By 2025, Millennials are expected to occupy 75 percent of the workforce, and it is estimated that by 2015 they will have a combined purchasing power of $2.45 trillion worldwide. As this generation, which has been dubbed the “consumers to change it all,” comes to wield a substantial amount of purchasing power, monumental shifts could occur in commercial real estate (CRE).
At this point, we are just about through the first quarter, and 2015 has already seen a slew of legislative proposals that could considerably impact exempt organizations. From the President’s FY 2016 budget proposal, to last year’s Tax Reform Act of 2014 (TRA 2014), to a new proposal requiring that the Internal Revenue Service (IRS) give exempt organizations notice before their exempt status is revoked for non-filing, nonprofits are in the midst of a legislative landscape potentially poised for reform.
New orders in January 2015 were 7 percent higher than January 2014 orders, according to our latest survey of residential furniture manufacturers and distributors. January 2014 orders were 2 percent higher than January 2013 orders. New orders in January were up for 70 percent of the participants, down slightly from last month, but still a good percentage.