Intensified Challenges Push Business Leaders’ Optimism to Record Lows, Says Survey

inbusinessPHX.com

As the U.S. economy faces decades-high inflation, soaring interest rates and continued supply chain and labor shortages, midsize business leaders across the country are increasingly cautious in their economic outlooks, according to JPMorgan Chase’s 2022 Business Leaders Outlook Pulse survey released today. More than 1,500 midsize business leaders participated in the survey … [More]

Six Fast-Emerging Trends Impacting the Warehouse Automation Industry

inbusinessPHX.com

Warehouse and distribution centers (DCs) are grappling with a significant and ongoing labor shortage. Increased wages and benefits haven’t been enough to reverse the trend. Ever-increasing demand for faster delivery, and ongoing macro supply chain disruption add to the challenge. Warehouse safety issues also remain a problem for recruitment and retention of … [More]

Despite Continued Travel Demand, Phoenix Ranks ‘Best Departure Value’ to Europe

inbusinessPHX.com

CheapAir.com has published its latest year-over-year study, analyzing over 24 million flights to Europe to identify how much airfare has changed since this time last year. With inflation impacting travel costs for much of 2022, it is a pleasant surprise that international airfare to Europe is down 15.1% with the lowest average price coming in at $908 as compared to $1,070 last … [More]

Demand for Vacation Homes Is Now Below Pre-Pandemic Levels, Says Report

inbusinessPHX.com

Demand for vacation homes has fallen below the pre-pandemic baseline for the first time in two years, with mortgage-rate locks for second homes down 4% from before the pandemic in May, according to a new report from Redfin, the technology-powered real estate brokerage. That’s down from a revised rate of 3% above pre-pandemic levels a month earlier, and 70% above pre-pandemic … [More]

Video: Arizona Film Is Making a Comeback, Economic Impact Growing

inbusinessPHX.com

Arizona’s storied film industry is making a comeback with exciting new projects, strategic efforts to expand workforce partnerships, and renewed attention from moviemakers. Arizona Film and Digital Media, a program of the Arizona Commerce Authority, works with production companies to promote and facilitate film opportunities in Arizona. Arizona Film and Digital Media … [More]

Housing Affordability Hits 15-Year Low as Prices, Mortgage Rates Rise

Zillow

Ballooning mortgage costs, driven by skyrocketing prices and interest rates, have made mortgages less affordable than at any time since at least 2007. Demand for homes has pulled back in response, easing price growth, slowing sales and boosting inventory, according to the latest market report1 from Zillow®. Mortgage rates have shot up in early June, averaging … [More]

Housing-Market Competition Dropped to a 15-Month Low in May, Says Report

Rick McCartney

Nationwide, 57.8% of home offers written by Redfin agents faced competition on a seasonally adjusted basis in May, the lowest level since February 2021, according to a new report from Redfin, the technology-powered real estate brokerage. That’s down from a revised rate of 60.9% one month earlier and a pandemic peak of 68.8% one year earlier, and marks the fourth-consecutive … [More]

Real Estate Data Reveals Struggles of Property Owners and Service Providers to Better Manage Work

inbusinessPHX.com

Lessen, the marketplace platform uniting property owners and service professionals to deliver property services, announced the results of a survey indicating how owners and service providers utilize technology to help them overcome economic hurdles and make their jobs easier overall. The survey, which focuses on challenges that real estate professionals face in growing their … [More]

Crypto Crash: See What Arizona Workers Would Have Each Lost if Salaries Paid in Crypto

inbusinessPHX.com

A recent survey by CouponBirds conducted prior to the recent crash in crypto currencies revealed that the average Arizona employee would have liked to have received 32% of their monthly salary in a virtual currency. The company, which is a provider of consumer information about real-time deals and savings, applied this percentage to the current value of Bitcoin and determined … [More]

Arizona Voters’ Agenda: Voters Believe Tax Burden Is Low, Prefer Investing Surplus in Critical Infrastructure over Cutting Taxes

inbusinessPHX.com

Following the successful launch of the education issues important to voters earlier this week, Center for the Future of Arizona (CFA) today released its economic and inflation findings as part of their ongoing reveal of the Arizona Voters' Agenda, which identifies what likely voters in the general election want to hear about from candidates as they campaign for their … [More]

Investors Bought a Record Share of Homes in the First Quarter, Despite 17% Decline in Purchases from Pandemic Peak

Redfin

The number of homes purchased by real estate investors in the first quarter declined 11.5% from the fourth quarter of 2021 and 16.5% from the third quarter of 2021, when investor purchases hit a record high, according to a new report from Redfin, the technology-powered real estate brokerage. Still, investor purchases remained above pre-pandemic levels, and investors bought up a … [More]

Small Business Owners’ Expectations for the Future at 48-Year Low

NFIB

The NFIB Optimism Index fell 0.1 points in May to 93.1, marking the fifth consecutive month below the 48-year average of 98. Owners expecting better business conditions over the next six months decreased four points to a net negative 54%, the lowest level recorded in the 48-year-old survey. Expectations for better business conditions have deteriorated every month since … [More]

Luxury-Home Sales Sink 18%, the Biggest Decline since the Start of the Pandemic

Redfin

Sales of luxury U.S. homes fell 17.8% year over year during the three months ending April 30, the largest drop since the onset of the coronavirus pandemic sent shockwaves through the housing market. By comparison, sales of non luxury homes fell 5.4%. That's according to an analysis of luxury real estate trends from Redfin, the technology-powered real estate brokerage. The … [More]

US Homeowners Gained Over $60K in Equity per Borrower in Q1 2022, Historic Home Price Growth Continues

CoreLogic

CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the Homeowner Equity Report (HER) for the first quarter of 2022. The report shows U.S. homeowners with mortgages (which account for roughly 62% of all properties) have seen their equity increase by 32.2% year over year, representing a collective equity gain of $3.8 … [More]

U.S. Inflation Accelerates, Consumer Prices Up 8.6% over Last 12 Months

U.S. Bureau of Labor Statistics

The Consumer Price Index for All Urban Consumers (CPI-U) increased 1.0 percent in May on a seasonally adjusted basis after rising 0.3 percent in April, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 8.6 percent before seasonal adjustment. The increase was broad-based, with the indexes for shelter, gasoline, and … [More]

Arizona Voters’ Agenda Reveals What Majority Cares About, Asks Big Questions of Candidates

inbusinessPHX.com

With early voting in the Primary Elections in the State of Arizona four weeks away, Center for the Future of Arizona (CFA) announced today the creation of the Arizona Voters' Agenda, a data-driven look at what a majority of likely Arizona voters cares most about and want candidates to address in the midterm election. The Arizona Voters' Agenda is built on where a majority of … [More]

Second-Home Rental, Home Prices Skyrocketed in Phoenix during the Pandemic

Redfin

As remote work prompted many Americans to relocate during the pandemic, housing costs soared in second-home hotspots even more than the rest of the country, according to a new report from Redfin, the technology-powered real estate brokerage. Average rental prices rose 17.1% year over year nationwide to $1,893 in popular second-home markets in April. That’s compared with a 10% … [More]

Hot Housing Market Not a Bubble, Economists Say

Zillow

As home prices continue to break growth records, a panel of housing experts and economists surveyed by Zillow® does not believe the market is in a bubble. The latest Zillow Home Price Expectations Survey1 polled more than 100 experts from academia, government and the private sector to gather their opinions on the state of the housing market and future growth, inflation … [More]

US Home Price Gains Continue to Soar in April as Rising Mortgage Rates Drive Buyer Urgency

CoreLogic

CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI™) and HPI Forecast™ for April 2022. Nationwide, home prices posted another record-high year-over-year increase in April, marking the 123rd straight month of gains. Rising mortgage rates drove buyer urgency and the resulting … [More]

Over Half of Small Businesses Have Unfilled Job Openings, Says Report

NFIB

According to NFIB’s monthly jobs report, the labor shortage continues to be a challenge for small businesses with 51% (seasonally adjusted) of owners reporting job openings they could not fill in the current period, up four points from April and matching the 48-year record high set in September. Twenty-three percent of owners reported labor quality was their top business … [More]

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