Thursday, July 19, 2018

Up, up, and away!

Apparently it's still Seattle:

  • Seattle tops the nation in tower cranes for third straight year as construction reaches new peak
    new projects have broken ground while the number of developments that finished has been abnormally low, according to development data tracked by the Downtown Seattle Association.

    The area’s suburbs weren’t covered in the report, but officials in Bellevue reported 14 cranes, twice as many as its high point in 2017, as its downtown springs up with new skyscrapers and the burgeoning Spring District rises around a new light-rail station. Bellevue actually has more cranes than Boston, Phoenix or Honolulu.

    Doug Demers, managing principal of B+H Architects in Seattle, said he expects the jackhammering and concrete pouring to continue. He sees projects at their early stages, and the pipeline remains large, despite land and labor getting more expensive.

Interestingly, we were just in Seattle two weeks ago, and it didn't seem as crazy as I thought it was going to be.

But we didn't go anywhere close to South Lake Union.

Heck, I didn't even make it to The Spheres (my bad).

But I definitely noticed all the activity in Bellevue and Redmond, because we spent more time out in the Eastern 'burbs.

And our hosts noted that the nicest of those gorgeous new downtown condos are now well into the mid-7-figures.

Meanwhile, the chorus is growing, the observations are becoming sharper and clearer; just how much longer do we have? The End is Near For the Economic Boom

Frothy stocks, economic indicators pointing down, financial stability flashing red, trade war, and more—it’s a lot to worry about. It doesn’t necessarily mean calamity is just ahead. For all we know, stocks could resume rising or even “melt up,” as Grantham says. The economy may well grow impressively this year. But we don’t have to look much further out to get more nervous. No one except the Council of Economic Advisers seems to think GDP can grow at 3% over the long term, and if the recent stimulus turbocharges growth, it does so at a price that will have to be paid afterward. The economic cycle hasn’t been abolished; all evidence says we’re in the latter stages of one. And we had better be ready for the next recession, because when it arrives, economists will not have predicted it.


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