What I’m Reading
Help Wanted: Construction projects across the U.S. are running short on labor just as $1 trillion in federal infrastructure money starts to kick in. Contractors are responding by offering benefits ranging from signing bonuses to housing allowances to attract and retain workers. Wall Street Journal
Drying Up? Over the past decade, affluent people were able to borrow against their stock and bond portfolios at low leverage and very low (floating) rates. This massive flow of capital made its way back into the economy in the form of both consumption and investment. That form of debt has become considerably less attractive in our current hiking cycle and will likely restrain this source of “dry powder,” at least for a while. The Atlantic
Everything Must Go: The Sunbelt builders that have been pushing prices the most aggressively in recent months are beginning to cut in an effort to move product quicker. The Real Deal
Closer to Home: RV renters in the United States are planning trips closer to home or having fuel-gulping motor homes delivered to their final destination in an effort to cut down on fuel costs as travel remains a top priority even during record inflation. AutoBlog
Window of Opportunity: Rising mortgage rates are putting upward pressure on occupancy and rents for single family rentals. Institutional players in the space with access to cheaper capital are seeing an opportunity to take share. Housing Wire
Chart of the Day
US wealth destruction is occurring on an epic scale in this cycle. It is highly likely that this will be a drag on consumption.
Source: The Daily Shot
WTF
In Soviet Russia….: A woman was eaten by her 20 pet cats after collapsing dead in her home because Russia. NY Post
Bombs Away: A man clad only in underwear was arrested for throwing cinderblocks at deputies from the roof of a restaurant because Florida. NBC 2
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
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