Real Estate & Construction News Round-Up 03/23/22

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New home construction projects experience the fastest growth rate since 2006, President Biden signs the Consolidated Appropriations Act of 2022 into law, big U.S. hotel chains place developments in Russia on hold, and more.

  • While most commercial real estate (CRE) executives want to adopt more technology, few have. Ernst & Young found 60% of CRE executives reported that competing priorities for time and investment opportunities have prevented them from achieving their tech vision. (Forbes, Jordan Girard)
  • President Biden signed into law the Consolidated Appropriations Act of 2022, which includes the Cyber Incident Reporting for Critical Infrastructure Act that requires critical infrastructure entities to report certain cyber incidents and ransomware payments to the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency. (The National Law Review)
  • Homebuilders are increasing their efforts to match the U.S. housing market demand, with new construction starts jumping 6.8% in February and 22% compared to the same time last year. (Fortune, Will Daniel)
  • The metaverse will usher in new ways of presenting real estate. Rather than physically viewing a space, this new iteration of the internet will offer users to get a completely immersive virtual experience. (Allwork, Aayat Ali)
  • Following the economic sanctions, many big U.S. hotel chains have put future developments on hold in Russia, but they have not completely shut down operations. (The Washington Post, Nathan Diller)