Despite some hype and a few regional exceptions, the construction of office towers and suburban office parks has not made a significant resurgence in the current recovery. After a century in which office space expanded nationally with every uptick in the economy, we may have reached something close to “peak office” in most markets. read more »
“The heresy of heresies was common sense”—George Orwell
The stories we tell affect the lives we lead. I do not mean to be abstract here. I mean, literally, the stories that are told make up a kind of meta-reality that soaks in us to form a “truth”. This “truth” affects policy, which affects investment, which affects bricks and mortar, pocketbooks, and power. Eventually, the “truth” trickles down into a more real reality that defines the lives of the powerless. read more »
In this strange era of self-congratulation in California, it may be seen as poor manners to point out tectonic shifts that could leave the state and, particularly, Southern California, more economically constrained and ever more dependent on asset bubbles, such as in real estate. One of the most important changes on the horizon is the shift of economic power and influence away from the Pacific Coast to the Gulf Coast – the Third Coast – a process hastened by the imminent widening of the Panama Canal. read more »
Despite well-publicized problems that earned it the nickname of the “Rust Belt”, on paper the Midwest possesses some formidable strengths. These include the largest concentration of engineers in America, world class educational institutions, a plethora of headquarters of global champions ranging from Proctor and Gamble to Caterpillar to the Chicago Mercantile Exchange, the world’s greatest reserves of fresh water, and an expanding immigrant population. read more »
The inaugural edition of Enterprising Cities: A Force for Prosperity that was recently released examines best practices in municipalities taking proactive measures to support job creation and economic growth together with the private sector. The U.S. Chamber of Commerce Foundation’s Enterprising States and Cities program takes an in-depth look at the policies and programs being implemented to promote economic growth at the state and local levels. read more »
A couple weeks ago I outlined how the Ohio River Bridges Project in Louisville had gone from tragedy to farce. Basically none of the traffic assumptions from the Environmental Impact Statements that got the project approved are true anymore. According to the investment grade toll study recently performed to set toll rates and sell bonds, total cross river traffic will be 78,000 cars (21.5%) less than projected in the original FEIS. read more »
Perhaps nothing is as critical to America’s future as the trajectory of the middle class and improving the prospects for upward mobility. With middle-class incomes stagnant or falling, we need to find a way to generate jobs for Americans who, though eager to work and willing to be trained, lack the credentials required to enter many of the most lucrative professions.
Mid-skilled jobs in areas such as manufacturing, construction and office administration — a category that pays between $14 and $21 an hour — can provide a decent standard of living, particularly if one has a spouse who also works, and even more so if a family lives in a relatively low-cost area. But mid-skilled employment is in secular decline, falling from 25% of the workforce in 1985 to barely 15% today. read more »
This post examines the idea that we can promote sustainability by increasing the densities of large cities around their centres. This compact city paradigm presumes that we can reshape the consumption of citizens in environmentally benign ways by reshaping the cities they live in. read more »
The US Census Bureau recently released poverty rate data by state, county and metropolitan area for 2012. As has been the case for decades, urban core poverty rates dwarf those of suburban areas in the nation's 52 major metropolitan areas (those with more than 1 million population). read more »
Perhaps no urban legend has played as long and loudly as the notion that “empty nesters” are abandoning their dull lives in the suburbs for the excitement of inner city living. This meme has been most recently celebrated in the Washington Post and the Wall Street Journal.
Both stories, citing research by the real estate brokerage Redfin, maintained that over the last decade a net 1 million boomers (born born between 1945 and 1964) have moved into the city core from the surrounding area. “Aging boomers,” the Post gushed, now “opt for the city life.” It’s enough to warm the cockles of a downtown real-estate speculator’s heart, and perhaps nudge some subsidies from city officials anxious to secure their downtown dreams. read more »