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]
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
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]
2024’s Most Popular (and Most Unusual) Home Searches Revealed
This year, Zillow enhanced its natural language search feature, allowing home shoppers to search for their next home as naturally as they would speak to family or friends. Buyers and renters can use everyday language instead of preset filters to search by commute time, affordability and nearby schools or points of interest. This new feature showed what Americans were … [More]
Most Entrepreneurial States in 2024; See Where Arizona Ranks
As 2024 concludes, a new report aimed to identify where the most hard-working Americans live, and it is not necessarily the richest or the poorest states. Utah ranked as the most entrepreneurial state, with Arizona and Texas following closely behind in second and third positions. On the other hand, Montana, South Dakota, and Alaska displayed the least enthusiasm in starting a … [More]
2025 Housing Market Predictions from the Arizona Association of REALTORS®
2024 marked a year of sustained demand in Arizona’s housing market as inventory remains limited and demand is high from continued population growth. With 2025 on the horizon, the Arizona REALTORS® is forecasting the housing projections for the year and the impact of 2024 as they expect increased activity in the market and interest rates to slightly stabilize. "The … [More]
Rent Growth Continues to Slow, Phoenix Metro Down 1.2 Percent
CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its latest Single-Family Rent Index (SFRI), which analyzes single-family rent price changes nationally and across major metropolitan areas. The report highlights the slowing growth in key rental metros which all experienced population spikes during the … [More]
Existing Home Sales Rise to Highest Level in over a Year and a Half
Existing home sales rose 0.7% month over month in November to a seasonally adjusted annual rate of 4,269,85—the highest level since March 2023. They jumped 4.5% year over year—the largest annual increase since July 2021, according to a new report from Redfin, the technology-powered real estate brokerage. A seasonally adjusted annual rate is not a measurement of actual total … [More]
Positive Office Space Absorption After Five Straight Negative Quarters Signals Further Growth
Net absorption of office space turned positive in the second and third quarters of 2024, following five consecutive quarters of shrinking demand. Although it is still possible that a recession could delay a recovery, recent trends suggest the office sector is stabilizing and that demand for office space will grow modestly in 2025, according to the NAIOP Research Foundation’s … [More]
Phoenix Metro Area Ranked No. 8 in Forecast of Top Housing Markets for 2025
The Valley takes spot in annual ranking of areas poised to see the strongest combined increase in home sales and listing prices
The Phoenix metro area, one of the market areas served by members of Phoenix REALTORS®, has been ranked No. 8 on the Realtor.com® 2025 top housing markets forecast. The 2025 forecast highlighted areas that are primed and ready for growth in the year ahead. This year’s list highlights markets characterized by moderately affordable homes, abundant inventory – mainly boosted by … [More]
Small Business Optimism Jumps Above 50-year Average
The NFIB Small Business Optimism Index rose by eight points in November to 101.7, after 34 months of remaining below the 50-year average of 98. This is the highest reading since June 2021. Of the 10 Optimism Index components, nine increased, none decreased, and one was unchanged. Following last month’s record high of 110, the Uncertainty Index declined 12 points in November to … [More]
2025 Predictions: Pent-Up Demand Will Lead to More Home Sales, but Many Would-Be Buyers Will Opt to Rent
Rental prices should stay flat while wages increase, improving affordability for renters, as the cost of buying a home rises
Redfin’s economists expect there will be more home sales in 2025, largely due to pent-up demand. But some would-be homebuyers will still be priced out, with home prices climbing and mortgage rates remaining near 7%. That’s according to annual housing market predictions from Redfin, the technology-powered real estate brokerage. Prediction 1: Home Prices Will Rise 4% Redfin … [More]
Feedback: December 2024
Q: What economic trends do you expect will impact your business in 2025? Randy Grudzinski Partner & Head of Capital Markets Empire Group of Companies Sector: Commercial Real Estate When it comes to new homebuyers, end of year 2025 30-year mortgage-rate expectations from the leading groups in this field really don’t signal that much relief is on the way. The Mortgage … [More]
The Pandemic-Led Rent Growth Boom Is Beginning to Fizzle, Metro Phoenix Sees No Change
CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its latest Single-Family Rent Index (SFRI), which analyzes single-family rent price changes nationally and across major metropolitan areas. The report highlights the slowing growth in key rental metros which all experienced population spikes during the … [More]
Gen Z and Millennials to Small Businesses: Get Online or Get Left Behind
New GoDaddy survey shows 80% of young shoppers research businesses before buying
Maintaining an online presence is important to small businesses, but is it necessary? According to new data from GoDaddy, if a business's target audience is Gen Z or Millennials, not having one could seriously impact their bottom line. A majority (80%) of 1,000 Gen Z and Millennial U.S. consumers surveyed in September shared they research small businesses online before … [More]
Investor Home Purchases Plateau after a Pandemic-Era Rollercoaster Ride, Phoenix Fared OK
Real estate investors purchased 2.3% fewer homes in the third quarter than they did a year earlier, according to a new report from Redfin, the technology-powered real estate brokerage. The small size of the change is notable because it comes after four years of huge swings driven by the wild pandemic-era housing market. For instance, investor purchases … [More]
Best U.S. Airports for Travelers: Phoenix Sky Harbor Ranks Second
New research into the factors contributing to an enjoyable airport experience for travelers has revealed a ranking of the best large hub airports in the US –with Phoenix Sky Harbor International Airport ranked second. The study by the online casino website Nieuwe Casino analyzed various reviews, facilities, and Google search volumes of the 31 busiest airports in the US … [More]
Consumers Plan to Spend Big This Holiday Season
JLL’s 2024 Holiday Shopping Report reveals that budgets will surge by more than 30% this holiday season
Driven by cooling inflation and the revival of physical storefronts, consumer spending habits will see significant shifts this holiday season compared to 2023, according to JLL’s 2024 Holiday Shopping Survey. After surveying over 1,000 consumers to understand how, when, and where shoppers plan to spend their dollars this holiday season, JLL reveals an expected 31.7% uptick in … [More]
Main Street Owners Feel More Confident as They Enter the Holiday Season; Arizona Voters Go Pro-Small Business
The NFIB Small Business Optimism Index rose by 2.2 points in October to 93.7. This is the 34th consecutive month below the 50-year average of 98. The Uncertainty Index rose seven points to 110, the highest reading recorded. A seasonally adjusted net negative 20% of small business owners reported higher nominal sales in the past three months, the lowest reading since July … [More]
