VOL. 8 | NO. 3 | Saturday, January 10, 2015
Tennessee Named Top State for Economic Development
A leading national publication focused on site selection and economic development has named Tennessee its 2014 State of the Year for a second consecutive year.
Tennessee becomes the first state to win the Business Facilities magazine award for economic development efforts in back-to-back years and the first state to win the designation three times.
“We have a great story to tell in Tennessee,” said Gov. Bill Haslam in a statement. “Businesses continue to make the decision to locate, expand and grow here, and we are grateful for those strong partnerships.”
Some of Tennessee’s top economic development projects in 2014 included Volkswagen Group of America’s Chattanooga expansion creating 2,000 jobs with an investment of $600 million, Under Armour’s new Mount Juliet fulfillment center creating 1,500 jobs with an investment of more than $100 million, SL Tennessee’s Clinton expansion creating 1,000 jobs with an $80.5 million investment and Conduit Global’s new Memphis call center creating 1,000 jobs with an $8 million investment.
The magazine cited Tennessee’s successful execution of a diversified growth strategy, as well as an emphasis on infrastructure and education, as key factors in securing consecutive victories.
“With a powerhouse automotive cluster, world-class infrastructure and the nation’s most improved education system, we could be looking at a State of the Year dynasty in the making,” said Jack Rogers, editor in chief of Business Facilities, in a statement.
Crosstown Developers File $80.5 Million Loan
The Crosstown development team has secured an $80.5 million loan on the property.
Crosstown Building Owner LLC filed the loan with SunTrust Bank, according to a Dec. 30 deed of trust. McLean Wilson, the Crosstown development team’s co-leader, signed the trust deed.
The Crosstown team is seeking to redevelop the vacant Crosstown building, constructed in 1927, through arts, education and health care. The plans also include around 260 apartments and some retail at the 86-year-old structure at 495 N. Watkins St.
The project includes St. Jude Children’s Research Hospital, ALSAC (the fundraising arm of St. Jude), Crosstown Arts, Gestalt Community Schools, Memphis Teacher Residency, Methodist Le Bonheur Healthcare, Church Health Center and Rhodes College as founding partners that have pledged to be tenants in the redeveloped building.
Other tenants recently include Christian Brothers University; the Southern College of Optometry; VO2 Networx, a Memphis-based information technology company; and Goodwill Excel Center, which plans to open a charter school there.
Staley Cates – the president and chief investment officer of Southeastern Asset Management Inc. – and his wife, Elizabeth, bought the property in 2007 and donated it to Crosstown Building Owner LLC. Any and all profits from the project will be put back into the development.
The 1.5 million-square-foot building, used by several generations of Mid-Southerners, was a painful eyesore for years. The Sears retail store closed in 1983, and the distribution center was shuttered a decade later, leaving an empty shell hovering over the neighborhood.
Seven Apply to Fill City Council Vacancy
Seven citizens, including two former Memphis City Council members, applied to fill the open District 7 council seat by a noon Wednesday, Jan. 7, deadline set by the body.
Council members plan to fill the seat, which was vacated by Lee Harris after he was elected to the state Senate, at their Jan. 20 meeting.
Former council member Berlin Boyd, who held the District 7 seat on an interim basis before Harris claimed it in the 2011 city elections, filed his paperwork Tuesday. Boyd said he also intends to run for a full four-year term in the October city elections.
Joining Boyd in applying for the seat is former council member Barbara Swearengen Ware, who filed her paperwork Wednesday.
Ware was suspended from the council in late 2010 under terms of the city charter when her name surfaced in a corruption probe of the Shelby County Clerk’s office. In 2011 she was indicted by the Shelby County Grand Jury on a charge of using her office and influence to avoid getting her cars and the cars of others inspected over several years. Ware took diversion on the official misconduct charge in a memorandum of understanding with prosecutors, parts of which were confidential.
Her resignation prompted Boyd’s appointment to the District 7 seat.
Shelby County Democratic Party Chairman Brian Carson also filed his paperwork Wednesday, as did attorney David Pool, Curtis Byrd Jr., Charles Leslie and Audrey P. Jones.
Bank of Bartlett Buys Germantown Property
Bank of Bartlett has bought back a site on Kirby Parkway in Germantown for $4.1 million.
Bank of Bartlett bought the branch location at 1870 Kirby Parkway, located just south of Poplar Avenue, from developer M. Spence Ray, according to a Dec. 29 warranty deed. According to marketing materials for the property, Bank of Bartlett had almost five years left on its lease at the location. Bank of Bartlett sold the property to Ray, vice president of McNeill Commercial Real Estate, for almost $3.2 million in 2007.
The 4,556-square-foot building was built in 1973, and the Shelby County Assessor of Property’s 2014 appraisal is almost $1.2 million.
The building sits in a zone that Germantown officials and developers have targeted for redevelopment.
In 2007, the city of Germantown adopted its Smart Growth plan and accompanying zoning regulations, which promoted more walkable, accessible, mixed-use development in its central business district and surrounding neighborhoods.
Germantown has also focused attention on plans to guide growth and development along its western gateway corridor, a 58-acre tract bounded by Poplar Avenue on the north, Poplar Pike on the south, the city’s border on the west and the Nottaway subdivision on the east. The Bank of Bartlett property is within that targeted zone.
Loeb Pays $450,000 for Newby’s Property
Memphis-based Loeb Properties paid $450,000 to acquire the Newby’s property on the Highland Strip near the University of Memphis.
Highland University District LLC, an affiliate of Memphis-based Loeb Properties, acquired 535 and 539 S. Highland St. from Paragon Bank, according to a Dec. 29 deed of trust.
Former Newby’s owner Todd Adams began a private fundraising campaign in the fall in the hopes of raising enough money to buy the property back from Paragon Bank. The Shelby County Assessor of Property’s combined 2014 appraisal for the two buildings is $467,800.
The two properties are adjacent to each other on the west side of the Highland strip near the University of Memphis in an area booming with development.
The Highland strip has been an on-again, off-again retail and entertainment area since the original Normal-Buntyn Shopping Center emerged in the 1960s. But investment in the area is on the upswing, thanks to key stakeholders.
Loeb Properties is coming off the successful rejuvenation of Overton Square. After pumping millions of dollars into the once-struggling area, Loeb has made the Square a thriving retail, dining and entertainment district.
Bill Seeks to Move Up Supermarket Wine Sales
A bill introduced in the Tennessee General Assembly would move up the date of supermarket wine sales to this July.
Under the measure sponsored by Democratic Rep. Bo Mitchell of Nashville, food stores could start selling wine this summer – or in the summer of 2016 if they are located near an existing liquor store.
Those dates are both a year earlier than envisioned under landmark legislation enacted last year to allow cities and counties to hold referendums on whether to allow wine to be sold in food stores. Voters in November approved the measure in all 78 communities where it was on the ballot.
Other efforts to change the law could include eliminating a mandatory 20 percent mark-up on wine and minimum square footage requirements for convenience stores.
Wunderlich Adds to Fixed-Income Team
Memphis-based Wunderlich Securities Inc. has made several recent additions to its fixed
income capital markets division.
The additions include four professionals in Memphis, two in Little Rock, two in Los Angeles, one in San Francisco, one in New York and one in St. Charles, Ill.
According to division co-head S.J. Guzzo, the continued growth of the institutional fixed
income sales team through key hires will be a focus in 2015. The division currently employs 57 professionals in sales, trading, strategies and support services.
Visible Music College Hosts Drum Workshop
Renowned drummer, speaker and author Zoro is offering a free workshop at Visible Music College this month.
The Friday, Jan. 16, event is possible because of the fundraising efforts of 10 percussion students who back in October gathered sponsorship by drumming for 24 hours straight during the college’s annual Drumathon, according to Visible percussion department chair Simon Alexander.
Zoro has toured and recorded with artists such as Lenny Kravitz, Bobby Brown, Frankie Valli and The Four Seasons, Sean Lennon, Lisa Marie Presley and more. His event will be held at 7 p.m. at Visible Music College, 200 Madison Ave.
It’s open to the public and free, and drummers from around the region are invited to attend.
Cordova Retail Center Sells for $1.2 Million
An affiliate of a Georgia-based real estate investment company has acquired a Cordova shopping center for $1.2 million.
CPT Berryhill LLC, which is affiliated with Marietta, Ga.-based Clifton Property Trust, bought the 17,500-square-foot Shops at Berryhill shopping center at 1890 Berryhill Road in Cordova from Berry Hill 169 LLC, an affiliate of Palm Beach Gardens, Fla.-based Ram Realty Services, according to a Dec. 30 special warranty deed. Ram Realty acquired the property out of default in 2010 for $400,000.
Clifton Property Trust is a commercial real estate investment firm that says its current focus is on acquiring Class B or Class C shopping centers located in the Southeast that are typically unanchored or primarily leased to local, noncredit businesses.
Built in 2002, the Shops of Berryhill is currently 76 percent leased to eight tenants, according to recent marketing materials. The Shelby County Assessor of Property’s 2014 appraisal for the shopping center is $1.4 million.
In conjunction with the purchase, CPT Berryhill filed a $675,000 deed of trust through Morris Bank.
Cardinals Caravan Coming to Jan. 17 Grizzlies Game
With AutoZone Park undergoing renovations, the annual Cardinals Caravan stop in Memphis will take place at FedExForum Jan. 17 prior to the Grizzlies playing the Portland Trailblazers at 8 p.m.
Fans ages 15 and younger will be able to get autographs from 7 p.m. to 7:45 p.m. from current Cardinals organization players, including Kolten Wong, Carlos Martinez, Greg Garcia and Cody Stanley. Cardinals alumni expected to attend include Alan Benes and Cal Eldred. Broadcaster Mike Claiborne will serve as emcee.
A ticket to the Grizzlies game is required to attend the Cardinals Caravan. For more information, call 901-205-1234.
The Cardinals will return to Memphis to play an exhibition game with the Memphis Redbirds at AutoZone Park on April 3. For more information on the game and 2015 Redbirds tickets, visit www.memphisredbirds.com.
Memphis Ambassadors Program Seeks Applicants
The Memphis Ambassadors Program is accepting applications for new ambassadors for the 2015-2016 school year. The program, presented by the City of Memphis and Mayor A C Wharton Jr., is open to high school students (grades 9 to 12) who reside in one of the seven City Council districts.
MAP is a year-round development program engaging nearly 500 students annually through career- and college-prep activities as well as life-building skills, with a focus on education, health, civic and social responsibility and employability.
"We take pride in offering students the tools they need to be successful, and in the interim providing them with opportunities that will ultimately give them a head start towards becoming productive citizens in the community," said James Nelson, director of the City of Memphis Office of Youth Services, in a statement.
The program, which operates out of eight sites throughout the city, teaches young people how to work in a team environment, contribute to a positive learning atmosphere and possess the ability to work independently.
Enrollment is open through Feb. 28. Applications are accepted online at cityofmemphisyouth.org.
University of Memphis Awarded Grant for Nutrition Study
Marie van der Merwe, assistant professor of Health and Sport Sciences at the University of Memphis, has received a grant of nearly $400,000 from the Juice Plus Co. to direct a clinical trial evaluating the health benefits of a dried fruit and vegetable supplement.
Individuals with psychological stress and obesity often suffer an increase in low-grade systemic inflammation, which can lead to chronic diseases, such as type 2 diabetes. A diet high in fruits and vegetables can reduce this inflammation and its consequences. Juice Plus, a supplement of dried fruit and vegetable juice, also decreases systemic inflammatory molecules. The two-year study will determine the beneficial effects of Juice Plus when provided to stressed, overweight individuals.
Researchers are recruiting nonsmoking female health care professionals between ages 25 and 50 who are in stressful positions and have a high body mass index, no endocrine or metabolic dysfunction, and are not pregnant or lactating. For more information, contact Simone Godwin at firstname.lastname@example.org.
Loeb Buys Former Peddler Bike Shop
In addition to its recent purchase of the former Newby’s bar and restaurant space, an affiliate of Memphis-based Loeb Properties has acquired another key Highland Strip property for $500,000.
Loeb Properties affiliate Highland University District LLC acquired the former Peddler Bike Shop location at 569 S. Highland St. from the Mary Burson Jennings Testamentary Trust, according to a Dec. 17 warranty deed. That property is located on the same side of Highland as Newby’s but is closer to Southern Avenue.
The same Loeb affiliate recently paid $450,000 to acquire the Newby’s property at 535 and 539 S. Highland St. from Paragon Bank, according to a Dec. 29 deed. The two properties are adjacent to each other on the west side of the Highland strip near the University of Memphis in an area booming with development.
Tigers Lineman Bond to Play in NFLPA Bowl
The NFL Players Association has announced University of Memphis offensive lineman Al Bond has committed to play in the 2015 NFLPA Collegiate Bowl.
At 6-foot-4 and 305 pounds, Bond was an American Athletic Conference First-Team selection in 2014. He started all 13 games of his senior season at right tackle, playing 895 of 1,012 offensive snaps for the Tigers during the year, including every snap in 10 of 13 games.
Bond played all 97 offensive snaps of the Tigers’ 55-48, double-overtime victory over BYU in the inaugural Miami Beach Bowl.
Draft-eligible seniors will be competing in the all-star game on Jan. 17 at StubHub Center on the California State University Dominguez Hills campus in Carson, Calif. Kickoff is scheduled for 3 p.m. and the game will be televised by ESPN2. ESPNU will also air live broadcasts from practices on Jan. 14 and 15.
For one week preceding the NFLPA Collegiate Bowl, participants will receive an in-depth introduction to the union – the primary resource for information on the business of football and how to succeed in the NFL and in post-football careers.
Pro football players and coaching legends will work with players, giving them firsthand insight on what it takes to win on and off the field. Mike Holmgren and Mike Martz will serve as the head coaches for the American and National teams.
Transportation Department Wants Safety Slogans
The Tennessee Department of Transportation is looking for a few good safety slogans.
TDOT is asking the public to submit ideas for the electronic message boards that grace the state's highways, warning motorists about speeding, texting and other driving hazards.
TDOT Commissioner John Schroer says in a news release that recent slogans like "Ho Ho Hold Your Calls" have gotten the attention of drivers. He says mundane slogans are easily forgotten, but more colorful ones, even when painfully silly, stay with people and make them think.
The contest runs through Jan. 16. Entries will be considered for five highway safety categories: seatbelt usage, impaired driving, distracted driving, speeding and aggressive driving. They can be submitted through TDOT's website at www.tdot.state.tn.us.
Tigers Guard Hearn Makes AAC Weekly Honor Roll
University of Memphis junior guard Ariel Hearn was named to the American Athletic Conference’s weekly honor roll for her performance in the Tigers’ overtime win over East Carolina on Sunday, Jan. 4. It is Hearn’s first weekly honor roll appearance this season.
The Arlington High School graduate scored 26 points with two rebounds and two assists off the bench in a 60-57 overtime win over East Carolina, a team picked to finish third in the preseason coaches’ poll. Hearn hit the final two free throws of the game in overtime to preserve the victory.
Her 26 points marked her 21st career 20-plus point game and pushed her past the 1,200-point mark. She needs 76 more points to move to 17th in career scoring at Memphis.
For her career, Hearn is averaging 15.9 points per game and is shooting 39.5 percent from the floor and 33.8 percent from three-point range. Her 130 career three-point field goals rank ninth in the Memphis record book.
Two Tennessee Towns Losing Nearly 2,000 Jobs
Two Tennessee towns will lose nearly 2,000 jobs over the next three years as Goodman Manufacturing moves the positions to a new plant being built in Texas.
Media report Goodman officials announced on Tuesday that the company plans to consolidate operations at an all-inclusive campus in Houston, which is expected to open in 2016. Daikin Industries Ltd. acquired Goodman, which manufactures heating, cooling and refrigerant products, in 2012.
Goodman spokesman Rex Anderson said the company is trying to meet the growth in demand. He said the company's current facilities in Texas and Tennessee are operating at capacity.
"Daikin felt it was time to pull some things together for the efficiency of manufacturing and for the value that we could add to our customers by having it in one facility," Anderson said. "We did due diligence on different locations in Texas and outside of Texas, but at the end of the day the most favorable solution for our customers and for the company was Texas."
The company has about 1,200 workers in Fayetteville, making it the largest employer in a town with about 7,000 residents. A smaller factory in Dayton employs about 700 workers.
Goodman said employees will have the option of making the move with the company or taking a severance package that includes two years of free college and assistance finding other work.
City officials say the advance notice should help soften the blow to the communities.
Even so, Fayetteville Mayor Jon Law, who took office about a month ago, said the city will feel the economic impact from lost wages, property taxes and utility use.
Weather Service to Boost Computing Power
The National Weather Service is about to boost its computing power by more than tenfold, which officials hope will translate to better forecasts.
The National Oceanic and Atmospheric Administration's two supercomputers will more than triple in computational ability this month and more than triple again by October. Computers will go from now being able to handle 426 trillion operations a second to 5,000 trillion calculations in the fall.
The upgrade costs $44.5 million.
NOAA chief Kathryn Sullivan, in a press release, said the computer boost "will lead to more timely, accurate, and reliable forecasts." The weather service's main computer forecast model this month will double its resolution for forecasts of less than 10 days.
The supercomputers are in Northern Virginia and Orlando, Florida.
Coca-Cola Cutting Up to 1,800 Jobs
Coca-Cola says it will cut between 1,600 and 1,800 jobs in coming months to trim costs.
The world's biggest beverage maker says it began notifying workers in the U.S. and some international locations Thursday. It said job types are across all parts of its business and include about 500 cuts at its Atlanta headquarters.
The company, which makes Sprite, Powerade, Vitaminwater and other drinks, has about 130,600 employees around the world, according to FactSet.
In an emailed statement Thursday, Coca-Cola said it will "continuously look for ways to streamline our business," suggesting additional cuts could be announced later.
Coca-Cola Co. and rival PepsiCo Inc. have been looking for ways to cut costs as their soda businesses have flagged in North America. In October, Coca-Cola said it planned to slash costs by $3 billion a year through a variety of measures. It said the savings would be used to help fund the stepped-up marketing it believes is needed to drive up beverage sales. The announcement came as the company reported disappointing revenue for its third quarter, with global beverage volume up just 1 percent.
In addition to the proliferation of alternatives like flavored water and energy drinks, Coke and Pepsi are trying to overcome perceptions that soda makes people fat and health concerns about the artificial sweeteners in diet sodas. Soda consumption in the U.S. has been declining for years, with public health officials calling for special taxes and warning labels to discourage people from drinking it.
In its statement Thursday, Coca-Cola said it does not "take decisions about job impacts lightly."
Medtronic Shareholders OK Covidien Acquisition
Medtronic shareholders have approved the acquisition the surgical supplier Covidien in a corporate deal valued at about $48 billion.
Some shareholders were angered by the acquisition of Covidien because it moves the legal headquarters of the combined company to Ireland. Covidien is based in Dublin.
The owners of about 75 percent of Medtronic's outstanding shares voted Tuesday in favor of the deal, which is the largest transaction in the history of the Minneapolis company.
The Star Tribune in Minneapolis reports about 100 people attended the investors meeting where Medtronic chief executive Omar Ishrak fielded emotionally charged questions.
The deal was also approved by Covidien shareholders Tuesday. It still needs approval from the Irish High Court.
US Unemployment Aid Applications Decline
Fewer Americans applied for unemployment benefits last week, a sign that employers expect ongoing economic growth and the need to hold onto workers.
The Labor Department said Thursday that applications for unemployment benefits fell 4,000 last week to a seasonally adjusted 294,000.
The four-week average, a less volatile measure, slipped 250 to 290,500. That average has plunged 16 percent in the past 12 months, as averages have stayed at historically low sub-300,000 levels since September.
Applications are a proxy for layoffs. As fewer workers are being let go, employers are bringing on new employees to meet customer demand.
"Based on historical relationships, the prevailing four-week moving average for seasonally adjusted claims is consistent" with monthly job gains of 250,000, said Joshua Shapiro, chief U.S. economist at MFR, a forecasting firm.
In the monthly jobs report being released Friday, employers are expected to have added 243,000 jobs in December, according to FactSet. That would follow job gains of 321,000 in November and put total job growth in 2014 at just shy of 3 million, the best performance since 1999.
The unemployment rate has slid to 5.8 percent from 6.7 percent at the start of 2014.
Services Firms Grew at Slower Pace Last Month
U.S. services firms expanded at a solid but much slower pace in December compared with the previous month, a sign growth may have cooled at the end of last year.
The Institute for Supply Management said Tuesday that its services index fell to 56.2 last month, down from 59.3 in November. Yet the drop comes from a very high level: November's reading was near an eight-year high of 59.6 reached in August. Any reading over 50 indicates expansion.
The decline echoes a similar drop in the ISM's manufacturing index, released last Friday. Both indexes fell from strong readings in November, but are still showing steady levels of expansion. Hiring picked up last year and gas prices have fallen, leaving more Americans with money to spend. That benefits retailers, hotels, restaurants and other service providers.
Paul Dales, senior U.S. economist, said the two ISM surveys are consistent with an economy growing at a 3 percent annual rate. That's solid, though below the breakneck 4.8 percent pace in the April-September period.
"Don't interpret this survey as a sign that the outlook has weakened," Dales said in a note to clients. "On the contrary, the further fall in oil prices has actually made things even better."
US Construction Spending Slips 0.3 Percent in November
A sharp slowdown in government-built schools and infrastructure caused U.S. construction spending to fall slightly in November.
The Commerce Department said Friday that construction spending slipped 0.3 percent in November, after having climbed an upwardly revised 1.2 percent in October and 0.6 percent in September.
Much of the decline came from a 1.7 percent retreat in government expenditures. Publicly built school spending fell 2.5 percent, while the transportation, health care and public safety sectors also fell.
Private construction spending rose a modest 0.3 percent in November. Home-building climbed 1 percent in November, offsetting the declines in the office, commercial and health care-related construction.
Total construction spending has improved a mere 2.4 percent from a year ago to $974.9 billion.
Construction activity has lagged broader economic growth for much of 2014, hampered by limited gains in homebuilding. Few potential buyers can afford new homes, a reflection of meager wage growth, tight credit standards and builders focused on pricier housing developments that are beyond the financial reach of most home-seekers.
Residential construction spending declined 0.5 percent over the past 12 months to $352.7 billion, although solid gains in the past two months suggest that homebuilding activity likely helped economic growth in the final quarter of 2014. Analysts at the bank Barclays projects that annualized growth in the October-December quarter will be 2.8 percent, a solid increase but down from an annualized gain of 5 percent in the third quarter.
US Factories Grow at Slowest Pace in 6 Months
U.S. factory activity grew at the slowest pace in six months in December, weakened by declines in orders and production. Yet growth was still healthy, a sign manufacturing may help drive the economy's expansion in 2015 as it did last year.
The Institute for Supply Management, a trade group of purchasing managers, said Friday that its manufacturing index fell to 55.5 in December from 58.7 in November. Any reading above 50 signals expansion. November's figure was just below a three-year high reached in October.
December's reading is the lowest since June. But it is also close to the average for all of 2014 and remains at a solid level. Americans are buying more cars and appliances, boosting demand for factory-made goods. Economists also forecast that businesses may spend more on industrial equipment this year, which would also lift output.
A labor dispute at West Coast seaports, from San Diego to Seattle, has interrupted the shipment of raw materials for many manufacturers, the ISM survey found. That has disrupted production and likely contributed to the lower reading.
Despite the decline, most economists are optimistic about manufacturing's prospects in 2015.
"These were readings that in any ordinary time would be considered excellent," Guy Berger, an economist at RBS Securities wrote in a note to clients.
US Factory Orders Fall 0.7 Percent in November
Orders to U.S. factories fell for a fourth straight month in November, with demand in a key category that signals business investment plans down for a third month.
The Commerce Department said Tuesday factory orders dropped 0.7 percent in November after a similar 0.7 percent fall in October. The November weakness came from decreases in demand for primary metals, industrial machinery and military aircraft.
A closely watched category that serves as a proxy for business investment spending dropped 0.5 percent in November, marking the longest stretch of weakness in this category since 2012.
Economists, however, remain optimistic that the drop in orders is a temporary soft patch and a stronger economy with increased consumer spending will trigger a rebound in demand in 2015.
US Consumer Debt Up $14.1 Billion in November
U.S. consumers increased their borrowing in November, as stronger demand for auto and student loans offset a drop in credit card debt.
The Federal Reserve said Thursday that consumer borrowing rose by $14.1 billion following a $16 billion increase in October. The gains have pushed consumer debt excluding real estate loans to a record level of $3.3 trillion.
The latest figures suggest that an improving economy and strong employment gains over the past year may be making consumers more comfortable with ramping up their borrowing.
The category that includes credit card debt fell by $946 million after an increase of $1.48 billion in October. The decline was outweighed by a $15 billion increase in the category that covers auto and student loans. Borrowing for education and cars has risen rapidly this year.
The Fed's monthly consumer credit report excludes mortgages and other loans secured by real estate. It also does not immediately provide separate data for auto loans and student loans for November.