![]() In the wake of news focused on bank closures and mergers, nearly 50% of Americans say they are concerned about the money they have in the banks they usually do business with, according to a new survey. That survey, conducted by the Gallup polling organization, divided the worried response between the 29% who said they were moderately worried, and 19% who indicated they were very worried. What might be described as a nervous response is the highest recorded by the Gallup organization since the fall of 2008 at the beginning of the Great Recession when the global financial services giant Lehman Brothers declared bankruptcy. The Gallup survey also found that just under 50% of those with incomes below the $100,000 mark were classified as being worried about their savings, compared with only 40% of those in the $100,000 and above category. Those without a college degree also expressed more anxiety about bank safety, with a combined 54% saying they were either very worried or moderately worried, while among those with college degrees, 36% indicated the same level of worry. A Gallup narrative accompanying the survey suggests that even though the Federal Deposit Insurance Corporation, which was created in 1933, insures deposits of up to $250,000 against a bank failure, worries among those with lower incomes “may be higher because they do not know about FDIC insurance, or it may be linked to their displeasure with the current presidential administration and the U.S. economic situation.” That there may also be a partisan response to bank stability concerns is seen in a separate Gallup question showing that 55% of those calling themselves Republicans said they were moderately to very worried about the safety of their money, while only 36% of self-identified Democrats said the same thing. The Gallup survey was conducted just days after the collapse of the Signature Bank and Silicon Valley bank in April. By Garry Boulard
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![]() A long-ago closed school building on the south side of Pueblo, Colorado may be repurposed as an apartment complex. The Strack School, located in a residential part of the city at the intersection of West Fairview Avenue and Elm Street, has been closed but maintained by the Pueblo School District 60 for longer than many residents can remember: at least 50 years. Now the Pueblo Urban Renewal Authority is contemplating a plan that would see the large three-story brick building given a new life as housing. As proposed, that housing would be specifically for teachers, an idea with some traction in a city that has seen the average rent for a one-bedroom apartment increase from $800 some five years ago to nearly $1,300 today. “I think what we would like to do is gear it towards an incentive program for first-time schoolteachers,” Jerry Pacheco, the executive director of the Renewal Authority, recently remarked to the Pueblo Chieftain. The school was built in 1941 and originally primarily served Italian-American residents, many of whom had moved to Pueblo to work in the mills of the Colorado Coal and Iron Company. The Strack School was officially closed in 1959, but in the following decade housed a children-with-special-needs program, and in recent years has been largely used for storage by the district. A study is currently being conducted under the auspices of the Renewal Authority to determine the cost and scope of repurposing the building. By Garry Boulard ![]() A move is underway in an Arizona border county to build a new jail, which will replace a facility built in 1985. Cochise County voters on May 16 will be tasked with deciding on a new one-half cent sales tax, the revenue of which will be dedicated to building what could prove to be a $100 million new jail. By design, the sales tax will have a life of 25 years. The current Cochise County Jail is located at 203 N. Judd Drive in the city of Bisbee. According to county officials, that facility is no longer large enough to accommodate an increased inmate population. Designed for a population of just under 170 inmates, the jail has in recent years often housed twice that number. In a meeting in April, Jail Commander Kenneth Bradshaw noted that because of the overcrowding a person who is being detailed for drunk driving may well end up in a cell with a person accused of murder. Such crowding, continued Bradshaw, is “not safe for the inmates and it’s not safe for the staff.” The facility is also plagued with several electrical system, safety, and structural issues. The sales tax proposal has been the subject of several public input meetings, with participants often wanting to know exactly where the new jail will be built. The possibility of the facility being built in Bisbee is not without support. In an interview with the Arizona Republic, Bisbee Mayor Ken Budge remarked: “It’s wise to put it where it already is. It’s already here.” The current 47,000 square foot jail was built at a cost of $5.1 million, replacing jail facilities in the county courthouse that dated to the early 1930s. By Garry Boulard ![]() Attaining the highest level seen since the spring of 2007, the Federal Reserve has raised interest rates to around 5.2% in one more effort to stave off runaway inflation. The action marks the 10th time in the last year that interest rates have been increased, leading to a double digit jump in mortgage rates, while also upping business loan and credit card borrowing costs. Despite the recent interest rate acceleration, Federal Reserve Chairman Jerome Powell remarked that “rates are going to come down” over an undefined extended period, most likely later this year. Powell made the announcement at the conclusion of a two-day meeting with the Federal Open Market Committee. “The Committee will closely monitor incoming information and assess the implications for monetary policy,” said Powell. “In determining the extent to which additional policy firming may be appropriate to return inflation to 2 percent over time, the Committee will take into effect the cumulative tightening of monetary policy,” continued Powell. While the current rates may seem impressive to some, they pale in comparison with where things were in the early 1980s when the rates stood at just a little over 18%. In a news conference, Powell also refused to be drawn into the ongoing skirmish currently being played out in Washington between President Biden and Congress regarding the possible rising of the government’s debt limit. “We don’t give advice to either side,” said Power. “We would just point out that it’s very important that this be done.” Added that Chairman: “We shouldn’t even be talking about a world in which the U.S. doesn’t pay its bills. It just shouldn’t be a thing.” By Garry Boulard ![]() Plans are underway for the construction of a new three-story office building in Denver’s vibrant Five Points neighborhood. The project belongs to the Bachus & Schanker law firm, which earlier this year purchased for nearly $2 million the site in question at 3495 N. Downing Street. Plans submitted to the City of Denver indicate that the new building will measure around 20,500 square feet, and include floor-to-ceiling windows, as well as a ground level parking garage. Bachus & Schanker is one of the most successful personal injury firms in Colorado, specializing in such areas as injuries, worker’s compensation, and car accidents. The firm has offices in Denver, Aurora, Colorado Springs, Englewood, and Fort Collins. The site on N. Downing was formerly the home of the Power Tires & Wheels repair shop, and before that, Meir’s Automotive, a popular repair service which moved to a new location in 2020. The one-story building housing those two repair businesses will be demolished to make way for the new Bachus & Schanker office. By Garry Boulard ![]() Plans are now underway to repurpose a nearly 30-year-old building within the 50-acre Santa Fe Railyard Arts District for use as an upscale boutique hotel. Located at 400 Market Street, the two-story adobe-style structure, which also features a basement level, has for decades been the home to the monthly Outside magazine, whose focus is on outdoor recreational activities, particularly in the West. Before setting up its offices in Santa Fe in 1995, the magazine had been in Chicago. The magazine’s editorial operations were relocated last year to Outside Incorporated’s corporate headquarters in Boulder, Colorado. The Los Alamos-based State Properties of New Mexico LLC purchased the property earlier this year, seeing it as a prime location for a hotel. Measuring around 25,000 square feet, the structure sits on a less than one-acre site and includes a courtyard. Renovation of the structure is expected to result in the building of around 30 rooms. The 400 Market Street site is located near the Santa Fe Farmers Market, as well as the tracks of the New Mexico Rail Runner Express commuter rail system. The mixed-use Santa Fe Railyard and adjoining 10-acre park was officially opened in 2008 and is home to any number of restaurants, art galleries, and performance art spaces. By Garry Boulard ![]() The number of new job openings in March decreased to the lowest level since early 2021, according to the latest numbers released by the Bureau of Labor Statistics. Those statistics show that after months of stepped-up demand for jobs in a variety of industries, the market may be returning to a more normal pre-pandemic flow, say analysts. Altogether, new job openings in March stood at just under 9.6 million, a significant drop from the 9.9 million reported by the BLS for February. The decline represents the third month in a row showing a drop in available jobs. Diving deeper, the BLS noted that “job openings decreased in transportation, warehousing, and utilities,” by some 144,000, while showing an increase of 28,000 in the educational services segment. Construction industry job openings were off by 63,000. Compared with where things stood in March of 2022, the number of construction job openings is down by around 72,000. The number of unemployed persons per job opening has been nothing less than a wild roller coaster ride, according to historic BLS figures. In 2008, just before the explosive onslaught of the Great Recession, the number stood at 1.9 million. It then exploded to 5.9 million during the summer of 2009—the worst months of that recession. Between 2009 and 2020, the number of unemployed persons per job opening flowed downward almost gracefully, from 5.9 million in 2009 to 4.4 million in the spring of 2011, and 1.5 million in the spring of 2015. The lowest point was reached in February of 2020, just before Covid 19 changed everything, at around 800,000. That figure then dramatically exploded to just under 5 million in the spring of 2020 and has been gradually decreasing since then. In looking at the most recent numbers, the Financial Times observed that job openings were “lower than economists’ expectations for 9.7 million openings.” Said the New York Times: the “slowdown in the labor market is becoming more entrenched.” By Garry Boulard ![]() Plans are proceeding for the construction of a big 25-story apartment building set to go up in downtown Tempe. The project jointly belongs to developers CA Ventures of Chicago and Wexford Development, which is based in Calgary, Alberta, and will see upon completion the construction of up to 38,000 square feet of commercial space and such amenities as a swimming pool, fitness center, and club room. The structure will be built at 16 East University, in a part of the city thriving with multi-story office buildings of a more recent vintage. The project, which has been in the talking stage for months, will include up to 100 studio-sized apartments, along with 99 one-bedroom units. The largest unit section will be given over to a planned 254 two-bedroom apartments. In the last decade fire pits have become the rage in many modern apartment complexes, even in dense urban surroundings. The same holds true for what is being called 16 East, with fire pits to be featured on the 8th and 25th floor amenity decks. Tempe has enjoyed a more than 10% growth rate in the last two decades, contributing to a current population of around 184,000. Although it isn’t large by the standards of Albuquerque, El Paso, and Phoenix, Tempe, according to the website Bellhop, “has plenty of character and big-city amenities,” as well as a “thriving nightlife.” By Garry Boulard ![]() The city animal shelters of Albuquerque may be in line for upgrades depending upon the fate of a $200 million bond proposal that will go before voters this fall. Two weeks ago, members of the Albuquerque City Council gave their approval to a list of facility and infrastructure projects citywide that will be funded by the bond, with the exact price tag detailed for each project. Some $2.5 million is being allotted in the bond proposal for animal shelter planning, design, and renovation work. The City of Albuquerque’s Animal Welfare Department has a busy facility called the Eastside Animal Shelter, located at 8920 Lomas Boulevard NE, and a Westside Shelter at 11800 Sunset Gardens Road SW. Those shelters serve as adoption centers and veterinary clinics, while also providing free training classes with every dog adoption. Additional facilities include two adoption centers, one located at 350 Eubank NE and the other at the Coronado Center in the 6600 block of Menaul NE. At any given time, the department’s shelters may house up to 800 animals or more. In his proposed budget for 2023, Mayor Tim Keller noted that the Animal Welfare Department had a budget of just under $13.9 million, while suggesting an increased budget of nearly $16 million. That funding includes money for salaries, as well as telephone, fleet, and network and radio operations expenses. By Garry Boulard ![]() A new effort is being undertaken in the U.S. Senate to fund a comprehensive national apprenticeship program designed to expand opportunities for a construction industry greatly in need of new workers. As proposed by South Carolina Senator Tim Scott, the Training America’s Workforce Act will allow for the creation of third-party groups such as trade associations and institutions of higher learning to implement apprenticeship programs that will be especially geared for the teaching of industry-specific skills. In a statement, Scott commented: “At a time when so many Americans have stopped looking for work, thousands of small business owners are struggling to find workers for millions of open jobs.” Scott added that the Training America’s Workforce Act will “create industry-led workforce development programs to get qualified workers into well-paying jobs.” The legislation has won the support of several industry groups, including the National Association of Home Builders. Jerry Konter, chairman of the NAHB, said the bill has the potential to “help erase the housing affordability crisis by allowing the home building industry to expand its workforce training reach through industry-recognized apprenticeship programs.” Late last year, the President Biden, by way of an executive order, put an end to the Industry-Recognized Apprenticeship Program, arguing that such programs should largely be the operated by recognized labor unions. Scott’s measure has been sent for review to the Senate Committee on Health, Education, Labor, and Pensions. By Garry Boulard |
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