California's high-speed rail project is setting speed records, not on tracks, but rather in cost escalation. Last week, the California High Speed Rail Authority (CHSRA) announced that the Bakersfield to Merced section, part of which will comprise the first part of the system to be built, will cost between $10.0 and $13.9 billion. This is an increase of approximately 40 percent to 100 percent over the previous estimate of $7.1 billion, an estimate itself less than two years old.  read more »

The riots that hit London and other English cities last week have the potential to spread beyond the British Isles. Class rage isn’t unique to England; in fact, it represents part of a growing global class chasm that threatens to undermine capitalism itself.  read more »

Forty years from now, politicians, writers, and historians may struggle to understand how America, once the quintessential middle-class society, became as socially stratified as Europe or even Brazil. Should that dark scenario come to pass, they would do well to turn their attention first to New York City and New York State, which have been in the vanguard of middle-class decline.

It was in mid-1960s New York—under the leadership of a Barack Obama precursor, Hollywood-handsome John Lindsay—that the country’s first top-bottom political coalition emerged. In 1965, Gotham had more manufacturing jobs than any other city in the country.  read more »

The boomer generation, spawned (literally) in the aftermath of the Second World War, will continue to shape the American landscape well into the 21st Century. They may be getting older, but these folks are still maintaining their power. Those born in the first ten years of the boomer generation  — between 1945 and 1955 — number 36 million, and they will continue to influence communities and real estate markets across the country, especially as they contemplate life after kids and retirement.  read more »

Mark Duggan, father of four, was armed with a Bruni BBM semi-automatic pistol when he was shot dead by armed police on 4 August. Despite initial reports Duggan did not fire on the officers from the Trident Police Unit, an armed force dedicated to dealing with “gun related murders within London’s black communities”.  read more »

We are going to need less commercial real estate in the future, at least on a per-unit-of-population basis. Advances in communications technology are causing profound and sometimes unanticipated changes in our lives.

Retail Markets
The coming change is most obvious in retail markets. Americans are increasingly shopping online. However, we’ve really just started to scratch the surface. According to the U.S. Census Bureau’s 2009 E-Stats report issued in May, 2011, E-commerce only accounted for 3.99 percent of U.S. retail sales in 2009.  read more »

I was recently asked to outline my thoughts on how the Queensland urban landscape might look 40 to 50 years from now.  Go on, you can laugh.  I did too.  It’s hard enough to forecast the next 12 months, let alone two generations away, but I’ve given it a go, of sorts, so here it is:  read more »

Los Angeles has grown more than any major metropolitan region in the high income world except for Tokyo since the beginning of the twentieth century, and also since 1950.  In 1900, the city (municipality, see Note) of Los Angeles had little over 100,000 people and ranked 36th in population in the nation behind Allegheny, Pennsylvania (which has since merged with Pittsburgh) and St. Joseph Missouri (which has since lost more than one quarter of its population).  read more »

Black population changes in various cities have been one of the few pieces of the latest Census to receive significant media coverage.  The New York Times, for example, noted that many blacks have returned to the South nationally and particularly from New York City.  The overall narrative has been one of a “reverse Great Migration.”  But while many northern cities did see anemic growth or even losses in black population, and many southern cities saw their black population surge, the real story actually extends well beyond the notion of a monolithic return to the South.  read more »

As the United States continues to fight its way out of the Great Recession, more attention has been directed to the question of why is has taken so long for workers to find re-employment. In economist parlance, this is primarily a question of “structural unemployment.” This describes the type of unemployment that results from a mismatch of worker skills and the skills demanded by employers.  read more »