COMMERCIAL REAL ESTATE'S ECONOMIC ADVISORS

Tariffs face legal uncertainty, lumber and furniture tariffs may introduce fresh headwinds for housing, and the Fed prepares to cut rates.

In July 2025, the White House passed its key tax and spending package, US trade talks grew more complex, and housing strains sharpened focus on Fed rate policy.

The advent of the Department of Government Efficiency (DOGE) and looming budget cuts cast a cloud of uncertainty over local real estate markets that rely heavily on demand from federal employees.

Nationally, according to the 2023 American Community Survey, the non-citizen share of the construction labor force stands at 17.0%.