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Key Events This Week: Core PCE Released When Markets Are Closed

Key Events This Week: Core PCE Released When Markets Are Closed

After last week’s central bank fireworks, the most exciting event of the otherwise…

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Key Events This Week: Core PCE Released When Markets Are Closed

After last week's central bank fireworks, the most exciting event of the otherwise quiet and holiday-shortened week will happen once markets are actually closed for the month and Q1 is done and dusted in performance terms: as DB's Jim Reid reminds us, the monthly US personal income and spending report, which contains the crucial core PCE, is released on Good Friday when bond and equity markets are closed. The flash CPIs in Italy and France also come out on Friday, with the Spanish print due on Wednesday. Staying on the inflation theme, Tokyo CPI is out on Thursday, with the summary of opinions from last week's BoJ meeting on Wednesday. This will garner some attention given the once-in-a-generation shift in policy. Australian CPI is out on Wednesday.

Staying with central banks, there are lots of Fed speakers this week that can add some color to last week's generally dovish FOMC. They are listed in the day-by-day week ahead at the end.

In terms of the key US data, today sees new home sales, tomorrow sees durable goods and consumer confidence, Wednesday the final consumer sentiment reading and pending home sales, while Thursday sees the final release of Q4 GDP, trade data, the Chicago PMI and, of course, initial jobless claims.

In terms of that core PCE print on Good Friday, DB economists expect +0.27% vs. 0.42% last month. In Powell's press conference, he remarked that the month-over-month print for core PCE could be "well below 30bps" at the end of the month. Taking him at his word does offer downside risk to the economists' forecast who believe upward revisions to the January healthcare services prices could square these two numbers.

In Europe, DB's European economists' inflation chartbook covers recent trends and their forecasts here. For March readings, they expect the headline Eurozone index to come in at 2.5% (vs 2.6% in February) and core at 3.1% (3.1%). On a country level, their projections include 2.4% for Germany (2.8% next week), 2.5% for France (3.2% Friday), 1.3% in Italy (0.8% Friday) and 3.5% in Spain (3.0% Wednesday).

Courtesy of DB, here is a day-by-day calendar of events

Monday March 25

  • Data: US March Dallas Fed manufacturing activity, February new home sales, Chicago Fed national activity index, Japan February services PPI
  • Central banks: Fed's Bostic and Cook speak, ECB's Holzmann speaks, BoE's Mann speaks
  • Auctions: US 2-yr Notes ($66bn)

Tuesday March 26

  • Data: US March Conference Board consumer confidence, Richmond Fed manufacturing index, Richmond Fed business conditions, Philadelphia Fed non-manufacturing activity, Dallas Fed services activity, February durable goods orders, January FHFA house price index, Germany April GfK consumer confidence
  • Auctions: US 5-yr Notes ($67bn)

Wednesday March 27

  • Data: UK March Lloyds business barometer, China February industrial profits, France March consumer confidence, Eurozone March services, industrial and economic confidence
  • Central banks: BoJ's summary of opinions (March MPM), Tamura speaks, Fed's Waller speaks, ECB's Cipollone speaks
  • Auctions: US 2-yr FRN ($28bn, reopening), 7-yr Notes ($43bn)

Thursday March 28

  • Data: US March MNI Chicago PMI, Kansas City Fed manufacturing activity, February pending home sales, initial jobless claims, UK Q4 current account balance, Japan March Tokyo CPI, February retail sales, job-to-applicant ratio, jobless rate, industrial production, Italy March manufacturing and consumer confidence, economic sentiment, February PPI, Germany March unemployment claims rate, Eurozone February M3, Canada January GDP
  • Central banks: ECB's Villeroy speaks

Friday March 29

  • Data: US March Kansas City Fed services activity, February personal spending and income, PCE deflator, retail inventories, advance goods trade balance, Japan February housing starts, Italy March CPI, France March CPI, February PPI, consumer spending
  • Central banks: Fed's Powell speaks

Finally, looking at just the US, Goldman writes that the key economic data releases this week are the durable goods report on Tuesday and the core PCE inflation report on Friday. There are several speaking engagements from Fed officials this week, including an event with Governor Waller at the Economic Club of New York on Wednesday and a discussion with Chair Powell hosted by the San Francisco Fed on Friday.

Monday, March 25

  • 08:25 AM Atlanta Fed President Bostic (FOMC voter) speaks: Atlanta Fed President Raphael Bostic will participate in a discussion on equity and economic development at the University of Cincinnati Real Estate Center’s March Roundtable. Q&A is expected. On March 22nd, President Bostic noted that he only expected the FOMC to cut the fed funds rate once in 2024. President Bostic said he was “less confident than … in December” that inflation would continue to decline toward the Fed’s 2% target, and that the recent data on inflation showed “some troubling things.” Still, President Bostic noted that his baseline forecast was “a close call,” and that the FOMC would “have to see how the data come in over the next several weeks.”
  • 09:05 AM Chicago Fed President Goolsbee (FOMC non-voter) speaks: Chicago Fed President Austan Goolsbee will give an interview to Yahoo Finance. On February 29th, President Goolsbee noted that the fed funds rate was “pretty restrictive” and urged the FOMC to “think about how long we want to remain in this restrictive territory.” President Goolsbee said he expected there was still “supply benefit coming through the system both on the supply chain and the impact of labor supply.”
  • 10:00 AM New home sales, February (GS +6.5%, consensus +2.1%, last +1.5%)
  • 10:30 AM Fed Governor Cook speaks: Fed Governor Lisa Cook will deliver a speech at Harvard University on the Fed’s dual mandate and the balance of risks. Text and Q&A are expected. On February 22nd, Governor Cook said that she would like to have “greater confidence that inflation is converging to 2% before beginning to cut the policy rate.” Governor Cook also noted that she saw “an eventual rate cut as adjusting policy to reflect a shifting balance of risks” and that she believed “the risks to achieving our employment and inflation goals” were “moving into better balance after being weighted toward excessive inflation.”

Tuesday, March 26

  • 08:30 AM Durable goods orders, February preliminary (GS +0.4%, consensus +1.2%, last -6.2%); Durable goods orders ex-transportation, February preliminary (GS +0.9%, consensus +0.4%, last -0.4%); Core capital goods orders, February preliminary (GS +0.7%, consensus +0.1%, last flat); Core capital goods shipments, February preliminary (GS +0.4%, consensus flat, last +0.9%): We estimate that durable goods orders rose 0.4% in the preliminary February report (mom sa), reflecting further weakness in commercial aircraft orders but strong core measures. Specifically, we forecast a 0.7% increase in core capital goods orders following above-normal order cancellations in January, and we forecast a 0.4% increase in core capital goods shipments reflecting strong industrial production data and the rebound in foreign manufacturing activity.
  • 09:00 AM FHFA house price index, January (consensus +0.3%, last +0.1%)
  • 09:00 AM S&P Case-Shiller 20-city home price index, January (GS +0.2%, consensus +0.2%, last +0.21%)
  • 10:00 AM Conference Board consumer confidence, March (GS 107.1, consensus 106.9, last 106.7)

Wednesday, March 27

  • There are no major economic data releases scheduled.
  • 06:00 PM Fed Governor Waller speaks: Fed Governor Christopher Waller will speak at an event hosted by the Economic Club of New York. Text and Q&A are expected. On February 22nd, Governor Waller noted that recent data had “reinforced my view that we need to verify that the progress on inflation we saw in the last half of 2023 will continue, and this means there is no rush to begin cutting interest rates to normalize monetary policy.” Governor Waller noted that he still expected it would “be appropriate sometime this year to begin easing monetary policy, but the start of policy easing and number of rate cuts will depend on the incoming data.”

Thursday, March 28

  • 08:30 AM GDP, Q4 third release (GS +3.2%, consensus +3.2%, last +3.2%); Personal consumption, Q4 third release (GS +3.0%, consensus +3.0%, last +3.0%); We estimate no revision to Q4 GDP growth, at +3.2% (qoq ar).; 08:30 AM Initial jobless claims, week ended March 23 (GS 205k, consensus 213k, last 210k); Continuing jobless claims, week ended March 16 (consensus 1,816k, last 1,807k): We expect initial jobless claims to decline by 5k to 205k. The BLS included an annual update of the seasonal factors in the jobless claims report from two weeks ago that substantially reduced the seasonal distortions that had been introduced by pandemic volatility.
  • 09:45 AM Chicago PMI, March (GS 47.5, consensus 46.0, last 44.0): We estimate that the Chicago PMI rose by 3.5pt to 47.5 in March, reflecting the rebound in foreign manufacturing activity and the pickup in US production and freight activity.
  • 10:00 AM Pending home sales, February (GS +2.1%, consensus +1.3%, last -4.9%)
  • 10:00 AM University of Michigan consumer sentiment, March final (GS 76.8, consensus 76.5, last 76.5); University of Michigan 5-10-year inflation expectations, March final (GS 2.9%, consensus 2.9%, last 2.9%): We estimate the University of Michigan consumer sentiment index increased to 76.8 in the final March reading and estimate the report's measure of long-term inflation expectations was unrevised at 2.9%.

Friday, March 29

  • 08:30 AM Personal income, February (GS +0.4%, consensus +0.4%, last +1.0%); Personal spending, February (GS +0.5%, consensus +0.5%, last + 0.2%); PCE price index, February (GS +0.36%, consensus +0.4, last +0.34%); PCE price index (yoy), February (GS +2.47%, consensus +2.5%, last +2.4%); Core PCE price index, February (GS +0.29%, consensus +0.3%, last +0.42%); Core PCE price index (yoy), February (GS +2.81%, consensus +2.8%, last +2.8%): We estimate personal income increased 0.4% and personal spending increased 0.5% in February. We estimate that the core PCE price index rose +0.29%, corresponding to a year-over-year rate of 2.81%. Additionally, we expect that the headline PCE price index increased by 0.36% from the prior month, corresponding to a year-over-year rate of 2.47%. Our forecast is consistent with a 0.33% increase in our trimmed core PCE measure (vs. 0.41% in January and 0.35% in December).
  • 08:30 AM Advance goods trade balance, February (GS -$92.0bn, consensus -$89.7bn, last -$90.2bn)
  • 08:30 AM Wholesale inventories, February preliminary (consensus +0.2%, last -0.3%)
  • 11:15 AM Fed Chair Powell and San Francisco Fed President Daly (FOMC voter) speak: San Francisco Fed President Mary Daly will deliver opening remarks and Fed Chair Jerome Powell will participate in a moderated discussion at the San Francisco Fed’s Macroeconomics and Monetary Policy Conference. As noted in our FOMC recap, Chair Powell did not seem concerned by the firmer January and February inflation data. He noted that there was reason to think that seasonal effects could have boosted the January number and that the Fed staff expected core PCE inflation to be “well below” 30bp in February, “which is not terribly high.” Chair Powell also noted that stronger growth had been made possible by faster growth of labor supply and was therefore not an argument against rate cuts, and that FOMC participants thought it would be appropriate to slow the pace of balance sheet runoff “fairly soon.” On February 16th, President Daly noted that “the median [of three cuts in the December SEP seemed] like a reasonable baseline to me.”

Soruce: DB, Goldman, BofA

Tyler Durden Mon, 03/25/2024 - 09:45

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International

Online dashboard to help fight to save children from deadly diarrheal diseases

University of Virginia researchers are developing a flexible online tool for navigating information used in the fight to save children from deadly diarrheal…

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March 25, 2024

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University of Virginia researchers are developing a flexible online tool for navigating information used in the fight to save children from deadly diarrheal diseases by identifying transmission hotspots and accelerating the deployment of treatments and new vaccines.

Credit: Courtesy Colston lab

University of Virginia researchers are developing a flexible online tool for navigating information used in the fight to save children from deadly diarrheal diseases by identifying transmission hotspots and accelerating the deployment of treatments and new vaccines.

Diarrhea not only kills hundreds of thousands of children around the world every year, it contributes to malnutrition that can prevent kids from growing and developing to their full potential both physically and mentally, trapping them in poverty. While significant progress has been made against the disease in recent years, the UVA researchers say that the modern era of “big data” offers a vast untapped opportunity to respond more nimbly and help more children.

Their Planetary Child Health & Enterics Observatory (Plan-EO) is bringing together the expertise of epidemiologists, climatologists, bioinformaticians and hydrologists (water supply experts) to provide an unprecedented, big-picture view of diarrhea around the world. The information and predictions that these experts come up with, will be hosted in a map-based online portal, giving infectious disease experts and local leaders in low- and middle-income countries the information they need to make smart decisions, prioritize resources and move quickly to save lives.

“Diarrhea is very much the great unmentionable public health threat, often ignored or seen as an unavoidable experience of childhood. We want to change that,” said epidemiologist Josh M. Colston, PhD, an assistant professor in the UVA School of Medicine’s Division of Infectious Diseases and International Health, who is leading the initiative. “As patterns of infectious diarrheal diseases shift due to climate change, we want the public health community to be ready and have all the most up-to-date epidemiological estimates and predictions at their fingertips.”

Addressing Childhood Diarrhea

To build out the new online dashboard, Colston is collaborating with experts in UVA’s School of Engineering, School of Data Science and Biocomplexity Institute, as well as colleagues at Johns Hopkins University. They are taking a multidisciplinary approach to a complex problem, seeking to capitalize on a vast array of expertise and build on longstanding relationships with collaborators overseas.

The researchers say that as climate change accelerates, the need to track diarrhea’s spread is only increasing. Flooding, for example, can help spread dozens of bacteria, viruses and parasites that cause diarrhea, worsening the situation in areas already reeling from the effects of the weather. That’s why it’s important for UVA’s project to include hydrologists, climatologists and experts in areas that go beyond infectious disease, the researchers say.

“Awareness is really growing that diseases have multi-faceted risk factors that encompass environmental, social and behavioral elements. We saw that with the pandemic, and we certainly see it with diarrheal diseases. That’s why a collaborative approach is crucial,” said Margaret Kosek, MD, professor of medicine and an infectious-diseases clinician. “We’re fortunate here at UVA to have experts in all these aspects all on the same Grounds, as well as the support to bring them together.”

Vital Data at a Glance

The new online dashboard, now under construction, will be updated continually to provide the latest data on pathogen dynamics, akin to John Hopkins’ invaluable COVID-19 dashboard during that pandemic. Visitors to the Plan-EO site will be directed to a world map-based interface where they can select data on specific diarrhea-causing pathogens, such as E. coli or Shigella bacteria.

The dashboard will allow researchers and leaders to understand the magnitude of the disease burden and predict the potential implications for the children living in endemic areas. It will also allow infectious disease experts and local leaders to coordinate the best strategies for responding to and containing the outbreaks, ultimately saving lives.

“Let’s say you’re an epidemiologist in Africa or South Asia and you’re interested in a specific community in a particular country to carry out a water-improvement project or vaccine trial,” said Venkat Lakshmi, hydrologist and John L Newcomb Professor of Engineering in Civil and Environmental Engineering. “Using the Plan-EO interface, you’ll be able to navigate to that location on a map and get robust predictions of the prevalence of particular pathogens, as well as published information on studies that have been carried out in the surrounding areas. It’ll be a gamechanger.”

The researchers plan to launch the dashboard later this year, with assistance from capstone students at the UVA School of Data Science. 

Findings Published

The researchers have described their ambitious project in the scientific journal PLOS One. The research team consists of Colston, Bin Fang, Eric Houpt, Pavel Chernyavskiy, Samarth Swarup, Lauren M. Gardner, Malena K. Nong, Hamada S. Badr, Benjamin F. Zaitchik, Lakshmi and Kosek. The researchers have no financial interest in the project.

The work is being supported by the National Institutes of Health’s National Institute of Allergy and Infectious Diseases, grants 1K01AI168493-01A1 and 1R03AI151564-01; the National Science Foundation, Expeditions in Computing grant CCF-1918656; NASA’s Group on Earth Observations Work Programme, grant 16-GEO16-0047; and UVA’s Engineering in Medicine program, Department of Internal Medicine and Division of Infectious Diseases and International Health. Additional funding was provided by the Bill & Melinda Gates Foundation, grant OPP1066146.

To keep up with the latest medical research news from UVA, subscribe to the Making of Medicine blog at http://makingofmedicine.virginia.edu.

Journal

PLoS ONE

DOI

10.1371/journal.pone.0297775

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Government

I’ve been studying congressional emails to constituents for 15 years − and found these 4 trends after scanning 185,222 of them

In taxpayer-funded email messages to constituents, Republicans prefer visual elements and strategic timing, and Democrats prefer more text-heavy missi…

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March 25, 2024

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Messages stream out from members of Congress to constituents around the country. traffic_analyzer/DigitalVision Vectors via Getty Images

Republicans in Congress use taxpayer-funded email messages to contact constituents more often, and perhaps more effectively, than their Democratic counterparts.

That’s what I’ve found over 15 years of compiling and analyzing the archive that I call DCinbox, a free and open real-time archive of every official e-newsletter sent by sitting members of Congress to their constituents.

To my knowledge, no other institution – not even the Library of Congress – digitally archives these significant historical government documents whose creation and distribution is funded by the American people. So far, my compilation includes more than 184,000 official e-newsletters, and it grows by about 30 messages each day.

These communications are a way for legislators to present themselves and their arguments directly to constituents, free from the oversight of a newspaper or magazine editor, and in ways that can put additional information just one hyperlink away.

The messages reveal fundamental differences in how each party seeks to connect with and inform their constituents: Republicans prefer visual elements and strategic timing, and Democrats prefer more text-heavy missives.

A public-minded legacy

Direct ways for lawmakers to communicate with the public have a long and democratic history. When the United States was founded, members of Congress were allowed to adopt what had been a common practice in the British Parliament – using taxpayer funds to send informational mailings to constituents. This privilege, called “franking,” allowed a senator or representative to sign his or her name on an envelope’s top right corner in place of a stamp. There were rules, though – the messages had to be informational, not campaign material or endorsements of other politicians.

In recent years, this practice has evolved into sending constituents email messages from House members’ and senators’ official email accounts. The rules still apply: Members of Congress who want to send campaign material or partisan political messages must do so from their campaign accounts or personal accounts, not email addresses ending in “@house.gov” or “@senate.gov.”

In 2009, I began collecting all of the official messages as a part of dissertation work, with the hopes of creating an archive for researchers to use and to answer my own questions about how legislators would “look” ideologically if all we had to go on were the votes they decided to communicate to constituents. At that time, I had to manually enter my email address into the website of every member of Congress. Now it’s easier to keep up, because I just sign up for new members’ lists after every election.

For years, I’ve shared various insights, analyzing word usage, trends in geographical terms and finer bits of information such as how many members of Congress talked about COVID-19 on a given day during the pandemic.

From this work, I have developed a few major insights into how members of Congress use this free perk, offering a better understanding of contemporary political communication tactics. Here are four important points I’ve learned.

1. Republicans use email more – and with more strategic timing

Over the past 15 years, Republicans have won only slightly more seats in the House and Senate than Democrats. But once in office, Republicans use this email perk far more than Democrats.

In every month I’ve been tracking these messages – except briefly in the middle of 2010, when Democrats held 59% of all the seats in Congress, and for nine of the 11 months at the start of the COVID-19 pandemic in 2020 and early 2021 – Republicans have sent many more official e-newsletters to constituents than Democrats have.

Republicans also tend to be more attuned to the leisure reading habits of people. They send a greater number of their emails on weekends when people are likely to have weekend time to take them in. Democrats are more likely to send their messages during the work week.

2. Republicans tend to stay on message

Republicans in Congress are more consistent in using key terms and phrases than Democrats.

For example, back in 2023 Republicans were unhappy with Democratic attempts to boost the IRS’ efforts to reduce tax evasion. A proposal included the projection that the IRS could hire an additional 87,000 workers over the coming decade. Republicans took to e-newsletters to oppose that move and specifically used that number as a rallying cry.

And in 2022 and 2023, as fentanyl deaths gripped news headlines, multiple Republicans told constituents about how the volume of fentanyl in the U.S. could “kill every single American.”

By contrast, Democrats are far less likely to have overlapping term usage or phrasing. That suggests they are not as focused on coordinating constituent communications as Republicans.

A trio of screenshots of e-newsletters from Republican members of the House and Senate.
Republican e-newsletters tend to include eye-catching images up front. Lindsey Cormack, DCinbox, CC BY-ND

3. Republicans also routinely co-opt opponents’ words

GOP legislators tend to adopt phrases that originate with policy oriented journalists, academics and protesters on the left into a convenient, and dismissive, shorthand. Terms like “Green New Deal,” “critical race theory,” “defund the police” and “Bidenomics” are all used commonly in official Republican e-newsletters railing against Democratic policy proposals.

Democrats in Congress didn’t have a similar sort of concerted effort to use a Republican-originated word or phrase until 2022, when they began to use the term “MAGA” as a way to tell constituents about parts of the Republican agenda they disagree with. And even then, only 292 e-newsletters from Democrats have used MAGA, while Republicans have sent 1,531 messages deriding the Green New Deal, 496 about critical race theory, 824 with defund the police and 330 saying Bidenomics.

A trio of screenshots of e-newsletters from Democratic members of the House and Senate.
Democratic e-newsletters tend to be text-heavy. Lindsey Cormack, DCinbox, CC BY-ND

4. Official e-newsletters have changed with the internet

Official e-newsletters have changed over time, as trends of online communication have shifted. But here again, Republicans are ahead of Democrats.

Republicans use more images than Democrats and tend to refer constituents to more media outlets, including those that support right-wing views.

This official e-newsletter archive allows researchers to better understand the evolving nature of online political communications and learn about how the parties use contemporary tools to connect with their constituents. In order for the public and historians to make sense of American politics, I believe it’s important to analyze what legislators say when acting in their official capacity.

Lindsey Cormack does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

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Government

Meet 2024 Chair Brian Walker

The NAIOP Market Share blog sat down with 2024 NAIOP Chair Brian Walker to ask him about his career path, NAIOP experience, and vision for the association…

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March 25, 2024

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NAIOP’s Market Share blog sat down with 2024 NAIOP Chair Brian Walker to ask him about his career path, NAIOP experience, and vision for the association this year.

You are the first NAIOP Developing Leader to be named chair. Tell us about that.

I can recall what it felt like to be a young CPA just starting my career. NAIOP and the Pittsburgh chapter were essential in connecting me with the knowledge, research, education and people I needed to launch my career. Our DLs comprise nearly 28% of our total membership, and they’re the future of our industry and association. I’m thrilled to have the opportunity to meet so many of our rising leaders this year and support their growth.

Your career has been largely in the western Pennsylvania market. How has the market changed?

Pittsburgh has transformed from its roots as “the Steel City” into a vibrant hub for healthcare, education, technology, robotics, and financial services.  Western Pennsylvania has been a strong annuity market for investment.  Our real estate has always been built and priced right, with growth slow and steady. The offset is that the market is not growing rapidly, and we see lateral movement from old buildings to new.

What do you see as the biggest NAIOP benefit?

This is a question each one of us could probably answer differently. To me, it’s the knowledge we can gain through NAIOP’s research and events, and the incredible opportunity to get to know like-minded people – both within my chapter and from across North America – who are my future business partners.

Why do you find the commercial real estate industry engaging?

I love dealmaking. Developing and building transformational real estate assets that people say will be impossible is a challenge I’m not afraid to face. It helps me to think “outside the box” to find the solutions to make deals happen.  I’ve spent nearly the past two decades revitalizing downtowns and am proud of that work.

What challenges are on the horizon?

CRE is experiencing some headwinds, particularly in office space demand with an estimated $1 trillion of debt maturing this year. Our legislative team is at the forefront, helping to develop related legislation that could propel the repositioning of offices to multifamily, and many of our chapters are involved in similar initiatives on the state, provincial and local levels.

How long will the industrial surge continue, and what is the next sector poised for growth?

Industrial demand seems to be normalizing post-pandemic as absorption moves closer to pre-pandemic levels. What remains uncertain is the impact the capital markets will have on the existing portfolios, as well as new construction. Will activity remain limited as owners hold tight, unwilling to sell their assets with prices and cap rates desired by current buyers due to the higher interest rates? If the interest rate reductions come to fruition as expected, then we will most likely see an increased activity in the latter part of 2024.  A friend and colleague that I deeply respect recently reminded me that “the unanswered question is whether new tenants will pay the higher asking lease rates proposed by existing landlords for larger spaces or as contemplated for new spec construction.” 

Why should our members be engaged legislatively?

Legislative issues vary by market and there may be topics that are more important in some markets than others. Our legislative team is ready to help bridge those gaps and represent the needs of all our members. Regardless of how one feels about politics, laws and regulations are major factors in our industry. The more united we stand as an association, the more effective we will be across the country, and even into Canada where our legislative activity is increasing.

Federally, NAIOP is extremely active and the list of work happening at any given time is extensive. Currently our team is helping create legislation that establishes tax credits for adaptive reuse projects, which is expected to be introduced in the House of Representatives shortly. Working on protections for CRE owners in our ongoing credit crisis and holding the line on capital gains tax increases are ongoing priorities, as well as proper tax treatment of carried interest and last year’s successes related to the Waters of the United States.

How will the 2024-2027 Strategic Plan guide the association?

It’s the roadmap to the future and sets the priorities for the association, allowing us to focus our energy and resources to ensure we are working toward common goals that advance our industry and association. This plan was based on member input through surveys, focus groups, and lots of conversations that helped identify core values, member needs, and goals. This plan is truly forward-looking and will inspire the organization to operate with inclusivity, transparency, integrity, innovation and collaboration.

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