Economic Conditions - Nashville, TN, U.S., Global

[LA_TN]

2 hours ago, JoeyX said:

I'm glad Trump instilled a travel ban to slow the influx of carriers. It's also good that he got a trade deal with China through hardline negotiations. If only he could curbed the filthy dietary habits that eminate from that place. He should include a mandatory change of those habits in phase two of the deal.

Please remember that a viewpoint is relative to the viewer. Wet markets in foreign countries are fresh products brought in daily. There are 0 leftovers. Example: when a hog is slaughtered and brought to the market, it is sold. All of it. And then the merchant goes home when all is gone. If you don't go early, the market might be empty by noon. The point is, everything is fresh in the wet market vs us standing in Kroger looking at 3 weeks old meat with red dye food coloring 

China, as most countries, view America's dietary habits as "filthy". Why? Because everything is fried. Gross! Fried chicken, fried fish, fried pork, fried potatoes, fried okra, fried everything. No wonder Americans are fat

**this is not directed at you Joey, just wanted to share this with the group

[Tennessine]

4 hours ago, JoeyX said:

I'm glad Trump instilled a travel ban to slow the influx of carriers. It's also good that he got a trade deal with China through hardline negotiations. If only he could curbed the filthy dietary habits that eminate from that place. He should include a mandatory change of those habits in phase two of the deal.

I hear they drink craft beer. How vile!

[Binbin98]

5 hours ago, LA_TN said:

Please remember that a viewpoint is relative to the viewer. Wet markets in foreign countries are fresh products brought in daily. There are 0 leftovers. Example: when a hog is slaughtered and brought to the market, it is sold. All of it. And then the merchant goes home when all is gone. If you don't go early, the market might be empty by noon. The point is, everything is fresh in the wet market vs us standing in Kroger looking at 3 weeks old meat with red dye food coloring 

China, as most countries, view America's dietary habits as "filthy". Why? Because everything is fried. Gross! Fried chicken, fried fish, fried pork, fried potatoes, fried okra, fried everything. No wonder Americans are fat

**this is not directed at you Joey, just wanted to share this with the group

To be fair our eating habits don't usually cause worldwide pandemics to break out

[markhollin]

Metro declares public health emergency.  On Sunday afternoon, Director of Health Michael Caldwell mandated that all area bars, including those on Lower Broadway, shut down until further notice. Caldwell also imposed limits on restaurant capacity, limited guest counts to 100 and limited bar service at restaurants to 50 percent of capacity with no standing allowed.

More at The Nashville Post here:

https://www.nashvillepost.com/business/health-care/article/21122154/cooper-asks-bars-to-shut-down-reduce-restaurant-capacity

And at The Tennessean here:

https://www.tennessean.com/story/news/2020/03/15/coronavirus-nashville-mayor-john-cooper-closes-bars-lower-broadway/5054917002/

And let me just go on record and state that Steve Smith (owner of Tootsie's, Kid Rock's Big Ass Honkey Tonk, and The Diner) is an idiot.  He refuses to close his establishments, claiming the city's decree is unconstitutional:

https://www.tennessean.com/story/news/2020/03/15/some-nashville-honky-tonks-defy-mayor-call-close-over-coronavirus/5055714002/

[smeagolsfree]

Lets take this a little different direction for a while.

Here are a list of topics to tackle for us. What are your thoughts????

 

The effect of COVID on STR in Nashville.  Can this help with the housing crisis and affordable housing in Middle TN?

 

COVID effect on the housing market. May be too early to tell, but there will be a lot of people that will lose their jobs and be underwater in their homes very quickly.

 

COVID effect on apartment rents in Nashville.

 

COVID effects on development by market, office, Mfg., Health care, industrial, retail, restaurant, entertainment, tourism, etc.

    A) How long will it go on and how long to recover depends on how long it last, but the short term problems right now will be pretty devastating.

    B) combination of the one, two punch of the tornado and the COVID virus.

 

COVID effect on government (Local & State), taxes, school, layoffs, short term, long term, etc.

 

[markhollin]

Just an overall observation driving around taking photos of sites this weekend: construction work was fully underway everywhere.

Hard to tell on these other questions you posed, Smeags.  Much of that depends on how the federal government steps in with assistance on thing like payroll, mortgages, tax extensions, etc.  More of those relief packages will be defined in the next week. 

But for sure, the restaurant, bar, hospitality, and tourism industries in Nashville are going to take severe hits over the next 6-8 weeks...maybe longer.

[Nashvillain]

3 hours ago, Binbin98 said:

To be fair our eating habits don't usually cause worldwide pandemics to break out

They cause much slower acting but equally deadly outbreaks of diabetes and obesity

[grilled_cheese]

Dow dropping, gonna be a big bummer when the Fed has no where else to go with rate drops.  Gotta think the big brain move was to raise them a couple years ago but that wouldn't have been any fun!

Maybe we'll see a bunch of these AirBNBs hit the market and help with the housing crisis.

Getting a little tired of the service industry complaints when nothing has even closed down yet.  How will you pay your bills?  Maybe with that emergency fund you were supposed to be funding with all those cash tips you're not paying taxes on. 

[Nash_12South]

Regarding Covid and construction - Many things have parts and pieces from China and other parts of the world. (IT, light fixtures for example) 

We are hearing to expect delays in construction projects, particularly the interior work.

[Jamie Hall]

3 hours ago, smeagolsfree said:

COVID effect on apartment rents in Nashville.

I can speak to this: My 23-year-old neighbor rents his place and works three jobs -- two as a server and one as a weekend DJ. All three of those jobs are on hold now because his employers have shut down, so he's in a panic about how to pay his rent in two weeks.

I think this is going to be a very common and very scary situation for those of us who live paycheck-to-paycheck.

[grilled_cheese]

I'm sure the Metro Davidson county eviction process will be real efficient right now LMAO.  Anyone who is out of work at this point needs to be calling all of their debt holders and explaining the situation and asking for relief.

[deletethisaccount]

[grilled_cheese]

Then they got home, took off their Marty McFly suits, unpacked everything barehanded and put it straight into the fridge. 

[UTgrad09]

Word on the street is that the Coronavirus has decided to pull all operations out of Davidson County following a closed door meeting with John Cooper.

 

 

 

 

 

Just trying to provide a bit of levity to an obviously tense situation.

[grilled_cheese]

MNPS closed until at least April 3.

https://news.mnps.org/metro-schools-closed-through-april-3/

[smeagolsfree]

5 hours ago, Nash_12South said:

Regarding Covid and construction - Many things have parts and pieces from China and other parts of the world. (IT, light fixtures for example) 

We are hearing to expect delays in construction projects, particularly the interior work.

They just suspended all construction in Boston according to William who just called me.

[KJHburg]

53 minutes ago, smeagolsfree said:

They just suspended all construction in Boston according to William who just called me.

Boston is a hot spot somewhat not as big as Seattle and NYC area but lots of cases.  Construction is full steam ahead here in Charlotte where Charlotte and Meck county have 7 cases in a population of 1 Million. 

[smeagolsfree]

3 minutes ago, KJHburg said:

Boston is a hot spot somewhat not as big as Seattle and NYC area but lots of cases.  Construction is full steam ahead here in Charlotte where Charlotte and Meck county have 7 cases in a population of 1 Million. 

Twenty-five in Davidson County alone.

[KJHburg]

1 minute ago, smeagolsfree said:

Twenty-five in Davidson County alone.

it is strange how certain areas have lots of more cases.   Raleigh Durham smaller metro than Charlotte has more cases than this area.  

[BnaBreaker]

4 hours ago, nativenashville said:

Wow, they REALLY wanted those Ritz crackers!

1 hour ago, smeagolsfree said:

They just suspended all construction in Boston according to William who just called me.

That seems odd to me, because it seems to me that working in construction outdoors in the open air would be about as low risk a job as there could possibly be as far as spreading of viruses is concerned.

[BnaBreaker]

On 3/15/2020 at 4:11 PM, titanhog said:

Do you really want to go down this road?  We can go tit for tat all day long on politicians in both parties.  There’s enough disgusting behavior on both sides.  If this is what you guys want...I’ll blow up this whole site with Facebook type crap just like the rest of you.  We’ll stop talking about Nashville and go straight to Trump, Pelosi, Pence, Sanders, Biden, Schumer, etc. we’ll all join together and solve the world’s problems.

I think you're awesome T-hog, but I think your response is WAY more intense than the brief exchange that you were reacting to lol...  I know political conversations make you uncomfortable, but sometimes in a discussion about a viral outbreak and the government's response to it,  the government might occasionally come up in conversation.  Sorry!

[Tennessine]

10 hours ago, grilled_cheese said:

Dow dropping, gonna be a big bummer when the Fed has no where else to go with rate drops.  Gotta think the big brain move was to raise them a couple years ago but that wouldn't have been any fun!

Maybe we'll see a bunch of these AirBNBs hit the market and help with the housing crisis.

Getting a little tired of the service industry complaints when nothing has even closed down yet.  How will you pay your bills?  Maybe with that emergency fund you were supposed to be funding with all those cash tips you're not paying taxes on. 

If only that were true. Food service workers make next to nothing before tips. 

[satalac]

I believe the market will recover much quicker than the crash of 08. The banks are in much better shape this go round. That's not to say that things won't suck for a while though. 

[MLBrumby]

Most noted investment analysts say the recession would be a "V" shaped one. If you can hang in there till the bottom of the "V"... When? That's the question. 

[LA_TN]

@smeagolsfree, as for COVID

On STR, little/no impact, unless this drags on at least 6 months

On housing market, there will be some that are never prepared for anything and that lead to opportunities for others. The people that have been waiting years for a break will pounce on this. The market volume will go down, prices decline little

On rentals, prices will remain steady, possibly go up

On business, no changes in the next 6 months, then reevaluate. Retail, restaurants, hospitality, travel, entertainment takes a big hit short term. Dollar General, Amazon, and Walmart are the biggest winners again. American Airlines, Macy's, others could file bankruptcy and liquidate

Tornado will dump some insurance money into the local economy providing a small stimulus (every bit helps)

I don't foresee this having much impact on local government (meetings move online only, etc). Taxes will not change. Federal government will have to pitch in for some things. I'm sure the dmv will continue prompt friendly service, as always