Gravel2Gavel Construction & Real Estate Law Blog
In our latest roundup, cybersecurity attacks target contractors, U.S. banks report weaker profits, additional commercial real estate is distressed, and more!
- Spending dropped in almost half of nonresidential subcategories in June, with the decrease stemming from higher interest rates, tighter credit conditions and a softening economy. (Sebastian Obando, Construction Dive)
- Despite the decline in investment dollars for construction technology, the number of deals surged by 18% year-over-year, indicating sustained interest and activity in the sector. (Sebastian Obando, Construction Dive)
- As cybersecurity attacks on U.S.-based businesses ramp up, general contractors are not immune. (Jen A. Miller, Construction Dive)
- Some of the largest U.S. banks will probably report weaker profits for the second quarter as they earn less from interest payments and set aside more money to cover deteriorating loans. (Saeed Azhar and Niket Nishant, Yahoo)
- More than $94 billion of U.S. commercial real estate is currently distressed, with a further $271 billion at risk of slipping into that category. (Neil Callanan, Yahoo)
- Real estate organizations need to adopt a more integrated approach to tackling and reaching sustainability goals as climate-action policies and market forces drive innovations. (Lauren Pesa and Tim Coy, Deloitte)
- Senator Raphael Warnock, along with Senator Elizabeth Warren, plan to reintroduce the American Housing and Economic Mobility Act of 2024, which would spend over $500 billion over 10 years to build nearly 3 million new housing units in the United States. (Benjamin Payne, Georgia Public Broadcasting)