The outlook for the housing market in the coming months is shaky. On the positive side, wages will inch up as the labor market nears full employment. More millennials will become homeowners as they continue to settle down and start families. However, while the gap between rising home prices and wages is narrowing, inventories will continue to shrink putting upward pressure on prices. Compounding this issue is rising mortgage interest rates. Over the past month, mortgage rates have surged 50 basis points to a fifteen-month high of %. In addition, the Federal Reserve appears on track to raise interest rates in December and rates are likely to continue to increase alongside inflation.
3. Qualifications-based selection : The present method is adopted when qualifications are used as the only criterion for the selection of the construction management company. A request for qualifications (RFQ) is helping the owner in order to acquire further information regarding the experience and the project organization competences of the contractor.
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The 2015-2019 Capital Program includes safety and reliability projects worth $ billion to renew the MTA's mass transit network. The Capital Program also invests $ billion in new technology, communications systems and railroad infrastructure, and $ billion to expand the MTA network through major investments.