As December draws to a close, the Arizona Lottery is thrilled to reflect on an extraordinary year of success and excitement. In 2023, the state experienced a remarkable surge in lottery wins, totaling an impressive 16,417 over $600 each across various games. Across all wins resulted in more than $868 million in total prizes distributed to lucky winners, contributing to the … [More]
Embracing the Future: Phoenix’s Small Business Landscape in 2024
A glimpse into the projected trends that promise to shape the Greater Phoenix small business community in the coming year
As we stand on the cusp of 2024, the entrepreneurial spirit in Phoenix is palpable, with the region’s economy showing robust momentum over recent months with new business growth exceeding the national average. But with a global economic downturn looming and new technological and societal trends emerging every day, businesses in Phoenix need to adapt if they want to thrive in … [More]
Declining Mortgage Rates Lure Sellers Off Sidelines, Paving the Way for 2024 Buyers
This week’s falling mortgage rates, sizable year-over-year increases in both new listings and listing consults with Redfin agents, and surge in housing starts all suggest that 2023’s frozen housing market is thawing. Sales are likely to climb after the typical holiday lull. That’s all according to a new report from Redfin (redfin.com), the technology-powered real estate … [More]
Mortgage Rates and Housing Payments Drop to Lowest Level Since Spring
Daily average mortgage rates have fallen to 6.82% and housing payments have dropped to their lowest level since April. That’s according to a new report from Redfin, the technology-powered real estate brokerage. This marks the first time daily rates have dipped below 7% since July. Rates dropped after the Fed brought good news to homebuyers at its December 13 meeting, … [More]
New Multifamily Renter Sentiment Report Reveals Surprising Trends in Housing Choices and Generational Preferences
Knightvest, a fully integrated real estate investment and management company, released the results of the company's first annual survey measuring multifamily renter sentiment. The survey provides insights into the rent-versus-buy decision, the downstream effects of high mortgage interest rates, and differences in generational preferences around … [More]
Small Business Owners Pessimistic about Future Business Conditions
NFIB’s Small Business Optimism Index decreased 0.1 point in November to 90.6, which marks the 23rd consecutive month below the 50-year average of 98. Twenty-two percent of owners reported that inflation was their single most important problem in operating their business, unchanged from October but 10 points lower than this time last year. “Job openings on Main Street remain … [More]
Phoenix Housing Market Optimism for 2024 Crushes a Trying 2023
Continued population growth and dropping interest rates shine a bright light on the first quarter 2024
The residential real estate market was the worst in 2023 since the Great Recession in 2009. It’s a good year to put behind the industry and prepare for a better 2024 with lowering interest rates and increasing population, according to Phoenix REALTORS®. Looking back over the year, new listings dropped 25.3% from the same 11-month period for 2022. A new report from Phoenix … [More]
Main Street Job Openings Dip Slightly in November
Labor quality remains a top concern for businessowners
According to NFIB’s monthly jobs report, 40% (seasonally adjusted) of all owners reported job openings they could not fill in the current period, down three points from October. The percent of small business owners reporting labor quality as their top small business operating problem remains elevated at 24%. Labor costs reported as the single most important problem for business … [More]
2023 Least Affordable Year for Homebuying on Record – but 2024 Is Looking Up, Says Report
2023 has been the least affordable year to buy a home in Redfin’s records, but things are looking up for 2024, according to a report from Redfin, the technology-powered real estate brokerage. Someone making the $78,642 median U.S. income in 2023 would’ve had to spend 41.4% of their earnings on monthly housing costs if they bought the $408,806 median-priced U.S. home. That’s … [More]
Looking Ahead to 2024: More Homes for Sale, Improved Affordability
Home buying will remain expensive, so expect a competitive market for homes that need some work and for single-family rentals
The housing market's headline news this year has been the affordability challenge brought on by mortgage rates reaching 20-year highs. Looking ahead to 2024, Zillow® predicts home buyers will have a bit more breathing room — but only a bit. Buying a home will remain expensive, keeping pressure on the rental market to cater to families that will be renting for longer than … [More]
Monthly Mortgage Payments Fall; New Listings Post Biggest Annual Uptick in Over 2 Years
Housing payments have declined for the fifth week in a row, according to a new report from Redfin, the technology-powered real estate brokerage. The typical U.S. homebuyer’s monthly mortgage payment was $2,575 during the four weeks ending November 26, down $164 from a peak of $2,739 last month but up 13% year over year. Monthly payments are falling from their peak … [More]
Feedback – December 2023
Q: What economic trends do you expect will impact your business in 2024? Dr. Joel P. Martin President Positively Powerful / Triad West Inc. Sector: Business Consulting The experience economy is a trend that will significantly impact our business in 2024 and that we will be leveraging on behalf of our clients, and women specifically. Consumers unquestionably desire … [More]
The Secret Weapon in Preventing Buyer’s Remorse
Quantitative and qualitative procedures of financial due diligence
Purchasing a business involves considerable personal, professional and financial investment. For those considering a business transaction, it is important to know that academics and researchers highlight a discouraging trend for failed mergers and acquisitions. It’s sad, but true –— not all M&As are winners. However, the risks and surprises associated with the purchase of a … [More]
Coffee Badging: The Latest Hybrid Work Trend
“Coffee badging,” latest hybrid work trend, is the act of going into the office long enough to grab a coffee, visit with co-workers and/or comply with in-office work requirements. Once the coffee and the socializing dry up, employees leave to work from home for the rest of day. Many leaders hoping to restore office culture are understandably concerned about the impacts on … [More]
Updated Economic Impact Report Released for New Mega Resort in Glendale
VAI Global Development announced the results of the updated, comprehensive Economic Impact Analysis conducted by Applied Economics for VAI Resort. It highlights the positive contributions that VAI Resort will make to the thriving Glendale community. The updated Economic Impact Analysis underscores the substantial economic benefits that VAI Resort is expected to bring to the … [More]
Black Women Helping Close the Gender Gap as the Fastest Growing Group of Entrepreneurs, Says Report
According to a new report from GoDaddy's Venture Forward research initiative, Black women remain the fastest-growing group of entrepreneurs, more than doubling since August 2019. Black women total 10% of total entrepreneurs surveyed for the latest report, representing a 70% increase in the number of Black women-owned businesses started prior to the pandemic. Overall, … [More]
October Shows a Slow Start to the Quarter, but Metro Area Still Outperforming National Home Sales Trends
Fourth quarter of 2023 started slow with pending sales down 30.6% from last October, according to the latest data from Phoenix REALTORS. Year-to-date, closed sales are down 17% from the same period the previous year. The numbers follow seasonal trends typical for this time of year, as real estate activity decreases approaching holiday months. "The Phoenix metropolitan area is … [More]
Rent Remains High with More Properties Offering Incentives, Especially Phoenix
New construction surge prompts landlords and property managers to provide more perks
Rental concessions—offers meant to entice tenants, such as free months of rent or free parking—are at their highest level in more than two years despite strong renter demand, Zillow's latest data shows. That's because property managers are now likely competing for tenants, as new, primarily upscale buildings from the recent construction boom enter the rental … [More]
