Job markets around the world have struggled throughout 2023 due to factors such as inflation driving up costs and triggering widespread layoffs. Across the U.S. there were 1.7 million fewer jobs available in October 2023 than there were in October 2022. Side hustle experts Wealth of Geeks have analyzed the latest data from the Bureau of Labor Statistics which showed the … [More]
32% of Homes for Sale in Q4 Were Newly Built, Just Shy of the Record High
Nationwide, 31.8% of U.S. single-family homes for sale in the fourth quarter were new construction, according to a new report from Redfin, the technology-powered real estate brokerage. That’s comparable with 31.9% a year earlier, which is the highest level of any fourth quarter on record. Newly built homes are taking up a growing share of the for-sale housing pie for two … [More]
Luxury Home Prices Hit All-Time High, New Listings Rose Most in Phoenix
Prices of luxury homes rose at twice the pace of non-luxury homes at the end of 2023, partly because elevated mortgage rates are irrelevant to many affluent buyers
The typical U.S. luxury home sold for a record $1.17 million in the fourth quarter, up 8.8% from a year earlier, according to a new report from Redfin, the technology-powered real estate brokerage, and new listings of luxury homes rose most in Phoenix (42.3%). Prices of non-luxury homes increased at half the pace, rising 4.6% year over year to a record $340,000. This is … [More]
From Founders to Sellers: Start Early to Plan the Why and When for Exiting a Business
It is common for business owners to consider selling their company, whether now or at some point in the distant future. For most business owners and founders, this process is a black box, without even a clear starting point. As a private equity firm that’s been investing in founder-owned businesses for nearly 20 years, we’re shedding some light on how business owners can … [More]
Global Partnerships Fuel Arizona’s Semiconductor Success
Arizona is no stranger to fostering international relations. Still, within the last year, its active recruitment of foreign partnerships is just one reason Arizona is now number two in semiconductor supercenters in the United States. An example of this proactive relationship building can be seen in the Arizona House Committee’s International Trade visit to Canada, Romania … [More]
The Chipmaker’s Visa: New Solution to Labor Shortage
Industry leaders and the Economic Innovation Group have put forward the Chipmaker’s Visa initiative, aimed at addressing the limitations of the current U.S. H-1B Visa system in meeting the semiconductor sector’s specific requirements. The Chipmaker’s Visa is designed to streamline the process of bringing skilled labor from overseas to supplement the U.S. workforce in this … [More]
Phoenix Sky Harbor International Airport Says 2023 Busiest Year Ever
2023 was a monumental year for Phoenix Sky Harbor International Airport with a record-breaking day, national and international honors, and new innovations. The year-end passenger numbers for America's Friendliest Airport® show that PHX has reached a new passenger milestone, and 2023 is the … [More]
Price Growth Starts the Year Strong, Metro Phoenix near Top of List for New Listings
The median U.S. home-sale price rose 5.1% during the four weeks ending January 21, the biggest increase since October 2022, according to a new report from Redfin, the technology-powered real estate brokerage. Asking prices rose 6.5% which is also the biggest increase since October 2022. Greater Phoenix is on of the top Metros with the biggest year-over-year increases in new … [More]
Phoenix Office Fundamentals Showing Signs of Stabilizing
Following a challenging 2023, local office market reporting some positive trends
The Phoenix Office of JLL has released its Q4 2023 Phoenix Office Insight, noting some persistent, positive trends after a challenging 12 months. In the last quarter of the year, negative absorption slowed, asking rents showed signs of stabilizing and construction deliveries remained subdued, reducing some supply-side risks and supporting the leasing success of key product … [More]
Renting a Home More Affordable than Owning; Phoenix Rents Growing Faster than Wages
ATTOM, a leading curator of land, property and real estate data, today released its 2024 Rental Affordability Report, which shows that median three-bedroom rents in the U.S. are more affordable than owning a similarly-sized home in nearly 90 percent of local markets around the nation. The report shows that both renting and owning a three-bedroom home continue to pose … [More]
Tech Council’s Q3 2023 Impact Report Shows Strong YOY Gains in Technology Jobs, Despite Current Lull
The Arizona Technology Council has released its Q3 2023 Arizona Technology Industry Impact Report with the finding that the state’s technology jobs total has exceeded 222,000 — a 3.78% one-year gain that places Arizona third in the Southwest for job growth in the sector. The highest number of industry jobs currently are in computing, software, defense, and semiconductor. … [More]
Relaxed Mortgage Rates Mean Serious Savings for Buyers
Buyers are getting some much-needed relief, and more homeowners appear to be breaking free of "rate lock," according to the latest monthly report from Zillow®. Yet despite improvements in inventory, competition for homes is still relatively stiff. The share of homeowners considering selling is trending up, according to Zillow. "Buyers found significant … [More]
Greater Phoenix’s Residential Real Estate Market Puts 2023’s Challenges in Rearview, Sees Brighter Prospects for 2024
Motivated buyers, downsizing sellers expected to help 2024 rebound from tough year
Greater Phoenix's residential real estate market weathered unprecedented challenges in 2023, with factors such as a shortage of listings, record-high mortgage rates and hesitant sellers making it the toughest year for the market since 2009, according to the latest market data reports from Phoenix REALTORS®. Yet despite the challenges, REALTORS are turning their gaze towards a … [More]
89% of People with Mortgages Have an Interest Rate Below 6%, Down from a Record 93% in 2022
Nationwide, 88.5% of U.S. homeowners with mortgages have an interest rate below 6%, down from a record high of 92.8% in mid-2022, according to a new report from Redfin, the technology-powered real estate brokerage. That means more than 88.5% of homeowners with mortgages have a rate below the current weekly average of 6.66%, prompting many to stay put instead of selling and … [More]
The New Year Brings an Uptick in Early-Stage Demand as Mortgage Payments Fall and More Homes Hit Market, Phoenix Area Highest in New Listings
As mortgage rates hold steady in the 6% range and new listings tick up, mortgage-purchase applications and Redfin home tours are rising
Pending U.S. home sales posted their smallest year-over-year decline in two years (-3%) during the four weeks ending January 7, according to a new report from Redfin, the technology-powered real estate brokerage. Mortgage-purchase applications are up 3% from a month ago, and Redfin’s Homebuyer Demand Index—a seasonally adjusted measure of requests for tours and other buying … [More]
New Report Finds Growth of Women Business Owners Outpaces the Market, Metro Phoenix a Top Area
Women-owned businesses continue to fuel the economy, representing 39.1% of all businesses – over 14 million – employing 12.2 million workers, and generating $2.7 trillion in revenue. According to the 2024 Wells Fargo Impact of Women-Owned Business Report, in partnership with Ventureneer, CoreWoman, and Women Impacting Public Policy (WIPP), the number of women-owned businesses … [More]
Inflation Returns as Top Business Problem on Main Street, Says Report
Inflation surpassed labor quality in December as top business problem
The NFIB Small Business Optimism Index increased 1.3 points in December to 91.9, marking the 24th consecutive month below the 50-year average of 98. Twenty-three percent of small business owners reported that inflation was their single most important problem in operating their business, up one point from last month, and replacing labor quality as the top concern. “Small … [More]
Labor Quality Remains Top Concern for Small Business Owners
Forty percent of owners have job openings they could not fill
The percent of small business owners reporting labor quality as their top small business operating problem remains elevated at 20%, according to NFIB’s monthly jobs report. Labor costs reported as the single most important problem for business owners increased one point to 9%, four points below the highest reading of 13% reached in December 2021. “The tight labor market has … [More]
