Did You Know?
Did You Know?
Treasury Secretary Janet Yellen said Tuesday that it is possible the Federal Reserve may have to raise interest rates to keep the economy from overheating if the administration’s spending plans are enacted. Fed Chairman Jerome Powell reiterated last week that the central bank isn’t worried about a persistent rise in inflation and that he expects that price increases over the coming months will be transitory. We shall see.... (WSJ)
San Francisco's controller office projects that the city’s commercial and residential tax base fell just 0.46% in 2020, from $301.4 billion to $300 billion, resulting in a $7.6 million loss in revenue for the fiscal year starting in July. That's significantly less than you might have expected after reading all those gloom-and-doom headlines! (Bloomberg).
The surge in lumber prices in the past year has added $35,872 to the price of an average new single-family home and $12,966 to the market value of an average new multifamily home, according to the NAHB. Steel prices are up 18% and Copper up 27%.... Single-family housing starts were up 41% in March year over year. New lot supply is down 20% YOY. and pricing is up 11%. (CNBC).
The US economy grew at an impressive 6.4% rate in the first quarter as the US economy rebounds from mass shutdowns in 2020 and a deep recession. Jobless claims now are approaching a third of where they were in July 2020.