Real Estate

Commercial Home Building Property Management REIT Real Estate Residential
News Release Digital Asset Direct

Hyundai Construction Equipment launches the next-generation 2.5-ton electric forklift (B-X)

Hyundai Construction Equipment

Launching the next-generation 2.5-ton electric forklift with the first application of lithium iron phosphate battery Carrying out a customer-centered marketing campaign targeting the logistics industry for industrial vehicles Hyundai Construction Equipment (CEO Choi Chul-gon) is launching the B-X Series, the next-generation electric forklift. Hyundai Construction Equipment will actively target the eco-friendly logistics market with B-X, the next-generation high-performance electric forklift, on November 3 (Wednesday). The 2.5-ton electric forklift is the most widely used product in indoor workplaces and is expected to be the core product, along with the company’s first medium-sized hydrogen forklift developed in Korea, to lead the eco-friendly logistics industry. Hyundai Construction Equipment is determined to redefine standards for small electric forklift markets—where cost-effectiveness is important—by applying lithium iron phosphate (LFP) batteries for the first time in the B-X series. As LFP batteries require shorter charging time and generate higher output power than lead-acid batteries, which have been mainly applied to conventional electric forklifts, they are suitable for the logistics industry with long operating hours and high volume of goods. For this series, Hyundai Construction Equipment has maximized drivers’ convenience. It optimized the driver's seat design and air-conditioning and heating functions from an ergonomic aspect to ensure an internal structure that can support long-term operations. Moreover, it allows battery withdrawal on the side, thereby increasing the maintenance convenience. Conventional electric forklifts needed cranes when taking out a battery, but the B-X Series allows withdrawing it on the side more easily and safely using hand pallets or forklifts. Starting with the online launch on November 3, Hyundai Construction Equipment plans to utilize online and offline marketing actively to promote the B-X series to customers. The online launch will introduce the product and hold an event where customers can directly participate. Hyundai Construction Equipment began the test-drive operation of the next-generation electric forklift B-X series in October as part of its offline launch. The company plans to implement the test-drive program for one year. Moreover, it seeks to communicate actively with customers through its official YouTube channel, Hyundai Industrial Vehicle TV, by producing a variety of contents such as the ceremony of delivering the first vehicle to the customer using new models and launching a separate SNS platform for the industrial vehicle sector by year-end. “We have launched the B-X Series with eco-friendliness, work efficiency, and user-friendly features. We will take the lead in positive changes in the logistics market with differentiated product power and marketing strategies,” an official from Hyundai Construction Equipment said. For inquiries, please contact the HCE PR Team 031) 8006- 6149/ 6150 Contact Details Jun Kim +82 31-210-9407 hyujun.kim@hyundai-ce.com

November 03, 2021 05:01 PM Eastern Daylight Time

Image

Mattress Concierge Replaces 2,600 Mattresses at Foxwoods Resort Casino

Mattress Concierge

Mattress Concierge recently completed replacing mattresses for 1,948 hotel rooms, totaling 2,600 mattress, for Foxwoods Resort Casino in Mashantucket, CT. As the largest resort casino in North America, Foxwoods offers guests a premier destination resort experience throughout its AAA Four-Diamond hotels. Foxwoods has also been named the Best Casino Outside of Las Vegas in the USA Today’s 10 Best Reader’s Choice Awards. “At Foxwoods we pride ourselves on providing our guests with the ultimate destination experience, and knew how important it was that the sleep configuration was as thoughtfully considered as every other resort amenity,” said Chris O’Connell, Vice President of Hotel Operations at Foxwoods. “We were so impressed by the attention to detail in Mattress Concierge’s hand-crafted, comfortable and durable mattresses which made them the ideal partner. They offer our guests a luxurious sleep experience that enhances their stay while at Foxwoods.” Mattress Concierge started work on this project in August 2019 when the resort was making upgrades to The Grand Pequot Tower, which features an exquisitely appointed lobby and twenty-three stories of deluxe rooms and suites. Mattress Concierge also replaced mattresses in The Great Cedar Hotel, which is right in the middle of all the action, and The Villas, which are appointed with beautiful amenities, dedicated butler service, in-room dining, and seamless access to Foxwoods’ exciting offerings. The 1,700 mattresses were handcrafted, delivered, and installed in just two months from purchase order to delivery. COVID-19 delayed the completion of the project until this September, when Mattress Concierge was able to replace 900 additional mattresses for the 30-floor Fox Tower, which boasts modern design and beautifully appointed rooms. This second stage of the project took just six weeks from purchase order to delivery. “We are honored with the trust Foxwoods Resort Casino places in Mattress Concierge to furnish their guests with the ultimate sleep experience at any hotel on the property,” Rob Richards, Managing Director of Mattress Concierge said. “We are particularly pleased with the fact that we could meet the timeframes in which this multi-stage project required for completion. Following the executive purchasing team’s visit to the factory in Hartford, we earned the right to be the exclusive mattress supplier to the largest resort casino in North America.” About Mattress Concierge Mattress Concierge has been providing mattresses to the most discerning clients in the hospitality industry since 2010. These exceptional mattresses are sought after by four- and five-star luxury hotels, inns, resorts and boutique hotels. Mattress Concierge can also custom-design mattresses to meet hotel owners’ particular needs, combining superior quality, comfort and durability. For more information, visit www.mattressconcierge.com. About Foxwoods Resort Casino As the largest resort casino in North America, Foxwoods Resort Casino offers guests a premier destination resort experience throughout its six world-class casinos; AAA Four-Diamond hotels featuring over 2,200 rooms; dining options for all tastes; luxurious spas; award-winning golf; state-of-the-art theaters; Tanger Outlet Mall; conference space for groups of all sizes; and free online casino games at FoxwoodsONLINE.com. There is always something new at Foxwoods, most recently the arrival of Foxwoods Extreme Adventures. Adventure knows no limit as guests can zipline or race around on a European-style indoor karting track. Foxwoods Resort Casino truly is The Wonder Of It All, providing a personalized and exciting escape for everyone. Foxwoods, opened in 1992, is owned and operated by the Mashantucket Pequot Tribal Nation. For a detailed look at Foxwoods Resort Casino and Mashantucket Pequot Tribal Nation visit Foxwoods.com. Contact Details Mattress Concierge Robert Richards +1 860-395-9371 rrichards@mattressconcierge.com Company Website http://www.mattressconcierge.com

November 02, 2021 10:00 AM Eastern Daylight Time

Image

Monarch Apartment Homes Reaches Milestone and Breaks Ground in Palm Springs

Community Housing Opportunities Corporation

The first affordable housing complex in Palm Springs in more than 12 years is moving forward. The Monarch Apartment Homes, a 60-unit affordable housing community located in Palm Springs, CA, officially broke ground on October 28. Under development by the Community Housing Opportunities Corporation (CHOC ), an organization dedicated to expanding affordable housing, the complex serves as an excellent example of how the affordable housing challenge can be solved in cities throughout the state. The CHOC Monarch Apartment Homes is expected to be completed in 2023. “It has been stated that housing is a human right,” said Manuela Silva, CEO of CHOC. “Affordable housing allows residents to live in cities that they would not otherwise have been able to afford. As a result, residents have better school choices.” Dignitaries present at the groundbreaking included California State Treasurer Fiona Ma, Palm Springs Mayor Christy Holstege, City Councilmembers Lisa Middleton and Dennis L. Woods, Lift to Rise CEO Heather Vaikona, 4 th District Riverside County Supervisor V. Manuel Perez and CHOC CEO Manuela Silva. Heather Vaikona was the event’s master of ceremonies. “Governor Gavin Newsom has allocated $500 million of state low-income housing tax credits over the last three fiscal years. That is significant in making projects like this,” said California State Treasurer Fiona Ma. “It also has made our bonds competitive because the state tax credits need to be combined with the bonds.” In partnership with the city under a Disposition Development Agreement (DDA), CHOC will develop the land with rental apartments consisting of one-, two- and three-bedroom units. The project is financed by California Municipal Finance Authority (CMFA), the City of Palm Springs, the County of Riverside, Flagstar Bank, the California Community Reinvestment Corporation (CCRC), California Tax Credit Allocation Committee (CTAC), and California Debt Limit Allocation Committee (CDLAC). “The full city council has unanimously supported this project and our partnership with CHOC includes donating this beautiful and valuable piece of land we are standing on today to the developer appraised at $840,000 contributing an additional $1.8 million of city funds to get this project done,” said Palm Springs Mayor Christy Holstege. “We covered $250,000 in permit fees so the total contribution of nearly $3 million to cover the gap to support CHOC to get this done.” “Like many of our cities, the area is heavily reliant on hardworking, low-income workers that are the backbone of many industries here, yet they often have to choose between paying for housing versus other necessities such as childcare, food, and healthcare,” adds Silva. “This is the first new affordable housing property in 12 years and there is more to come. I am proud of Riverside County, the City of Palm Springs, the mayor and our council members,” said Supervisor V. Manuel Perez. The $31 million complex includes sloping rooftops that mimic the monarch butterfly, and natural desert plants to blend in with the surrounding communities. The development sits on a 3.62-acre vacant parcel of land owned by the City of Palm Springs Successor Redevelopment Agency. The property is located at the Southeast corner of N. Indian Canyon and San Rafael Drive in the Upper Westside One Palm Springs Neighborhood. In partnership with the city under a Disposition Development Agreement (DDA), CHOC will develop the land with rental apartments consisting of one-, two- and three-bedroom units. All units will have balconies or patios with a community building for a computer classroom, a rental office, and a community lounge that can be used for group functions. Amenities include a dog park, a Monarch Park splash pad – which is a water feature with a deck area that is integrated into the main open space adjacent to a children’s play area as well as two BBQ areas. Designed under the direction of Maria Song, AIA, LEED & AP, principal with the Palm Springs-based architectural firm Interactive Design Corporation, (IDC) and HKIT Architects, the complex will blend in with the surrounding neighborhood, which is known for its mid-Century modern design influence. The property will be constructed by davisREED Construction, Inc., whose breadth of national experience ranges from five-star resorts to public works and other hotels including the Kimpton Rowan in Palm Springs, which was named among the Condé Nast Best New Hotels List. ### About The Community Housing Opportunities Corporation (CHOC): Founded in 1984, the Community Housing Opportunities Corporation (CHOC) is a non-profit, affordable housing developer based in Fairfield, California with offices in Palm Springs, creates and manages equitable communities for individuals, families, seniors, and those with special needs. CHOC believes that economically integrated affordable housing is key to self-sufficiency and is achievable with enriching, supportive programs that give pride to residents, stabilize families, and improve local economies. Visit www.chochousing.org to learn more. Contact Details The Hoyt Organization Cinnamon Thompson +1 310-933-6836 cthompson@hoytorg.com Company Website https://www.chochousing.org/

October 29, 2021 12:53 PM Pacific Daylight Time

Image

Cyvatar Named Finalist in Computing Security Excellence Awards 2021

Cyvatar

Cyvatar today announced that it has been chosen as a finalist in Computing’s Security Excellence Awards 2021 for the Small and Medium Enterprise (SME) Security Solution Award. Computing celebrates the achievements of the IT industry's leading security companies, solutions, products, and personalities that keep every other part of the industry operating. Award categories include product- and project-related recognition, organizational achievements, and accolades for outstanding individual success. Computing selected Cyvatar for its cybersecurity-as-a-service (CSaaS) platform, designed with SMEs in mind. SMEs are increasingly at the mercy of ransomware attacks, phishing scams, and other cyber threats, but unlike larger orgs, most SMEs don’t have the budget or expertise to invest in comprehensive in-house security programs. Moreover, they struggle to show value from the security tools they do buy. Cyvatar CSaaS democratizes cybersecurity, making the best protection accessible and affordable for any SME regardless of budget, even if they have no cybersecurity expertise in-house. Customers can select the membership and pricing that meet their desired business outcomes in seconds; a freemium model ensures they can achieve tangible results fast with no out-of-pocket costs--an industry first. And they can cancel anytime--another industry first. “We don’t throw technology over the wall and expect our customers to figure it out themselves the way many product companies do,” said Corey White, Cyvatar co-founder and chief executive. “We deliver all three pillars of cybersecurity—the teams, technology solutions, and best practices—to SMEs that would not otherwise be able to implement them. Our subscription model ensures they don’t end up buying solutions they can’t use or don’t need, and our platform lets them see at a glance what’s going on in their environment to give them the best cyber prevention available.” Cyvatar offers its proprietary ICARM™ (install, configure, assess, remediate, maintain) methodology to deliver smarter, more efficient solutions, allowing SMEs to achieve security compliance and cyber-attack prevention faster and more effectively. ICARM ensures SMEs won’t get crushed under the weight of too many products, and guaranteed outcomes mean they get maximum value from their technology spend. Choose the Cyvatar membership with the best outcomes for your business today. About Cyvatar Cyvatar is committed to effortless cybersecurity for everyone. As the industry’s first subscription-based, cybersecurity-as-a-service (CSaaS) company, it’s our mission to transform the way the security industry builds, sells, and supports cyber solutions. We empower our members to achieve successful outcomes by providing expert practitioners, market-leading technologies, and proven best practices to guarantee business results. Our approach is rooted in a proprietary ICARM (installation, configuration, assessment, remediation, maintenance) methodology that delivers measurable security solutions for superior compliance and cyber-attack prevention, all bundled into a fixed monthly subscription that members can cancel anytime. Cyvatar is headquartered in Irvine, California, with locations around the world. Begin your journey to security confidence at cyvatar.ai and follow us on LinkedIn and Twitter. Contact Details Cyvatar Dan Chmielewski +1 949-231-2963 dchm@madisonalexanderpr.com Company Website https://cyvatar.ai/

October 28, 2021 08:00 AM Eastern Daylight Time

Chaney Enterprises to Open New Concrete Plant in Leesburg, Virginia

Chaney Enterprises

Chaney Enterprises, a ready-mix concrete, aggregates, custom blends, and related construction supplies provider, announces a new concrete plant location in Leesburg, Virginia due to open operations first quarter of 2022. Chaney Enterprises’ new ready-mix concrete plant in Loudoun County will be located at 42824 Durham Court and will service the thriving Leesburg market. This new facility will be a state of the art, completely enclosed Treyco Outlaw with a high-capacity output, capable of 200 yards per hour. “We are elated to announce this addition to our footprint in Northern Virginia. In addition to this ultramodern facility, local customers in the northern Virginia construction market will have access to numerous technology offerings as well as our remarkable team members who make up the best and most passionate in the industry,” stated Francis “Hall” Chaney, III, chief executive officer for Chaney Enterprises. Customers in this market can also access Chaney’s portable concrete plants and new concrete pumping division, CE Pumping. To keep track of orders, customers are encouraged to take advantage of the convenient Chaney Customer App. This app allows for both concrete and aggregate customer to check their order status, verify their delivery date, change the quantities of products ordered, and most importantly get the real time location and delivery status of their order. The new Leesburg concrete plant will be Chaney Enterprises’ seventh concrete plant in the Northern Virginia market along with Lorton, Gainesville, Bealeton, Stafford, Spotsylvania, and King George. About Chaney Enterprises Founded in 1962 by Eugene “Babe” Chaney and built on a foundation of integrity, every member of the Chaney Enterprises team pours their heart and soul into every job. Chaney is passionate about providing ready-mix concrete, sand, gravel, stone, blended soils, and related construction supplies to its customers throughout Maryland, Washington, D.C., Virginia, and Delaware by land, sea, and rail. From its headquarters in Gambrills, Md., the company operates 40 ready-mix concrete plants, 12 sand and gravel facilities, CE Pumping, and BuilderUp, a professional building supply operation with locations in Waldorf and Owings, Md. For more information visit ChaneyEnterprises.com. Contact Details Erica Magdelinskas +1 301-932-5855 emag@chaneyenterprises.com

October 26, 2021 12:00 PM Eastern Daylight Time

THRIVE HOME BUILDERS A TWELVE-TIME WINNER OF THE DEPARTMENT OF ENERGY GRAND AWARD IN HOUSING INNOVATION

Thrive Homebuilders

Denver-based Thrive Home Builders is now a 12-time Grand Award winner in the U.S. Department of Energy’s (DOE) Housing Innovation Awards. The award recognizes U.S. builders deemed experts in the field of high-performance, energy-efficient homebuilding and whose homes meet the rigorous technical requirements specified by the DOE’s Zero Energy Ready program. Thrive received the Grand Award in the Single-Family Home category for its Zero Energy Revive model, a 3,393-square-foot, five-bedroom, four-and-a-half-bathroom home located within the master-planned community of Central Park, formerly known as Stapleton, in Denver. The Revive plan is part of Thrive’s Vitality Collection of homes priced starting at just over $1 million. “It’s never been more important to build healthy, energy-efficient homes that are priced for families,” said Thrive Home Builders CEO Gene Myers. “Despite the difficulties of the past year, our team truly believes that we need to make our communities and world a better place.” Both Thrive and its pioneering founder Gene Meyers have been recognized since the DOE founded the Housing Innovation Awards in 2013. As one of the largest builders of Zero Energy Ready homes in the country, Thrive is known for its industry-leading, LEED-certified, Zero Energy Ready homes throughout metro Denver. Vitality is a collection of 39 Zero Energy homes that incorporate cutting-edge, zero energy building techniques with uncompromised functional and authentic design resulting in zero-carbon, all-electric, LEED Platinum-certified, Indoor airPLUS-qualified, solar-powered single-family homes. “Thrive Home Builders and its fellow winners are leading a major housing industry transformation that improves the way Americans live by substantially reducing or eliminating utility bills, ensuring engineered comfort way beyond traditional homes, protecting health with a comprehensive package of indoor air quality measures, and helping owners maximize the largest investment of their lifetime,” said Sam Rashkin, former Chief Architect at the U.S. Department of Energy’s Building Technologies Office. Built in collaboration with Pro Builder Magazine and EEBA, the Energy & Environmental Building Alliance, the Revive Model Home is referred to as “The Ultimate Z.E.N. (Zero Energy Now) Home.” Pro Builder Magazine followed and reported on the construction of this home and ultimately featured the home on the cover of its October 2020 issue. The home was the featured attraction during EEBA’s 2021 High-Performance Summit in Denver. Only a select group of the top builders in the country meet the extraordinary levels of excellence and quality specified by the U.S. Department of Energy, but as the market for residential zero energy (ZE) buildings continues to grow across the United States, Thrive is leading the way. About Thrive Home Builders Thrive Home Builders has been a leader in the design and construction of energy-efficient homes since 1992. Thrive has long been recognized as a pioneer in zero energy building, and the company is repeatedly recognized by industry associations for its sustainable construction of single-family homes and rowhomes. The company continues to lead the homebuilding industry into the next frontier by building well-crafted homes that promote both energy efficiency and homeowners’ wellness. Every home is built LEED certified, Indoor airPLUS qualified and solar powered, and Thrive is the largest builder of Zero Energy Ready homes in the country. Its award-winning homes are available throughout Denver and its suburbs. For more information, visit www.thrivehomebuilders.com. Contact Details Center Reach Communications Tracy Henderson +1 720-989-3530 tracy@centerreachcommunication.com Company Website https://www.thrivehomebuilders.com/

October 26, 2021 09:04 AM Eastern Daylight Time

PCMA PRIVATE CLIENT LENDING ANNOUNCES 3RD QUARTER RESULTS & 2022 GROWTH PROJECTIONS

PCMA

PCMA, the pioneer and category leader in Non-Bank Private Client Lending, announced 2021 third quarter results and is accelerating growth projections into 2022. Direct Retail Private Client Originations (NQM-Expanded Prime) in the 3rd quarter reached $179,898,000.00, an increase of 34% over 2nd quarter results. 12-month aggregate loan volume for 2020/2021 reached $436,735,000.00 with projected loan volume for the total year of 2021 to exceed $625MM. “It has been quite the journey overcoming the obstacles COVID has inserted into the financial system. Since the Reboot, we have faced crippling vendor delays, clearing legacy assets frozen in the system, economic uncertainty, you name it, we dealt with it, “said John Lynch, CEO and founder of PCMA. “I am so proud of my team in how they faced these challenges and rebooted our operational capacity to deliver another strong quarter of profitability and volume growth.” In the third quarter PCMA continued to expand its leadership in the private client category by launching a multi-state television campaign targeting affluent communities, vertically integrated the firm with the addition of its newly formed asset manager, key executive management team acquisitions, increased margin execution, and expanded its funding capacity. “The PCMA brand is starting to resonate and is becoming synonymous with the Private Client community,” said Lynch. We are very grateful for the success we have had to this point; however, we are very focused on the opportunity that is unfolding for us in 2022 and beyond.” Origination metrics and credit performance continues to defy industry norms quarter over quarter. PCMA expanded prime assets are heavily sought after and oversubscribed in the secondary market by tier one investors that like the low convexity, consistent income, and high credit performance of our private clients. PCMA is well positioned to further its growth projections and continued leadership in private client lending for many years to come. About PCMA PCMA is the nation's leading Non-Bank Private Client Lender serving the complex credit needs of their High-Net-Worth clientele. PCMA offers qualified individuals and institutions bespoke lending solutions across all major residential asset classes. PCMA is a diversified financial enterprise offering private client solutions through a direct to consumer and distributed retail business model. PCMA strives to build trusting and enduring relationships by putting clients and professional partners at the center of all they do. PCMA is headquartered in Orange County, CA. Additional information is available at www.pcma.us.com Contact Details PCMA Private Client Lending Jason L Jepson +1 949-394-7033 jason.jepson@pcma.us.com Company Website https://pcma.us.com

October 25, 2021 09:00 AM Eastern Daylight Time

Craig Davis Properties Closes Deal on Hampton Roads Luxury Multifamily Property

Craig Davis Properties

Craig Davis Properties, Inc. (CDP) and its partners, L.M. Sandler & Sons and Harbour Group closed on the sale of Lumen Apartments on September 27, 2021, reaching a record-breaking price per unit sale in the Hampton market. The 300-unit multifamily community is located in one of the area's most notable and growing economic regions, helping set lease-rate records at full capacity after only eight months, and out-performing initial pro forma projections. The commercial real estate development company, CDP, is North Carolina based with projects throughout the Southeast. The top-of-the market multifamily Hampton Roads community is situated amidst prominent economic drivers, including Langley Air Force Base, Huntington Ingalls Industries and other Fortune 500 companies. This prime location positioned Lumen Apartments as a desirable site in the growing metropolitan area. Lumen Apartments brings new life to the business park area while exemplifying CDP’s ability to customize projects for local communities and provide luxury living for residents. "This project exceeded expectations with its record-breaking sale following a remarkable full capacity lease rate," said Craig Davis, CDP Founder and CEO. "The Lumen project is an excellent example of the luxury niche market that is driven by modern tenants seeking greater amenities while at home. I'm pleased to have been able to deliver this success for our investors who had faith in the project and this market." Lumen Apartments offer top-of-the-line amenities, unrivaled in the current market. The units feature smart home technology, granite countertops, stainless steel appliances and floor-to-ceiling windows. Notable community amenities include a resort-style pool, activated entertainment spaces and on-demand fitness rooms. To further enhance the resident experience, CDP worked with local officials through an in-depth variance process to ensure proper signage and placemaking features designed to encourage resident interaction while meeting the needs and personality of the surrounding community. About Craig Davis Properties Founded by Craig Davis, former NCSU basketball player and Triangle resident in 1988, Craig Davis Properties (CDP) has grown into an industry leader in the development community - building projects throughout North Carolina and the Southeast. CDP's broad portfolio of projects range from commercial to multifamily communities that offer a diverse, modern lifestyle and an appealing environment to live and work. The company has developed over 8 million square feet of multifamily, office, industrial and mixed-use products throughout North Carolina and the Southeast and has an additional 2,000 multifamily units currently in the pipeline in the Carolinas. To learn more visit https://www.craigdavisproperties.com Contact Details Craig Davis Properties Scott Hellmuth +1 919-678-4212 Scott.Hellmuth@CraigDavisProperties.com Company Website https://craigdavisproperties.com/

October 21, 2021 10:15 AM Eastern Daylight Time

New Legal & General Study on Millennials and Housing Looks at the Effects of Wage Stagnation on Home Ownership

Legal & General

36% of millennials find home ownership hard to afford where they currently live An additional 20% of millennials find home ownership extremely hard to afford Only half of recent millennial graduates managed to find a job matching their skills and education right after graduating – of these, 28% are still looking With broad economic concern about the Fed raising interest rates and the knock-on effect of increased borrowing costs, millennials’ attitudes around housing turn to the decades-long failure of wages to keep up with the cost of housing. Today, the third part of a broad new study conducted by Legal & General Group, U.S. Millennials and Home Ownership – A Distant Dream for Most, is released, zeroing in on how millennials’ income, and in particular the long-standing issue of wage stagnation, has contributed to the reality of housing unaffordability for millennials. This third segment of the data-rich study, Wage Stagnation Has Flipped the Housing Equation for Millennials, takes a deep dive into the effects of sluggish income growth versus the skyrocketing cost of housing on specific demographics within the 25- to 40-year-old U.S. millennial population. The long-term consequences are still unfolding, but according to the survey data, many millennials were living with their parents, and more than half of those surveyed found housing in their area to be cost prohibitive. Legal & General Group Chief Executive Nigel Wilson commented: “We’re seeing similarities between many parts of the U.S. and the U.K. in terms of the supply-demand imbalance, which further compounds the last few decades of median wage stagnation, something we are addressing at Legal & General. And while many millennials may have reasons beyond affordability to delay home ownership, the overwhelming majority of those who would like to become property owners continue to face significant challenges. It’s time to take action— and create solutions that will address the wage issue, as well as create a larger stock of affordable homes.” Study Co-Author and Legal & General Corporate Affairs Director John Godfrey notes: “With affordability and job opportunities at the top of millennials’ list of reasons why they would move, there clearly needs to be a rebalancing of priorities in order for this demographic to step onto the housing ladder. Median income for millennials in the U.S. has risen 24 percent since 2012, but the median cost of a home has risen by 86 percent, nearly four times that. This discrepancy is unsustainable.” Legal & General’s study looks not only at housing affordability, but also at geographic and demographic choices based on age and life stage, and at various drivers shaping these choices, including the duality of wage stagnation and the rising cost of housing. Future segments will look in depth at the intergenerational housing gap; home ownership on U.S. Millennials’ bucket list; student debt and the cost of healthcare; and where Millennials stand on retirement and other savings vehicles. # # # Media Contact: For more information on the 2021 U.S. Millennials and Home Ownership study, or to see a copy of Part 3 of the report, please contact: Meir Kahtan: mkahtan@rcn.com +1 917-864-0800 Meir Kahtan Public Relations, LLC Notes To Editors The information contained in this press release is intended solely for journalists and should not be relied upon by private investors or any other persons to make financial decisions. About the Study Legal & General undertook proprietary research into the attitudes and changes, as well as geographic shifts, U.S. Millennials are experiencing in relation to home purchases and affordable housing. The U.S. Millennials and Home Ownership research was compiled using original survey data 875 U.S. based Millennials who don’t own a property, then segmented into three distinct age groups and other demographic markers. The survey work was carried out by Legal & General. Fieldwork was undertaken during March and April 2021. All surveys were carried out online. About Legal & General Group Established in 1836, Legal & General is one of the UK’s leading financial services groups and a major global investor, with international businesses in the U.S., Europe, Middle East and Asia. With over $1.4 trillion in total assets under management, Legal & General is the UK’s largest investment manager for corporate pension schemes and a UK market leader in pension risk transfer, life insurance, workplace pensions and retirement income. About Legal & General Group Established in 1836, Legal & General is one of the UK’s leading financial services groups and a major global investor, with international businesses in the U.S., Europe, Middle East and Asia. With over $1.4 trillion in total assets under management, Legal & General is the UK’s largest investment manager for corporate pension schemes and a UK market leader in pension risk transfer, life insurance, workplace pensions and retirement income. Contact Details Meir Kahtan +1 917-864-0800 mkahtan@rcn.com Company Website https://www.legalandgeneralgroup.com/

October 14, 2021 09:00 AM Eastern Daylight Time

1 ... 57 58 59 60 61 ... 66