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☆ A New Jersey homebuilder who pays his workers over $100,000 wants young people to know construction can be a lucrative career that doesn't require college — and businesses are desperate to hire
▼ + stars: | 2024-05-11 | by ( Eliza Relman | ) www.businessinsider.com time to read: +5 min

Bodei's family has been in the construction business for generations, so he'd seen how lucrative it could be to build and renovate upscale single-family homes in affluent suburbs. This story is available exclusively to Business Insider subscribers. Fewer construction workers means less — and slower — residential construction, which in turn leads to higher home prices. Mayra Beltran/Getty ImagesA labor shortage years in the makingThe US has faced a severe shortage of construction workers of all sorts for years. When the financial crisis crushed the housing market in 2008, the construction industry took a massive hit.

Persons: —, Michael Bodei, Bodei, he'd, it's, Sam Laureto, Mayra Beltran, haven't, Ken Simonson, Simonson Organizations: Service, Bodei, Business, Oaks, US, Associated Builders and Contractors, Associated, Contractors of America Locations: Morristown , New Jersey, Houston , Texas, South Florida

☆ My identical twin and I needed open heart surgery on the same day. Doctors had to color-code us to tell us apart.
▼ + stars: | 2024-04-08 | by ( Kelly Burch | ) www.businessinsider.com time to read: +5 min

Around 7 p.m. — about two hours after we arrived — doctors explained our mother had an aortic dissection, a tear in the body's largest artery. She was rushed into emergency surgery, which lasted until 4 a.m.That night, Julio and I were just worried about whether our mother would make it. Watching our mom go through emergency surgery was terrible. We decided, with our doctor's blessing, to do the surgery on the same day. After seeing our sisters and mother go through emergency surgery, just waking up each day and seeing the sunshine is a blessing.

Persons: Pablo Delcid, Julio, isn't, Benjamin van Boxtel, van Boxtel, We're, we'll Organizations: Atlantic Health, Morristown Medical Center Locations: New Jersey, Morristown

☆ Wall Street firm forecasts more upside for 2 portfolio industrial stocks and upgrades another. Where we stand
▼ + stars: | 2024-04-02 | by ( Morgan Chittum | ) www.cnbc.com time to read: +7 min

A Wall Street firm on Tuesday struck a favorable chord on a trio of industrial holdings, reaffirming the Club's forecast for upside in shares of Stanley Black & Decker and Honeywell International . In light of the upbeat Barclays note, here's a closer look at where analysts and the Club stand on Eaton, Stanley Black & Decker and Honeywell. Barclays argued the worst is likely behind Stanley Black & Decker's crucial tools business, which is in the midst of 11 consecutive quarters of volume declines. Our price target on the stock is $110 per share, which we set after its quarterly earnings results in August. The Club reaffirmed our buy-equivalent 1 rating and price target after the company's Feb. 1 quarterly earnings release .

Persons: Stanley Black, Decker, Eaton, here's, Jim Cramer, … Eaton, We've, Jim, Vimal Kapur, Kapur, Jim Cramer's, Daniel Barry Organizations: Stanley, Honeywell International, Barclays, Honeywell, Eaton, Bloomberg News, CNBC, Bloomberg, Getty Locations: Eaton, Tuesday's, SWK, Morristown , New Jersey

☆ Tennessee Company Hired Children to Operate ‘Dangerous’ Machinery, Officials Say
▼ + stars: | 2024-03-25 | by ( Johnny Diaz | ) www.nytimes.com time to read: +1 min

A Tennessee manufacturer has been fined nearly $300,000 for employing children as young as 14 to operate “dangerous machinery” and requiring them to work more hours than the law allows, federal regulators said. Tuff Torq Corp., which manufactures outdoor-power-equipment components for brands that include John Deere, Toro and Yamaha, must pay a civil penalty of $296,951 and follow federal child labor laws in the future, the Labor Department said in a statement on Monday. The company must also set aside $1.5 million in profits related to the employment of the 10 children who were found to be working at its factory in Morristown, Tenn. That money, the Labor Department said, “will be used for the benefit of the children employed illegally.” A department spokesman said the children were as young as 14. The judgment was entered in U.S. District Court for the Eastern District of Tennessee after the Labor Department’s wage and hour division found that Tuff Torq had employed several children to perform dangerous jobs.

Persons: John Deere, “, Torq Organizations: Torq Corp, Toro, Yamaha, Labor Department, Eastern, Eastern District of, Labor Locations: Tennessee, Morristown, Tenn, ”, U.S, Eastern District, Eastern District of Tennessee

☆ Here’s why regional banks have so much commercial real estate exposure
▼ + stars: | 2024-02-29 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +7 min

New York CNN —It’s no secret that commercial real estate (CRE) has become a source of stress for banks. Regional banks were on high alert recently after New York Community Bancorp (NYCB) reported steeper-than-expected future losses on commercial real estate loans. So why is it that the smaller, regional banks are so much more exposed to commercial real estate? Office real estate is among the bank’s smaller commercial real estate subcomponents. Robbins of Valley National Bank told CNN “we remain comfortable with our diverse and granular commercial real estate portfolio.”Office real estate is just one component of commercial real estate, albeit the most worrisome to banks and economists.

Persons: New York CNN —, Goldman Sachs, Fitch, Banks, BankRegData, Flagstar, “, JPMorgan Chase, —, Michael Brochstein, it’s, Ira Robbins, Robbins, CNN “, Carlos Barria, ” Organizations: New, New York CNN, New York Community Bancorp, Flagstar Bank, Federal Deposit Insurance Corporation, National Bank, JPMorgan, Getty, Valley National Bank, CNN, Fitch, FDIC, Reuters Locations: New York, Morristown , New Jersey

☆ Mortgage demand falls to the lowest level since 1995 as interest rates near 8%
▼ + stars: | 2023-10-18 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Mortgage rates last week rose for the sixth straight week, causing demand for home loans to drop to the lowest level since 1995. Total application volume fell 6.9% compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Applications for a mortgage to purchase a home dropped 6% week to week and were 21% lower than the same week one year ago. ARMs offer lower rates and can be fixed for up to 10 years before the rate resets. Mortgage rates moved even higher to start this week, with the 30-year fixed hitting 7.92% on Tuesday, according to Mortgage News Daily.

Persons: Joel Kan Organizations: Lennar Corporation, Mortgage, Mortgage News, CNBC Locations: Morristown, Morristown , New Jersey

One mom told AP about how she had delayed important care for her child because she believed Kennedy’s vaccine falsehoods. The AP found dozens of individuals included in the book died of known causes not related to vaccines, including suicide, choking while intoxicated, overdose and allergic reaction. Kennedy’s Children’s Health Defense produces articles, newsletters, books, podcasts, even TV shows on its own CHD.TV. And hack into that.”Because of his national profile, Kennedy’s work has ripple effects beyond the most devoted anti-vaccine activists. But people involved in the response who spoke to AP said Kennedy and the anti-vaccine activists he supported made things worse.

Persons: Braden Fahey, Gina, Padrig Fahey, ”, Robert F, Kennedy Jr, John F, Kennedy’s, Kennedy, Braden, ” Gina Fahey, “, Sen, that’s, Joe Biden, Donald Trump, Gina Fahey, “ There’s, “ It’s, CHD, Skyhorse, Edward Dowd, Matthew Martinez, Dowd, Tony Lyons, Lyons, Braden's, Francesco Pierri, Matthew DeVerna, Lydia Greene, Greene, ” Greene, ’, Sharon Goldfarb, ” Goldfarb, you’re, …, Dr, Todd Wolynn, ” Wolynn, Trump, Vivek Ramaswamy, he’d, Ron DeSantis, Floridians, Daniel Jolley, Jolley, ” Jolley, Cheryl Hines, Edwin Tamasese, Taylor Winterstein, Helen Petousis, Harris, Moelagi Leilani Jackson, Richard Pan, Pan, Jr, ” Pan, Anthony Fauci, Kerry Kennedy, –, ” Kerry Kennedy, Terry Chea Organizations: Associated Press, Democratic, AP, Skyhorse Publishing, Children’s Health Defense, ”, BlackRock, Atlantic Health, Morristown Medical Center, Kennedy Super, Children's Health Defense, Skyhorse, Indiana University’s Observatory, Social Media, Twitter, Health Defense, Disease Control, Republican, GOP, COVID, Florida Gov, University of Nottingham, Public, RFK, Facebook, Press Locations: California, U.S, Morristown, COVID, New, Hudson, Canadian, Alberta, Berkeley , California, Pittsburgh, Samoa, New Zealand, Sacramento , California, Sacramento, America

WEST MILFORD, N.J. (AP) — Five people were transported to hospitals after an explosion at a New Jersey home on Friday night, police said. The house in West Milford was heavily damaged by the explosion around 9 p.m., the West Milford Police Department said in a statement. West Milford Deputy Fire Chief Rich Poplaski said the structure collapsed as a result of an "unknown cause,” northjersey.com reported. Political Cartoons View All 1176 ImagesPolice said the victims were transported by helicopter, including two to Morristown Medical Center, one to St. Joseph’s University Medical Center in Paterson, New Jersey, one to Cooperman Barnabas Medical Center in Livingston, New Jersey, and one to Hackensack University Medical Center in Hackensack, New Jersey. The explosion is under investigation by West Milford detectives and the fire marshal's offices from the town and state, police said.

Persons: Rich Poplaski, ” northjersey.com, West Organizations: West, West Milford Police Department, West Milford Deputy Fire, Police, Morristown Medical Center, Joseph’s University Medical Center, Barnabas Medical Center, Hackensack University Medical, West Milford Locations: MILFORD, N.J, New Jersey, West Milford, Morristown , New Jersey, New York City, St, Paterson , New Jersey, Livingston , New Jersey, Hackensack , New Jersey

☆ 15 cities where getting a graduate degree pays off the most
▼ + stars: | 2023-08-30 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +4 min

The San Jose area has the largest pay gap between holders of a graduate degree versus a bachelor's. Some top law schools cost over $200,000 over the course of the program, while medical schools average nearly $219,000 a year. SmartAsset found the average graduate degree holder made $72,000 a year. For cities including The Villages, Florida; Prescott, Arizona; and Morristown, Tennessee, graduate-degree holders made less than $55,000. Florida has two metropolitan areas in the top 15 for graduate-degree income difference, though neither Texas nor New Jersey ranks in the top 25.

Persons: SmartAsset Organizations: Trenton, Service, Education Data Initiative, Park, San Locations: California , Alabama, Utah, San Jose, Huntsville , Alabama, Princeton , New Jersey, Wall, Silicon, Sunnyvale, Santa Clara, California, Princeton, New Jersey, Jose, San Francisco, Huntsville, Trenton, George , Utah, Zion, Provo, Orem, Merced, Fresno, Tuscaloosa , Alabama, Elizabethtown, Fort Knox, Kentucky, Florida, Prescott , Arizona, Morristown , Tennessee, Florida , Texas, New Jersey . Florida, Texas

☆ Large US homebuilders raise prices as existing home supply remains tight
▼ + stars: | 2023-08-25 | by ( Ananta Agarwal | ) www.reuters.com time to read: +3 min

It is thereby squeezing the pool of existing homes, which are typically more affordable than new construction. Public homebuilders on average have raised prices in about two-thirds of their communities, said BTIG analyst Carl Reichardt. This comes as the pricing gap between existing and new homes has narrowed, following a price appreciation in the resale market. "When the existing home market is seeing a price appreciation, it supports pricing power for new construction." However, as a consequence of recovery in new construction prices since last year, "affordability is close to its worst levels in at least the last three decades," said James Egan, Morgan Stanley housing strategist.

Persons: Andrew Kelly, Carl Reichardt, Matthew Bouley, James Egan, Morgan Stanley, Egan, homebuilders, BTIG's Reichardt, Ananta Agarwal, Shinjini Organizations: Lennar Corporation, REUTERS, Federal Reserve Economic, Lennar, PulteGroup Inc, U.S . Census, National Association of Realtors, Barclays, Thomson Locations: Morristown, Morristown , New Jersey, U.S, Bengaluru

☆ Imagine Spider-Woman With a Crochet Hook
▼ + stars: | 2023-06-22 | by ( Hilarie M. Sheets | ) www.nytimes.com time to read: +1 min

“My favorite thing is crocheting 20 feet in the air,” the artist Sheila Pepe said at her studio in the Brooklyn Army Terminal. “Up high, in my overalls and my crochet hook in hand, on top of a drivable scissor lift, it’s the funniest gender joke in the world for me,” said the 63-year-old artist, who identifies as lesbian. Now you’re Uncle Joe!”For more than two decades, Pepe has used the craft of crochet, which she learned as a child from her mother, as a way to “draw” in three dimensions and infiltrate architecture. Using crochet in place of steel, Pepe has invited reconsideration of a humble craft done by generations of women and the painstaking labor that went into it. Her grandfather ran a shoe repair shop in Brooklyn, and her parents owned a deli in Morristown, N.J.

Persons: “, Sheila Pepe, ”, Joe, Pepe Organizations: Brooklyn Army Locations: Brooklyn, Manhattan’s Madison, Italy, Morristown, N.J

☆ A 15-year-old suffered hot oil burns while using a deep fryer at a McDonald's restaurant in Tennessee, the Labor Department says
▼ + stars: | 2023-03-31 | by ( Grace Dean | ) www.businessinsider.com time to read: +2 min

A 15-year-old McDonald's worker suffered hot oil burns while using a deep fryer, the DOL said. The DOL assessed a $3,258 civil penalty to the franchisee that operates the restaurant. The restaurant in Morristown, north-east Tennessee, had illegally allowed the minor to remove french fries from a hot oil deep fryer manually, the DOL said. The DOL assessed a $3,258 civil penalty for Faris Enterprises, the franchisee that operates the restaurant. The DOL assessed nearly $4.4 million in civil money penalties in 2022 related to violations of child labor laws.

☆ A mailman, a NASA scientist and a park ranger: Some government employees shrug off TikTok bans
▼ + stars: | 2023-01-28 | by ( David Ingram | David Ingram Covers Tech For Nbc News. | ) www.nbcnews.com time to read: +8 min

Jean-Pierre, who’s from Morristown, New Jersey, has attracted 215,500 followers on the video app where most days he posts from his mail truck during his lunch break. As of last month, all federal workers are banned from having TikTok on their work phones. In some places, using a personal device isn’t enough to get around TikTok restrictions. There’s no telling precisely how many federal workers use TikTok, but certain hashtags show the breadth of its popularity. The public relations staff at some federal agencies said they had no plans to interfere with what federal workers did on their own.

☆ Hamlin’s collapse spurs new wave of vaccine misinformation
▼ + stars: | 2023-01-05 | by ( Associated Press | ) www.nbcnews.com time to read: +5 min

While the Bills have not said whether Hamlin was vaccinated, about 95% of NFL players have received a Covid-19 vaccine, according to the league. The blog proves no relationship between the incidents and Covid-19 vaccines; it also includes in its count reported deaths from cancer and emergencies of unknown causes. It' snot surprising that misleading claims about Covid-19 vaccines surged following Hamlin's cardia arrest, given how much vaccine misinformation has spread since the pandemic began, said Jeanine Guidry, a Virginia Commonwealth University professor who researches health misinformation and vaccine hesitancy. High-profile public events like Hamlin’s collapse often create new waves of misinformation as people grasp for explanations. For people concerned about vaccine safety, Hamlin’s sudden collapse served to affirm and justify their beliefs, Guidry said.

☆ Bunge to build $550-mln soy processing facility in Indiana
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +1 min

Dec 15 (Reuters) - Agriculture commodities trader Bunge Ltd (BG.N) said on Thursday it would invest about $550 million to build a soy protein concentrate facility in Indiana to cater to a rising demand for plant-based food products and processed meats. The new facility, which is adjacent to the company's soybean processing plant in Morristown, is expected to process an additional 4.5 million bushels of soybeans. Soy protein concentrate is used to make meat alternatives, but also helps to increase nutritional value in existing meat and poultry products. The global plant-based meat market size, according to a report by Grand View Research Inc, is projected to reach $24.8 billion by 2030. Bunge also operates a soy protein concentrate operation in Bellevue, Ohio.

☆ Stock futures rise after Nasdaq notches best day since July
▼ + stars: | 2022-10-17 | by ( Carmen Reinicke | ) www.cnbc.com time to read: +1 min

Stock futures rose Monday evening after the Nasdaq Composite posted its best daily performance since July. S&P 500 futures jumped 0.49% and Nasdaq 100 futures climbed 0.55%. The Nasdaq surged 3.43% as tech stocks rebounded, led by names such as Amazon, Meta Platforms and Microsoft. More big bank earnings are on deck. Johnson & Johnson, Netflix and United Airlines will also announce results that day.

☆ Lennar quarterly profit rises on strong demand for homes
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterSignage is seen at The Collection at Morristown, a housing development by Lennar Corporation, in Morristown, New Jersey, U.S., November 13, 2021. REUTERS/Andrew KellySept 21 (Reuters) - Homebuilder Lennar Corp (LEN.N) on Wednesday reported a 4.3% rise in quarterly profit, benefiting from record-high property prices as demand far outpaced supply that was crippled by raw material and labor shortages. Existing home prices for all housing types in July touched $403,800, up 10.8% from a year ago, according to a report from the National Association of Realtors. Miami-Florida based Lennar posted an about 29% rise in quarterly revenue to $8.93 billion. Register now for FREE unlimited access to Reuters.com RegisterReporting by Nathan Gomes and Priyamvada C in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

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