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Del. Gov. Signs P3 into Law
Aug. 18, 2017
There is a new law in Delaware aimed at supporting small businesses and entrepreneurs. Gov. John Carney held a signing ceremony of House Bill 226 earlier this week, which restructures the state’s economic development efforts. He also signed incorporation paperwork to create the Delaware Prosperity Partnership.
The public-private partnership (P3) will “leverage private sector resources to enhance business recruitment, promote entrepreneurship and innovation, support workforce development efforts, and produce forward-looking analyses on economic trends to best position Delaware’s economy to grow,” according to the governor’s website.
“By restructuring our economic development efforts, we’re positioning Delaware to create good-paying jobs, build an entrepreneurial ecosystem and ensure that Delaware remains a leading state to do business,” said the governor. The governor’s economic development efforts also created a new Division of Small Business, Development and Tourism to help small businesses and minority-owned businesses, as well. He will co-chair the Delaware Prosperity Partnership board.
“The public-private partnership is a win-win that will make our economy more dynamic, lead to better public policy and equip our workforce with the skills that the new economy demands,” said bill co-sponsor State Sen. Jack Walsh.
– Michael Miller, editorial associate
Median Home Price Hits Quarterly High
Aug. 17, 2017
Home prices continue to rise in a majority of U.S. markets, according to the National Association of Realtors (NAR). The latest quarterly report for 2017 showed a more than 6% upswing in the median home price compared to the second quarter of 2016.
The median home price for existing single-family homes was over $255,000, and during the same period last year it was at nearly $241,000. The newest data surpassed the third quarter of 2016 as the new quarterly high. Single-family home prices increased in 87% of markets; “23 metros saw double-digit increases,” said NAR.
Four of the five most expensive markets were in California; the other was Honolulu. The Youngstown, Ohio, area was ranked as the most affordable market, roughly 12 times more affordable than the top market of San Jose.
“Listings typically flew off the market in under a month—and even quicker in the affordable price ranges—in several parts of the country,” said NAR Chief Economist Lawrence Yun in the release. “With new supply not even coming close to keeping pace, price appreciation remained swift in most markets.”
Despite the drop off in existing-home sales in the second quarter, they are still 1.6% higher than last year. By the end of the quarter, there were about two million existing homes on the market, a more than 7% dip from 2016.
Unfortunately, potential home buyers are being shut out of some markets due to the rising prices. “An increasing share of would-be buyers are being priced out of the market and are unable to experience the wealth-building benefits of homeownership,” added Yun.
– Michael Miller, editorial associate
Housing Starts Dropped in July and remain Down, Year-Over-Year
Aug. 16, 2017
Privately owned housing starts in July were down 6.2% from June at a seasonally adjusted annual rate of 1,175,000, according to the latest data from the U.S. Census Bureau. The figure is 5.6% below July’s rate a year ago.
Single-family starts were down just 0.5% in July from the month prior, at a rate of 856,000, Census said.
Privately owned housing completions dropped 6.2% from June to 1,175,000, but remain 8.2% above the rate in July a year ago.
Meanwhile, building permits in July decreased 4.1% in July from June to a rate of 1,223,000, but grew by 4.1% year-over-year, the Census Bureau said. The Northeast was the only region in the country that saw permits increase year-over-year in July—by 19.2%.
– Nicholas Stern, managing editor