What’s on the financial calendar for the week of 8/28 – 9/1?
The following events, announcements and reports will be made this week and may impact the financial markets:
Monday, August 28th
No events scheduled
Tuesday, August 29th
S&P Case-Schiller home price index (20 cities) – June 2023
Job openings – July 2023
Consumer confidence – Aug 2023
Wednesday, August 30th
ADP employment – Aug 2023
GDP (revision) – Q2 2023
Advanced U.S. trade balance in goods – July 2023
Advanced retail inventories – July 2023
Advanced wholesale inventories – July 2023
Pending home sales – July 2023
Thursday, August 31st
Initial jobless claims – Aug. 26
Personal income (nominal) – Aug 2023
Personal spending (nominal) – Aug 2023
PCE Index – July 2023
Core PCE Index – July 2023
PCE (year-over-year)
Core PCE (year-over-year)
Chicago Business Barometer – Aug 2023
Friday, Sept 1st
U.S. nonfarm payrolls – Aug 2023
U.S. unemployment rate – Aug 2023
U.S. hourly wages – Aug 2023
Hourly wages (year-over-year)
ISM manufacturing – Aug 2023
Construction spending – July 2023
Where are younger, wealthier homebuyers moving to?
According to a recent report from SmartAsset, professionals aged 26-to-35 earning over $200,000 in adjusted gross income are migrating from New York and California and into other states. The most popular destination? The Sun Belt. Florida and Texas came in at first and second on the list of most popular destinations. South Carolina, North Carolina, and Tennessee also made the top 10.
Coming in at third place was New Jersey, which saw over 1,000 young, wealthy professionals in the past year move in.
Colorado, Washington and Arizona were the only states west of Texas to make the list.
How is Montgomery County, MD working to solve affordable housing?
Montgomery County in Maryland has been among the leaders in the U.S. in terms of innovation in affordable housing for decades. The local government instituted a law that set aside almost 15% of new units in new housing projects for households making less than two-thirds of the area’s median income.
Certain projects take their approach even further. For example, a new building called ‘The Laureate’ was built by for profit developers, but the Housing Opportunities Commission of Montgomery County owns a 70% stake. This means that 30% of the 268 units in the property are set aside for affordable housing.
What makes HOC powerful is that it operates as both a public developer and a housing finance agency. The dual role allows the organization to sell bonds to finance its own projects. The department can lend itself money to build buildings, while paying itself the interest.
The HOC has built and acquired nearly 2,000 moderate-income units that exist outside federal housing programs. The stock consists of basically every kind of housing, from single-family homes with colonial-style shutters to glass towers near the train.
Given the success of the program, other metro areas could start to implement some of the laws and powers that the HOC has to grow their own affordable housing projects.
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auto loans and credit cards)
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