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- Forget Outsourcing Concerns; Insourcing Could be the Problem
- Where are the Global Hotspots? Hear from the Experts
- Test Your Holiday I.Q.
- Travelers to Canada and Mexico Take Note!
- Transatlantic Economy Key for Both Sides of the Pond
- ULI Emerging Trends Report Names Top U.S. Global Gateway Cities
- Alien Land Ownership Guide
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As part of a global economy, America's prosperity depends on foreigners' willingness to invest here. In recent years government intervention--some seen as largely political motivated--has resulted in the U.S. being perceived as a less hospitable place for investments. America's ability to attract foreign companies to launch and build subsidiaries providing U.S. workers with jobs is referred to as "insourcing." Calif., N.Y., Tex., Fla., and Ill. top a list of states ranked by insourcing rates. A recent survey by the Organization for International Investment (OFII), however, found that insourcing is on the decline. After rising 43% between 1994 and 2000, the number of U.S. workers employed by foreign-based companies dropped nearly 10%, to 5.1 million between 2000 and 2004. Proposed legislation (from both parties) could make it more difficult for international companies to set up shop here, and deter foreign-based companies from selling products and opening plants in the U.S. that employ Americans, especially in high-paying, high-tech jobs. This decline, coupled with increased international competition for good jobs, may inspire the new Congress to work toward preserving open global trade and investment. International property specialists can track international investment policy; learn about advocacy groups worldwide; and access news, op-eds and OFII press releases regarding issues affecting international investment in the U.S.
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Emerging real estate markets in India and China, along with the recovering German and Japanese markets, are among the top destinations for global real estate investors, according to panelists at the Real Estate Center at Wharton's fall meeting. In the session, "Global Hot Spots--How to Think about Hot Foreign Markets," panelists from leading industry investment firms were asked to describe the markets they find most intriguing. Germany was cited for its recovering economy, efficient financing and strong yields; while China's rapid economic growth, projected to hit a continued 9% a year, was a key factor for one firm. Japan's yields low interest rates were noted, in conjunction with an economy in recovery but with real estate prices at a near 25-year low. Increasing market transparency, a huge supply gap and low construction costs were among the benefits for investors in India, whose housing market, in particular, was cited as one of the best investment opportunities, along with hospitality development. Read the full summary of the panel discussion. Wharton's Real Estate Center web site provides free access to executive summaries of the Wharton Real Estate Review, a forum for real estate's leading scholars, analysts, executives, and public officials for the discussion of industry issues. Subscriptions required for full access.
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Thinking about sending holiday wishes to international clients and customers? Before you do, take a moment to evaluate your knowledge of other countries' traditions. This 10-point holiday quiz will test your knowledge and also let you check your answers. (No cheating--Santa will know if you've been good or bad!) Access free electronic greeting cards in Chinese, French, Italian, Spanish, Portuguese and German, or order printed cards in more than 15 languages. Enter "foreign language greeting cards" into your search engine for additional sources.
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Effective January 23, 2007, passports will be required for all U.S. citizens traveling to or from the United States via air, to or from Canada, Mexico, Central and South America, Bermuda, and the Caribbean (with the exception of Puerto Rico and the U.S. Virgin Islands). As of January 1, 2008, passports will be required for U.S. citizens traveling to or from the United States via land and sea, as well as air, regardless of destination. Get the details from a State Dept. Fact Sheet, or check out a Frequently Asked Questions (FAQ) on the topic. U.S. REALTORS® serving clients in these markets and accustomed to moving back and forth across borders with just a driver's license or birth certificate should apply for a passport as soon as possible. The US Postal Service web site offers a locator for post offices providing passport services. REALTORS® elsewhere might think about clients with a second home in Canada, Mexico or other affected countries, who may appreciate a reminder about the forthcoming policy change. If you're planning to travel abroad, get foreign entry requirements for Afghanistan to Zimbabwe.
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The transatlantic economy--between U.S. and Europe--generates roughly $3 trillion in commercial sales a year and employs 14 million workers in mutually ‘insourced’ jobs on both sides of the Atlantic. Europe is a critical source of revenue for U.S. multinationals and a key supplier of capital. In 2005, European purchases of U.S. assets (U.S. treasuries, government agency bonds, corporate bonds and U.S. equities) soared to a record $470 billion, with the bulk of the capital coming from the UK ($362 billion). In 2005, U.S. foreign affiliate income from Europe surged to a record $106 billion, a figure equivalent to nearly half (46%) of total U.S. foreign affiliate income. Since 2000, Poland, Hungary and the Czech Republic have been particularly notable sources of foreign affiliate income. Although relatively small in actual numbers, U.S. affiliate income in these three countries collectively tripled to $1.5 billion from 2000 to 2005, exceeding the earned income from India ($1.1 billion), a much larger and heavily hyped market. Just as Europe is the most important foreign market for American firms, the U.S. is the top overseas market for European multinationals. Strong sales and profits in the U.S. has been a catalyst behind Europe’s booming equity markets. Annual earnings of European affiliates in the U.S. rose to a record high of $77 billion in 2005. Comparing 2005 figures to 2004, the UK represented the strongest growth, with affiliate income rising to nearly $30 billion, a 50% jump. French affiliate earnings rose 30% in 2005 from the previous year to a record $11.4 billion, and income earned by German affiliates in the U.S. increased nearly 26% in 2005, to a record $7.8 billion. Read a more detailed assessment of the transatlantic economy at Newropeans Magazine, an independent magazine developed for the exchange of views on the future of a democratic Europe.
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With its easy port access to Asia, hot office market, and international airport, Seattle was named one of the nation's top five "global gateway cities" and number one in the office market category, in a recent Urban Land Institute emerging trends report. The annual report, in its 28th year, provides an in-depth outlook at U.S. real estate investment and development trends, real estate finance and capital markets, property sectors and other real estate issues. The other global gateways named are New York, Washington, D.C., Los Angeles and San Francisco. Report data is generated from a survey of 600 real estate experts across the U.S. The ULI report, co-compiled with PricewaterhouseCoopers, said that the U.S. cities that will perform the best in 2007 will be coastal metropolises with easy access to the rest of the globe. Read report highlights in the ULI/PWC press release, or order the full report. ULI members can download the report directly at a discounted rate.
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The REALTORS® Land Institute (RLI) and the REALTORS® Commercial Alliance have partnered to update the Alien Land Ownership Guide, which summarizes U.S. state statutes and restrictions regarding the ownership of land by aliens and foreign business entities. Download the 16-page guide for free from Realtor.org.
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Report compiled by NAR International Operations, narglobe@realtors.org.
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