Labor & Employment
•;Reports about the economic outlook are cautiously optimistic. In most communities, economic stability comes from consistent employment. Commercial real estate flourishes
when businesses small or large succeed and
•;In January 2012, 45 state unemployment rates
decreased according to the Bureau of Labor
• From 2009 to 2011 43 states made major
changes to their state retirement plans.
•;The Bureau of Labor Statistics reported that
industries and occupations related to health-care, personal care and social assistance and
construction are projected to have the fastest
job growth between 2010 and 2020.
Property Manager Licensing
•;Property management licensing has been a
topic of concern since 1990 when a special
IREM committee was appointed at an annual
convention in New Orleans, Louisiana.
• IREM has long held the position that the
management of residential apartments, condominiums, homeowner’s associations, office buildings, shopping centers and all other
commercial property by independent contractors involves real estate activities and
should require a license.
Commercial Real Estate Market
•;With an estimated $1.4 trillion of commercial
real estate loans maturing over the next few
years, refinancing remains problematic.
•;The 2,300 page Dodd-Frank Wall Street Re-form and Consumer Protection Act creates
many new obstacles in obtaining credit.
• The apartment market is very strong with
$22.9 billion of significant apartment properties were sold in the first half of 2011, a 104
percent increase from the first half of 2010.
New Legislation / spotlight
State Budget Health
•;According to the Center on Budget and Policy Priorities, 30 states have projected or have
addressed shortfalls totaling $49 billion in fiscal year 2013.
•;States have been making major budget cuts.
Spending cuts are problematic during an economic downturn because they reduce overall
demand and can make the downturn deeper.
• Tax increases remove demand from the
economy by reducing the amount of money
people have to spend.
•;Politics plays a big part of budget cuts and
increasing taxes and fees, especially in such a
contentious election year.
Read more about
the Leadership and
by viewing the April,
& Legislative Issue,”
FOR QUESTIONS, PLEASE CONTACT BETH PRICE, THE
LEGISLATIVE LIAISON FOR IREM HEADQUARTERS IN CHICAGO,
BPRICE@IREM.ORG OR (800) 837-0706 EXT. 6021.