#economic-impact

#economic-impact

What is the current shutdown's expected economic impact? The CBO estimate says the federal spending delay will produce short-term economic losses - largely in the fourth quarter of 2025 - that will mostly be recouped during the first quarter of 2026, assuming the shutdown ends by then. CBO projected how much the shutdown would hamper U.S. economic growth per quarter, adjusted for inflation and multiplied by four, to convert a quarterly figure into an annual one.

Since the beginning of the COVID-19 pandemic, home prices in the United States have climbed twice as fast as incomes. Now, millions of Americans are effectively priced out of the market. Surging home prices are due in large part to a historic housing shortage, estimated to be as high as 4.7 million units. While the ongoing housing affordability crisis has grown especially pronounced in the last five years, the causes of the supply shortage can be traced back nearly two decades.

A crane hoists the ceremonial, signed steel beam to the top of the new Belmont Park grandstand on Oct. 15, 2025. The evergreen atop the beam is considered a good luck charm. NYRA/Adam Coglianese Belmont Park hit another milestone in its $455 million transformation on Wednesday with the ceremonial topping out of the new grandstand that will become, when opened next year, the most modern facility in American thoroughbred racing.

Cash ISAs are not idle money. They meet real and practical needs, helping people to build financial resilience, save for a house deposit or manage their finances in retirement. They also provide the foundation for future investing and supplying essential funding for mortgages and other lending. The BSA's analysis suggests that a cut in the annual Cash ISA limit from £20,000 to £5,000 could lead to 17,000 fewer mortgage loans and reduce GDP by around £7 billion over five years, undermining economic growth and tax revenues.

The Salesforce-led conference runs Tuesday through Thursday at and around Moscone Center, blocking off streets and taking over entire buildings, including the Chase Center, for keynotes, demonstrations, panels and musical performances. It's all meant to beef up the software company's clout and customer network; tickets ran from $999 to $2,299, though you can expect that most attendees' employers footed the bill. Yet more cash will pour into South of Market's local businesses, which expect their most profitable week of the year.

It's not just a piece of paper, it's a launchpad for growth. With India set to be the third biggest economy in the world by 2028, and trade with them about to become quicker and cheaper, the opportunities waiting to be seized are unparalleled. That's why I'll be flying the flag for British business alongside 125 of our biggest household names in Mumbai this week - because growth in India for them means more choice, opportunity and jobs at home for the British people.

Doctors predicted Wayne Frederick, the president of Howard University, wouldn't live past 8. Now he's 54. Frederick came to the U.S. from Trinidad and Tobago with a dream of finding a cure for his disease, sickle cell anemia, but detoured into higher ed administration. At an event hosted by the American Council on Education at Howard University this week, Frederick said CRISPR gene editing, a technology developed in academia, made his dream a reality.

On Sunday, the U.S. District Court of Oregon ruled that the deployment likely violated federal law, as the protests were not significantly violent or disruptive. The coalition, which includes major cities like Los Angeles, Chicago, Boston, and Baltimore, argues that the federal government overstepped its authority. They contend there was no legal justification for the deployment, which occurred despite local officials' objections.

Con Edison doesn't just keep New York City plugged in; a new study indicates it generates a significant positive economic impact in the form of jobs, contracts, and tax revenues for the city. The study conducted by HR&A Advisors, along with Con Edison, sought to quantify the utility giant's spending and other economic contributions in New York City and Westchester County including a big property tax bill. Con Edison provides power to 9 million people and 350,000 businesses across the city and Westchester.

An estimated 1.4 million adults in Great Britain have a gambling problem, according to landmark figures released days after the chancellor hinted at increasing taxes on the 11.5bn industry. The Gambling Commission's annual survey found that 2.7% of adults scored 8 or above on the problem gambling severity index, a widely accepted measure analysing negative consequences of betting. In previous years, the watchdog had warned against extrapolating that percentage to the general population.

Colorado is home to 456 craft breweries down from a peak of 468 in 2023 ranking fourth nationwide in 2024, according to the Brewers Association (BA), which hosts GABF. Those breweries produced a combined 779,338 barrels of beer and generated $2.5 billion in economic impact for the state, according to BA data. Closings accelerated in 2024, when there were 41 compared to 35 in 2023.

ChatGPT maker OpenAI has released a new evaluation, dubbed GDPval, to measure how well its AIs perform on "economically valuable, real-world tasks across 44 occupations." "People often speculate about AI's broader impact on society, but the clearest way to understand its potential is by looking at what models are already capable of doing," the company wrote in an accompanying blog post. "Evaluations like GDPval help ground conversations about future AI improvements in evidence rather than guesswork, and can help us track model improvement over time," OpenAI added.

In the same week that drones were spotted over several European airports, a cyberattack against security software used by many of those same hubs including Berlin Airport left passengers and personnel scrambling. At the same time, Germany's Deutsche Bahn rail service experienced the latest in a series of high-level sabotage incidents. Similar cyberattacksare experienced by private companies with increasing regularity costing the economy 289 billion ($339 billion), according to Bitkom, the umbrella organization for the digital economy in Germany.

I know what it feels like when our borough is left behind," said Alex Porco, a committee member appointed by state Sen. Nathalia Fernandez, who voted for the project. "This project will finally mean self-sufficiency for the Bronx.

Iran is once again facing crippling international sanctions on its weapons trade, oil exports, international banking, and much more under the snapback mechanism of the 2015 nuclear deal. The accord, concluded between Iran on one side and the US, France, Germany, the UK, Russia and China, as well as the European Union on the other, provided Tehran economic relief in exchange for curbing Iran's nuclear program.

In a rural corner of Louisiana, Meta is building one of the world's largest data centers, a $10 billion behemoth as big as 70 football fields that will consume more power in a day than the entire city of New Orleans at the peak of summer. While the colossal project is impossible to miss in Richland Parish, a farming community of 20,000 residents, not everything is visible, including how much the social media giant will pay toward the more than $3 billion in new electricity infrastructure needed to power the facility.

In the scorching heat, a long line of rental cars stretching for kilometers struggles up the winding road. On this late summer morning, an army of vacationers heads for Valldemossa. The picturesque mountain village is one of the most popular destinations on the Mediterranean island of Mallorca, and, as in years past, traffic jams on the narrow mountain road are once again a daily occurrence.

Climate change could push humanity into a dystopian nightmare of fires, biblical-scale floods and food shortages. But those lucky enough to survive the chaos could end up living amid a global economic meltdown. Scientists at the University of Cambridge warn that global warming could make the average person 24 per cent poorer by 2100. Life in Britain could resemble conditions in less developed countries, according to researchers - with higher unemployment, lower wages, closed businesses, and an even lower standard of living.