New listings climbed 15.8% for the first half of 2024 compared to last year, based on the latest data from Phoenix REALTORS. The month-over-month median sales price was up just 1.5%. Days on the Greater Phoenix market dropped over 11% for the year's first half. “It’s still a challenging marketplace, and the number of homes on the market is growing,” said Sheryl Bowden, board … [More]
Spring Training Stadium Catalyzes Economic Growth in Salt River Pima-Maricopa Indian Community
Since its inception 15 years ago, Salt River Fields at Talking Stick has become a monumental success as the first Major League Baseball Spring Training stadium on Tribal land. Transforming a former golf course into a 140-acre, $200 million economic powerhouse, SRF has firmly established itself as a cornerstone of the Salt River Pima-Maricopa Indian Community’s rapidly expanding … [More]
Newly Built Apartments Are Filling Up at the Slowest Pace since 2020
Less than half (47%) of newly constructed apartments that were completed in the fourth quarter were rented within three months, according to a new report from Redfin, the technology-powered real estate brokerage. That’s down from 60% a year earlier and is the lowest seasonally-adjusted share on record aside from the first quarter of 2020, when the onset of the pandemic brought … [More]
Sustainable Surge
The semiconductor industry’s efforts include addressing environmental challenges
Once deemed the “least sustainable city in the world” by New York University sociologist Andrew Ross in his book Bird on Fire due to concerns over sustaining a metropolitan area in the desert, Phoenix is known today as the Silicon Desert, a semiconductor super hub helping lead the charge to bring manufacturing back to the United States. This shift raises a critical question: Is … [More]
Arizona Economic Insights Dashboard Finds Hiring Rates Increase, Employed Workers Missing Less Work and Wages in Utilities Sector Rise
The Greater Phoenix Chamber has released its June Arizona Economic Insights Dashboard findings. This tool provides access to real-time, interactive data updates on Arizona’s ever-changing economic landscape. Users can delve deeper into GDP, job projections, population changes, average income, educational attainment, housing data, and more. June economic data findings … [More]
Phoenix Identified as a Top 25 U.S. Market for Life Science Talent
Phoenix ascended into the Top 25 because of its workforce and emerging talent
Phoenix was named among the top 25 markets by CBRE in the annual U.S. Life Sciences Talent Trends report. The report maps the top U.S. markets and employment trends across the research & development (R&D), manufacturing, and medical technology fields. According to the CBRE report, Phoenix's life sciences R&D subsector ranks No. 23 nationally with 6,180 employees, … [More]
Trends in the Transformation Economy: Where Health, Well-Being & Happiness Matter Most
Offering a concrete and workable model for companies in the transformational economy, Trends in the Transformation Economy helps companies improve their customer centricity by focusing on real customer transformations. Jauquet includes guidelines to strategically align innovation with what really matters to customers and insights and tools to prepare companies for future … [More]
Arizona Wine Tourism Study Reveals More Than 500% Growth since 2011
Strong visitor spending, employment and labor income metrics highlight benefits of supporting industry
Arizona’s wine tourism industry has seen explosive growth during the past decade, headlined by an astounding 677% increase in wine experience-driven visitor spending and a 500% leap in wine-related employment since 2011, according to a recent study of Arizona’s wine tourism industry conducted for the Arizona Office of Tourism by the Economic Policy Institute at Northern Arizona … [More]
To Afford a Monthly Mortgage Payment, Middle-Class Americans Need to Put More Than $127,000 Down, Phoenix Is More
To comfortably afford a typical U.S. home, a home buyer making the median income needs to put down nearly $127,750, or 35.4%, a new Zillow® analysis shows. Five years ago, when mortgage rates were hovering just above 4% and the typical home was worth about 50% less, that home would have been affordable with no money down. That $127,750 down payment is what a household … [More]
Small Business Economic Trends: Construction, Manufacturing, Retail, and Services Industries Survey
Survey focuses on the construction, manufacturing, retail, and services industries
The NFIB Research Center released an industry-specific quarterly Small Business Economic Trends survey highlighting the construction, manufacturing, retail, and services industries. “In general, small business owners are not optimistic about the economy and the future of their business conditions,” said Holly Wade, Executive Director of NFIB’s Research Center. “The survey … [More]
Home Prices Hit New High, but Buyers Gain Power as Stale Listings Pile Up and Price Drops Become More Common
Pending home sales fell 3.8%, the biggest year-over-year decline in nearly four months, during the four weeks ending June 16. That’s according to a new report from Redfin, the technology-powered real estate brokerage. Buyers are shying away from earlier steps in the house-hunting process, too: Redfin’s Homebuyer Demand Index, a measure of requests for tours and other … [More]
U.S. Is Now Short 4.5 Million Homes as the Housing Deficit Grows
Despite a pandemic construction boom, the U.S housing shortage grew to 4.5 million homes in 2022, up from 4.3 million the year before, according to a new analysis from Zillow®. This deepening housing deficit is the root cause of the housing affordability crisis. In 2022, Phoenix was estimated to be short more than 98,000 homes. That was an 8 percent increase over … [More]
Arizona Businesses Have the Fifth Highest Average Loans at $704,958
A study by business formation experts, CreditDonkey, analyzed U.S. Small Business Administration lender reports from 2020 to 2023 (inclusive). The study examined 251,834 loans to determine which states had the highest and lowest average business loans. Arizona businesses have the fifth highest average loans at $704,958, with almost $3.5 billion distributed across 4,916 loans in … [More]
Homes Sales Fell to One of the Lowest Levels on Record in May
Home sales fell 1.7% month over month in May on a seasonally adjusted basis and dropped 2.9% from a year earlier, according to a new report from Redfin, the technology-powered real estate brokerage. There have been just two months in the past decade with fewer home sales: October 2023, when mortgage rates jumped to a 23-year high, and May 2020, when the onset of the pandemic … [More]
Study Identifies Three Bioscience Growth Areas to Advance Innovation and Economic Growth in Greater Phoenix
Precision oncology/medicine, digital health, translational neurosciences to advance Phoenix Bioscience Core, new hubs
A new study of the Phoenix area’s bioscience ecosystem has identified three areas poised for rapid growth and global impact at the Phoenix Bioscience Core and in surrounding regional hubs of research and innovation. The report, “Leveraging the Phoenix Region’s Bioscience Assets for Sustained Economic Growth,” released June 13, identifies how Phoenix’s strengths can … [More]
U.S. Home Prices Hit Another Record High, but Mortgage Rates Are Starting to Decline
The median U.S. home-sale price hit an all-time high of $394,000 during the four weeks ending June 9, up 4.4% year over year—the biggest increase in about three months. That’s according to a new report from Redfin, the technology-powered real estate brokerage. There are signs that home-price growth could ease soon. Asking prices have leveled off, and 6.5% of home sellers are … [More]
Asking Rents Hitting Highest Level since 2022, but Falling in the Sun Belt
The median U.S. asking rent rose 0.8% year over year in May to $1,653 — the highest level since October 2022, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That’s the second consecutive increase (rents climbed 0.9% year over year in April) following 11 months of decreases. Rents rose 0.5% on a month-over-month … [More]
Arizona Named among the Best States in America for Entrepreneurial Success
A new study has revealed the best states in America for entrepreneurial success, with Oregon taking the top spot and Arizona coming in tenth. Digital marketing site DesignRush analyzed data from the US Bureau of Labor Statistics to find the change in the number of business establishments per state between September 2022 and September 2023. The states with the greatest … [More]
