NJ and NYC Expect $3.3 Billion Boost From Hosting World Cup
The region will host eight matches at Metlife Stadium in New Jersey, including the final on July 19, 2026, expecting to bring in over 1.2 million fans and tourists, according to an economic impact summary released Monday by the NYNJ Host Committee, the local body responsible for organizing the games.
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Business Journals
2 hours ago
- Business Journals
Metro momentum: Kansas City gains steam across multiple sectors
If diversification makes for a healthy portfolio, the Kansas City metro area is accumulating a robust one. Developments across a broad swath of sectors reveal growing momentum, with the region's services expanding alongside to offer support. Looking at and beyond the reverberations of being a host city for next year's FIFA World Cup, game-changing initiatives promise to reshape Kansas City during the next decade. At a discussion sponsored by JE Dunn Construction and moderated by its Kansas City office director, Jeff Blaesing, panelists from a sampling of those arenas — sports, health care, the arts, economic development — described what's planned, anticipated effects, and how Kansas Citians can get involved. expand 'ROWING TOGETHER' When the Kansas City Area Development Council urges businesses to expand or relocate to the area, the economic development organization leans into the diverse options across its two states, 18 counties and 50 cities, said Samatha Jefferson, KCADC vice president. 'You have a lot of choices,' she said. There are different lifestyles, from urban to rural; a range of affordability; big city amenities with smaller town quality of life; and easy accessibility via plane, train, vehicle or river. The city also boasts a strong workforce that is well-educated and loyal. It's when the region flaunts those combined assets that Kansas City truly stands out, panelists said. 'We are very intentional about representing one KC and speaking of one region,' Jefferson said. 'What is good for one part of our region is good for everyone.' Regional collaboration won Kansas City its World Cup bid, even though it's the smallest host city, said Pam Kramer, CEO of KC2026, the metro's World Cup organizing committee. And regional collaboration will continue making a difference. 'We need everyone rowing together to capitalize on the opportunity,' Kramer said. The metro must meet requirements such as safety and security, transportation, and hosting a FIFA Fan Festival, which will be at Kansas City's National WWI Museum and Memorial. But organizers also hope to use the platform to showcase Kansas City's assets, such as its numerous sports teams; talented workforce, exhibited via the 6,000 local volunteers needed to help with World Cup events; and business opportunities, highlighted through a KC House trade mission event planned for foreign heads of state and C-suite executives in town for the World Cup. Expecting about 650,000 people in a 45-day span, KC2026 has been communicating with roughly 50 small business support organizations about resources that will be available to help small businesses, as well as to find out what small businesses need. The organizations then spread the word to small businesses, with additional information following once it's clear which countries will come to Kansas City. Kramer hopes the model created for hosting the World Cup can be a blueprint for future large, regional events. 'At the end of this, I hope the headline is, 'How did the smallest host city become the heart of the World Cup?'' Kramer said. 'Presenting that unified front and showing that everybody benefits — when we do that, I think it will be one of our greatest legacies.' 'A DESTINATION FOR HEALTH CARE' World-class health care forms yet another of the area's draws. The University of Kansas Health System is in the midst of bold moves that not only strengthen the health system but promise groundbreaking care for patients. But it's been the culmination of 25 years of efforts — a strategic change following a low point when it was turning over a third of its workforce, notching one of the lowest patient satisfaction scores in the nation, hosting more medical students and residents than patients in beds, and maintaining about 30 days of operating cash, said Brenda Dykstra, the health system's chief strategy officer. A market research study helped spark the recalibration. Fast forward to today, and KU Health System enjoys nationally recognized specialty programs and record performance metrics. It brings a $7.9 billion annual economic impact, said Dykstra, citing a study the health system commissioned in 2023, before an expansion into Liberty. 'We care for patients from every county in Kansas, almost every county in the state of Missouri, every state in the nation, and almost 30 countries internationally,' Dykstra said. The greatest future challenges are space, recruiting workers, and finances, she said. 'We have a dream to become a destination for health care, and we think that we can make that a reality,' Dykstra said. Current highlights: The system's cancer program recently broke ground on a building on the main campus that will, for the first time, put researchers and clinicians in the same space. That proximity is critical to discovery, to bringing therapies to market, and to putting patients first, Dykstra said. Specifically, the building is for cellular therapy — the most advanced type of cancer treatment — which uses a body's own cells to fight cancer, yielding fewer side effects and better outcomes. 'We will see this transform the way that we deliver cancer treatment,' Dykstra said. Planning continues for a similar effort to put neuroresearchers and clinicians in one building to help advance discoveries in brain health, studying conditions such as dementia, Alzheimer's disease and Parkinson's disease. Geographically, KU Health System has made acquisitions in Olathe and Liberty to expand its footprint in the metro area, bringing academic knowledge and expertise closer to where people live. 'One of our biggest challenges is making sure we have capacity to grow,' Dykstra said. 'We have demand right now and a wait list that we can't satisfy.' The system has an economic development group focusing on its headquarters campus in Kansas City, Kan. The group ensures that the health system can influence what happens in the vicinity. CULTURE AS GLUE The Nelson-Atkins Museum of Art's efforts to galvanize cultural institutions in the heart of Kansas City also followed an epiphany. About a decade ago, the museum hired architects for its expansion. They noticed that the area boasted plenty of walkable institutions, but nobody walked. 'There were a lot of elements that I was just paying attention to for the first time,' recalled Julián Zugazagoitia, the museum's director and CEO. Now, as the streetcar route extends toward the art museums and the World Cup promises an influx of visitors, the area's cultural institutions hope to work together to capitalize on the walkable opportunities. The Nelson-Atkins has reached out to peers, exploring ways to encourage density and connectivity, as well as access and visibility. Specific to the World Cup, the museum plans a special exhibition about artists who also are athletes, Zugazagoitia said. Even as it explores near-term efforts, the Nelson-Atkins continues with projects intended to add fluidity, balance, capacity and interest to its campus. 'In a way, just like the hospitals, we are not satisfying all the demand that we have,' Zugazagoitia said. The museum's attendance has doubled during the past 10 years, its big events draw new people who become repeat visitors, and cuts to education budgets mean more demand for hosting school children. 'We are trying to do a museum that changes the perception of what a museum is, and that also makes it more your own museum — a sense of belonging,' Zugazagoitia said. THE PERSISTING LABOR QUESTION Panelists recognize that the workforce isn't static; local companies need a pipeline of qualified workers to continue thriving. 'It starts with workforce,' Blaesing said. 'It's a constant battle, and that is our only limiting factor.' Finding good people and training them within a company takes time, panelists said. The University of Kansas Health System has had to get creative to find enough workers. For example, it no longer requires a high school diploma for certain positions. However, it partnered with Kansas City Kansas Community College on a GED program and lets employees use work time to pursue their GEDs. Some have continued their education beyond that program, which can be transformative for families, Dykstra said. Industry needs to be in school buildings, from K-12 schools to colleges and universities, communicating the message that trades have great career potential, Blaesing said. Companies also must convince the adults in kids' lives that viable options include the trades, not just college, Jefferson said. The KCADC aims to put Kansas City on the radar of young workers. Among its efforts: Bringing influential architecture, engineering and construction educators from across the nation to Kansas City to see what it's like, the companies available, the innovation, and the career potential. The KCADC hopes such efforts will shift the balance in favor of Kansas City when students get offers from multiple places, Jefferson said. Artificial intelligence has been a buzz word lately, with alarm that it will replace human workers. But it should be viewed as a tool rather than a threat, said Zugazagoitia. 'Let's think, 'How can we use the tool and also bring knowledge to it so we are faster, we are better?'' he said. 'The talent we have around shines, because it is the talent that will control the AI tool.'
Yahoo
7 hours ago
- Yahoo
Apartment deal flow falls 14% in Q2
This story was originally published on Multifamily Dive. To receive daily news and insights, subscribe to our free daily Multifamily Dive newsletter. Dive Brief: Apartment sales volume fell 14% year over year to $35.1 billion in the second quarter, according to a report that data firm MSCI Real Assets shared with Multifamily Dive. However, they rose 5% to $66.6 billion in the first half of the year. Unlike the Q2 2024, no major entity-level deals closed in 2025. Last year, New York City-based investment manager Blackstone took Denver-based Apartment Income REIT Corp. private for approximately $10 billion, which drove transaction volume. The Real Capital Analytics commercial property price indexes ticked up 0.1%, according to MSCI. Cap rates have remained flat at 5.7% over the past year. Dive Insight: In its monthly report, MSCI acknowledged that the headline sales numbers for 2025 appear unfavorable. But if you dig a little deeper, things are more promising. 'The reality, though, is that the market is still the largest, most liquid component of the commercial real estate market in the U.S., with deal volume just below pre-pandemic levels,' MSCI said in the report. 'The decline for the quarter was an artifact of one big deal in the same quarter last year.' Individual asset sales, often considered the bedrock of multifamily transactions, rose 15% YOY in Q2 to $28 billion. In the five years before the pandemic, apartment trades averaged $29 billion in Q2. In the six major metropolitan areas of Boston; New York City; Washington, D.C.; Los Angeles; San Francisco; and Chicago, individual sales increased 6% to $6.7 billion in Q2. In the non-major metros, activity for these deals increased 18% YOY in the quarter on sales of $21.3 billion. Portfolio sales fell 57% to $7.1 billion in Q2. No portfolio was traded for more than $1 billion, with the six largest priced at more than $400 million. Apartment investors say the transaction market slowed noticeably after President Donald Trump's tariff announcements in April. 'We're dealing with tariffs,' Jim Brooks, president of Los Angeles-based real estate investor BH Properties, told Multifamily Dive. 'We're dealing with elevated interest rates, and not a lot of cuts are projected. So there is a high cost of capital. Things have gotten slower on the capital market side.' However, Brooks remains hopeful that things will pick up for his firm, partially because institutional investors are still not fully back in the market. 'We're optimistic, just given the way we're capitalized and the way we can operate,' Brooks said. 'Privately capitalized investment groups should have their moment in the sun before institutional capital comes flooding back in.' Click here to sign up to receive multifamily and apartment news like this article in your inbox every weekday. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Insider
9 hours ago
- Business Insider
Morocco touts a $4.2 billion plan ahead of its World Cup duties
Morocco has announced a major infrastructure investment of 38 billion dirhams ($4.2 billion) over the next five years to upgrade its main airports in preparation for the 2030 FIFA World Cup, which it will co-host with Spain and Portugal. Morocco announced a $4.2 billion investment plan to upgrade its main airports to prepare for co-hosting the 2030 FIFA World Cup. The initiative aims to increase airport capacity from 38 million to 80 million passengers annually by 2030. The 2030 World Cup will span three continents and involve symbolic matches in South American countries to honor the inaugural event. The Moroccan government officially announced on Thursday that a significant agreement had been reached with the National Airports Authority (ONDA). This pivotal deal is set to facilitate the execution of a highly anticipated and ambitious refurbishment project aimed at modernizing and upgrading the nation's airport infrastructure. The objective is to increase the country's airport capacity from 38 million to 80 million people per year by 2030, a critical step as Morocco prepares for an increase in foreign visitors. The centerpiece of this development will be a new terminal at Casablanca's Mohammed V International Airport, the country's largest, which is estimated to increase capacity by 20 million passengers. Morocco has previously called for bids on this project. Tourism is also growing. The country received a record 17.4 million visitors in 2024, a 20% increase over the previous year, and aims to reach 26 million tourists by 2030, as per Reuters. While the expansion may result in additional cash from television rights, sponsorships, and ticket sales, it also poses considerable logistical issues, such as more matches and lodging requirements. Plans for the FIFA World Cup 2030 The FIFA World Cup, a tournament steeped in tradition and global anticipation, is set to embark on a new chapter in 2030, marking its centenary with an unprecedented geographical spread. This landmark iteration will be the most diversified in history, spanning three continents and bringing together nations from across the globe. While the core of the tournament's matches will be predominantly hosted by Spain, Portugal, and Morocco, a significant and symbolic gesture will see Argentina, Paraguay, and Uruguay each host one match. This arrangement pays homage to the inaugural World Cup in 1930, which was held in Uruguay. This multi-continental approach reflects FIFA's vision for a more inclusive and globally representative World Cup. The logistical complexities of such a widespread event will be considerable, but the opportunity to connect different regions of the world through the unifying power of football is a key driver behind this innovative hosting model. The football governing body also plans to host a 64-team format tournament in 2030, as opposed to one that hosts 48 teams. FIFA had only recently increased the tournament from 32 to 48 teams for the 2026 edition in the United States, Mexico, and Canada.
