Urbanites are fleeing to rural communities out West

first_imgCitydwellers fleeing coronavirus have descended on rural communities across the Western U.S. (Credit: iStock)Well-heeled city slickers are looking far and wide to escape the virus. And many are settling on the remote communities of the American West.The influx of potential coronavirus carriers to small rural communities has some full-time residents worried about local outbreaks that their healthcare systems can’t handle, according to the Wall Street Journal.That’s the same dilemma facing many vacation communities outside New York City where urbanites fled in droves in recent weeks.The ski resort town of Big Sky, Montana is among the otherwise small off-season communities experiencing a surge in visitors. The local county, Gallatin County, accounts for more than a third of Montana’s 330 or so cases of COVID-19.Some community groups, like the Big Sky Chamber, are “not encouraging people to come at this time,” said CEO Candace Carr Strauss. Yellowstone Club, a resort in the town, also asked members to stay away.Late last month, Montana Gov. Steve Bullock issued a stay-at-home order and recently ordered out-of-state visitors to self-quarantine for two weeks.The Victory Ranch preserve outside Park City, Utah saw a surge in members coming out to wait out the pandemic in their cabins. It’s taxed the property’s management company, who is delivering groceries and takeout to people in their cabins. [WSJ] – Dennis Lynch This content is for subscribers only.Subscribe Nowlast_img read more

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A world of convergence

first_imgUnderstanding the phenomenon of ‘catch-up’ growth is key to answering this question. Trade and foreign direct investment have made it much easier for emerging countries to absorb and adapt best-practice technology invented in the advanced economies. The information revolution, allowing much easier access to and diffusion of knowledge, has accelerated the process.   Catch-up growthOnce they developed the basic institutions needed for a market economy and learned how to avoid serious macroeconomic policy mistakes, emerging countries started benefiting from catch-up growth. Those with very high investment rates, mostly in east Asia, grew faster than those with lower investment rates; but, overall, catch-up growth probably has been adding 2-4 percentage points to many emerging and developing countries’ annual growth rates. At the same time, population growth decreased, adding at least another point to the pace of per-capita growth.   This process will likely continue for another decade or two, depending on where in the process particular countries are. It is true that catch-up growth is easier in manufacturing than in other sectors, a point recently emphasised by Dani Rodrik of Harvard University, and it may be that a good portion of it has been exhausted in manufacturing by the best-performing firms in emerging countries.   But there is still a lot of ‘internal’ room for catch-up growth, as less-efficient domestic firms become more competitive with more-efficient ones. The dispersion of ‘total factor productivity’ – the joint productivity of capital and labour – inside emerging countries has been found to be large. Moreover, sectors such as agriculture, energy, transport, and trade also have catch-up growth potential, through imports of technology, institutional know-how, and organisational models.   Of course, temporary disturbances, a worsening of global payments imbalances, or macroeconomic policy mistakes, including those made in advanced economies and affecting the entire world economy, could undermine global growth. But the underlying ‘convergence differential’, owing to catch-up growth, is likely to continue to reduce the income gap between the old advanced economies and emerging-market countries.  The Soviet Union never was able to build the institutions to allow for catch-up economic growth. Japan slowed down after it had basically caught up. China, India, Brazil, Turkey, and others may have firms operating close to the world’s technological frontier, but they still have a lot of unused catch-up potential.   The more that these countries can invest while ensuring macroeconomic stability and balance-of-payments sustainability, the faster they can adopt better technology and production processes. In that case, they can continue to catch up, at least for the next decade or more. The convergence process is going to slow, but not yet.   Kemal Derviş is vice-president of the global economy and development programme at the Brookings Institution, and was formerly minister of economic affairs in Turkey and executive head of the United Nations Development Programme (UNDP). © Project Syndicate, 2012. Mistaken projectionsLong-term projections based on short-term trends have often been mistaken. In the late 1950s, after the Soviet Union launched the first spacecraft, eminent Western economists predicted that Soviet income would overtake that of the United States in a few decades. After all, the Soviet Union was investing close to 40% of its GDP, twice the ratio in the West.   Later, in the 1980s, Japan’s spectacular growth led some to predict that it would overtake the US, not only in per-capita terms, but even in terms of some measures of ‘economic power’.   These kinds of projections have often been based on simple extrapolations of exponential trends. Over two or three decades, substantial differences in compound growth rates quickly generate huge changes in economic size or per-capita income.   Will the recent predictions of rapid ongoing global convergence similarly turn out to be wrong, or will most of the emerging countries sustain a large positive growth differential and get much closer to the advanced economies’ income levels?   center_img For almost two centuries, starting around 1800, the history of the global economy was broadly one of divergence in average incomes. In relative terms, rich countries got even richer. There was growth in the poorer countries, too, but it was slower than rich-country growth, and the discrepancy in prosperity between rich and poor countries increased. This ‘divergence’ was very pronounced in colonial times. It slowed after the 1940s, but it was only around 1990 that an entirely new trend could be observed – convergence between average incomes in the group of rich countries and the rest of the world. From 1990 to 2010, average per-capita income in the emerging and developing countries grew almost three times as fast as average income in Europe, north America, and Japan, compared to lower or, at most, equal growth rates for almost two centuries.   This has been a revolutionary change, but will this 20-year-old trend continue? Will convergence remain rapid, or will it be a passing phase in world economic history?   last_img read more

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Liberty Property Trust to Begin Redevelopment of Newly Acquired Industrial Building

first_imgLiberty Property Trust announced it will begin redevelopment and renovation of a newly acquired industrial building at 2626 S. 7th St. in Phoenix.The property is located within minutes of Phoenix Sky Harbor International Airport and the company has rebranded the property, which it purchased in September, “Liberty Sky Harbor Center.”Work will begin in January 2013 and is expected to be complete in 2Q 2013.“The redevelopment of Liberty Sky Harbor Center comes at a time when interest is high in well-located, efficient industrial space,” said John DiVall, senior vice president and city manager for Liberty’s Arizona region.“This is more than a face lift; it’s a repositioning of the property that will be attractive for potential tenants seeking a cross dock warehouse building with expansive outside area in the Sky Harbor International Airport submarket, which is virtually non-existent today.”DiVall said he anticipates the work will begin with the demolition of a smaller office building on the east end of the property. That area is slated for an expansive parking area for trailers and outside storage.New dock doors will be installed along the south side of the building with a new concrete truck court on the south side of the property as well. The existing fencing will be relocated back to the property line on the south and southwest sides of the property and high efficiency exterior site lighting will be added.Work on the building itself will include the installation of additional dock doors on the south, east and west sides of the building and new asphalt throughout the property. Improvements will also include energy efficiency steps such as a complete roof overlay, new R-11 insulation to be added to the underside of the roof deck, native landscaping for water conservation and the use of low-VOC paint on the interior and exterior.Liberty purchased the property this fall from Emerik Properties Corp. The seller was represented by Jerry McCormick of CBRE and Liberty was represented by Bob Crum of Ross Brown Partners, who will also have the leasing assignment. The general contractor for the project is Howard S. Wright.Liberty owns approximately 2 MSF of industrial and office space in Arizona. In addition to Liberty Cotton Center, major holdings include Liberty 303 Business Park in Goodyear, the LEED Gold 8501 E. Raintree Drive in Scottsdale and Liberty Tolleson Center.last_img read more

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