Arizona has a long and illustrious history as a filming destination. With increased collaboration among film partners statewide, Arizona is poised to once again become a premier filming destination. As outlined in this month’s cover story, the economic impact of film and digital media on Arizona is substantial. The Arizona Film & Digital Media Program (the State’s Film … [More]
How Businesses Can Prepare for an Uncertain Real Estate Market
Manage risk while navigating the ever-changing state of the real estate industry
If there’s one common theme that resonates across the real estate market, from property owners and investors to developers and asset managers, it’s uncertainty. Constant changes in the market, such as interest rates, inflation and rising operational costs, to name just a few, have the potential to negatively affect real estate businesses. With no crystal ball to illuminate a … [More]
Arizona Cities among Best in U.S. for Economic Growth
In the wake of the COVID-19 pandemic, Arizona has shown resilience and resurgence, positioning itself as a burgeoning "boomtown" and future economic powerhouse. In fact, five Arizona cities earned a place on CoworkingCafe’s study on the best U.S. cities for economic growth: Mesa and Phoenix, for large cities, with total points of 65.60 and 62.80, respectively); Gilbert and … [More]
Arizona Ranks among the Most Expensive States to Live In
A new study has revealed the most expensive states to live in based on disposable income adjusted for each region's cost of living. Arizona has the fourth lowest purchasing power in the country. Arizona's average annual disposable income is just $55,333, which is 2.9% lower than the national average. The study, conducted by QR Code Generator, utilized state-by-state … [More]
Their Take: ARA Responds to New Stat – Arizona Is No. 2 in Restaurant Inflation
USA Today recently listed Arizona as No. 2 on its list of the top five states that had been hardest hit by restaurant inflation. Arizona had increased 23%, from $96.68 to $118.54 when comparing the change in consumer spending during two-week periods that were analyzed. However, this doesn’t mean that Arizonans as spending the most on their dining out experiences. In fact, … [More]
Arizona Homeownership Surges with Seventh-Highest in US, Arizona’s Housing Market Is on Fire!
New research has revealed the state with the most significant increase in homeownership since 2014, with Arizona taking seventh spot. Arizona had the seventh-most significant rise in homeownership over the past ten years, with an increase of 8.41%. Real estate experts Agent Advice analyzed a recent housing vacancy and homeownership survey from government census data to … [More]
Nearly 1 in 4 Sellers Cut Home Prices as Inventory Grows
Home listings are piling up as buyers step back from the peak of home shopping season faster than normal, according to the latest monthly report from Zillow. "A growing segment of homes that aren't competitively priced or well marketed are lingering on the market. Sellers are increasingly cutting prices to entice buyers struggling with affordability," said Skylar Olsen, … [More]
Arizona Residents Expected to Pay 75% Increase in Electricity Costs this Summer
New data has revealed the states that will encounter higher electricity expenses this summer. Arizona residents will likely have to shell out an extra $100.15 per month to keep cool - the highest extra cost for any state. Conducted by electricity experts Texas Electricity Ratings, the study analyzed Energy Information Administration (EIA) data to rank states based on … [More]
Falling Mortgage Rates, Rising Supply Create Opportunity for Homebuyers This Summer, Even amid Record-High Prices
Homebuyers on a $3,000 monthly budget have gained over $20,000 in purchasing power since mortgage rates peaked in the spring
A homebuyer on a $3,000 monthly budget can afford a $447,750 home with a 6.85% mortgage rate, the daily average as of July 11, according to a new report from Redfin, the technology-powered real estate brokerage. That buyer has gained $22,500 in purchasing power since mortgage rates hit a five-month peak in April, when they could have bought a $425,500 home with an average rate … [More]
Scottsdale Named America’s Sixth Most Family-Friendly City
Scottsdale is the sixth most family-friendly city in America, according to a new study. Leader in educational student travel, Rustic Pathways, analyzed 323 cities in America based on three metrics: affordability, safety, and family and kid activities. Some aspects assessed in each city include family activities per 100,000 people, median booking prices on Booking.com, … [More]
Small Business Optimism Index Shows Main Street Still Pessimistic on Future of Economy
NFIB State Director Chad Heinrich says the latest NFIB Small Business Optimism Index highlights how inflation affects Arizona’s small, independent businesses. “Inflation remains a serious challenge for small businesses and their consumers,” Heinrich said. “While costs remain elevated, our Main Street businesses have openings they simply can’t fill. As they try to plan ahead, … [More]
Positive Signs Showing in June Residential Real Estate’s Challenging Phoenix Market
Inventory is growing; prices continue upward tick, and days on market drop in June
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]
