The United States has officially entered a building permits boom, with homebuilders’ confidence near all-time highs, according to a recently released analysis by an online real estate broker. Zillow.
But there is a long way to go before builders catch up with the shortage of new homes on the market.
Zillow’s new analysis describes how much catch-up builders need to do to close a gap of 1.35 million new homes caused by a decade of under construction.
Analysis found that San Diego suffers from a 64,000 home shortage over the past 10 years, one reason desperate buyers here have pushed the cost of a home here to over $ 814,000.
The Zillow study also found:
- A limited supply of homes for sale is a key factor in the rapid rise in home prices during the COVID-19 pandemic.
- The Great Recession of 2008-2009 resulted in a shortage of 1.35 million new homes in the 35 largest housing markets, including San Diego. It is as if no new house has been built for 2.7 years.
- Manufacturers are scrambling to make up for lost time, but supply chain disruptions and labor shortages are slowing efforts.
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University of San Diego President of the council Donald knauss and his wife Ellie donated $ 50 million for a new business school building. The new facility will be renamed Knauss School of Business in exchange for the donation.
Knauss is a former CEO of Clorox, and the school said the donation amount is one of the largest in campus history.
The 230,000 square foot school building is slated to open in fall 2022.
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Surprising news emerged last weekend regarding two fast food chains primarily in the West.
San Diego’s popular hamburger and fries supplier Jack in the box announced the acquisition of a public Mexican fast food chain Del Taco. The deal was valued at $ 475 million, according to the official press announcement.
Del Taco operates 600 restaurants in 16 states. Jack has 2,200 units in 21 states and Guam. Together, the two restaurants will have more than 2,800 units in 25 states.
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Commercial real estate promotion agency Douglas Wilson Enterprises has a new president, Michele Vives. She succeeds the founder and namesake of the company Douglas wilson, who said in a press release that he would continue to be CEO and chairman of the board.
Vives joined the company in 2014 and has managed various projects for the company worth over $ 750 million.
According to a press release, Vives, originally from Chicago of Cuban-American descent, is active in the community at large and with real estate industry groups.
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Bank of America in San Diego appointed the San Diego Urban League and Ocean Discovery Institute as recipients of its 2021 Neighborhood Builders program.
The bank says the program is the country’s biggest investment in building nonprofit leadership.
According to a spokesperson, the bank is giving $ 200,000 over two years to the two nonprofits to help them develop their programs and provide additional leadership training to the organizations,
The spokesperson said the grant will allow Urban League to serve an additional 2,000 residents with the expansion of its various programs, as well as its Black Home Ownership effort, which provides advice to buyers.
The Ocean Discovery Institute will expand its leadership programs to serve 100 students, an increase from the current 50. The Institute was a 2008 Neighborhood Builders Award winner and used the money to build a new facility in City Heights.
King Ray, President and CEO of the Urban League, said the leadership training will strengthen its programs “as well as develop new leaders to move the Urban League forward and expand our reach.”
Shara Fisler, the senior executive of the Ocean Discovery Institute, said the grant “will ensure many more young people enter high-paying fields, break generational poverty and change the future of science.”
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Lemon Larry, a Los Angeles-based website that offers information on the state’s lemon law for cars and trucks and also connects consumers with experienced lemon lawyers, now operates in San Diego.
The help Lemon Larry offers is invaluable as many consumers are confused as to what actually constitutes a lemon, a statement said.
The site offers consumers free information, including a two-minute online prequalification process to determine if a vehicle may be faulty. If the vehicle qualifies, the site refers to an attorney specializing in California lemon laws.
A law firm estimates that 150,000 Lemon Law claims are filed in the United States each year.
Another company said more than 3,000 lemon lawsuits were filed in California courts in 2015 and estimates that one of 10 new vehicles sold suffers from a mechanical problem that may qualify under the laws. existing.
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Provision of reception, a San Diego hotel supplier, says he expects a spree of supply orders for the last month of 2021 among hotel managers.
The company said managers were rushing to replenish inventory and use calendar year budgets in the wake of supply chain shutdowns.
“Hotels have been hit with repeated challenges from the pandemic and are now struggling with supply chain challenges, and they have admirably tried to wait,” said Mark Zisek, spokesperson for the company. “Now, at the end of the year, we see that these orders can no longer be carried over, and our data shows a 30% spike in generic supply purchases in December. “
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Finally… Encinitas-based waste management service provider Ingenium said to have acquired WSR Environmental and Safety Management. Terms were not disclosed
The company said it was helping customers better manage their hazardous waste management programs while maintaining budgets and meeting regulatory requirements – and protecting employees and the environment.
A spokesperson said that by acquiring WSR, Ingenium will add environmental health and safety consulting services to its business. The additional services will enable Ingenium to provide its customers with comprehensive waste management and environmental, health and safety compliance.
Tom York is a Carlsbad-based freelance journalist specializing in business and economics writing. If you have any tips you would like to share, send them to [email protected]