The NFIB Small Business Optimism Index increased 0.9 of a point in July to 91.9, marking the 19th consecutive month below the 49-year average of 98. Twenty-one percent of owners reported that inflation was their single most important problem in operating their business, down three points from June. “With small business owners’ views about future sales growth and business … [More]
Arizona Economic Development Sets New Records, Projecting 24,246 New Arizona Jobs
Arizona economic development efforts continue to break records and earn international attention. During the 12-month fiscal period that ended June 30, 2023, the Arizona Commerce Authority and local economic development agencies successfully worked with companies that committed to creating a projected 24,246 new Arizona jobs with an average wage of $71,893. Those companies also … [More]
Luxury Homebuilder Reports New Spike in Out-of-State Buyers, Several Communities Nearly Sold Out
Custom Home Builder of the Year Cullum Homes is proud to announce the luxury builder is almost sold out and down to its final remaining homes for sale in several of its marquee communities. The Scottsdale-based builder is currently finishing construction on its final two remaining model homes for sale at the Village at Mountain Shadows. Nestled at the base of the Valley’s … [More]
New Survey Reveals Arizonans’ Deep Concern over Rising Homelessness
Significant majorities of likely Arizona voters spanning political parties and racial demographics are concerned about rising homelessness in the state and view the issue as a threat to public safety, according to a statewide poll commissioned by the Cicero Institute June 28 – July 3, 2023. On the policy front, Arizonans overwhelmingly – 80% of likely voters – support … [More]
Home Economics: Does the Housing Market Impact Our Economic Growth?
“When the housing market is strong, typically economic growth is strong,” observes Randy Bury, who has more than 25 years’ experience in home building, land acquisition and development and is founder and owner of Moderne Communities®, an Arizona-based real estate investment and development company. “I believe approximately 65–70% of GDP is consumer spending, of which … [More]
Brad Schoenberg, Taylor Morrison, Inc.
Bringing It Home
As Arizona is experiencing a surge in population, we are seeing construction starts throughout the Valley to accommodate the increased housing need. The housing market continues to serve as a significant driver of economic growth. At Taylor Morrison, we’re seeing that the housing consumer is evolving along with it, and that stability is coming to the housing market. … [More]
Feedback: August 2023
Q: How is the availability or development of various housing product impacting economic development in your city? Scott Cooper Economic Development Director (interim) City of Scottsdale Sector: Government Our region’s steady economic growth and diverse employment opportunities are continuing to draw businesses and individuals to the area. As a result, Scottsdale, like … [More]
The Hidden Costs of Friendly Fraud in e-Commerce
Protecting consumer rights with chargebacks
In the 1980s, there were approximately 2,500 shopping malls in the U.S. There are only about 700 malls left, and experts predict that number will drop to 150 in the next ten years. Their brightly colored storefronts, ornamental fountains and gleaming escalators have been gradually replaced by the incredible ease of online shopping from anywhere at any time, away from crowded … [More]
First-Time Buyers Need to Earn 13% More Than a Year Ago to Afford the Typical U.S. Starter Home, Not in Phoenix
A first-time homebuyer must earn roughly $64,500 per year to afford the typical U.S. “starter” home, up 13% ($7,200) from a year ago, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That’s due to the one-two punch of higher mortgage rates and higher home prices. The typical starter home sold for a record $243,000 in … [More]
Las Vegas Surpasses Phoenix on List of Top Homebuyer Destinations
A record one-quarter (25.5%) of homebuyers nationwide looked to move to a different metro area in the second quarter, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That is up from 23% a year earlier and about 19% before the pandemic. Even though a record portion of homebuyers are relocating, there are fewer relocators … [More]
Commercial and Multifamily Starts Declined in 5 of the Top 10 Metro Areas, Phoenix Down 21%
New data from Dodge Construction Network found that the value of commercial and multifamily construction starts across the top 10 metropolitan areas of the U.S. fell 10% in the first half of 2023, relative to that of 2022. Nationally, commercial and multifamily construction starts fell 14% on a year-to-date basis through June. Commercial and multifamily construction … [More]
Customer Demand Is Driving Engineers to Design for Sustainability, Says Avnet Survey
Rising customer demands for sustainability are playing a key role in engineers’ design efforts coming out of two-plus years of pandemic-driven disruption and the ongoing components shortage. A newly released pulse survey from leading technology distributor, Avnet, found that majority (78%) of respondents who view sustainable product design as an opportunity have made progress … [More]
Second Year in a Row, SRP Customers Surpass EV Adoption Target
SRP recently announced a total of 40,585 electric vehicles (EVs) leased or purchased in its service territory as of April 30, 2023, which is above its target of 39,000 by that time. "SRP is pleased to announce that EV adoption has exceeded targets for fiscal year 2023," said Dan Dreiling, Director of Customer Programs at SRP. "We are happy to see the market for EVs maturing … [More]
Construction of Phoenix Industrial Space Nears 50 Million Square Feet
An impressive 49.2 million square feet of new industrial space is under construction in Metro Phoenix, according to the mid-year industrial report released by Colliers in Arizona. This marks a 40.2 percent increase in construction compared to the end of June 2022. During that same 12 months, average industrial rental rates increased 24.5 percent, causing “sticker shock” for … [More]
Visitors Spent $77 Million per Day across Arizona in 2022, Says Economic Impact Report
As one of the state’s primary economic drivers, Arizona’s tourism industry continued to deliver for communities statewide in 2022. Post-pandemic highs were achieved in metrics across the board, including tourism jobs generated and tax revenue collected, according to new data released by the Arizona Office of Tourism. Visitor spending reached $28.1 billion in 2022, which … [More]
Home Prices Climb 2% from a Year Ago with Low Supply Fueling Competition, Not in Phoenix
The typical U.S. home sold for $382,500 during the four weeks ending July 16, up 2.1% from a year earlier. That’s the biggest increase since December 2022 and the second straight price uptick after nearly five months of declines, according to a new report from Redfin, the technology-powered real estate brokerage. Prices are rising substantially in some metro areas, … [More]
Business Leaders Hold Mixed Views on Recession Likelihood, Says Survey
Despite continued macroeconomic challenges, just under half of US midsize business leaders expect a recession in the second half of 2023, finds JPMorgan Chase’s 2023 Midyear Business Leaders Outlook survey released today. Forty-five percent of business leaders anticipate a recession before year-end or believe the economy is already in one, down from 65% six months ago. … [More]
Home Rents Continue to Rise in Q2 2023, Phoenix Still Increasing YOY
Rentometer has released their Q2 2023 Rent Report for three-bedroom (3-BR) houses that are single-family rentals (SFRs). Rentometer collects data for all residential asset classes, but this report is focused on SFR because they are one of, if not the most, active residential rental asset classes today. The Metro Phoenix market is one of the top markets to grow … [More]
