Investors of all sizes spent billions of dollars buying homes during the pandemic. At the 2022 peak, they bought more than one in every four single-family homes sold, though more recently their activity has slowed as interest rates rose and supply became tighter.
Hotel Construction
According to the latest report of the U.S. hotel construction pipeline trend report, there are 6,065 projects with 702,990 rooms in the pipeline, representing a 9% YOY and 7% YOY increase in projects and rooms, respectively. Across the country, there are 1,144 projects comprising 141,336 rooms under construction, marking a 9% increase in projects and a 1% increase in rooms YOY.
Remote Work
The number of high-paying remote jobs commanding a salary of $100,000 or more dropped 33% across the first quarter of the year compared to the final three months of 2023, with more companies now demanding that workers with higher salaries report to the office.
ARK Withdrawals
Investors have pulled a net $2.2 billion from ARK’s active funds this year, topping outflows from all of 2023.
Blackstone Ares
Blackstone Inc.’s Strategic Partners unit sold a $1.1 billion portfolio of private equity fund interests to Ares Management Corp.
Office Sublease
The 168.4 million square feet of office space for sublease in the first quarter was down slightly from the fourth-quarter 2023 peak but up almost threefold from early 2019.
Pension Allocations
Analysts estimate that pensions will unload $325 billion in stocks this year, up from $191 billion in 2023.
Rates Outlook
Fed Chair Jerome Powell said the U.S. economy has not seen inflation come back to the central bank’s goal, pointing to the further unlikelihood that interest rate cuts are in the offing anytime soon.
Hotel Wages
Hotels are projected to pay a record high total of wages, salaries and compensation in 2024—$123.4 billion compared to $118 billion in 2023.
Hotel Tax Revenue
The data show hotels are projected to generate a total of nearly $83.4 billion in tax revenue in 2024.