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]
Small Business Uncertainty Index Reaches Highest Level since 2020
Inflation remains the top small business problem
The NFIB Small Business Optimism Index reached the highest reading of the year in May at 90.5, a 0.8-point increase but still the 29th month below the historical average of 98. The Uncertainty Index rose nine points to 85, the highest reading since November 2020. Twenty-two percent of owners reported that inflation was their single most … [More]
New Listings Up. Homes Selling Faster. Prices Continue to Rise.
Residential real estate inventory improved in May, according to data from Phoenix REALTORS
The number of new listings continued to climb in May in year-to-date comparisons, according to the latest data from Phoenix REALTORS. The first five months in 2024 were up more than 17% compared to the same period of 2023. Homes have also sold faster so far this year when compared to 2023, and the average days on the market dropped from 74 to 64. The year-to-date median sale … [More]
Small Business Compensation Plans Fall to Lowest Level Since 2021
Fewer owners are planning to raise compensation in the coming months
According to NFIB’s monthly jobs report, a net 18% (seasonally adjusted) of small business owners plan to raise compensation in the next three months in May, down three points from last month and the lowest reading since March 2021. Seasonally adjusted, a net 37% of owners reported raising compensation, down one point from April but historically very high. “An exceptionally … [More]
Office Space Absorption Predicted over the Next Two Years, but Contraction to Slow in 2025
Absorption of office space – the amount that is leased or occupied less the amount that is vacated or put on the market – is expected to remain negative through 2024 and 2025, though the rate of negative absorption is expected to slow to a near halt by the second half of 2025, according to the NAIOP Research Foundation’s Office Space Demand Forecast. “The office market … [More]
Monthly U.S. Home Price Gains Dip Below Seasonal Average
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index and HPI Forecast for April 2024. Annual U.S. home price appreciation remained above 5% in April, with three states posting double-digit gains. By next spring, national price gains are projected to slow to 3.4%, with only a few states … [More]
Median Price per Square Foot Experiences Monumental Rise, Growing 52.7% Since 2019
According to the Realtor.com May housing data, median list prices have increased 37.5% since May 2019, and while prices grew in that time frame, inventory is down 34.2% compared with typical 2017 to 2019 levels pointing to the market being in seller-friendly territory. "In addition to higher median list prices and fewer homes for sale versus 2019, the increase in median … [More]
The Best States to Work from Home Are Tallied, See Where Arizona Ranks
New research has revealed the best states to work from home, with Virginia coming out on top and Arizona taking the third spot on the list. The study by ergonomic furniture brand Desky analyzed data on internet speeds, electricity costs per kilowatt-hour, and remote job vacancies in each US state to determine which states are best for working from home. It found … [More]
