Key Takeaways
• Many of the members checked in with surprisingly good news with regard to their business prospects during the COVID-19 shutdown. Working remotely has not hurt them as much as they anticipated.
• Property management adjustments in protocols have been effective and that although complex, he says that 20% of business clients are back in their offices.
• Many businesses folding, and probably many more will follow. Despite that news, Bob’s Discount furniture and Value City furniture are scooping up the Art Van properties and restaurant business is up. Additionally, multi-family and entertainment venues are backfilling the empty spaces. Medical is also backfilling empty retail.
• Repurposing malls and converting them into supply chain distribution centers has kept construction industry busy.
• The U.S. economy contracted at a record pace in the 2nd quarter. While a strong rebound is expected in the 3rd quarter, the consensus forecast calls for a weaker than originally expected recovery path until a vaccine is developed.
• Michigan manufacturing hours bounced back somewhat with the summer production restart.