’24 Jazz in Coliseum Square Park, September 8, 2024
Come enjoy this music series in New Orleans.
Coliseum Square Park
1700 Coliseum St
New Orleans, LA 70130
NOLA Caribbean Festival 2024, October 26, 2024
This festival in New Orleans celebrates rich Caribbean heritage.
Nola Caribbean Fest
Central City BBQ
1201 S Rampart St
New Orleans, LA 70113
October 26, 2024
12pm – 10pm
Click Here For More Information.
RNGD to Move Headquarters to Jefferson Parish, Creating 130 Jobs
RNGD, formerly Palmisano Construction, is investing $25 million to relocate its corporate headquarters to Jefferson Parish, consolidating its manufacturing and training operations. This move will create 130 new jobs, retain over 240 current positions, and generate 250 construction jobs at its peak. The company will expand its prefabrication factory in the Labarre Business Park, with construction starting on July 1 and completing by January. Louisiana Economic Development has offered RNGD a $500,000 performance-based award for facility and utility upgrades, pending approval.
“This announcement represents a significant economic investment in Jefferson Parish,” said Jefferson Parish Economic Development Commission President & CEO Jerry Bologna. “We are proud to retain RNGD in the region and substantially expand their footprint in Jefferson Parish through competitive incentive offerings at both the state and local levels.”
The decision to move follows a period of consideration, with The Times-Picayune reporting last month that RNGD was evaluating the relocation and expansion plans. RNGD has operated a factory in the Labarre Business Park since 2022, and the new development aims to bolster the company’s capacity and operational efficiency.
The incentives package from Louisiana Economic Development is designed to support the expansion, which is expected to have a significant impact on the local economy. The project underscores Jefferson Parish’s appeal as a business hub, offering competitive advantages and support for growing companies.
RNGD’s move and expansion reflect a strategic investment in the region, enhancing job opportunities and economic growth in Jefferson Parish.
Investor Home Purchases Surge for the First Time in Two Years
Consumers facing high housing prices often point to private equity as a contributing factor. However, experts suggest that while the housing market has multiple issues, determining whether real estate investor activity is truly deterring homeownership across the U.S. is challenging.
In the first quarter of 2024, real estate investors purchased about 44,000 U.S. homes, up 0.5% from a year ago, according to Redfin. This marks the first increase since Q2 2022. The data tracks investor activity, which includes people or entities buying properties to sell or rent without intending to live there themselves. In the first quarter of 2024, investors accounted for 19% of home purchases, implying that around 81% of homes are bought by individuals likely making them their primary residences.
Institutional operators, or real estate investors who own at least 1,000 single-family homes, own about 1% of the total U.S. housing stock, according to an analysis from ResiClub, based on data from Parcl Labs.
Gauging Investor Impact
A report from Moody’s Analytics examined the relationship between investors’ share of sales and homeownership rates on a metro-by-metro level. “It looks like there’s a pretty weak relationship between the two,” said Matthew Walsh, assistant director and economist at Moody’s Analytics, indicating that investors aren’t significantly crowding out traditional homebuyers.
In some areas, investors bought existing homes at high rates, sometimes representing up to a third of purchases. However, this doesn’t necessarily mean consumer homebuyers are being crowded out, according to Moody’s analysts. “Answering that question is really, really complicated,” said Redfin’s Zhao, noting that straightforward data analysis alone isn’t sufficient.
Part of the recent increase in real estate investor activity is due to seasonal factors, with more homes typically sold in spring, Walsh explained. Additionally, lower mortgage interest rates at the start of 2024, which later rose in April, also played a role.
Implications for Buyers and Renters
For consumers buying homes, competing against investors adds another layer of competition. Investors often rent out single-family homes, which can boost rental supply—a positive sign for renters, Zhao noted. Additionally, some investors buy uninhabitable properties, fix them, and add them back into the housing supply, ultimately benefiting the market.
“It’s very much a nuanced argument when you’re thinking about, what does investor activity mean for the housing market,” Zhao said. While investor purchases can present challenges for homebuyers, they also contribute positively by increasing rental supply and rehabilitating uninhabitable properties.
Understanding the full impact of investor activity on the housing market is complex and multifaceted. While it presents challenges for homebuyers, it also offers advantages for renters and the overall housing supply.
