What I’m Reading
The Great American Camp Out: Results for the RV Industry Association’s December 2021 survey of manufacturers determined that total RV shipments for 2021 ended with a record 600,240 wholesale shipments, surpassing the 2017 total of 504,599 shipments by 19%. Total RV shipments for 2021 increased 39.5% over the 430,412 units shipped in 2020. (h/t Taylor Grant) RV Industry Association These vehicles will need to be stored somewhere, whether owners use them or not. RanchHarbor remains bullish on the RV and boat storage sector. We are working on some exciting new ventures that we hope to be able to share soon.
Giving it Away: Vornado Realty Trust is offering free food delivery for tenants as an amenity in its buildings after announcing a partnership with food ordering platform Sharebite. The office amenity arms race continues, unabated. Commercial Observer
Pain Point: American Express sees a full recovery in travel and entertainment spending for individual consumers by the end of the year. At the same time, CEO Stephen Squeri believes that corporate travel will never be the same and that their spending data shows that Americans are going everywhere except for the office. Bloomberg
Unintended Consequences: The infrastructure bill will result in a 5% increase in U.S. construction spending in 2022, and another 5.5% in growth in 2023, according to an estimate published by Moody’s Investors Service. The $550B surge in new funding will mean more work for an industry already struggling to meet current demand levels and exacerbate supply chain issues and labor shortages. It will also set off an even fiercer competition for talent in an industry that has only recovered 92.1% of the jobs lost since the beginning of the pandemic. Bisnow
Full Service: Warehouse giant Prologis is planning to bolster its revenue by offering extras, like solar power, forklifts, logistic tech and more at some of its locations. The Wall Street Journal
Chart (Map) of the Day
2021 was more of the same for migration patterns in the US.
Source: Randy Woodward
WTF
Ding Dong Ditch: An Iowa pastor was charged with criminal mischief after allegedly driving his son and his son’s friends around Des Moines as they pounded down people’s front doors. KCCI
Bait and Switch: A drug suspect found with fentanyl and a bag of hypodermic needles told police that he used the syringes “for fishing” because Florida. The Smoking Gun
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
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