RNGD to Move Headquarters to Jefferson Parish, Creating 130 Jobs

RNGD, formerly Palmisano Construction, is investing $25 million to relocate its corporate headquarters to Jefferson Parish, consolidating its manufacturing and training operations. This move will create 130 new jobs, retain over 240 current positions, and generate 250 construction jobs at its peak. The company will expand its prefabrication factory in the Labarre Business Park, with construction starting on July 1 and completing by January. Louisiana Economic Development has offered RNGD a $500,000 performance-based award for facility and utility upgrades, pending approval.

"This announcement represents a significant economic investment in Jefferson Parish," said Jefferson Parish Economic Development Commission President & CEO Jerry Bologna. "We are proud to retain RNGD in the region and substantially expand their footprint in Jefferson Parish through competitive incentive offerings at both the state and local levels."

The decision to move follows a period of consideration, with The Times-Picayune reporting last month that RNGD was evaluating the relocation and expansion plans. RNGD has operated a factory in the Labarre Business Park since 2022, and the new development aims to bolster the company's capacity and operational efficiency.

The incentives package from Louisiana Economic Development is designed to support the expansion, which is expected to have a significant impact on the local economy. The project underscores Jefferson Parish's appeal as a business hub, offering competitive advantages and support for growing companies.

RNGD's move and expansion reflect a strategic investment in the region, enhancing job opportunities and economic growth in Jefferson Parish.

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Port NOLA Acquires New Logistics Facility and Secures Strategic Lease with The Kearney Companies

Port NOLA has purchased a logistics facility for $6.6 million from Access World, a Switzerland-based logistics firm. This acquisition is part of a long-term strategy to enhance import and export growth. The port has leased the facility to The Kearney Companies, a New Orleans-based third-party logistics firm founded in the mid-1990s and acquired by Pittsburgh-based Precision Terminal Logistics in 2021. David Kearney continues to serve as president of the company.

Strategic Lease Agreement and Investments

The 10-year lease agreement marks the culmination of a multi-year effort between Port NOLA and Access World. As part of the lease, The Kearney Companies has committed to making capital investments approved by Port NOLA, which will create 15 new full-time jobs at the facility. These investments will include facility upgrades and improvements to ensure its long-term viability and support increased import and export activities.

Expansion and Continued Collaboration

In a similar deal signed in April, Kearney extended its lease of 286,000 square feet of warehouse space at the France Road and Jourdan Road facilities for 10 years. This deal included a $450,000 investment in dock doors, levelers, paving projects, and LED lighting conversions, with an option to invest up to an additional $1 million to increase rail capacity on site.

Enhanced Operations and Rail Capacity

With the new agreement, Kearney's operations in collaboration with the New Orleans Public Belt Railroad, which is also owned by Port NOLA, have reached 3,000 carloads per year and nearly 20,000 containers. This increased capacity underscores the importance of the partnership between Port NOLA and The Kearney Companies in driving economic growth and enhancing the region's logistical capabilities.

Addressing Long-Term Challenges

David Kearney highlighted that the lease agreement took years to negotiate due to the need to address several long-term maintenance issues and future capital investments. These efforts are crucial to ensuring the facility's future viability and operational efficiency. Kearney also noted plans to work with customers from the Chicago and London metals exchanges who have traditionally used the facility, while also seeking new users to further expand its reach.

Future Outlook

The strategic investments and enhanced operations resulting from this agreement are expected to bolster the region's economic development and logistical capabilities. By improving infrastructure and expanding capacity, Port NOLA and The Kearney Companies are positioning themselves to better serve both current and future clients, supporting the continued growth of import and export activities in New Orleans.

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Investor Home Purchases Surge for the First Time in Two Years

Consumers facing high housing prices often point to private equity as a contributing factor. However, experts suggest that while the housing market has multiple issues, determining whether real estate investor activity is truly deterring homeownership across the U.S. is challenging.

In the first quarter of 2024, real estate investors purchased about 44,000 U.S. homes, up 0.5% from a year ago, according to Redfin. This marks the first increase since Q2 2022. The data tracks investor activity, which includes people or entities buying properties to sell or rent without intending to live there themselves. In the first quarter of 2024, investors accounted for 19% of home purchases, implying that around 81% of homes are bought by individuals likely making them their primary residences.

Institutional operators, or real estate investors who own at least 1,000 single-family homes, own about 1% of the total U.S. housing stock, according to an analysis from ResiClub, based on data from Parcl Labs.

Gauging Investor Impact

A report from Moody's Analytics examined the relationship between investors' share of sales and homeownership rates on a metro-by-metro level. "It looks like there's a pretty weak relationship between the two," said Matthew Walsh, assistant director and economist at Moody's Analytics, indicating that investors aren't significantly crowding out traditional homebuyers.

In some areas, investors bought existing homes at high rates, sometimes representing up to a third of purchases. However, this doesn't necessarily mean consumer homebuyers are being crowded out, according to Moody's analysts. "Answering that question is really, really complicated," said Redfin's Zhao, noting that straightforward data analysis alone isn't sufficient.

Part of the recent increase in real estate investor activity is due to seasonal factors, with more homes typically sold in spring, Walsh explained. Additionally, lower mortgage interest rates at the start of 2024, which later rose in April, also played a role.

Implications for Buyers and Renters

For consumers buying homes, competing against investors adds another layer of competition. Investors often rent out single-family homes, which can boost rental supply—a positive sign for renters, Zhao noted. Additionally, some investors buy uninhabitable properties, fix them, and add them back into the housing supply, ultimately benefiting the market.

"It's very much a nuanced argument when you're thinking about, what does investor activity mean for the housing market," Zhao said. While investor purchases can present challenges for homebuyers, they also contribute positively by increasing rental supply and rehabilitating uninhabitable properties.

Understanding the full impact of investor activity on the housing market is complex and multifaceted. While it presents challenges for homebuyers, it also offers advantages for renters and the overall housing supply.

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Five Essential Summer Home Maintenance Tips

While winter nights may seem distant, early summer is the ideal time to plan for those early evening darkness moments by adding or updating landscape lighting. Solar lights are energy-efficient and easy to install but may underperform on dark or snowy days. For consistent lighting, consider electric options.

Clean Your House's Siding

Preventive maintenance can keep your home's siding clean and trouble-free for up to 50 years. Use a soft cloth or a long-handled, soft-bristle brush, starting at the bottom and working up, rinsing completely before it dries to avoid streaks.

Inspect Your Foundation

June's warm, dry weather is perfect for inspecting your foundation. Look for crumbling mortar, stucco cracks, or damp spots under faucets. Address any issues promptly to prevent emergencies.

Seal Your Driveway Asphalt

Your driveway endures daily wear from weather, sunlight, and traffic. Protect it by sealing it in June when temperatures are above 50 degrees for optimal adhesion.

Take Advantage of Tool Deals

June is a great month for purchasing tools, thanks to Father's Day sales. Save on power tools, hand tools, and accessories at big box stores and online retailers like Amazon.

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