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Luxury home value growth, which has consistently lagged the market’s middle tier over the past several years, has now outpaced appreciation on typical homes for five consecutive months, a new Zillow® analysis shows. 

The typical luxury home nationwide — defined for this analysis as the most valuable 5% of homes in a given region — is worth about $1,620,000. Among the 50 largest U.S. metro areas, the typical luxury home ranges from a low of just under $750,000 in Buffalo to more than $5.3 million in San Jose. 

Luxury home values across the U.S. are 3.9% higher than a year ago. That’s faster appreciation than the 3.2% annual growth for the typical U.S. home. For every month from January 2019 — the earliest year-over-year change in Zillow’s records — through January 2024, typical home values were outpacing luxury homes on an annual basis. For every month since, luxury home values have been growing faster. 

“Luxury homes can be challenging to sell because the pool of buyers is so much smaller. That’s one reason prices for them usually grow more slowly,” said Anushna Prakash, economic research scientist at Zillow. “We’re seeing a different trend play out this year. Luxury home buyers are likely less affected by higher mortgage rates than a typical buyer, especially repeat buyers who saw their home equity soar over recent years. Many will be able to pay with cash and skip a mortgage payment altogether.” 

Luxury home inventory has been slower to recover than inventory overall, helping to keep prices climbing. Inventory in the luxury segment is up 15.7% year over year and is 46.9% below pre-pandemic norms. By comparison, total inventory is 22.7% higher than last year and about 32.6% below pre-pandemic averages.

The share of luxury listings with a price cut is climbing, but is tracking below the market as a whole. In June, 20.8% of luxury listings experienced a price cut, up from 19.4% the previous June. Among all homes, 24.5% of listings had a price cut. 

The luxury home market in Richmond is red hot, with values 16.5% higher than last year, far surpassing the growth seen in any other major market. Hartford luxury homes had the next strongest growth, up 8.6% over the same period. Luxury home inventory in Richmond is down 13.2% year over year, making it one of only six major markets with fewer luxury homes for sale than last year. Luxury homes in Richmond that sold in June did so after just six days on the market, the fastest rate in the country. 

Austin is the only major market where luxury home values declined over the past year, down 1.5%. Home values in Austin overall saw a meteoric rise during the pandemic, and a building boom in response to that demand has helped lessen competition for each home and bring price growth under control.

The Georgia Ports Authority is expanding its rail cargo capacity to move containers across the state and into the Midwest with greater speed and efficiency, according to GPA General Manager of Inland Operations Wesley Barrell.

Speaking at the inaugural Greater Hall Chamber of Commerce Logistics Forum on Tuesday, Aug. 6, Barrell said development of the Blue Ridge Connector, near Gainesville, Ga., is progressing.

“Construction is moving along well. With another six weeks of earthwork, the rail yard grade will be met, allowing for additional engineering to advance,” Barrell said. “We are working closely with Norfolk Southern on tying our infrastructure into their existing track.”

When complete, the 104-acre site will feature six tracks for a total of 18,000 feet. The facility will create 20 direct local jobs. The inland port will link Northeast Georgia with the Port of Savannah’s 36 global container ship services that call each week. Norfolk Southern Railroad will provide five-day a week service to the Blue Ridge Connector, which will operate from 7 a.m. to 6 p.m. Monday through Friday. GPA will provide expedited service from Savannah to the BRC with third day availability.

To the crowd gathered at Lanier Technical College in Gainesville, Barrell said there is great interest in the new rail terminal from local businesses such as poultry producers.

“We will offer refrigerated cargo by rail, with this unique transit from the Blue Ridge Connector to Savannah,” he said. “There are five cold storage freezers within five miles of our location, and more than 50 users of those cold storage facilities. We look to provide services to this customer base.”

Slated to open in 2026, the $127 million facility will serve an existing customer base, which also includes producers of heavy equipment and forest products.

“As shown by the impact of our first inland terminal, the Appalachian Regional Port, the BRC will also act an economic catalyst for Northeast Georgia, bringing jobs and opportunity,” Barrell said. “Presently, nearly 10,000 Hall County jobs are in industries that rely on Georgia Ports.”

An existing, locally owned company recently began operation of a foreign trade zone in the area, where import cargo may be held for storage, assembly or manufacturing without payment of duties until the goods move into the domestic market. Located within 10 miles of the BRC, the FTZ was established to serve international cargo moving through the rail yard, and will give cargo owners greater flexibility in the timing of their supply chain.

For port customers, intermodal service to Savannah will offer a competitive transportation option, with reduced carbon footprint through lower emissions per container. The presence of the inland terminal in Hall County will provide a ready source of empty containers for exports produced in the region.

Customers will no longer need to truck containers through Hall County to the Port of Savannah, because shorter routes to the inland port will become possible. Additionally, every container moved by rail means fewer trucks on state highways moving through the Atlanta area. The Blue Ridge Connector will have an annual capacity of 200,000 containers.

MASON MEGA RAIL
Georgia Ports’ inland rail connections are supported by the largest on-port intermodal facility in North America, the Port of Savannah’s Mason Mega Rail Terminal.

“With 24 miles of on-terminal track, Mason Mega Rail provides ample space to take on new rail business,” Barrell said.

Capable of serving six 10,000-foot trains simultaneously, Mason Mega Rail doubles Georgia Ports’ previous intermodal capacity to 2 million TEUs a year. It is integral to GPA’s “1,2,3” cargo strategy — one day off the vessel, two days transportation, and third day availability.

“That unmatched capacity links Savannah to a broad swath of inland markets through Class I rail service,” Barrell said. “By speeding the flow of cargo, Mason Mega Rail is changing the way cargo reaches a wide network of inland destinations from Atlanta and Dallas to Memphis, Chicago and other destinations across the Midwest.”

Cargo moves from vessel offload to departing rail in Savannah in just 29 hours, the fastest of any major U.S. port.

STRATEGIC RAIL STRATEGY
The Blue Ridge Connector is the latest step in GPA’s strategic rail strategy.

Beyond the Savannah market, the Georgia Ports Authority operates the Appalachian Regional Port in Northwest Georgia.

Barrell said customers can take advantage of inland ports to move cargo closer to destination markets by rail, reducing overall supply chain emissions compared to all-truck transit.

In Fiscal Year 2024, ended June 30, GPA achieved record trade of 36,730 rail lifts at its ARP, a 9 percent increase over FY2023, which was itself a record year for the terminal near Chatsworth in Northwest Georgia.

Georgia Ports has landed some major accounts that have located near the Appalachian Regional Port, including GE Appliances, LG and solar technology producer Hanwha Qcells, which is now on its third expansion.

Other goods handled at the ARP include carpet and flooring, automotive manufacturing components, and tires, among other products. With easy access to Interstate 75 and U.S. 411, target markets include Georgia, Alabama, Tennessee and Kentucky.

A recently added offering is the Carolina Connector service, which links the Port of Savannah to Rocky Mount, N.C., via CSX rail. Barrell said the speed of the connection means importers can get access to cargo before it could even be offloaded at another East Coast port. For exporters, the inland terminal in Rocky Mount provides significant reductions truck transit times. From the Raleigh-Durham area, a driver can reach the CSX yard in 30 minutes, instead of three hours to the nearest to mid-Atlantic port.

Crawford & Company® (NYSE: CRD-A and CRD-B), is pleased to announce its financial results for the second quarter ended June 30, 2024. Based in Atlanta, Crawford & Company (NYSE: CRD‐A and CRD‐B) is a leading global provider of claims management and outsourcing solutions to insurance companies and self‐insured entities with an expansive network serving clients in more than 70 countries. Refer to the Company’s website (www.crawco.com) for more information

Rohit Verma, president and chief executive officer of Crawford & Company, commented, “Our growth strategy and initiatives are yielding results. Despite a difficult comparison due to weather events last year, three of our four business segments showed operating earnings growth with improved margins in the quarter. This enabled us to achieve consolidated earnings consistent with last year and reflects Crawford’s diversified revenue model with a healthy balance between weather and non-weather dependent businesses. We added $23 million in new and enhanced business in the quarter, and our pipeline remains robust. As we move through the back half of 2024, I am optimistic about the overall direction of the Company and believe we are well-positioned to drive enhanced value for customers and shareholders.”

GAAP Consolidated Results

Second Quarter 2024

• Revenues before reimbursements of $314.2 million, compared to $324.6 million for the 2023 second quarter

• Net income attributable to shareholders of $8.6 million, increasing from the $8.4 million in the same period last year

• Diluted earnings per share of $0.17 for both CRD-A and CRD-B, unchanged from diluted earnings per share of $0.17 for both share classes in the prior year second quarter

Non-GAAP Consolidated Results

Second Quarter 2024

• Diluted earnings per share, on a non-GAAP basis, totaled $0.25 for both CRD-A and CRD-B in the 2024 second quarter, compared with $0.24 for both share classes in the prior year second quarter

• Net income attributable to shareholders, on a non-GAAP basis, totaled $12.4 million in the 2024 second quarter, compared with $12.0 million in the same period last year

• Consolidated adjusted operating earnings, on a non-GAAP basis, were $22.1 million, or 7.0% of revenues before reimbursements in the 2024 second quarter, compared with $22.8 million, or 7.0% of revenues, in the 2023 second quarter

• Consolidated adjusted EBITDA, a non-GAAP financial measure, was $30.6 million, or 9.7% of revenues before reimbursements in the 2024 second quarter, compared with $31.5 million, or 9.7% of revenues, in the 2023 second quarter

• Foreign currency exchange rates decreased revenues before reimbursements by $1.9 million or less than (1)%. Presented on a constant dollar basis to the prior year period, revenues before reimbursements totaled $316.1 million, decreasing (3)% from the 2023 second quarter

With 7.7 million listings on Airbnb and 7.2 million vacation homes on Booking.com, it can be tough to know which platform is best for listing your vacation rental. Both Airbnb…

 

Amidst an unpredictable labor market, employed U.S. job seekers most commonly fear not receiving the salary increase or raise they deserve at their current company (44%), but another concern is on the rise that could indicate a growing shift in the workforce.

A recent Express Employment Professionals-Harris Poll survey reveals employed job seekers’ fear of losing their job before finding a new one has risen from previous waves and might support the perception the job market is becoming more competitive (31% vs. 28% Fall 2023, 24% Spring 2023).

With those fears and actions in mind, it’s not too surprising the top reasons employed job seekers are looking for a new job are to find/negotiate for better compensation (46%), to find the work/life balance they want (41%) and/or to find better growth opportunities in their current industry (41%).

Employed job seekers with at least a four-year degree are more likely than their counterparts with less than a four-year degree to say they are looking to find/negotiate for better compensation (53% vs. 41%, respectively) or to keep an eye out on the job market (36% vs. 21%). 

Additionally, employed job seekers looking for new jobs are predominantly willing to accept full-time positions (83%), with smaller proportions looking for part-time (36%) or contract/freelance (27%) positions.  

Quit, Laid Off or Fired
Many unemployed American job seekers have been out of work for an extended period of time, with about a third (32%) remaining unemployed for more than two years. Needing to quit or quitting voluntarily (34%), being laid off (19%) or being terminated or fired (12%) are the most common reasons.

Among job seekers who needed to quit or quit voluntarily, 32% say it was because of a physical, emotional or mental health condition or they wanted to find a job with better or more pay (30%).

Defining a Job vs. Career
Employed job seekers have worked at their company for an average of seven years and a little more than a fifth (21%) have been with their current company for more than 10 years.

However, even with many recording long tenures at their company, more than half (55%) describe their current employment as having a job (i.e., the work I do/perform to earn money to support my needs/wants) rather than having a career (i.e., a long-term occupation/profession I not only earn money to support my basic needs but also enjoy and/or take pride in) (45%).

Gen Zers are more likely than their Millennial or Gen X counterparts to describe their current employment as having a job vs. a career (74% vs 51% and 48%, respectively).   

Employed job seekers share several reasons for saying their employment is just a job, including:

• “The only benefit I get from the job is a paycheck. No added value to my life or my personal growth or professional development.” — 37-year-old male job seeker

• “Right now, with prices so high on everything, I feel that I just have a job. I used to feel I had a career.” — 36-year-old female job seeker

Other job seekers see careers as employment in which they are personally invested, have a sense of agency or expertise, match what they went to school for or feel like they are making a meaningful difference. Specifically, they say:

• “I have spent decades studying my profession (music), and it is part of my identity” — 47-year-old female job seeker

• “The work I do matters. I work at a hospital and get to help people every day even when they are having their worst day.” — 34-year-old female job seeker

“Every job serves a purpose and could be the first stepping stone on the path to a meaningful career,” said Bill Stoller, Express Employment International CEO. “For those feeling unfulfilled in everyday duties, making positive changes starts today. With the widespread availability of online certifications and training, make the investment to reskill and turn your job into a career of fulfillment.”

 

Student at Morehouse College James McGee II talks about taking part in AT&T’s HBCU External Affairs Internship Program and what it means to help close the digital divide in Georgia.

In 2023, Governor Brian Kemp signed HB 18 into law, providing $950 million in property tax relief to homeowners by reducing the assessed value of qualified homesteaded properties in Georgia by up to $18,000.

This one-time credit is known as the Property Tax Relief Grant, or Homeowners Tax Relief Grant (HTRG). Cities are eligible to receive a credit from the Georgia Department of Revenue (DOR) in the amount of property tax relief provided to qualifying homeowners.

GMA and DOR have prepared this one-page guide with instructions on how your city can claim its credit from DOR. Cities can provide their own guidance and assistance to qualifying homeowners on how to receive this one-time reduction on their property tax bill from the HTRG.