Real Estate

  AP The Obama Foundation formally announced on Friday that Chicago’s Jackson Park will be home to Barack Obama’s presidential library. “Michelle and I are thrilled that the Obama Presidential Center will be developed in the heart of Chicago’s South Side, a community we call home and that means the world to us,” the president said in a statement. “With ...

  Bloomberg Indian Transport Minister Nitin Gadkari’s plan to expand the highway network in the world’s fastest-growing major economy could help revive struggling construction stocks. The nation will aim to add 41 kilometers (25 miles) of roads daily from March next year, up from 20 kilometers a day currently, Gadkari said in an interview. A project logjam had slowed the ...

  Bloomberg Spain’s caretaker government trimmed its growth outlook for next year, citing the prospect that investment in construction and equipment will contribute less to an economy that’s been expanding since the third quarter of 2013. The economy will grow 2.3 percent in 2017, compared with a previous estimate of 2.4 percent, the Economy Ministry said in an e-mailed statement. ...

  Bloomberg Tempur Sealy International Inc. shares jumped the most in almost four years after the mattress company’s earnings topped estimates, helped by a rise in U.S. home construction. Second-quarter profit rose to 92 cents a share, excluding some items, the Lexington, Kentucky-based company said on Thursday. That beat the 69 cents estimated by analysts, according to data compiled by ...

  Bloomberg New Jersey construction workers, engineers and even gas-station retailers urged legislators to approve a gasoline-tax increase to fund transportation projects and end a roadwork shutdown that has left thousands without jobs. Legislation opposed by Republican Governor Chris Christie passed the Senate budget committee on Friday. The panel’s chairman, Democratic Senator Paul Sarlo, told reporters he’s still working to ...

  Bloomberg It turns out that even the well-off need help in a housing market as crazy as the one in the San Francisco Bay area, and lenders are elbowing each other in a rush to provide it. They’re courting Silicon Valley workers with tailored loans, guaranteed 24-hour approval and financial-planning services. Social Finance Inc. has deals with Google and ...

  Bloomberg With Americans buying more new homes than at any time since the recession, the cost of the wood used to build them is getting a lot more expensive. Lumber prices are off to their biggest rally in more than a decade, touching a 19-month high last week as demand increased from builders. But almost a third of all ...

  Bloomberg Komatsu Ltd., the Japanese maker of construction and mining machinery that last week offered to buy Joy Global Inc. for about $2.89 billion, said first-quarter profit fell 52 percent as demand languished in strategic markets such as the Middle East and Indonesia and the stronger yen crimped overseas revenue. Net income fell to 15.6 billion yen ($149 million) ...

  Bloomberg Star Mica Co., a Tokyo-listed real-estate company founded by an ex-Goldman Sachs Group Inc. banker, plans to double returns from apartments using Airbnb to house tourists from abroad. The company owns about 2,500 apartments mostly in Tokyo, and is considering renting some of them to overseas visitors from as early as next year using services such as that ...

  Bloomberg Schneider Electric SE raised its earnings forecast for the year on improving construction markets in the U.S. and Europe with the exception of the U.K., where the company is expecting a slowdown following the Brexit vote. The world’s biggest maker of low- and medium-voltage equipment increased the target for adjusted Ebita margin improvement to 0.6 to 0.9 percentage ...