Business news

Stonecrest building to become TBonz


A steakhouse that has been closed for the past two years is about to become a TBonz.

Tom Jastrom, a partner in the new restaurant, said he expects to close July 26 on the former Stonecrest Southern Steakhouse location, which shut its doors in July 2010.

“We had been looking for a while over there,” Jastrom said.

The 5,000-square-foot restaurant at 601 N. Belair Road needs minor renovations and could be open within a month or two of
the purchase date, Jastrom said.

“It’s mostly just cosmetic,” he said of the work needed on the building.

As many as 40 to 50 employees could work at the new TBonz Steakhouse.

Stonecrest opened in October 2007 with hopes of becoming a chain of franchise steakhouses.

New home numbers showing recovery

WASHINGTON — Builders are putting up more new houses than they have in nearly four years, a long-awaited recovery that could help energize the U.S. economy.

The improvement has been gradual. But builders are responding to interest from buyers, who are drawn by reduced prices, record-low mortgage rates and rising rents, which have made home purchases comparatively appealing. And the supply of new homes has shrunk to near-record lows.

The increased construction coincides with rising sales, prices, builder confidence and stock prices for homebuilder companies. The stocks of the 13 U.S. builders whose shares are publicly traded have increased an average 60 percent this year. By contrast, the Standard & Poor’s 500 stock index is up about 9 percent.

Last month, U.S. builders broke ground on the most homes in nearly four years. Single-family home building – the bulk of the market – rose for a fourth straight month.

Permits to build single-family homes reached their highest point since March 2010.

In other news

THE U.S. ECONOMY expanded modestly in June and early July, but growth and hiring slowed in several parts of the country. Three of the Federal Reserve’s 12 banking districts – New York, Philadelphia and Cleveland – reported weaker growth, according to the Beige Book survey released Wednesday. A fourth, Richmond, said economic activity was mixed.



Thu, 01/18/2018 - 22:44

Rants and raves

Thu, 01/18/2018 - 22:41

Shutdown would hit Augusta hard