Record heat waves in Britain disrupt the nation’s infrastructure, the Bipartisan Infrastructure Law promotes the use of construction technology with two key efforts, China’s property sector continues to stagnate, and more.
- A significant number of Chinese homeowners halted mortgage payments last week, prompting many banks to announce their low exposure to such loans. (Evelyn Cheng, CNBC)
- Metaverse content creation company Future House Studios became the first to mint the ownership of its corporate office as an NFT (non-fungible token). (Mattea Gygi, TechBuzz)
- The latest Beige Book reading, the Federal Reserve’s informal measure of economic activity, reported construction activity has begun to slow in various regions around the country. (Joe Bousquin, Construction Dive)
- Two key efforts in the $1.2 trillion Infrastructure Investment and Jobs Act will provide a total of $550 million to promote the use of construction tech on government funded jobs. (Matthew Thibault, Construction Dive)
- Record-breaking heat waves in Britain have led to widespread problems and disruption on the country’s infrastructure, most notably railways, with trains running at slow speeds and mainlines closed. (Gwyn Topham, The Guardian)
- Despite a strong start to the year, the Mortgage Bankers Association projects commercial and multifamily will fall by $158 billion in the second half of 2022. (Candyd Mendoza, Mortgage Professional America)