking them to work from home until Jan. 18, the New York Post reported. Goldman Sachs joins Citi and JPMorgan in sending employees home to work for the first part of the new year. Concerns about rising cases
Tuesday, January 04, 20222022-Department of Commerce News
Northeast Region Weekly Update As we close on 2021, all of us at DCEO wish you a happy new year. We appreciate all that you do to serve your communities and the State of Illinois. Remember, we’re all in Illinois! Research in Illinois to Spur Economic Recovery (RISE) Local and Regional Planning Grant NOFO As part of the State’s efforts to boost economic recovery, $25 M has been appropriated to the IL Department of Commerce and Economic Opportunity (DCEO) for the Research in Illinois to Spur Economic
Monday, January 03, 2022Rebounding Group Travel Means One Hotel Metric Could Suffer
By Jack Witthaus CoStar News A commonly used hotel metric will edge lower next year despite the hospitality sector improving, according to projections for 2022 by CoStar analysts. Convention hotels are expected to see falling average daily rates, a measure of how much revenue is generated per room, as group travel increases. That's because convention hotels mostly relied on transient travelers, who pay higher room rates, in 2021 as the pandemic limited the amount of large gatherings. The projected rise
Monday, January 03, 2022Announced Store Closings in 2021 Approach an All-Time Low
Despite rising cases of breakthrough coronavirus infections and the resulting uncertainty over the efficacy of current vaccines against variants, the retail property market shows impressive signs of recovery at year-end. Retail sales have moved well above pre-pandemic levels for months, retailer profitability has been improving and consumption is setting all-time highs even as foot traffic at stores has improved significantly from last year's levels. However, perhaps the most compelling sign of recovery
