IRS migration data found that California lost more than $340 million in 2021 IRS tax revenue due to residents moving. New York experienced the second-biggest drop losing just under $300 million from its yearly tax base.
Hospitality Tech
The hospitality technology industry is growing rapidly through guest-facing tech. This industry has the potential to become a $6-billion category, highlighting the significance of apps from mobile check-in and keyless room entry to personalized recommendations based on guest data.
Q3 Earnings
Industry estimates indicate that members of the S&P 500 will report earnings per share were 1.3% higher than a year earlier—a nice improvement from the second quarter’s decline of 2.8%.
ADU
The latest amenity for homeowners is an add-on known as Accessory Dwelling Units. They can be free-standing miniature homes as small as a studio apartment and tucked away in a backyard or they can reside above a garage or in a basement and extend to more than 2,000 square feet.
Senior Consumers
Americans age 65 and up accounted for 22% of spending last year, the highest share since records began in 1972 and up from 15% in 2010.
Luxury Retail
Luxury retailers have leased 650,000 square feet of new space in the U.S. over the past 12 months, up from roughly 250,000 square feet the prior year.
SI Resorts
Kituwah, the business entity of the Eastern Band of Cherokee Indians, brings a capital commitment of $320 million to expand the Sports Illustrated Resorts brand.
Office Vacancy
The national office average vacancy rose to 19.2% last quarter, just below the historical peak of 19.3% in 1991
Apartment Starts
Apartment building starts fell to a seasonally adjusted annual rate of 334,000 units in August, marking a 41% decline from the pace seen the same month a year prior.
Credit Cards
The typical credit card carried a 20.7% interest rate in May, up from 14.6% in February 2022.