According to NFIB’s monthly jobs report, 44% (seasonally adjusted) of all owners reported job openings they could not fill in the current period, down one point from April but still 20 points higher than the 49-year average reading. The percent of owners reporting labor quality as their top small business operating problem remains elevated at 24% and 10% of owners reported … [More]
Home Price Gains Slow to Lowest Rate on Record in May, Says Realtor.com
Home prices rose slightly in May, but price growth slowed to the lowest rate on record since 2016, suggesting home prices may not see a new peak in 2023, according to the Realtor.com Monthly Housing Trends Report released today. Additionally, home inventory growth continues to slow and is declining in many metro areas across the country as fewer sellers list their homes than … [More]
Investor Home Purchases Fell a Record 49% YOY in the First Quarter, Says Report
Real estate investors purchased 48.6% fewer homes in the first quarter of 2023 than they did a year earlier as elevated interest rates along with declining rents and housing values ate into potential profits, according to a new report from Redfin, the technology-powered real estate brokerage. That’s the largest annual decline on record, and outpaced the 40.7% drop in … [More]
Overall U.S. Mortgage Delinquency Rate Drops to All-Time Low in March, Says Report
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report for March 2023. For the month of March, 2.6% of all mortgages in the U.S. were in some stage of delinquency (30 days or more past due, including those in foreclosure), representing a 0.3 percentage point decrease … [More]
Small Business Jobs Growth Holds Steady in May
The rate of small business job growth was unchanged from April for the month of May, according to the latest Paychex | IHS Markit Small Business Employment Watch. The national Small Business Jobs Index — which measures the rate of small business job growth in the U.S. — stands at 99.45, a 0.04% decrease from April. Meanwhile, hourly earnings growth for U.S. workers slowed to … [More]
Tourism & Taxation: How the Bed Tax and Major Events Benefit Business
Valley of the Sun as a hot destination
“As Greater Phoenix continues to evolve, the visitor industry for our destination continues to grow,” says Eric Kerr, vice president of Insights and Development for the convention and visitor bureau Visit Phoenix. He cites the fact that, since 2020, 46 new hotel properties have opened in the region with more than 7,600 hotel rooms. Additionally, Sky Harbor International Airport … [More]
Lisa Urias, Arizona Office of Tourism
Tourism: A Critical Economic Driver
Arizona is seeing a population surge as people continue to choose our state as their home. But our popularity as a visitor destination is equally robust, with Maricopa County offering one of the strongest pipelines of new hotels and resorts in the country. The Arizona Office of Tourism and other Destination Management Organizations (DMOs) such as Visit Phoenix, Experience … [More]
Thinking of Selling Your Business?
Key steps for Arizona business owners to take
Baby boomers own approximately 40% of privately-owned small businesses and franchises in the U.S., according to MBAStack. Gen X-ers own the highest percentage of small businesses at 46%, and their relative share is increasing. With boomers already in or reaching retirement age, and Gen X only 12 to 15 years behind that, many business owners are considering selling their … [More]
Feedback: June 2023
Q: Your attraction is beloved by Arizonans and tourists alike. How are you reaching those different markets? Craig Culy Acting Director Musical Instrument Museum Sector: Arts & Culture MIM’s unique connection to Arizona emanates outward and helps it attract visitors from near and far. MIM consists of a museum displaying more than 4,200 instruments from around the … [More]
Joining Forces to Combat Local Auto/Diesel Technician Shortage
Automotive shops and dealerships across the country have been hit hard by the technician shortage — and Phoenix is no exception. Several area shops, dealerships and schools are joining forces on WrenchWay, an online community for automotive and diesel professionals, to combat the local technician shortage by promoting and improving technician careers in the region. “It’s … [More]
Nonprofit Solar Co-Op Helps Small Businesses Go Solar
An effort is underway to help small businesses and households in the Phoenix area go solar together. The recently launched Phoenix Metro Solar Co-op uses group purchasing power to offer solar to co-op members at competitive rates. The co-op uses a local solar provider selected by group members in an open bidding process. By joining, small businesses receive guidance from … [More]
Out-of-Town Moves Have Fallen 6% from a Year Ago, Phoenix Tops the List of Cities to Move Into
The number of Redfin.com users looking to move to a different part of the country is down 6% from a year earlier, the biggest drop on record, as the overall U.S. housing market remains cool in the face of high mortgage rates and economic uncertainty. This is according to a new report from Redfin, the technology-powered real estate brokerage. That’s a big swing from a year ago … [More]
More Than 2 in 5 Home Sellers Are Making Concessions to Buyers, Nearly Double Last Year’s Share
Home sellers gave concessions to buyers in 42.9% of U.S. home sales during the three months ending April 30, up from 25.5% a year earlier, according to a new report from Redfin, the technology-powered real estate brokerage. That’s just shy of the 45.6% record-high hit in February. The share of home sellers providing concessions—which include things like money toward repairs, … [More]
Most Americans More Likely to Stay in Hotels for Vacation This Summer vs. Last
This summer, most adults are more likely than they were in the summer of 2022 to stay in a hotel and take vacation trips, according to a new national Hotel Booking Index survey commissioned by the American Hotel & Lodging Association (AHLA) and conducted by Morning Consult. Thinking about the summer ahead, most adults report being more likely than they were in 2022 to … [More]
Phoenix Sunshine and Job Market Noted in U.S. News ‘Best Places to Live’ Ranking
U.S. News & World Report, the global authority in rankings and consumer advice, unveiled the 2023-2024 Best Places to Live in the nation. The new list ranks the country’s 150 most populous metropolitan areas based on value, desirability, job market and quality of life and Phoenix lands at number 110 on the list. Green Bay, Wisconsin, ascended two positions to … [More]
Asking Rents Flattened in April as Landlords Faced Rising Vacancies, Phoenix Down 9.6%
The median U.S. asking rent rose 0.3% year over year to $1,967 in April—the 11th-consecutive month of slowing growth, according to a new report from Redfin, the technology-powered real estate brokerage. That compares to a revised increase of 1.4% one month earlier and a 16% increase one year earlier. On a month-over-month basis, the median asking rent fell 0.2%, which … [More]
Bettors in Arizona Wagered Over $609M on Sports in February
Bettors in Arizona wagered over $609 million on sports in February of 2023, according to a new report by the Arizona Department of Gaming. This represents nearly a 24% increase when compared to February of 2022. “The second month of 2023 saw significant levels of sports betting in the state, with over $117 million more when compared to February of 2022,” said Jackie Johnson, … [More]
AAED Releases Its State of Arizona Economic Development Survey: Economy, Water, Housing Affordability among Key Concerns
The Arizona Association for Economic Development (AAED) announced the results of its State of Arizona Economic Development survey at its recent spring conference in Tucson. AAED surveyed its membership of more than 500 economic development practitioners and those that provide goods and services from the private sector. With the economy on everyone’s mind, the survey showed … [More]
