Happy Friday, friends! ’Tis the season for holiday parties and get-togethers that fill our calendar right up until Christmas Day!
As daunting it can seem to make it to every party we want to go to, as soon as we arrive there is never a doubt that is exactly where we should be—enjoying time with all the family and friends we hadn’t seen enough of in this last year (or two).
Every event has its own twist, and this past weekend there were carolers and Santa at our friend’s house. After Maven got over the fact that she couldn’t swim in their pool in her dress, she warmed up to the carolers by dancing to Hark, The Harold Angels Sing the same way she dances to Single Ladies in the kitchen.
Then she met Santa for the first time with some mixed emotions. She sat on his lap, with skepticism, long enough to get this photo. Seconds later she decided Santa definitely was not for her, but she did manage to give him a high-five on the way out to stay on his Nice List.
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Nearly every day, Compass’s Leonard Steinberg puts together a handful of bite-sized facts that are always so interesting I have to share some of my favorites of the week. To receive these every day from Leonard, please click here and include your full name and email address to get on his mailing list.
*Nashville’s Metro Council approved a Historic Tax Abatement Program to help encourage the rehabilitation of endangered historic buildings that are often being torn down and replaced by much larger new buildings to address the massive population growth in the area. Nashville is one of the fastest growing metro’s in the USA and like many fast-growing cities, striking a healthy balance between accommodating the needs of a rapidly growing population (and economy) and preserving the historic elements that make neighborhoods unique and enticing is always challenging.
* The hottest job markets in the US are in 5 different states, all in midsize cities, all with a population under 2.3 million. They’re in states with fairly low income taxes, or none at all. And their climates allow for outdoor activities all year round. They are: Austin, TX; Nashville, TN.; Raleigh, N.C.; Salt Lake City; and Jacksonville, Fla. All of the top 5 cities are home to large universities, state capitals or high-tech employers. Florida, Texas and Tennessee have no personal state income tax, while North Carolina and Utah have income and corporate tax rates of roughly 5% or less. The larger cities – Miami, Los Angeles, New York, Chicago, Dallas, Atlanta, Washington DC – all had one thing in common: less hot job markets than smaller cities….but all much hotter than the job markets in 2019. (Moodys/WSJ)
* Electric carmaker Lucid has signed an agreement with the government of Saudi Arabia – home to the second largest oil reserves – for the purchase of up to 100,000 vehicles over the next 10 years. Saudi Arabia committed to purchasing 50,000 vehicles under the agreement, with an option to buy an additional 50,000 vehicles during the 10-year time frame. Quiet, clean-energy has broad appeal it appears…..
* Raleigh is back after a brief COVID-era slumber! The metropolitan area rose to No. 3 in an annual examination of U.S. labor markets conducted, after ranking No. 21 in 2020. In 2021 its civilian labor force expanded by more than 30,000, and there were big gains in wages as well as jobs. Home values rose by 29.4% in 2021 alone. (WSJ)
* In 2021 reports showed that over 70% of the 400 richest people in the U.S. and 88% of millionaires are self-made. (WSJ)
* Credit Suisse strategists say nominal GDP will climb 7% next year, with 4% real GDP growth and 3% growth in inflation. A further decline in the unemployment rate will support the economy, as will improvements in backlogs and inventories. Yet CEO confidence slipped again in Q4…..mostly concerned about supply-chain issues and hiring. Their future optimism is rising though. (Marketwatch)
* The average 30-year fixed rate dropped just 1 basis point for the week, but saw a wide swing from the beginning of the week to the end of it. Refinance demand surged 9% last week from the previous week. Homebuyer demand for mortgages fell 5% after 4 straight weeks of gains.
* There are currently only 12 metropolitan areas in the U.S. in which title insurance companies are required by law to file reports identifying individuals who made all-cash real estate purchases exceeding $300,000 through shell companies including Boston, Chicago, Dallas-Fort Worth, Honolulu, Las Vegas, Los Angeles, Miami, New York City, San Antonio, San Diego, San Francisco, and Seattle……this is about to expand in hopes to prevent real estate money-laundering. (Housingwire)
* The top wealthiest 0.01%, a club with some 520,000 members worldwide, saw their share of global wealth increase to 11% from about 10%. The world’s remaining billionaires saw their share grow to 3.5% of all wealth from about 2% before the pandemic. Since 1980 the bottom 50% of the world’s earners saw their incomes rise between 50% and 200%. Since 1995 the wealth of the poorest 50% globally has increased 3-4% a year. Warren Buffet had a net worth of around $350 million in 1980….today its around $100 billion…. (WSJ)
