EDG News

Apartment REITs poised for income gains; Subway names new CEO; US economic indicators decline

Real estate investment trusts focused on residential properties are well positioned to achieve positive, low-single-digit operating income gains for 2025, particularly as summer leasing pushes up apartment rental rates, according to a report from data firm S&P Global Ratings.

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Energy giant BP’s revised plans to cut 6,200 jobs by year’s end, many of those at its U.S. headquarters in Houston, arrived as several firms are reducing costs in response to shifts in oil pricing, automation and federal government policy toward renewable energy. U.S.-based energy firms announced 8,416 job reductions in the first seven months of 2025, up from 6,282 in the year-earlier period, according to outplacement firm Challenger, Gray & Christmas.

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June’s new U.S. orders for durable goods declined 9.3% from the prior month to $311.8 billion, the Commerce Department reported.

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The United States added a lower-than-expected 73,000 jobs in July as uncertainty over the future course of tariffs and inflation weighed on hiring plans, the Labor Department reported Friday.

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June’s U.S. sales of existing single-family homes declined 2.7% from a month earlier and remained flat from a year earlier as prospective buyers faced affordability challenges, according to the latest data from the National Association of Realtors.

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Housing is projected to be the biggest obstacle for overall U.S. economic growth in the second half of 2025, with residential investment expected to post an annual decline of 8%, according to analysts at Goldman Sachs.

NorthPoint Development buys 11 warehouses in Elgin, Illinois

A Missouri investor has paid $270 million for a portfolio of warehouses west of Chicago, a massive deal that followed a high volume of sales in the first quarter of this year.

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July’ annual U.S. inflation rate was 2.7%.

Tech giant reports $368 billion in project backlogs as it races to expand global capacity

Microsoft expects to spend a record $30 billion this quarter as it races to build data centers and other support systems for its fast-growing artificial intelligence and cloud computing businesses.

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The volume of U.S. mortgage applications rose 3.1% from the prior week for the week ended Aug. 1, aided by recent easing in loan interest rates, according to the Mortgage Bankers Association’s latest tracking.

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June’s U.S. sales of new single-family houses rose by a slight 0.6% from the prior month but were down 6.6% from a year earlier, according to the latest data from the Commerce Department and Department of Housing and Urban Development. Homes sold at a pace of 627,000 units, based on seasonally adjusted annual figures.

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The latest Commerce Department data showed total starts for single- and multifamily housing units in June increased 4.6% from the prior month but fell a half-percent short of year-earlier levels. Single-family construction, declining 4.6% for the month and dropping 10% for the year, remained a particular drag on overall residential starts as builders responded to elevated interest rates and other rising costs.

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U.S. spending at retail outlets bounced back in July as consumers looked to buy items ahead of import tariffs taking effect. Excluding auto and gasoline transactions, sales were up about 1.5% from the prior month and increased 5.9% from a year earlier, according to the latest tracking by researchers at the National Retail Federation and CNBC.

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Yum Brands and its global franchisees opened 871 new locations in the second quarter, as the parent company of Taco Bell, KFC and Pizza Hut stands by plans to grow its store count by around 5% annually despite slowing sales facing many dining chains in the current economy.

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Trade tariffs sliced about $1.1 billion from General Motors' profits for its latest quarter, and the toll could go as high as $5 billion for the full year, executives of the largest U.S. automaker said Tuesday. Detroit-based GM reported second quarter revenue of $47 billion and net income of $1.9 billion.

Along with KDOT receiving top honors for Longmeadow Parkway from APWA Chicago Metro Chapter, Thomas Rickert, KDOT’s Deputy Director and Chief of Staff, was recently awarded the 2025 APWA Professional Manager of the Year –Administrative Management for his service to Kane County and the broader Chicagoland metro area as evidenced by 37 years of leadership for Kane County, the Kane Kendall Council of Mayors as Executive Director, APWA, and CMAP serving on regional committees.

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Union Pacific and Norfolk Southern announced plans for an $85 billion merger that would create the nation’s first-ever provider of coast-to-coast rail freight services. The companies touted potential benefits such as lower supply chain costs and shortened transit times enabled by a unified railroad network.

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The United States and European Union trade deal reached over the weekend calls for a 15% tariff to be imposed on most goods from EU countries effective Aug. 1, less than a previously discussed 30% tariff rate that could have significantly raised costs for items from some of the nation’s largest trading partners.

Illinois Department of Commerce

Here is the weekly update on funding opportunities per the request of the Latinx Business Colectivo – Funding Opportunities working group.

Office of Economic Equity & Empowerment (OE3) Illinois Department of Commerce & Economic Opportunity

Here is the weekly update on funding opportunities per the request of the Latinx Business Colectivo – Funding Opportunities working group.