• Eleven US Cities Selected to Host World Cup Matches, Housing Starts Hit Two-Year Low, Jobless Claims

    Eleven US Cities To Host World Cup Matches

    Eleven U.S. cities were among 16 in North America chosen by FIFA to host matches during soccer’s 2026 World Cup, with a chance to share in an estimated $5 billion in economic benefits from the global tournament.

    Dozens of cities submitted bids to host the World Cup after North America was named the host region four years ago by FIFA, the federation overseeing international soccer events. For 2026, matches will be played in Atlanta, Boston, Dallas, Houston, Kansas City, Los Angeles, Miami, Philadelphia, San Francisco, Seattle and the New York City-New Jersey region.

    Games will also be hosted in Canada’s Toronto and Vancouver, and Mexico’s Guadalajara, Mexico City and Monterrey. Finalist candidate cities left out of the running included Cincinnati, Denver, Edmonton, Nashville, Orlando and the Washington, D.C.-Baltimore region.

    This will be the first World Cup hosted simultaneously by three countries. The $5 billion in economic activity surrounding the games amounts to a net benefit of $3 billion to $4 billion after factoring in potential public costs, according to a 2018 study by Boston Consulting Group commissioned by World Cup organizers.

    The report said the 48-team tournament is expected to generate about $160 million to $620 million in “incremental economic activity” for each host city, for a net benefit of $90 million to $480 million after accounting for public costs.

    Past World Cup host cities have garnered some postgame benefits including increased visits by international tourists spending in hotels, stores and restaurants.

    Housing Starts Hit Two-Year Low

    Housing construction starts declined 14.4% from the prior month in May, with the approximately 1.5 million the lowest level since April 2020, providing another sign of a potential cool-down in the U.S. housing market.

    Starts for single-family housing totaled slightly more than 1 million during May, with starts for projects with five or more units totaling 469,000, the Commerce Department reported Thursday. Total housing starts were also 3.5% below the May 2021 figure.

    Building permits for new housing totaled about 1.7 million in May, 7% below the April number but 0.2% above the May 2021 amount.

    The roughly 1.5 million housing completions in May were 9.1% higher than the prior month and an increase of 9.3% from May 2021.

    Also Thursday, the Mortgage Bankers Association trade group reported that mortgage applications for new home purchases declined 5% from a year earlier during May. Applications also dropped 4% from April, with rising mortgage interest rates cited as a factor.

    Jobless Claims Decline

    Initial claims for unemployment insurance totaled 229,000 for the week of June 11, down 3,000 from the previous week though slightly above the four-week moving average of 218,500, the Labor Department reported Thursday.

    The numbers reflect an employment market that has remained tight over the past several weeks, with the May unemployment rate at 3.6%, despite other signs including relatively high inflation and rising interest rates that some analysts have said pose risks for a recession.

    The total for continued unemployment claims, tracked on a more delayed basis, was approximately 1.3 million for the week ended May 28, down 1,441 from the previous week and far lower than the total of 14.8 million claims for the comparable week of 2021.

    Source: www.CoStar.com