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Monday AM Daily | July 20, 2020
2020 Honorees Tania Bowman, Clinton Akerberg, Jenna Kimberley and Sailu Timbo
Celebrate Forty Under 40 week!
LIVE TODAY STARTING AT 11 a.m.: Forty Under 40 award pickup show

It's Forty Under 40 Week! Today at 11 a.m., join Business Record Publisher and Executive Editor Chris Conetzkey as he distributes this year's Forty Under 40 awards. The virtual award pickup will be streamed on the Business Record’s Facebook page. View the Facebook livestream here.

All week long we'll be featuring each of our 2020 Forty Under 40 honorees, as we warm up for our virtual celebration of the honorees on Thursday.

While we can't celebrate in person this year, we can help amplify the important work of each of these community leaders ... and we hope to have you join us via Zoom on July 23 at 4:15 p.m. for the 2020 celebration.

Learn more about all the Forties and help celebrate with us by registering for the event here!

Here's what's on tap for Forty Under 40 Week:
Today - Facebook Live Award Pickup show, 11 a.m. to 1 p.m.
All week - Videos/articles of each Forty on social and in our Dailies.
Thursday - Forty Under 40 virtual celebration at 4:15 via Zoom - register here.
Get to know these Forty Under 40s

The March 20 edition of the Business Record featured our 2020 Forty Under 40 class. Get to know five members of this year's class who will join 800 past honorees.
Clinton Akerberg - Managing Partner, Personal CFO | The Wealth Consulting Group
Johnny Alcivar - Workforce Program Director | Proteus
Nicole Barreca Prenger - Director of Communications and Events | The World Food Prize Foundation
Erik Bonstrom - Senior Partner | LWBJ
Tania Bowman - Business Development Associate | Dean Snyder Construction

See this year's Forty honorees

Past Classes:
2019 | 2018 | 2017 | 2016 | 2015 | 2014 | Complete Class History

Cities in the Des Moines metro area issued 1,499 residential building permits in the first six months of 2020, 25% more than the 1,198 issued during the same time in 2019, a review of cities’ building permit data shows. Residential building permits include single-family, duplexes, townhouses and apartments.
Recession not slowing homebuilding in Central Iowa, nation
‘People spend their money where they are spending their time. Right now, people are spending their time at home,’ said one homebuilder.
By Kathy A. Bolten | Senior Staff Writer

The first half of 2020 has been rife with turbulence: The pandemic pushed a booming U.S. economy into a recession. Millions of people lost their jobs. Social unrest blanketed much of the country.

Yet all of that turmoil has not put a damper on residential construction.

The number of residential building permits issued in the first six months of 2020 outpaced the number issued during the same period a year ago, both in the Des Moines metro area and in much of the country.

In the first half of 2020, 13 Des Moines-area cities issued 1,499 residential building permits, 25% more in 2019, a review of permit data shows. The value of the permits issued totaled $437.6 million, 31% higher than the $333 million value of residential permits issued in 2019.

"If you would have told me in January that we’d have all those things happen this year – and it’s an election year on top of that I would have said ‘I’m folding my tent and going home,’" said Wade Hiner, president of sales and marketing for Destiny Homes, located in Waukee. "With all those things stacked against us, here we are in July and we’re having one of the best years we’ve ever had in the company’s history."

Nationwide, 7.9 million residential building permits were issued during the half of 2020, 2.3% more than were issued during the same period in 2019, data from U.S. Census Bureau and Department of Housing and Urban Development reports shows. The increase in building permits for new housing has been fueled by record low mortgage rates, a shortage of existing housing for sale and demand for new housing in small metro areas, suburbs and exurbs, experts say.

Many believe demand for new housing will remain strong through 2020 and likely into 2021.

Many potential new homebuyers were sidelined in early March by the outbreak of the novel coronavirus, Hiner said. "March is typically a really big month for homebuilding. We’re coming out of winter and people area making their homebuying decisions.

"The pandemic got people a little scared and they put a hold on things. I think what we’re seeing now in June and July is our spring market."

Jenna Kimberley, vice president of Ankeny-based Kimberley Development Corp., expected the pandemic to cause a housing recession. Instead Kimberley Development is on track to sell more new houses than it did in 2019, she said. At this time last year, the company had sold 24 new houses and 25 lots. So far this year, Kimberley Development has closed on 59 single-family houses and sold 29 lots, she said.

A year ago, the company had started construction on 35 single-family houses; this year, construction has started on 50 houses.
"People who have not been laid off from their jobs are saving more," Kimberley said. "They are not eating out at restaurants; they aren’t going to concerts. They aren’t spending money on all the excess things that we all tend to spend money on. People are saving, which is giving them more money for a down payment."

Interest rates for 30-year mortgages at historic lows
Historically low interest rates for home mortgages are helping push people off the fence on whether to buy a new house, homebuilders and others say.

Last week, the 30-year fixed-rate average sank to 2.98%, the first time in 50 years the rate has been below 3%, according to Freddie Mac, the federally chartered mortgage investor. In April, rates slipped to 3.23%, the lowest level at the time. Since then, the 30-year fixed rate has fallen to a new low seven additional times.

"Our forecast is that the 30-year fixed-rate mortgage will remain around 3% for the next couple years," Robert Dietz, chief economist for the Washington, D.C.-based National Association of Home Builders. "If we get good economics news, interest rates may tick upward a little bit but not much."

Currently, a large percentage of people who are unemployed are younger workers and those in the service sectors, many of which rent rather than own a home, Dietz said. "The people who are homeowners are in relatively better shape financially, so that is helping the market."

Outlook for rest of 2020 and beyond
Since the Great Recession that ended mid-2009, the housing market has been underbuilt, creating a nationwide shortage of about 1 million houses, Dietz said.

The same issue exists in Central Iowa. Last year, a workforce housing study found that Polk, Dallas, Warren and Guthrie counties need to add 33,592 owner-occupied housing of all types before 2038 and 23,577 new rental units.

The pandemic has exacerbated the problem.

People who live in apartments in large urban areas are leaving the cities for smaller communities because of the pandemic and the civil unrest, moves that have accelerated the need for more rooftops, Dietz said.

"People are voting with their feet in response to the virus and unrest and seeking out lower-density markets like suburbs and exurbs," Dietz said. Markets like Columbus, Ohio, Indianapolis, Kansas City and Des Moines are benefiting from the urban-area exodus, he said.

"These are relatively more affordable markets that offer that opportunity for homebuyers – and businesses – to consider locating in them," Dietz said. "And when you consider that businesses have found their employees can work from home fairly easily, we’ll see even bigger changes in terms of where people are looking to live."

The pandemic-related increase in the number of people working from home and educating their children at home has sparked the interest of residences with space for offices, study areas, work out spaces and larger kitchens, said Dan Knoup, executive director of the Home Builders Association of Greater Des Moines. "All of a sudden, those things have become more essential, causing people to reevaluate where they are living now and to consider a new house.

"We were already behind in building enough rooftops. This is accelerating that problem."

Developments planned in the Des Moines area will help. This week, for instance, the Ankeny Plan and Zoning Commission is expected to approve two new plats that when built out would add more than 100 housing units in the northwest part of the city. West Des Moines city committees have approved plans for new apartments along Eighth Street south of Interstate Highway 235 and in Valley Junction as well as new single-family developments in the south and southwest sections of the city. A townhome project is planned along Fleur Drive in Des Moines, and land is being prepared for a large residential development in the northeast part of the capital city.

Kimberley said the demand for new housing has caused the company to hire additional workers. She said she doesn’t foresee the demand subsiding anytime soon.

"People spend their money where they are spending their time," she said. "Right now, people are spending their time at home and that’s not going to change anytime soon."

The value of residential building permits issued by 13 Des Moines-area cities in the first six months of 2020 totaled more than $437.6 million, a 31% increase over the value of permits issued during the same period in 2019,  a review of building permit data shows. The chart shows 2020 residential permit values.

Community Foundation awards $58,000 to struggling nonprofits
To help nonprofit organizations that are struggling during the coronavirus pandemic, the Community Foundation of Greater Des Moines recently announced its third round of grants through its COVID-19 Nonprofit Adaptation Grant Program. In the most recent round, $58,000 was awarded to 20 local nonprofit organizations to help them meet unanticipated needs. For more on the program, and for a full list of nonprofits who were awarded grants, click here.

Department of Cultural Affairs announces $2M in grants to boost creative economy
More than $2 million in grants for art, history and culture were recently awarded to programs, projects and individuals statewide by the Iowa Department of Cultural Affairs. Funding for the grants comes from several programs overseen by the Iowa Arts Council, the State Historical Society of Iowa, and the state’s office of film and media production. In all, 176 grants were awarded for community initiatives, creative projects, cultural organizations, small businesses and individuals. Some examples of grant recipients are a project to help at-risk youths paint murals in Creston, business owners in Ames turning their storefronts into temporary art galleries, and repairs to the historic Madison County Courthouse in Winterset. "These funds are critical to help sustain arts, film, heritage and cultural vibrancy across the state and showcase Iowa’s world-class cultural programs and destinations with help from our state’s hard-working artists, historic caretakers and creative business owners," Chris Kramer, director of the Iowa Department of Cultural Affairs said in a news release. "It is important that we support our creative economy when this sector needs it more than ever." More information on the program and a full list of grant recipients can be found here.

Lamberti elected chairman of Bridges of Iowa
Bridges of Iowa Inc., a long-term substance use disorder treatment program in Central Iowa, announced that Ankeny attorney Jeff Lamberti was recently elected chairman of its board of directors. He succeeds Thomas Jackowski in that role. Lamberti, whose parents, Don and Charlene Lamberti, founded the program 20 years ago, was elected to the Bridges of Iowa board in December 2018 and was named board chair at its June meeting. "I am honored to be furthering their legacy, while helping so many individuals and families successfully take back their lives from substance abuse and addiction," Lamberti said in a press release. The Bridges program provides a continuum of care starting with high intensity residential substance abuse therapy progressing through outpatient treatment and aftercare. Patrick Coughlin, executive director of Bridges, will continue in his role leading day-to-day operations and programming. He will work closely with Jeff Lamberti on positioning and preparing Bridges for the future, the organization said. Read a Business Record Insider article about Bridges of Iowa.
Top Insider Notebook items: July 10

In case you missed it, here is a look at some of the top Notebook items featured in our July 10 issue of the Business Record.

1. Knowledge is power in avoiding COVID-19 scams; so is admitting to being scammed
2. Panelists: Flexibility key theme in post-pandemic normal

MORE NOTEBOOK ITEMS: Read more Insider bits and bites of the finer side of Iowa business online.

Iowa's richest man, lawyers and private schools land Paycheck Protection Program funds
Des Moines Register: The federal government gave Iowa’s richest man up to $6.3 million in coronavirus stimulus money intended to help small businesses, and he's far from the only deep-pocketed or politically connected Iowa business owner to benefit from the program. Seed geneticist Harry Stine received six forgivable loans through the Paycheck Protection Program, according to disclosures from the U.S. Small Business Administration released earlier this month. The McCarthy-Bush Corp. — a family of construction, mining, real estate development and steel fabrication businesses — received up to $13.3 million. Brownells, a Grinnell firearms manufacturer, got up to $10 million. And pork producer Dr. Daryl Olsen received up to $8.4 million.

State will pay utility bills for small businesses and nonprofits
Des Moines Register: The Iowa Economic Development Authority will pay some utility bills for small businesses and nonprofits. The agency announced a grant program Friday that will supply businesses and organizations with up to $7,500 for unpaid bills. Applicants must have a physical, nonresidential office in Iowa with no more than 50 employees. Applicants also must show they lost revenue after March 17 because of COVID-19. They must also still be operating and have unpaid electric or natural gas bills. "It's primarily your consumer-facing, retail businesses," Durham said during the Authority's board meeting Friday.

U.S. loses two icons of the civil rights movement in one day
CNN: Two towering figures of the American civil rights movement died Friday, a major loss for a nation still grappling with protests and demands for racial equality decades later. John Robert Lewis died at age 80 after a battle with cancer. The Rev. Cordy Tindell "C.T." Vivian died at age 95 of natural causes. Both men were the epitome of "good trouble" -- Lewis' favorite saying and approach to confronting injustices without violence. They worked alongside the Rev. Martin Luther King Jr. in the forefront of the historic struggle for racial justices in the 1960s.
AirBnb feeling pandemic’s strain

For the startup that promised to turn homeowners into entrepreneurs, and a vacation spot into a home, travel restrictions and social distancing guidelines put in place during the coronavirus pandemic have made the economic downturn feel more like a death in the family, according to a recent article in the New York Times.
Knowing You Are "OK" Means Having an Investment Plan

Determining and managing to the right investment allocation is critical to help be on track for a successful retirement. It is one of the primary ways to "know that you are OK" as you approach or are in retirement. The task of setting the right allocation and managing to that can be considerably more difficult for today’s executive.

'People don't realize how hard it is': Caretakers struggle getting tests for loved ones
A Windsor Heights woman spent almost two weeks trying to get her 77-year-old mother a COVID-19 test. Molly Topf's mother has Parkinson's and needed the test to get into a long-term care facility. She said she feels the state is letting people like her mother down. "Nobody knows, and it's really sad that there's so many elderly folks struggling," Topf said. She said her mother is struggling to get a test because she has no symptoms. Topf is her mother's caretaker and said they need to put her into a care facility for a trip in August, but the facility requires a negative test. Topf said they were on their own to get a test and their provider sent them to Test Iowa. Read more
Thunderstorms likely. High 79. Winds S at 5 to 10 mph. Chance of rain 80%.

Scattered thunderstorms this evening becoming more widespread overnight. Low 68. Winds ESE at 5 to 10 mph. Chance of rain 80%.

Get the latest KCCI weather.


3300 block of 30th Street
2700 block of Madison Avenue
3300 block of Martin Luther King Jr. Parkway

2400 block of Southwest Ninth Street
5700 block of Park Avenue
2300 block of Fleur Drive

See the full week's listing on the Des Moines Police Department's Facebook page.


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