Real Estate & Construction News Round-Up (08/03/22)

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Pillsbury - Gravel2Gavel Construction & Real Estate Law

The availability of construction jobs drops by 17.5%, company offices evolve to the here-to-stay hybrid working model, the House passes a $280 billion semiconductor package, and more.

  • The House passed a $280 billion package to boost the semiconductor industry and scientific research, which will also lend towards the construction of new plants, in the effort to create more high-tech jobs in the U.S. and compete with international rivals. (Kevin Freking & The Associated Press, Fortune)
  • With work culture shifting to a flexible, hybrid model, company offices and co-working spaces will have to evolve to increase employee retention and satisfaction and manage leasing costs. (McKinsey & Company)
  • Virtual real estate in the form of NFTs (non-fungible tokens) are changing the conventional perspectives on owning digital property, alongside major players, such as Nike, Gucci, Acura, CVS, and Estee Lauder, diving into the Metaverse with new initiatives. (Analytics Insights)
  • The real estate market in the Metaverse is projected to pass $5 billion by 2026, fueled by the rising popularity of cryptocurrencies and how the Metaverse will move towards more mixed-reality experiences. (Sergio Goschenko, Bitcoin News)
  • Hundreds of thousands of protestors in China boycotting mortgage payments have become a five-alarm fire for authorities. (Bloomberg News)
  • With houses becoming “smarter” by the day through integration of new technologies, digitaltrends explores whether cybersecurity should be on the radar of smart home owners. (Tyler Lacoma, digitaltrends)
  • In June, the construction industry job availability dropped by 71,000 (17.5%), signaling signs a once-scorching market is beginning to cool in overall demand. (Joe Bousquin, Construction Dive)

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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