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The U.S. housing market and the real estate industry in general are expected to do well when the Republican Party takes control of both the Senate and House of Representatives in January.The online and print advertising and promotions by all candidates in the Nov. 4 mid-term elections totaled an estimated $4.5 billion, the highest in U.S. political election annals.
The election results are expected to motivate Republicans to write bills that would modify current taxes in many business sectors, including the real estate industry.
Two closely-watched gubernatorial races Tuesday were in Florida and Wisconsin. Although re-elected governors Rick Scott in Florida and Scott Walker in Wisconsin made no specific mention of the housing market during their campaigns or in their victory speeches, the GOP was expected to move more aggressively to aid investors in that sector.
In New York meanwhile, the New York Building Congress, projects total spending will continue to rise to $35.3 billion in 2015 and $35.6 billion in 2016. This year is forecast to end at a record $32.9 billion in total development activity, a 17 increase from the previous peak in 2007.
Reports from other states were not immediately available but affordable housing, as always, was expected to be at the bottom of most developers' to-do lists. Luxury condos, high-end apartment complexes and student housing communities were at the top of the list for the rest of 2014 and most of 2015.
Individual states, many now with Republican governors at the helm, are expected to go out of their way to help the housing markets and the real estate industry in general as they gear up for the 2016 Presidential Election. The GOP wants to look good for voters again, as they set their sights on 1600 Pennsylvania Avenue.
The Washington landscape now means Republicans will have new powers to challenge President Barack Obama's agenda in the final two years of his term. They will be able to launch investigations and hold hearings from both chambers; hold up key appointments; and pass GOP-favored legislation, if only to force the president to employ his veto pen.
The division of power also could yield areas of agreement on issues ranging from immigration, investments, real estate, health and energy -- though the Affordable Care Act and efforts to undermine it could continue to sour talks on other issues.
But from now until January, when the GOP gets to call the shots in both the Senate and the House of Representatives, for the most part, it will be business as usual on Wall Street, on Main Street and in the real estate industry.
Here are some possible effects on business from the mid-term elections outcome:
Stocks - Election results are not expected to be a big market mover. But stocks likely will rise quickly after the election results are announced but then settle back to a near-normal level over the next 30 days. The market will continue to be volatile as the year ends.
Small business - Could benefit if the Republicans succeed in pushing through new tax reform measures. But don't bet the farm on it just yet.
Energy, defense and medical devices sectors - In line for more favorable tax treatment. Elimination of the 2.3 percent tax on sales of medical devices, as part of the Affordable Care Act, could help stocks of the medical device makers.
Natural gas, oil exports, energy stocks - All backed strongly by the GOP.
Coal - This industry is pleased that Kentucky Sen. Mitch McConnell will become the Senate majority leader.
Tax and regulatory reform - High on the Republican's to-do list.
Obamacare or Health Care - Even in victory, the GOP would fail to kill President Barack Obama's landmark legislation. The President would veto any such move. To override the veto, the Grand Old Party would need 67 votes in the 100-seat Senate, a highly unlikely attainment.
They now have 53 seats, a gain of seven from the elections. There are still three states in play where votes have note been totally counted, a situation that could give the GOP additional seats in both the Senate and House where they now hold 245 seats out of the 435 total.
Ebola - Barring visitors from certain African nations struck by the Ebola virus to enter the U.S. under any circumstances will also fail, as individual legislators continue to press for such action.
Global economy - European and Asian economies are not expected to feel any immediate movement, up or down, from the Nov. 4 election results. But there could be near-future symptoms surfacing as the 2016 U.S. Presidential Elections kick into high gear in 2015.
Keystone Oil Pipeline - With a Senate win, Congress will start the ball rolling on this huge international project. The administration has held off approving the controversial pipeline which would take Canadian crude to the refineries on the Gulf Coast.
Pacific trade deal - Will go forward in both houses even though Democrats oppose the deal that could allow U.S. energy exports, like liquefied natural gas and ultimately even oil, to flow into new markets in Asia.
