What I’m Reading
Hitting the Water: The National Marine Manufacturers Association says powerboat sales hit a 13-year high in 2020, with 310,000 new vessels sold, up 12 percent from the previous year. Difficult as it is to believe, 2021 is looking even better. As of February, shipments of new powerboats were up 23 percent compared with the 2020 average, and up 9 percent compared with the 2019 average. NY Post
While this is great news economically, it is perhaps even better for owners of RV/Boat storage facilities and marinas. These new boats will need to be stored somewhere – whether their owners are using them or not.
Topping Out? The 10-year breakeven inflation rate has stopped going rising and even pulled back a bit, stirring debate over whether it has peaked. Wall Street Journal
New Hub: Companies producing everything from steel to electric cars are planning and building new plants in Southwest states, far from historical hubs of American industry in the Midwest and Southeast. The lure is open land, local tax breaks and a growing supply of tech-savvy workers. Arizona, New Mexico, Nevada, Texas and Oklahoma accounted for 30% of US job growth in manufacturing over the past three years. (h/t Steve Sims) Wall Street Journal
Ramping Up: CBRE is forecasting a boom in commercial construction in the second half of 2021 despite soaring material prices. Most of this boom will occur in multifamily and warehouse where demand is the strongest. Globe Street
Big Winner: When it comes to benefitting from tech-related migration in the past 12 months, there are many winners in the South, Southwest and Mountain West, but Austin stands apart. Bloomberg
In Limbo: A three-judge panel in Washington said the eviction moratorium instituted by the U.S. Centers for Disease Control and Prevention can continue while the Biden administration appeals a lower-court ruling that overturned the ban last month. So, the battle rages on with no sign of ending until the CDC ban (which will likely be extended, IMO) comes to an end. Bloomberg
Chart of the Day
One of the questions that I get most frequently these days is why so much capital is pouring into the single family build for rent space. This is why.
Source: Rick Palacios, Jr.
WTF
Happy Meal: A man was arrested for jumping through a McDonald’s drive through window at 4am and assaulting an employee because Florida. The Smoking Gun
Get Out of Jail Free: A man who mortally wounded a wild iguana claims that he did so after he was “viciously attacked” and has filed for immunity under a Stand Your Ground law because Florida. KETV 7
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
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