Must-Read Money Stories for Tuesday, Jan 3.

by January 3, 2017
China is investing big in genetic testing (flickr image by MIKI Yoshihito, CC by 2.0)

China is investing big in genetic testing (flickr image by MIKI Yoshihito, CC by 2.0)

Rents ready to drop?

A glut of new luxury apartment buildings in cities across the country could make things a little easier on tenants in 2017. The Wall Street Journal reports rental rates are expected to hold steady, or even fall, across the country. The average monthly cost of an apartment has soared in many cities as the foreclosure crisis forced many people into the rental market. But now, the WSJ says the supply of new apartments is exceeding demand, which should make prices dip in 2017.

Statehood push

Puerto Rico swore in a new governor Monday, and Jose Davila promised an immediate push to make the island the 51st state, according to an AP report picked up in the Miami Herald. Legally speaking, Puerto Rico is an “unincorporated territory” of the United States. The island commonwealth is facing a daunting fiscal crisis, and its new governor believes statehood is the way out. We’ll see what the folks in Washington D.C. have to say about that.

China invests in gene testing

China is investing billions of dollars to become the global leader in genetic testing, according to the Washington Post. The country has invested in research and startups in the field to the tune of $9 billion. A hefty chunk of that was spent buying U.S. startups. The Post reports the investments are part of a new economic strategy for China. After rapidly ramping up its capabilities in manufacturing, the country now sees biotech and innovation as key to future economic growth. Analysts say the U.S., so far, hasn’t kept up with similar investments.

Apple alums regroup

The New York Times has a profile of Pearl Automation, a company developing modern safety features for older cars. The Times notes that 50 of the company’s 80 employees arrived from Apple, after years of working on devices such as the iPhone and iPad. The question is whether some of the magic sauce that made Apple such a dominant force among device makers can translate to the new company with big ambitions.

DNA” by MIKI Yoshihito on Flickr, CC by 2.0.