Building blocks: America's constructing more apartments than ever

9/7/23 7:00PM

Apartmentalize

‍The US is on course to complete construction on over 460,000 new apartment units in 2023 — the highest figure on record according to estimates from industry experts at RentCafe — with 33,000 new apartments in the New York Metro area alone.

The building boom has seen over 1.2 million new units delivered in the last 3 years, with the gap between single-family home and apartment construction opening to its widest point in almost 50 years.

‍Unaffordable housing

‍Some are celebrating the news, hoping that the flood of new apartments will translate into cheaper rent and lower house prices. Others are less optimistic, noting that — even as apartment construction hits multi-decade highs — the amount of units that lower-income groups can actually afford has been sliding the other way. Indeed, RentCafe’s report classified 89% of the new apartments as “high-end” properties targeted at upper-middle- and high-income earners. Think more “boutique Airbnb” and less “affordable starter apartment”.

J. Edward Moreno11/4/25

Starbucks sells control of China business for $4 billion

Starbucks disclosed on Monday evening in a regulatory filing that it will sell control of its ailing China business to Boyu Capital for about $4 billion.

Under the agreement, Boyu will own a 60% stake in the China segment, which will become a joint venture between Boyu and Starbucks. The coffee chain will retain a 40% interest in the entity and will continue to own and license the brand and intellectual property.

Bloomberg reported earlier this year that the company was looking to sell its China segment. The American coffee giant has struggled to succeed in China, its second-largest market after the US.

Tom Jones

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OPEC and others are boosting oil production as the race to catch up with the US goes on

This month’s 137,000-barrel-a-day boost is a little more modest than some expected.

Millie Giles

RED FLAG, GREEN FLAG

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China, the world’s largest carbon polluter, has pledged to cut emissions for the first time

President Xi Jinping has announced that China is aiming to slash carbon emissions by up to 10% in the next decade.

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Claire Yubin Oh9/19/25

John Wayne Airport in Orange County tops the list of North America’s favorite airports

Despite a record year of passenger numbers, flight cancellations, and delays, a new survey has revealed that flyers have been increasingly satisfied about their experiences in North American airports.

According to this year’s North America Airport Satisfaction Study from data analysts at J.D. Power, overall passenger satisfaction scores were up 10 points (on a 1,000-point scale), largely from “improvements in food, beverage and retail and ease of travel through the airport.” The annual survey measures overall traveler satisfaction across the region’s airports in seven categories (in order of importance): ease of travel, level of trust, terminal facilities, airport staff, airport departure experience, food and retail, and airport arrival experience.

Here are the region’s favorites:

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9/12/25

More than 40% of American adults now report being online “almost constantly”

While a new survey showed Japan has the greatest share of perpetually online people, there was a significant number reporting not using the internet at all.

Building blocks: America's constructing more apartments than ever

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Starbucks sells control of China business for $4 billion

John Wayne Airport in Orange County tops the list of North America’s favorite airports

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