New Subdivisions in the Midwest?

Posted in Chicago Market, Indianapolis Market, Twin Cities Market | Posted on 09-25-2014 | Written by Chris Huecksteadt

 

chris h for newsletter onlyA sure sign of a recovering housing market?  How about new lot development occurring for the first time in several years!  Surveying the Chicago, Indianapolis, and Minneapolis/St. Paul markets Metrostudy has noticed that new subdivisions are beginning to come through the pipeline.  Not a re-hashing of existing communities or a re-configuring of existing developments, but new land, being newly developed.  In 2010, in the Chicago market, there were a total of 383 new lots delivered.  Three HUNDRED and eighty three!!!  There are nearly ten million people living in this market and Chicago could only muster a few hundred new home sites during a 12-month period, a mere 30 new lots coming on line per month.  Through the first six months of 2014, there were a total of nearly 1,500 new lots delivered.  Not only that, but we are beginning to see proposals for new subdivisions that didn’t exist just a few years ago.  That may not seem like much in some markets, but here in the midwest, developers have been in hibernation for the better part of the past five years.  Development activity has not been as scarce in Indianapolis and the Twin Cities as it has been in Chicago, but nearly so.  In the Twin Cities, for example, a total of 964 new lots were delivered in 2010.  In 2013, there were 3,683 new lot deliveries.  Indianapolis has seen a total of 1,400 new lots delivered in the first six months of 2014, compared to just 650 through the first half of 2010.  As midwest markets have slowly recovered, builders and developers have recognized the need for fresh lot inventory.  Quality A and B lots are nearing critical levels of remaining inventory, fewer than 18 months of supply in all three markets.  Given the length of time necessary to bring new lots to the market, developers have been very busy over the past twelve-months in an attempt to keep the housing industry supplied with lots in the most desirable locations.  Look for continued new lot development activity in these markets for the next few years as we play catch-up in order to resupply these markets.

chris h

 

 

 

Winter Isn’t Coming: Chicago Housing Shakes off the Frost & Readies for Growth

Posted in Chicago Market | Posted on 08-21-2014 | Written by Metrostudy News

August 2014: Metrostudy’s 2Q14 survey of the Chicago housing market shows a market rebounding from both the harsh winter and the long fallout from the housing crash.  Including single-family detached units, townhouse units and duplex units in the twelve-county Chicagoland region, there were a total of 5,236 new units started in the twelve month period ending in 2Q14, up 21.8% against 2Q13’s rate. This is the highest annual rate of new home construction since 1Q09.  The annual rate of closings surpassed 5,000 units in the second quarter, with a tally of 5,045 units closed over the past twelve months, a 16.5% increase over 2Q13. The double digit percentage increases represent the largest rate of growth in annual starts and closings since the early 2000’s.

“The 1,583 units started in the second quarter of this year represents an increase of 20.8% over the 2Q13 starts total,” said Chris Huecksteadt, Regional Director of Metrostudy’s Chicago market.  “This is nearly double the first quarter tally, indicating the market is returning to normal seasonal characteristics.  We also saw a significant improvement in closings, with1,205 new homes closed in 2Q14, up 9% from 2Q13. With the job growth experienced over the past eighteen months, we expect continued growth in both starts and closings through 2014.   The lack of quality resale inventory available in many submarkets will also contribute to growth in new home demand throughout the remainder of this year and into next.”

Nearly two-thirds of all new home starts in the Chicagoland market occurred in four counties: Cook, Kane, and Will in Illinois and Lake County in Indiana. Throughout the collar counties, a significant increase in construction activity occurred in the first half of this year compared to the first half of 2013.  The outlying counties within the greater Chicagoland area are still seeing very little in terms of new home construction.         Boone, DeKalb, Grundy, and Winnebago counties saw just 87 combined new home starts in the first half of this year (up, however, from 2013’s numbers).

Finished and vacant inventory has steadily fallen in the overall market, leading to the need for new home construction as demand continues to grow. The supply of finished and vacant inventory rose slightly to 2.5 months for single- family detached and attached homes in the second quarter.  “These are the lowest levels of new home inventory we have seen in over six years in the Chicago market,” said Huecksteadt. “The inventory of units under construction has continued to rise through the second quarter, indicative of increased demand and shrinking inventory. Not only is the amount of new home inventory low, but the low levels of resale supply should continue to bring buyers to the new home market.”

As the market has shown steady growth and an increase in demand, the mood among the homebuilding community has continued to improve.  We are now beginning to see previously dormant subdivisions become viable, new land/lot development being contemplated, and the potential for actual profits to be realized.  The months supply of lot inventory is at its lowest level since late 2008.

As the number of lots in the market has slowly declined, and the rate of new home construction has increased, the months of supply indicator fell to less than 115 months. The peak occurred in mid-2011, when there was a 256.5-month supply of lots in the market. “Of course the whereabouts of many of these lots is still a concern, with many lots considered to be in subpar locations: too far from transportation corridors and job centers and/or located in the wrong school district,” said Huecksteadt. “The biggest question will be whether these lots can be reconfigured and reintroduced into the market at a price that would enable the absorption of these lots.”

Nearly all indications are that the local housing market is on track to continue in recovery mode. This is not to indicate that there will be a quick return to the glory days.       Growth will likely be slow but steady. In addition there are still some concerns in the market, most notably the number of foreclosures that have occurred and are still likely to occur through the remainder of this year and the elevated level of unemployment.

On the positive side, according to MLS statistics, demand for single-family homes is at its highest point in over five years, while inventory is near record lows. There is currently a 5.1 month supply of inventory (single-family detached product) listed in MLS, up from prior quarters, but still very low. This increase in demand and relatively low level of inventory led to the first uptick in new home prices in several years. The median price of a home sold through MLS saw it’s first annual increase since March of 2008.

The improvement in the resale market, both in terms of increased demand and stabilizing home prices, should begin to make a new home purchase a more attractive and viable alternative for potential home buyers, many of whom have been leaning toward the resale market, perceiving a better value.       In fact, this has already begun, as evidenced by the significant increase in the rate of new home construction through the first quarter of this year. With little new home inventory available, and a declining amount of quality existing inventory, the rate of new home construction should continue to rise.

For information contact Chris Huecksteadt @ 847-651-9080
email chueck@metrostudy.com

About Metrostudy

Metrostudy, a Hanley Wood company, is the leading provider of primary and secondary market information to the housing and related industries nationwide.  Established in 1975 in Houston, Metrostudy provides research, data, analytics and consulting services that help builders, developers, lenders, suppliers, retailers, utilities and others make investment and business decisions every day.  www.metrostudy.com

About Hanley Wood

Hanley Wood is the premier information, media, event, and strategic marketing services company serving the residential, commercial design and construction industries. Utilizing the largest editorial- and analytics-driven construction market database, the company produces powerful market data and insights; award-winning publications, newsletters and websites; marquee trade shows and executive events; and strategic marketing solutions. To learn more, visit hanleywood.com.

Chicago Housing Market Metrostudy 1Q14 Survey Results: Increased Demand meets Shrinking Supply

Posted in Chicago Market | Posted on 05-01-2014 | Written by Metrostudy News

May 1, 2014: Metrostudy’s 1Q14 survey of housing activity in the Chicago area revealed that despite the havoc weather played with the construction industry this season, the area is on target for the highest annual rate of new home construction since 2008.  Including single-family detached units, townhouse units and duplex units in the twelve- county Chicagoland region, there were a total of 4,980 new units started in the twelve month period ending with the first quarter of 2014, an increase of 24.6% compared against the previous year.

The annual rate of closings surpassed 4,900 units in the first quarter, with a tally of 4,960 units closed over the past twelve months.  This represents a 18.7% increase in the number of annual closings compared to the prior year.

“The double digit percentage increases represent the largest rate of growth in annual starts and closings since the early 2000’s,” said Chris Huecksteadt, Regional Director of Metrostudy’s Chicago Market. “Nearly two-thirds of all new home starts in the Chicagoland market occurred in four counties: Cook, Kane, and Will in Illinois and Lake County in Indiana. The outlying counties within the greater Chicagoland area are still seeing very little in terms of new home construction.”

Finished and vacant inventory has steadily fallen in the overall market, leading to the need for new home construction as demand continues to grow. The supply of finished and vacant inventory fell to 2.4 months for single-family detached and attached homes in the first quarter. These are the lowest levels of new home inventory in over six years in the Chicago market. Not only is the amount of new home inventory low, the low levels of resale supply should also contribute to bringing buyers into the new home market.

“The market is still a long way from levels seen over a decade ago, but we are now beginning to see previously dormant subdivisions become viable, new land/lot development being contemplated, and the potential for actual profits to be realized,” said Huecksteadt.

The month’s supply of lot inventory is at its lowest level since early 2009. As the number of lots in the market has slowly declined, and the rate of new home construction has increased, the months of supply indicator fell to less than 120 months.  The peak occurred in mid-2011, when there was a 256.5-month supply of lots in the market. Of course the whereabouts of many of these lots is still a concern, with many lots considered to be in subpar locations: too far from transportation corridors and job centers and/or located in the wrong school district. The biggest question will be whether these lots can be reconfigured and reintroduced into the market at a price that would enable the absorption of these lots.

As the economy continues to improve in the Chicagoland area, Metrostudy expects growth in both starts and closings to continue into 2014 and beyond. The lack of quality resale inventory available in many submarkets will also contribute to growth in new home demand throughout the remainder of this year and into next.

For information contact Chris Huecksteadt@ 847-651-9080
email chueck@metrostudy.com

About Metrostudy

Metrostudy, a Hanley Wood company, is the leading provider of primary and secondary market information to the housing and related industries nationwide.  Established in 1975 in Houston, Metrostudy provides research, data, analytics and consulting services that help builders, developers, lenders, suppliers, retailers, utilities and others make investment and business decisions every day.  www.metrostudy.com

About Hanley Wood

Hanley Wood is the premier information, media, event, and strategic marketing services company serving the residential, commercial design and construction industries. Utilizing the largest editorial- and analytics-driven construction market database, the company produces powerful market data and insights; award-winning publications, newsletters and websites; marquee trade shows and executive events; and strategic marketing solutions. To learn more, visit hanleywood.com.

Chicago Housing Market Keeps Chugging Along

Posted in Chicago Market | Posted on 01-29-2014 | Written by Metrostudy News

(Chicago, IL – January 29, 2014) Nearly all indications are that the local housing market is on track to continue in recovery mode. This is not to indicate that there will be a quick return to the glory days. Growth will likely be slow but steady. This is according to a recent report by Metrostudy, a national housing data and consulting firm that maintains the most extensive primary database on residential construction in the US housing market.

Including single-family detached units, townhouse units and duplex units in the twelve county Chicagoland region, there were a total of 4,996 new units started in the twelve month period ending with 4Q13, an increase of 31.9% compared against the previous year. The 1,267 units started in the fourth quarter of this year represents an increase of 12.0% over the 4Q12 starts total. This number is slightly lower than the 3Q starts total, indicating the market is returning to normal seasonal characteristics. The number of homes closed in 4Q13 also saw a significant improvement, up 18.5% compared to the 4Q12 total. There were 1,333 new homes closed in the fourth quarter of 2013, compared to 1,125 units closed in the fourth quarter of 2012. “As the economy continues to improve in the Chicagoland area, Metrostudy expects growth in both starts and closings to continue into 2014 and beyond. The lack of quality resale inventory available in many submarkets will also contribute to growth in new home demand throughout,” said Chris Huecksteadt, Regional Director of Metrostudy’s Chicago Market.

Finished and vacant inventory has steadily fallen in the overall market, leading to the need for new home construction as demand continues to grow. The supply of finished and vacant inventory fell to 3.0 months for single-family detached and attached homes in4Q13. These are the lowest levels of new home inventory in over six years in the Chicago market. Will and Kane Counties saw finished vacant inventory drop by a combined 7.8% during the past year. “The inventory of units under construction has continued to rise through the fourth quarter, indicative of increased demand and shrinking inventory. Not only is the amount of new home inventory low, but as mentioned earlier, the low levels of resale supply will continue to bring buyers to the new home market,” said Huecksteadt.

The months of supply of lot inventory are at its lowest level since early 2009. As the number of lots in the market has slowly declined, and the rate of new home construction has increased, the months of supply indicator fell to less than 120 months. The peak occurred in mid-2011, when there was a 256.5-month supply of lots in the market. “Of course, the whereabouts of many of these lots is still a concern, with many lots considered to be in subpar locations: too far from transportation corridors and job centers and/or located in the wrong school district. The biggest question will be whether these lots can be reconfigured and reintroduced into the market at a price that would enable the absorption of these lots,” said Huecksteadt.

“It is likely that the housing market will see somewhere from 5,500 to 6,000 housing starts in 2014. This forecast and outlook is dependent on continued improvement in the local economy,” said Huecksteadt.

About Metrostudy

Metrostudy is the leading provider of primary and secondary market information to the housing and related industries nationwide. Metrostudy provides research, data, analytics and consulting services to help builders, developers, lenders, suppliers, retailers, utilities and others make investment and business decisions every day. For more information, visit www.metrostudy.com

About Hanley Wood

Hanley Wood, LLC is the premier information, media, event, and strategic marketing services company serving the residential, commercial design and construction industries. Utilizing the largest editorial- and analytics-driven construction market database, the company produces powerful market data and insights; award-winning publications, newsletters and websites; marquee trade shows and executive events; and strategic marketing solutions. To learn more, visit hanleywood.com.

The Chicago housing market experienced another strong quarter in the third quarter of 2013

Posted in Chicago Market | Posted on 10-30-2013 | Written by Metrostudy News

(Chicago, IL – October 30, 2013) Nearly all indications are that the local housing market is on track to continue in recovery mode. This is not to indicate that there will be a quick return to the glory days. Growth will likely be slow but steady. This is according to a recent report by Metrostudy, a national housing data and consulting firm that maintains the most extensive primary database on residential construction in the US housing market.

The 1,649 units started in 3Q13 represents an increase of 55.9% over the 3Q12 starts total. This is the most homes started in any quarter of a year since 3Q08. The number of homes closed in 3Q13 also saw a significant improvement, up 25.9% compared to the 3Q12 total. “As the economy continues to improve in the Chicagoland area, Metrostudy expects growth in both starts and closings to continue into 2014,” said Chris Huecksteadt, Regional Director of Metrostudy’s Chicago Market.

The supply of finished and vacant inventory fell to 3.0 months for single-family detached and attached homes in the third quarter. These are the lowest levels of new home inventory in over six years in the Chicago market. “Finished and vacant inventory continues to fall at a steady pace in the overall market, leading to the need for new home construction as demand continues to grow,” said Huecksteadt. The inventory of units under construction has  continued to rise through the third quarter, indicative of increased demand and shrinking inventory. Not only is the amount of new home inventory low, but as mentioned earlier, the low levels of resale supply will continue to bring buyers to the new home market.

The months’ supply of lot inventory is at its lowest level since early 2009. As the number of lots in the market has slowly declined, and the rate of new home construction has increased, the months of supply indicator fell to less than 125 months. The peak occurred in mid-2011, when there was a 256.5-month supply of lots in the market. “Of course the whereabouts of many of these lots is still a concern, with many lots considered to be in subpar locations: too far from transportation corridors and job centers and/or located in the wrong school district,” said Huecksteadt.

“It is likely that the housing market will see somewhere from 5,000 to 5,500 housing starts in 2013. This forecast and outlook is dependent on continued improvement in the local economy,” said Huecksteadt.

For information contact:
chris huecksteadt @ 847.241.6570
email chueck@metrostudy.com

About Metrostudy

Metrostudy, a Hanley Wood company, is the leading provider of primary and secondary market information to the housing and related industries nationwide.  Established in 1975 in Houston, Metrostudy provides research, data, analytics and consulting services that help builders, developers, lenders, suppliers, retailers, utilities and others make investment and business decisions every day. www.metrostudy.com

About Hanley Wood

Hanley Wood, LLC is the premier information, media, event, and strategic marketing services company serving the residential, commercial design and construction industries. Utilizing the largest editorial- and analytics-driven construction market database, the company produces powerful market data and insights; award-winning publications, newsletters and websites; marquee trade shows and executive events; and strategic marketing solutions. To learn more, visit hanleywood.com.

The Chicago housing markets continues to recover in the second quarter of 2013

Posted in Chicago Market | Posted on 07-24-2013 | Written by Metrostudy News

(Chicago, IL – July 24, 2013) Nearly all indications are that the local housing market is on track to continue in recovery mode. This is according to a recent report by Metrostudy, a national housing data and consulting firm that maintains the most extensive primary database on residential construction in the US housing market.

Since 2009, the net change in jobs in the Chicagoland market has averaged a net increase of over 50,000 jobs per year. “In fact, over the past ten years, the net job growth has finally turned positive in the Chicago market. Continued growth in jobs of at least 50,000 per year will certainly fuel demand for housing in the market place, something that both the resale market and the new home market have already begun to experience,” said Chris Huecksteadt, Regional Director of Metrostudy’s Chicago Market.   A total of nearly 175,000 net new jobs have been added in Chicago over the past three years.

Including single-family detached units, townhouse units and duplex units in the twelve county Chicagoland region, there were a total of 4,264 new units started in the twelve month period ending with 2Q13, an increase of 33.5% compared against the previous year. The annual rate of closings also surpassed 4,000 units in the second quarter, with a tally of 4,261 units closed over the past twelve months. This represents a 17.0% increase in the number of annual closings compared to the prior year. The 1,285 units started in 2Q13 an increase of 27.6% over the 2Q12 starts total. The number of homes closed in 2Q13 also saw a significant improvement, up 12.0% compared to the 2Q12 total. “As the economy continues to improve in the Chicagoland area, Metrostudy expects growth in both starts and closings to continue through 2013. The lack of quality resale inventory available in the region will also contribute to growth in new home demand throughout the remainder of this year and into next,” said Huecksteadt.

Finished and vacant inventory has steadily fallen in the overall market, leading to the need for new home construction as demand continues to grow. The supply of finished and vacant inventory remained at 3.4 months for singlefamily detached and attached homes in the second quarter. The inventory of units under construction has continued to rise through the second quarter, indicative of increased demand and shrinking inventory. “Not only is the amount of new home inventory low, but the low levels of resale supply will continue to bring buyers to the new home market,” said Huecksteadt.

As the number of lots in the market has slowly declined, and the rate of new home construction has increased, the months of supply indicator fell to less than 150 months. The peak occurred in mid-2011, when there was a 256.5-month supply of lots in the market. “Of course the whereabouts of many of these lots is still a concern, with many lots considered to be in subpar locations: too far from transportation corridors and job centers and/or located in the wrong school district. The biggest question will be whether these lots can be reconfigured and reintroduced into the market at a price that would enable the absorption of these lots,” said Huecksteadt.

“It is likely that the housing market will see somewhere from 4,500 to 5,500 housing starts in 2013. This forecast and outlook is dependent on continued improvement in the local economy. Net gains in jobs and a falling unemployment rate will be necessary for the forecast to be met.,” said Huecksteadt.

For information contact:
chris huecksteadt @ 847.241.6570
email chueck@metrostudy.com

About Metrostudy

Metrostudy, a Hanley Wood company, is the leading provider of primary and secondary market information to the housing and related industries nationwide.  Established in 1975 in Houston, Metrostudy provides research, data, analytics and consulting services that help builders, developers, lenders, suppliers, retailers, utilities and others make investment and business decisions every day. www.metrostudy.com

About Hanley Wood

Hanley Wood, LLC is the premier media, event, information and strategic marketing services company serving the residential, commercial design and construction industries. Through its operating platforms, the company produces award-winning digital and print publications, Newsletters, websites, marquee trade shows and events, Market Intelligence data and strategic marketing solutions. The company also is North America’s leading publisher of home plans.

Housing Market Continues to Improve

Posted in Chicago Market | Posted on 04-29-2013 | Written by Metrostudy News

(Chicago, IL– April 29, 2013) The housing market in Chicago continues to show steady signs of improvement.  Although the growth has not been robust, and construction levels are well below historical norms, the rate of new home contruction grew by 37% compared to the first quarter of the previous year.

With 811 housing starts tallied through the first quarter of this year, new home builders continue to see improvement in the level of demand for their product.   In the first quarter of 2012 there were 592 housing starts.  The annual rate of new home starts reached 4,013 units in the first quarter, the first time housing starts have reached the 4,000 unit plateau since mid-2009.

There still are several concerns in the near term that could negatively impact the new home market, however.  The number of foreclsoures, both in terms of new filings and the actual number of units foreclosed on, continues to rise.  The local economy is also still a concern.  This in light of the fact that there does seem to be some job growth occurring in the local market.  There was a net increase of over 55,400 jobs reported in the Chicago metropolitan area during the most recent twelve-month period.  However, unemployment levels remain elevated at 10.4%.

Inventory is still a concern as well.  Not necessarily the amount of new home inventory sitting on the market, but the amount of lot inventory that is out there.  “There are still over 50,000 fully improved home sites out there ready to build on,” says Chris Huecksteadt, Metrostudy’s Director of Midwest Markets.  “Many of these lots are in far flung areas that may not see significant construction activity for several years,” he added.

Given where the market has come from there is still reason for optimism among those active in the local new home market.  “Most production builders here are seeing more traffic serious about buying a new home, and willing to pay what builder’s are asking, than they’ve seen in a long time,” Huecksteadt said.

For information contact:
chris huecksteadt @ 847.241.6570
email chueck@metrostudy.com

About Metrostudy

Metrostudy, a Hanley Wood company, is the largest provider of comprehensive research and insight for the real estate industry. Builders, developers, banks, manufacturers, retailers and many other industries all rely on Metrostudy’s data and analytics to support strategic business decisions at the local, regional and national market level. www.Metrostudy.com

About Hanley Wood

Hanley Wood, LLC is the premier media, information and marketing services company serving the residential, commercial design and construction industries. Through its operating platforms, the company produces award-winning digital and print publications, e-Newsletters, websites, marquee trade shows and events, market intelligence data and custom marketing solutions. The company also is North America’s leading publisher of home plans.

Housing: Anatomy of the Rebound

Posted in Atlanta Condo Market, Austin Market, Chicago Market, Denver - Colorado Springs Market, Las Vegas Market, Naples - Ft. Myers Market, Naples Condo Market, Nashville Market, National Housing Market, Northern California Market, Phoenix - Tucson Market, Raleigh - Durham Market, Tucson Market, Twin Cities Market | Posted on 01-31-2013 | Written by Brad Hunter

Metrostudy’s new study of housing in markets across the country puts hard numbers to the housing recovery, and provides a detailed look at differences in the trajectory among regions.  The data (collected at the end of calendar year 2012, and newly analyzed) indicate extreme variance among markets and submarkets, with some markets’ single-family production up 90% or more versus a year ago.

Starts of detached homes rose by an impressive 46.9% from year-end 2011 to year-end 2012, and the rebound is starting a virtuous cycle, providing a much-needed boost to personal incomes, which in turn translate into still-higher demand for homes.

It is important to understand the forces that are driving construction activity higher as well as those that are restraining gains in some areas.  In some markets, there are land constraints that work to the advantage of the builders who have lot positions and ongoing projects in those submarkets, keeping the number of head-on competitors low.  Additionally, the builders that have lot positions in lot-constrained submarkets are able to push prices up much more easily, and they have a strong incentive to do so, because:  (1) they can make more profit by selling the homes at higher prices, and, (2) they don’t want to run out of lots too quickly.

Read the rest of this entry »

02/08/13: Metrostudy Chicago 4Q12 Executive Client Briefing

Posted in Chicago Market, Events | Posted on 01-16-2013 | Written by Chris Huecksteadt

NEW LOGO 2013

Please join us for our 4Q12 Chicago Client Briefing…

When: Friday, February 8, 2013

Times: 8 a.m. (Registration)

Presentation begins 8:45 a.m.

Where: The Grotto of Oak Brook

3011 Butterfield Road Oak Brook, IL 60523

Note: This meeting is limited to Subscriber Clients and their employees only.

Please contact Chris Huecksteadtchueck@metrostudy.com for more details.

Back to work America!

Posted in Chicago Market, In The News, National Housing Market | Posted on 11-13-2012 | Written by Chris Huecksteadt

Whew… The election is finally over. Whether Republican or Democrat we can now get back to the business of our lives, the day to day running of our business and the building of homes. Sure, some are upset and some are elated. Some will call this the end of America as we know it, while others will call it the dawn of a new era. For myself, I’m not one to make grand pronouncements in either direction. The sun still rose this morning (though I didn’t get to see it due to overcast skies), and I drove to the office ready for business. Now we can get back to selling and building homes. In my humble opinion, we don’t need the government to set policy in our favor or worry about the government screwing things up in our industry. There are buyers out there. They need shelter. Owning a home is still the American dream (that has not changed, nor will it). The economy is slowly getting better. People are still having babies. There are literally millions of potential home buyers out there in the marketplace, so instead of complaining about the economy, or the government, or the debt crisis in Europe, or any other obstacles that may stand in our way, I’m going to figure out what I can do today to make my business better. It seems to me that’s what Americans do.