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]
Arizona Inflation Down to Its Lowest Point since March 2021, Says Report
On a year-over-year basis, Consumer Price Index (CPI) inflation in the Phoenix metropolitan area and United States is down to its lowest point since March 2021 when it was 2.9%. At 4.4%, year-over-year price inflation in the Phoenix metropolitan area last month was 3 percentage points below its April reading of 7.4%. Between April and June Phoenix area inflation was 0.2%, a 0.7 … [More]
While U.S. Home Prices Rise for the First Time in Nearly Five Months, Phoenix Drops
The median U.S. home-sale price rose 1.5% from a year earlier during the four weeks ending July 9, the first increase in nearly five months. That’s according to a new report from Redfin, the technology-powered real estate brokerage. Average weekly mortgage rates are at their highest level since November 2022, bringing the typical homebuyer’s monthly payment to a … [More]
Commercial Chapter 11 Filings Increased 68% in the First Half of 2023
The 2,973 total commercial Chapter 11 bankruptcies filed during the first six months of 2023 represented a 68 percent increase over the 1,766 filed during the same period in 2022, according to data provided by Epiq Bankruptcy, the leading provider of U.S. bankruptcy filing data. Individual Chapter 13 filings increased by 23 percent during the same period. Overall commercial … [More]
Gen Z Values Flexibility over Pay: Report Shows What Motivates Workers of Four Distinct Generations
Talent and business consulting firm Robert Half released its 2023 Examining the Multigenerational Workforce report which explores what motivates workers of four distinct generations that make up today’s workforce. Social and economic disruption in the past few years compunded with a global health crisis have transformed workers’ life priorities and notion of what it means to … [More]
The Spring 2023 Homebuying Season Never Happened
As spring turns into summer, it’s official: The traditionally hot spring homebuying season didn’t come to fruition in 2023. That’s according to a new report from Redfin, the technology-powered real estate brokerage. This year, instead of the calendar determining the homebuying season, the Federal Reserve is dictating when people buy and sell. And so far, the Fed's actions are … [More]
Housing Market Slowdown Across U.S. Starting to Affect Upscale and Western Markets More Than Others
ATTOM, a leading curator of land, property, and real estate data, today released a Special Housing Impact Report spotlighting how the recent downturn in the U.S. housing market is starting to affect counties around the nation, based on key measures from the first quarter of 2023. The report shows that the Western region and other more-upscale areas around the country are … [More]
