2A — January 26 - February 8, 2018 — Shopping Centers — M id A tlantic
Real Estate Journal
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M id A tlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Associate Publisher ......................................... Steve Kelley Associate Publisher ........................................... Kim Brunet Associate Publisher ..................................... Miriam Buttrick Senior Editor/Graphic Artist ..........................Karen Vachon Contributing Columnists: Frank Brockerhoff, Brockerhoff Environmental Services LLC; Lisa Cassidy, ecoImagine; Ron- ald Diskin, Ronald Diskin Associates Corp.; Steve Hovland, HomeUnion; Caroline Shelly, LEED-AP+BD-C, HF Planners; J. Stroh, Esq.; Withum; Mike West, CPA, Withum Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal 350 Lincoln St, Suite 1105, Hingham, MA 02043 USPS #22-358 | Vol. 30, Issue 2 Subscription rates: $99 - one year, $198 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Phone: 781-740-2900 | Fax: 781-740-2929 www.marejournal.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
M id A tlantic Real Estate Journal
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American Workforce Not Yet Feeling Impact of Tax Reform E mployers added 2.1 million jobs in 2017, slightly below the 2.2 million added in 2016 and relatively on par with annual growth through most of this long recovery. We expect job growth to register in the low 2-million range again in 2018 as low unemployment prevents corporations from hiring at a more rapid pace. The unem- ployment rate ended last year at 4.1 percent, well below the full-employment threshold. Barring a surge in employ- ment during the first quarter, December’s job report and last year’s full-year performance will keep the Fed’s interest rate trajectory stable. We still anticipate three additional rate hikes this year. Although interest rates will climb this year, investment real estate may get a boost from the new tax legislation. Real estate investors looking for tax breaks that are no longer available from mortgage deductions can
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acquire single-family rentals and still write off mortgage interest. Furthermore, there is a high likelihood that home prices in some of the high-cost coastal markets will retreat due to higher taxes, encouraging residents that have been saving for a down payment to continue to rent while employing that capital in remote investments that act as tax shelters. Several major corporations have announced plans to raise wages or pay one-time bonuses to employees after the major tax overhaul was finalized in December. Nonetheless, the number of companies utilizing the significant cost savings to
lift wages only represents a fraction of American workers. In the first few months of the year, the impact of lower costs should become more evident in wage and employment num- bers. Many companies may lift wages without leveraging the act as a public relations op- portunity. Still, new consumer demand will be the lynchpin for employment growth in 2018 since unemployment is already so low. Tax cuts will need to generate significant demand for new consumer goods to see an acceleration in the job market. Wage growth expanded by 2.5 percent in 2017, modestly continued next page
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