As Arizona continues to experience rapid population growth, the construction industry is a critical player in accommodating the evolving needs in the state — from new commercial projects and infrastructure developments to housing community demand. And while this economic activity is ultimately a good thing, it also brings with it increased risk and a high bar for quality, … [More]
Surety Bonds: A Key to Managing Construction Risk in 2025
Ensuring projects meet specifications and honor commitments
Arizona among Leaders in Job Searches: Americans Looking for Career Change in 2025
Amid rising unemployment across the U.S., a new study reveals which states are most eager to find jobs. The localization management platform, Centus, used Google Keyword Planner to analyze the search volume data for each U.S. state in the past 12 months for keywords related to finding a job. These keywords included ‘Glassdoor,’ ‘ZipRecruiter,’ ‘Indeed Jobs,’ and ‘Job near me.’ … [More]
Arizona Businesses Received $913 Million in SBA Funding in 2024
Small businesses are the backbone of Arizona’s economy, and a new study from LendingTree highlights just how crucial Small Business Administration (SBA) loans are to their success. Arizona’s businesses are leading the pack when it comes to SBA loans. In fiscal year 2024, 1,533 businesses in the Grand Canyon State secured $913 million in SBA loans, averaging $595,553 per loan … [More]
Survey: As 2025 Begins, CEOs Are Most Worried about a Trade War and Recession
As the new year begins, what will keep the world's executives up at night? CEOs globally rank intensified trade wars as the top geopolitical risk to their companies. They say tensions between the US, EU, and China will have the greatest geopolitical impact, according to a new survey from The Conference Board. When it comes to economic risks, leaders can't seem to kick the … [More]
Pending Home Sales Fell the Most Since 2022 in December as Mortgage Rates Jumped
Pending home sales fell 4.5% month over month in December on a seasonally adjusted basis—the largest decline since October 2022—and dropped 2.3% year over year. That is according to a new report from Redfin, the technology-powered real estate brokerage. Homebuyer demand dipped at the end of the year because mortgage rates jumped. After inching downward at the … [More]
Business Applications: Study Reveals Arizona Has Tenth-Highest Rate
New research has named the states the most interested in starting a business, with Arizona ranking tenth. The study, conducted by digital marketing experts at Skyline Social, analyzed U.S. Census Bureau data from October 2023 to September 2024 on the number of business applications in each state, to identify which state is the most entrepreneurial. According to the … [More]
Harnessing Purpose for Profit: Sustainable Growth in the Modern Economy
How purpose-driven businesses are rewriting the rules of resilience and growth
In today’s often fast-paced, often chaotic business environment, it’s easy to lose your footing. Growth brings complexity, competition sharpens, and every decision feels high stakes. Leaders often find themselves stretched thin—chasing new opportunities, managing demands from multiple stakeholders and attempting to streamline operations. It’s during this turbulent phase that … [More]
Small Business Optimism Surges Again, Reaches Six-Year High
Main Street uncertainty declines further as owners feel more confident following November’s election results
The NFIB Small Business Optimism Index rose by 3.4 points in December to 105.1, the second consecutive month above the 51-year average of 98 and the highest reading since October 2018. Of the 10 Optimism Index components, seven increased, two decreased, and one was unchanged. The Uncertainty Index declined 12 points in December to 86. “Optimism on Main Street continues to … [More]
Businesses Ring in the New Year with Renewed Optimism
Inflation and labor constraints remain top concerns
There is a renewed sense of optimism among small and midsize business leaders as they consider their business and economic prospects for the year ahead, according to JPMorganChase’s 2025 Business Leaders Outlook survey released today. Compared to a year ago, confidence in the national economy has jumped 12 percentage points to 55% among small business owners, and more than … [More]
Housing Affordability Didn’t Worsen in 2024—The First Time in Four Years That Has Happened
A household making the $83,782 median U.S. income in 2024 would’ve had to spend 41.8% of their earnings on monthly housing costs if they bought the $429,734 median-priced U.S. home, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That’s a slight improvement from 42.2% in 2023, but is considerably less affordable than the typical … [More]
U-Haul Growth Metros and Cities of 2024: Phoenix Metro Ranks Third for In-Migration
The Dallas-Fort Worth-Arlington metropolitan area, better known as the DFW Metroplex, is the leading U-Haul Growth Metro of 2024. Charlotte, Phoenix, Lakeland and Austin complete the top five U.S. growth metros, meaning they saw the largest net gains of U-Haul® customers taking one-way equipment into and out of metro areas last year. This marks the first year that metros … [More]
E-Commerce Enables Real-Time Pricing Agility for Businesses
America’s Top 5 eCommerce Platforms with the Most Frequent Price Changes
Dynamic pricing is reshaping the e-commerce landscape, offering businesses real-time adaptability while presenting unique opportunities and challenges for online shoppers. According to a new report by Smartproxy, e-commerce platforms in the U.S. and Canada are adjusting prices with unprecedented frequency. Insights from the industry-first e-commerce Maturity Index reveal the … [More]
2024 Year in Review: Advancing Arizona through Economic Development
High-growth industries saw significant investments alongside wins for startups, small business and broadband
In 2024, Arizona continued to attract historic investments while pioneering new advancements for workers, startups and small business owners, rural communities and more. Watch Arizona’s economic year in review below “2024 represented a year of significant growth and investments to continue growing Arizona’s economy,” said Sandra Watson, President and CEO of the … [More]
Housing Supply Ends 2024 on the Rise, Up 12% Year over Year
Active listings climbed 12% year over year during the four weeks ending December 22, though that was the smallest increase since March, according to a new report from Redfin, the technology-powered real estate brokerage. Redfin is taking a break from analysis this week, but please see the tables below for the latest housing-market data. Redfin will be back with full … [More]
January Guest Editor: Rick McCartney, InMedia Company
Ahead into the New Year
In spite of science telling us the universe is expanding, the world we live in seems to be getting smaller as we become increasingly interconnected. This is why we so appreciate the insights and expertise of the business leaders who speak so eloquently in the cover story in the following pages. As we make plans for 2025 in our own organizations, we can enjoy the benefit of … [More]
Looking Ahead: Arizona’s Cannabis Market in 2025
Arizona reached more than a billion dollars in cannabis sales in 2023 and 2024, respectively, with adult-use sales making up the bulk of each total. Although there was a 7.5% decrease in sales between 2023 and 2024, the state is expected to continue strong as the global market is expected to grow to $58 billion in sales by 2028, with 56% coming from the United States … [More]
Banking the Industry: Questions Every Construction Company Should Ask
It’s important to recognize that the industry experiences a lot of variation from one year to the next
In any metropolitan area, one of the biggest indicators of growth is construction. Phoenix saw 10.7 million square feet of industrial projects this past year, according to the November 2024 Industrial Market Report from CommercialEdge, opening the door for continued growth in the industrial and manufacturing space and more opportunities for construction companies. Heading into … [More]
Trending in 2025: Forecasting Strengths and Challenges in Our Key Economic Sectors
As we look to the new year ahead with the usual mixture of eagerness and trepidation, we recognize how interconnected we are. Business does not exist in silos, so we value insights from fields that touch our own, even if only peripherally. In Business Magazine reached out to leaders of businesses in our community for their thought leadership in areas at the very foundation … [More]
