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SVN North Star

Name: SVN North Star
Address: 1801 Woodfield Drive, Savoy, IL, 61874, US
Telephone: +12173663414

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Savoy, IL
SVN North Star

As commercial real estate professionals with SVN North Star, we specialize in helping people improve life and business through real estate transactions.

06/19/2026

Economic Update - CONSTRUCTION SPENDING

• According to the US Census Bureau, total construction spending rose 0.4% month-over-month in April, the latest month of available data, to a seasonally adjusted annual rate of $2,172.4 billion.

• Construction spending is up 0.9% year-over-year, however, this masks a deepening divergence across sectors.

• Private residential construction rose 0.8% to $909.9 billion in April, while private nonresidential construction edged down 0.2% to $729.8 billion.

• Private nonresidential construction has now fallen approximately 8% from its December 2023 peak, driven in part by the ongoing wind-down of CHIPS Act manufacturing megaprojects.

• Data center construction spending reached $50.7 billion (seasonally adjusted) in April, a 27% year-over-year increase and, for the first time, became the largest single segment within private office construction, surpassing general office.

• For CRE, the data underscores a construction market increasingly bifurcated between AI-driven digital infrastructure and a broader nonresidential sector under pressure from elevated borrowing costs.

06/18/2026

Economic Update - SMALL BUSINESS OPTIMISM

• According to the National Federation of Independent Business (NFIB), Small Business Optimism fell 0.6 points in May to and index level of 95.3, remaining below its 52-year historical average of 98.0 for the third consecutive month.

• The Uncertainty Index ticked up 3 points from April to 91, well above its historical average of 68. NFIB Chief Economist Bill Dunkelberg cited unpredictable fuel price hikes as a growing challenge for small businesses, which have less pricing power to pass energy costs on to customers than larger firms.

• 6 of the 10 index components deteriorated in May. The Small Business Employment Index registered 100.3, slightly above its historical average of 100; however, still below the 2025 full-year average of 101.2.

• The share of small business owners who report unfilled job openings fell 5 percentage points to 29% in May, the lowest reading since May 2020 and consistent with softening hiring activity noted prior to the May Jobs report.

06/17/2026

Economic Update - JOB OPENINGS AND LABOR TURNOVER

• According to the latest Job Openings and Labor Turnover Survey (JOLTS) from the BLS, job openings surged 731,000 to 7.6 million in April, the highest level since May 2024. The job openings rate rose 0.4 percentage points to 4.6%.

• Nearly all of the monthly increase in openings was concentrated in professional and business services (+668,000). Meanwhile, financial activities saw the sharpest decline, down 134,000 from March.

• Total hires fell to 5.1 million in April, while quits held at 3.0 million. The quits rate slipped to 1.9% while total layoffs and discharges were unchanged at 1.7 million.

• The job openings-to-unemployed ratio rose to 1.03 in April. Available positions now modestly exceed the number of unemployed workers for the first time since early 2024.

• Still, the divergence between rising job postings and falling hires reinforces a low-hire, low-fire dynamic that has persisted throughout 2025 and into 2026.

06/16/2026

Economic Update - MAY EMPLOYMENT REPORT

• US employers added 172,000 new payrolls in May, well above the Wall Street consensus estimate of 80,000 to 88,000, according to the latest BLS data.

• The unemployment rate held steady at 4.3% while the labor force participation rate was unchanged at 61.8%.

• Leisure and hospitality led job gains in May (+70,000), driven primarily by food services and drinking places (+48,000). Local government added 55,000 positions and health care contributed 35,000, in line with its average monthly gain of 38,000 over the prior 12 months.

• Employment in financial activities declined by 22,000 in May and is down 107,000 since a recent peak in May 2025. Job losses were concentrated in insurance carriers and related activities (-11,000) and commercial banking (-3,000). Construction, manufacturing, and professional and business services showed little change over the month.

• Average hourly earnings rose 0.3% month-over-month to $37.53 and are up 3.4% year-over-year. Real average hourly earnings decreased 0.1% in May, as nominal wage growth continues to lag headline inflation.

• Revisions to prior months were significant. March was revised up 29,000 to 214,000 and April was revised up 64,000 to 179,000, adding a combined 93,000 more jobs than previously reported.

06/15/2026

Economic Update - CPI INFLATION

• According to the Bureau of Labor Statistics (BLS), the Consumer Price Index (CPI) rose 0.5% on a seasonally adjusted basis in May, following a 0.6% increase in April.

• Over the past 12 months, headline inflation is up 4.2%, up from 3.8% for the 12 months ending April and the highest annual rate since April 2023.

• Energy led all increases, rising 3.9% during the month and accounting for more than 60% of the monthly increase in headline CPI.

• The Gasoline index rose 7.0% month-over-month and is now up 40.5% over the past 12 months. Overall energy prices are up 23.5% over the past 12 months.

• Core-CPI rose just 0.20% in May, decelerating from 0.4% in April and matching January and February’s pace. On an annual basis, core CPI rose 2.9%, up 10 basis points from April’s 2.8%.

• Services less energy services rose 0.3% for the month, while shelter and owners’ equivalent rent each rose 0.3%. Rent of primary residence came in at 0.4%.

• For CRE, the sustained energy shock combined with sticky shelter costs reinforces the higher-for-longer rate environment that continues to weigh on transaction volume and cap rate compression across major property types.

06/12/2026

Economic Update - RETAIL SALES

• Total retail and food services sales reached $757.1 billion in April, up 0.5% from March and 4.9% year-over-year, according to the latest Census Bureau data.

• Gasoline station sales rose 2.8% month over month and 20.9% year over year, reflecting continued energy price inflation that is absorbing a growing share of household budgets.

• Non-store (e-commerce) retailers led all subcategories, rising 1.1% month over month and 11.1% year over year. Food services and drinking places grew by 2.7% year over year.

• Headline retail growth looks solid, but the gasoline component is distorting the topline. Strip out energy, and real discretionary spending is under pressure — a persistent headwind for in-store retail formats.

06/11/2026

Economic Update - EXISTING HOME SALES

• According to the National Association of Realtors, existing-home sales edged up 0.2% month-over-month in April to a seasonally adjusted annual rate of 4.02 million. Existing home sales remain well below the pre-pandemic range of 5-6 million.

• The median sales price was $417,800 in April, up 0.9% year-over-year, the smallest annual gain in several months and a signal of price growth deceleration.

• Inventory rose 5.8% month over month to 1.47 million units, up 1.4% year over year, and currently stands at 4.4 months’ supply. Supply is gradually loosening but remains well below the balanced-market benchmark of 5 to 6 months.

• The persistent affordability constraint in the for-sale market continues to redirect demand into rental housing across price points, sustaining multifamily fundamentals even as new supply delivers.

06/10/2026

Economic Update - THE GEOGRAPHY OF YOUNG FAMILY RENTERS

• According to a recent Chandan Economics analysis, renter households with young children are increasingly concentrated in lower-cost metros and suburban markets where housing remains comparatively affordable.

• Midwest and Southern metros continue attracting larger shares of renter households with children.

• High-cost coastal metros, particularly in parts of California and the Northeast, have seen weaker concentrations of young renting families as affordability pressures increasingly price out early-stage households.

• Markets with higher shares of renters with young children generally feature younger overall populations, higher birth rates, and labor markets oriented toward lower-wage industries.

• Elevated mortgage rates and constrained affordability for homebuyers are also extending the time many young families remain renters.

• Overall, affordability is increasingly reshaping the geography of family formation, migration patterns, and long-term renter demand across US housing markets.

06/09/2026

Economic Update - MOVING EXPECTATIONS FALL TO NEW LOWS

• According to the New York Fed’s SCE Housing survey, just 21.7% of Americans expect to move within the next three years, marking a new series low for moving expectations.

• Moving expectations declined across both renters and homeowners in the past year, with the pullback spanning nearly every major demographic category, including age, income, and education groups.

• Renters continue to report substantially higher expected mobility than homeowners, though renters’ moving expectations have also fallen sharply from previous years.

• The decline in expected mobility reinforces the growing “stay-put” dynamic across the housing market, as elevated housing costs and affordability pressures discourage household relocation.

• Higher mortgage rates and worsening affordability in the for-sale market continue to constrain homeowner mobility, while elevated asking rents and moving costs are increasingly limiting renter movement as well.

• Reduced moving expectations could contribute to lower apartment turnover and slower leasing velocity ahead, particularly in markets that rely heavily on in-migration and household formation.

06/08/2026

Economic Update - INDEPENDENT LANDLORD RENTAL PERFORMANCE

• According to the latest data from Chandan Economics-Rent Redi, on-time payments in independently operated rental units rose to 84.5% in May.

• The collection rate now sits 223 basis points above the September 2025 low, reinforcing the broader recovery trend that has taken hold since late 2025.

• Year over year, on-time collections remained 48 basis points (bps) below the May 2025 level, extending the streak of annual declines to 34 consecutive months. However, the pace of deterioration has eased meaningfully.

• The forecast full-payment rate for May rose to 97.1%, the highest level since May 2025, pointing to continued strength in overall payment resolution.

Address

1801 Woodfield Drive
Savoy, IL
61874

Opening Hours

Monday	8am - 5pm
Tuesday	8am - 5pm
Wednesday	8am - 5pm
Thursday	8am - 5pm
Friday	8am - 5pm

Telephone

+12173663414

Website

http://svnnorthstar.com/

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