Business Up Front - March 2009

Commercial Real Estate Down in 90 Percent of Markets

Hundreds of SIOR (Society of Industrial and Office Realtors) market experts across the country weighed in on local industrial and office market conditions for the Fourth Quarter 2008 SIOR Commercial Real Estate Index. The members’ account of their local markets reflected the lackluster of the general U.S. economy. In fact, 90 percent of respondents report that leasing activity in their local markets is down from historic levels and in general, vacancy levels are higher than normal.

Economy Affects Employee Engagement

Quantum Workplace, a research firm best known for their Best Places to Work programs, recently conducted a study on employee engagement during an economic crisis. More than 1.5 million employees across 5,000 companies nationwide were included in the survey. The results of the survey uncovered five lessons at the core of successful companies.

1. Setting a clear, compelling direction that employers each employee

2. Open and honest communication

3. Continued focus on career growth and development

4. Recognizing and rewarding high

performance

5. Employee benefits that demonstrate a strong commitment to employee

well-being

Key Funding Provisions of the Stimulus Bill

The $787 billion stimulus bill, formally titled the American Recovery and Reinvestment Act, will impact Nevada’s education and transportation sectors through the following allocation of funds.

Education – estimates for Nevada only

• $387 M for the State Fiscal Stabilization Fund

• $67 M for IDEA – special education

• $63.7 M for Title I to help disadvantaged children

• $17 M in grants for school improvements

• $3.7 M for education technology

• Higher Education tax credit of $2,500

• Increases Pell Grants by $500

Transportation – estimates for Nevada only

• $201 million for highways and bridges

• $49 million for transit projects

• $19 million for clean water projects