Category: Economy

In recent months, the housing market has seen a surge in new home construction as builders work to meet the growing demand for housing. According to the latest data from the U.S. Census Bureau, residential new construction rose 14.8% in November 2023 compared to the previous month, reaching an annual rate of 1.56 million new homes being built. This increase in new home construction is a positive sign for the housing market, as it indicates that builders are feeling optimistic about the future of the industry.

One of the driving factors behind the increase in new home construction is the decline in mortgage rates. As rates have come down, more people are able to afford to buy a home, which has led to an increase in demand for new homes. This, in turn, has spurred builders to ramp up construction in order to meet the growing demand.

In addition to the decline in mortgage rates, the increase in new home construction can also be attributed to the rise in housing permits. In November 2023, the number of housing permits issued rose 6.6% month-over-month to 1,453,000 completions. This increase in permits is yet another good sign for the housing market.

Despite the increase in new home construction, the housing market still faces some challenges. One of the biggest challenges is the high cost of building materials. The cost of lumber, for example, has risen significantly in recent months, which has made it more expensive for builders to construct new homes. In addition, the ongoing labor shortage in the construction industry has made it difficult for builders to find the workers they need to complete projects on time.

Despite these challenges, as more homes are built, it will help to ease the shortage of available homes for sale and provide more options for buyers. This, in turn, could help to keep home prices from rising too quickly and make it easier for people to find a home that they can afford.

The legalization of sports betting, now a $242 billion dollar industry, has been a hot topic since the Supreme Court overturned the Professional and Amateur Sports Protection Act (PASPA) in 2018. Since then, many states have embraced sports betting, but a dozen states still have not legalized it.

States Where Sports Betting is Illegal

There are currently 12 states where sports betting remains illegal: Alabama, Alaska, California, Georgia, Hawaii, Idaho, Minnesota, Missouri, Oklahoma, South Carolina, Texas, and Utah. In these states, sports betting is either not on the legislative agenda, or there are significant obstacles preventing its legalization.

The Biggest Prizes

California and Texas are the most populous states in the US, and their legalization of sports betting would significantly impact the industry. However, neither state seems likely to adopt it in 2024. In California, competing interests among online gaming companies, tribal casinos, and horse tracks have created a challenging environment for sports betting legislation. In Texas, the sale of the Dallas Mavericks basketball team to a politically active family that runs the Las Vegas Sands casino company has raised speculation of a bigger push for legal sports betting, but the state’s legislative process and lack of citizen initiatives make it difficult to predict any changes in the near future.

States with Potential for Legalization in 2024

Minnesota, Missouri, and Georgia are the states most likely to legalize sports betting in 2024. In Minnesota, the key issue is balancing the interests of tribal casinos and horse racing tracks. In Missouri, the conflict between casinos and video gaming terminal interests has stalled sports betting legislation. Georgia’s debate is complex due to the desire to leverage sports betting to also legalize casinos and horse racing.

Sports Betting Workaround

The fact that sports betting remains illegal in many states has not stopped people from participating in it. Many residents of states where sports betting is illegal travel to neighboring states to place their bets. This not only deprives the state of potential tax revenue but also raises concerns about the safety and regulation of these activities.

Personal Take

We do not endorse gambling with hard-earned money. However, given the ease of accessing alternatives like online crypto casinos, we advocate for a regulated, safer environment for players that also generates state revenue. Recognizing the reality of gambling and providing accessible support for addicts is a more pragmatic and realistic approach.

Google has recently agreed to pay $700 million to settle an antitrust case with US states and consumers over its app store practices. The settlement was reached in September, but the finer details were made public on Monday with the company adding that it will allow more competition in its Google Play app store. This comes just a week after Google lost a lawsuit to Epic Games over its app store practices.

The settlement is for a lawsuit that accused Google of engaging in anticompetitive behavior through its Google Play store, which is how most people download apps on Android devices. The settlement includes a $630 million payout for U.S. consumers who utilized a payment system within the Google Play Store that the state attorneys general alleged magnified prices for in-app purchases.

The settlement requires Google to make changes to its app store, such as allowing app and game developers to implement alternative billing options alongside Google Play’s billing system for U.S. users. This will give developers more options and could lead to lower prices for consumers.

In the preceding lawsuit, Epic Games accused Google of maintaining a monopoly over the distribution of apps on Android devices through its Play Store. The court ruled in favor of Epic Games, finding that Google had indeed engaged in anticompetitive practices. This settlement is a significant win for Epic Games and for consumers, as it will lead to more competition in the app market and potentially lower prices for apps and in-app purchases.

Overall, these developments are a major shake-up for the app market and could have far-reaching implications for the way apps are distributed and sold on Android devices. It remains to be seen how these changes will play out in the long term, but for now, it seems that the app market is becoming more competitive and that consumers and developers are the ones who stand to benefit.

Vertex Pharmaceuticals, a leading biotechnology company, recently made headlines as their stock price jumped following the successful mid-stage trial results of their non-opioid painkiller, VX-548. The drug, which targets peripheral neuropathic pain often suffered by diabetics, has shown great promise in providing pain relief without the addictive potential of opioid medications.

Background

Vertex Pharmaceuticals is a well-known name in the biotech industry, with a history of developing innovative treatments for various health conditions. The company’s latest venture, VX-548, aims to provide a non-opioid alternative for pain management, a much-needed solution in the face of the ongoing opioid crisis.

The Trial Results

In the recent phase 2 trials, VX-548 demonstrated significant pain reduction among diabetic patients suffering from chronic nerve conditions. The drug’s NaV1.8-inhibiting properties were found to be effective in reducing pain levels by an average of 20%, with over 30% of the trial participants experiencing a pain reduction of more than 50%.

Market Reaction

Following the positive trial results, Vertex Pharmaceuticals’ stock price jumped, reaching an all-time high. Investors and industry experts are optimistic about the potential of VX-548 to revolutionize pain management and provide a safer alternative to opioid-based medications.

This is a great thing to see research and work on. Opioid painkillers can cause a lot of problems and having a safe alternative could be huge positive turn in the world of pharmaceutical medicine.

In a groundbreaking move that has sent shockwaves through the streaming industry, Netflix released its viewing numbers for the first time. This unprecedented step has sparked a wave of curiosity and speculation among both industry insiders and casual viewers alike.

Netflix, known for its secretive approach to viewership data, has long been the subject of intense speculation and analysis. Despite being a dominant force in the world of streaming entertainment, the company has traditionally been tight-lipped about the performance of its shows and movies. This has made it difficult for industry analysts to gauge the true popularity of Netflix’s offerings and has left fans in the dark about the fate of their favorite shows.

However, Netflix has now decided to lift the veil on its closely guarded viewership data. This move has been met with both excitement and skepticism, as it represents a major departure from the company’s long-standing policy of keeping its numbers under wraps.

The decision to release viewing numbers is particularly unusual for a streaming service, as it provides a rare glimpse into the inner workings of the company and offers valuable insights into the viewing habits of its massive global audience. It also marks a significant departure from the strategies of other major streaming services, which have also been very secretive about their viewership data.

So, what prompted Netflix to make this bold move? While the company has not provided an official explanation, industry analysts speculate that it may be an attempt to increase transparency and foster greater trust among its users. This newfound openness could also be a way for Netflix to demonstrate the strength of its content library and to showcase the popularity of its original programming.

Despite the potential benefits of this move, some critics have expressed concerns about the accuracy of the data and the potential for misinterpretation. However, Netflix has assured its users that the data is accurate and that it will continue to provide regular updates on its viewership numbers.

I am curious if any other streaming services will follow suite. My suspicion is that Netfilx would only put this out if they were well ahead of their competition. Eventually we will see whether or not this move will be successful, but one thing is certain: the streaming landscape will never be the same.