In a Daily Telegraph commentary, London Mayor Boris Johnson expects the proposed high-speed rail line from London to Birmingham (HS2) to cost £70 billion (approximately $105 billion). This is two thirds more than the most recent estimate of £42 billion (approximately $63 billion), which includes a recent increase in costs from £32 billion (approximately $48 billion) for the 140 mile long first segment. read more »
The great North Dakota boom, driven by oil development and strong agricultural markets, has continued to put the state at the top of economic growth rankings. The state can now add "housing growth" to the list.
As the region's oil industry expands and matures, the market for more permanent housing solutions has heated up. According to recently released Census data, North Dakota led the nation in housing growth in 2012, increasing its supply of housing by 2.3% in just one year. Overall national growth was 0.3%. read more »
Despite panning Texas Governor Rick Perry’s initiative to draw businesses from New York, Slate’s business and economics correspondent, Matt Yglesias offers sobering thoughts to growth starved states along on the West Coast and in the Northeast. read more »
For years, some justified high pay for college educated professionals because they served as a data base for certain types of knowledge – medicine, dentistry, pharmacy, law, accounting or any number of other disciplines taught at the college level. But with the advances in information technology and robotics, those salaries might not be justified in the near future. Information technology is currently forcing downsizing in the law sector, as fewer lawyers are needed to research cases or produce wills, trusts and divorce decrees. read more »
There have been numerous press reports about the expansion of micro housing, and expectations that Americans will be reducing the size of their houses. As the nation trepidatiously seeks to emerge from the deepest economic decline since the 1930s, normalcy seems to be returning to US house sizes. read more »
The New York Times restates basic economics in a June 9 editorial that should be required reading for planners and public officials who fail to comprehend how restrictions on housing raise prices. The Times expressed concern about the extent to which investor involvement in some markets has raised the price of houses for new homebuyers and others who actually plan to live in the houses that they purchase. read more »
For a few years, concern has been expressed about house price increases in Canada, which have been disproportionate compared to household incomes.
In this regard, the latest, semi-annual Bank of Canada Financial System Review points to the overbuilt multi-unit market, especially the Toronto condominium market, as having the potential to inflict serious harm on the economy read more »
Most Americans take it as an article of faith that there’s a strong connection and relationship between the major cities of the East and West coasts. Indeed, there may be 3,000 miles separating New York from Los Angeles, or San Francisco from Washington, but psychologically the cities each seem to be more connected to each other than, say, Dallas to New York or Atlanta to San Francisco. Of course, in the minds of the coastal crowd, the rest of the nation has become “flyover” country. That wasn’t always the case. How exactly did that happen? read more »
In the late sixties, India was the poster child of Third World poverty. In 1965, the monsoon rains failed to arrive, food production crashed, and much of the country was on the brink of starving. Asked for help, President Lyndon Johnson is reported to have told an aide, "I'm not going to piss away foreign aid in nations where they refuse to deal with their own population problems." Johnson came around, but by the end of the decade India was viewed in the West as, at best, a basket case and, at worst, a "population bomb" that threatened the entire planet. read more »
Toronto has experienced a virtual explosion in high rise condominium construction in recent years, especially in the downtown area. According to Bloomberg, Toronto has the largest number of high-rise condominium towers under construction in the world. read more »