The U.S. economy today has no lack of opportunities for architects. An ongoing shortage of housing stock contributed to the dramatic spike in housing prices over the last two years, illustrating a need for professionals who can help make design and construction more affordable and efficient. The threat of climate change has increased interest in designers with expertise in energy efficiency, sustainability, and resilience. And the landmark Bipartisan Infrastructure Law passed in 2021 will pour billions of dollars into projects requiring the services of architects, engineers, and other design professionals.
Despite many economic experts’ worst fears early in the COVID-19 pandemic, state and local government budgets have proven resilient over the last two years. With much of the economy shut down or hobbled as a result of the pandemic, forecasters initially worried that states and localities would collect substantially lower amounts of sales and income tax and face major budget shortfalls as a result. But behind falling unemployment, rising wages, and strong consumer spending, income and sales taxes have produced stronger-than-expected revenues since the initial shock of the pandemic.
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The U.S. economy is now more than a year into a run of soaring inflation. According to data from the U.S. Bureau of Labor Statistics, the Consumer Price Index has experienced year-over-year inflation exceeding 5% every month dating back to May 2021, and year-over-year CPI growth topped 8% for three straight months this spring. Amid rising prices for nearly every consumer spending category, the U.S. Federal Reserve has begun to sharply increase interest rates to cool the economy. And some economic experts believe that these efforts to combat inflation have the U.S. headed for a recession.
After a two-year frenzy during the COVID-19 pandemic, the residential real estate market has begun to show signs of slowing down this spring and summer. Mortgage rates are on the rise, and applications for home loans are down year-over-year. Housing inventory for sale is increasing, and sellers are showing more willingness to lower their asking prices.
The Major League Baseball season is in full swing again. With the NFL season still months away and the NBA and NHL playoffs just concluded, the MLB dominates the summertime calendar for fans of the “Big Four” professional sports leagues. Is Baseball in Decline?. While baseball has the...
Small businesses are the heart of the U.S. economy. Small businesses represent 99.9% of all businesses in the U.S., collectively employing nearly half of all U.S. employees and generating nearly half of U.S. annual GDP, according to data from the U.S. Small Business Administration. But the past two years have...
After nearly two years of unprecedented competition, the residential real estate market is finally showing signs of cooling off. While inventory remains at low levels and demand is still high, home sales and home price growth have begun to slow this spring. One of the primary reasons for the decline...
Unprecedented growth in home prices over the last two years and recent increases in mortgage interest rates are pricing many would-be buyers out of the residential real estate market. One of the groups most disadvantaged by these market challenges is young homebuyers like those in Gen Z, the population of Americans born between 1997 and 2012.
The COVID-19 pandemic brought into focus an indisputable fact about the US today: access to quality internet service is key to full participation in society and the economy. As workplaces and schools moved online and households increasingly relied on internet-enabled services like ecommerce and streaming platforms, those with good internet service were better able to manage the transition than those without.
In recent years, public health officials have been trying to raise awareness of the negative effects of a common daily activity: sitting. While sitting can be helpful for resting and maintaining the body, sitting for prolonged periods with limited physical activity reduces energy expenditure and cardiovascular fitness, which contributes to a number of adverse health conditions. Sitting can increase the likelihood of obesity, blood clots, high blood pressure, high blood sugar, and high cholesterol. It may also increase the risk of heart disease, diabetes, and even cancer. It affects posture, stiffens joints, and contributes to tightness and strain in the back, hamstrings, and hips. With this long list of potential health consequences, some health professionals argue that “sitting is the new smoking.”
With the 2021-22 NBA season drawing to a close this month, the league’s teams and fans are taking stock of the year and looking ahead to next season. Only one franchise can hoist the Larry O’Brien trophy each June, but teams can have successful or unsuccessful years in other ways.
Entrepreneurs, economic experts, public officials, and many more tout the benefits of innovation in the modern economy. Innovation can drive economic growth by creating new jobs or industries, improving efficiency and productivity, and raising quality of life. Some economists have calculated that innovation contributes approximately 50% of annual U.S. GDP growth.
Since the start of the COVID-19 pandemic more than two years ago, living space has taken on new importance for many Americans. From early COVID lockdowns to lasting remote or hybrid work arrangements, people have been spending more time at home and collectively investing billions in the spaces where they live.
Marriage—and divorce—in the U.S. today are starkly different than in earlier eras of the country’s history. A series of economic, legal, and social shifts reshaped marriage in the second half of the 20th century. More women began working outside of the home in the post-World War II era, which provided avenues to financial security and independence outside of marriage. Greater emphasis on postsecondary educational attainment and career development have led young people to wait longer to enter marriage. States began to adopt no-fault divorce laws throughout the 1960s and 1970s that made it easier to end a marriage. Meanwhile, changing social and cultural attitudes have made it more common for couples to cohabitate, combine finances, and raise children prior to getting married—or without getting married at all.
Disclosure: Your support helps keep our site running! We earn referral fees for some of the products & services we recommend. Learn more. This year, the NBA Finals pit one of the most successful franchises of all time, the Boston Celtics, against one of the most successful franchises of recent years, the Golden State Warriors.
The state of the U.S. housing market has been one of the defining economic stories of the past two years. Since the beginning of the COVID-19 pandemic, housing has become more expensive for both buyers and renters. The median home sales price in the U.S. has increased by more than one-third since the beginning of the pandemic, rocketing past $400,000 in 2021. The rental market was relatively calm early in the pandemic, but renters now are paying more than 25% more on average than they were at this time last year.
Inflation has hit many sectors of the economy hard over the last year, but few categories can compare to the automotive industry. Economic experts debate how much the current period of inflation has come from increased consumer demand and how much has been caused by constraints on supply. In the vehicle market, both forces are clearly at play. Low interest rates, federal stimulus payments, and better-than-expected economic conditions throughout the pandemic gave households more money to spend on big purchases like cars. But the unpredictable spread of COVID-19 has made it more difficult for carmakers to meet demand. Due to difficulties sourcing materials and keeping plants staffed amid the pandemic, both automotive parts manufacturers and car factories themselves have frequently been forced to shut down or operate at reduced capacity. As a result of these issues, new vehicle supply is down 59% compared to this time in 2021.
U.S. Census data puts the number of millennials in the United States at roughly 72 million, surpassing Baby Boomers to make millennials America's most-populous generation. While not as racially and ethnically diverse as the up-and-coming Generation Z, millennials are more diverse than the population as a whole, and increasingly so; according to the Pew Research Center, immigration is adding more numbers to the millennial population than it is to any other demographic group in the United States.
According to the U.S. Department of Veterans Affairs, there are about 19 million veterans living in America. Many of these people who served their country are starting businesses, joining an increasing number of Americans seeking to become entrepreneurs after the onset of COVID-19. Demographic data sheds light on who these...
Of U.S. troops from Afghanistan in 2021, the U.S. entered its first period of relative peace in two decades. While the U.S. continues to engage in limited military operations in the Middle East and other parts of the world, the drawdown of major military operations in Iraq and Afghanistan closed a major chapter in the nation’s military history.