Exclusivity in gyms and boutique studios is one of the most popular trends in the fitness industry this year. The intrigue of a curated community with flashy benefits, merch, private classes and the potential of spotting a celebrity at Pilates has been enough to make gym-goers crave this type of membership. From an operations perspective with a members-only business model, … [More]
Nikola to Reduce Personnel by Roughly 150 in Effort to Reduce Cash Spend
Nikola Corporation, a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, today announced a progress update on its business optimization efforts, which are expected to result in a marked decrease in cash spend and streamlining of operations. In conjunction with these initiatives, Nikola conducted a thorough … [More]
There Are Nearly 40% Fewer Homes for Sale Now Than Pre-Pandemic, Says Report
The total number of U.S. homes for sale dropped 6% from a year earlier during the four weeks ending June 11, the biggest decline in 13 months. That’s according to a new report from Redfin, the technology-powered real estate brokerage. New listings dropped 23%, continuing a 10-month streak of double-digit declines. Those add to the deepening post-pandemic inventory … [More]
Arizona Wagered over $644 Million on Sports in March
Bettors in Arizona wagered over $644 million on sports in March of 2023, according to a new report by the Arizona Department of Gaming. “March of 2023 is the fifth time the state eclipsed $600 million in wagers and is the second highest month since the inception of sports betting in Arizona,” said Jackie Johnson, Director, ADG. “I look forward to seeing how sports betting … [More]
Phoenix Mayor Announces Inaugural Phoenix Global Economic Forum
Phoenix Mayor Kate Gallego announced the creation of the Phoenix Global Forum, an annual summit hosted by Phoenix Sister Cities and the International Economic Forum of the Americas (IEFA). The event will launch on May 2, 2024, at the Arizona Biltmore in Phoenix and will convene decision makers and experts to discuss society’s evolving needs amidst ongoing global challenges. … [More]
Home Buyers Outnumbering Sellers Spurs Impressive Price Growth, Even amid Muted Sales
Competition among buyers over few available houses has made this home shopping season unusually hot, according to the latest market report1 from Zillow®. Meanwhile, high mortgage rates are continuing to deter homeowners from listing, pushing inventory to record lows. "Many homeowners are still opting not to sell and give up historically low mortgage rates. But those who do … [More]
Consumer Prices Rose 4% in the Year through May, a Sign Inflation Is Cooling
The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.1 percent in May on a seasonally adjusted basis, after increasing 0.4 percent in April, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 4.0 percent before seasonal adjustment. The index for shelter was the largest contributor to the monthly all items … [More]
U.S. Home Borrowers See First Annual Home Equity Losses since 2012 in Q1 2023, but Overall Mortgage Performance Remains Strong
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, released the Homeowner Equity Report (HER) for the first quarter of 2023. The report shows that U.S. homeowners with mortgages (which account for roughly 63% of all properties) saw home equity decrease by 0.7% year over year, representing a collective loss of $108.4 billion, and an … [More]
Asking Rents Fall 2% in the West, Phoenix Rents Falling after Pandemic Peaks
The median U.S. asking rent fell 0.6% year over year to $1,995 in May—the largest annual decline since March 2020—according to a new report from Redfin, the technology-powered real estate brokerage. That compares with a near-record 16.5% increase one year earlier. May’s drop also represented the first annual decline since March 2020 on a revised basis. The median … [More]
Supply Shortage Worsens, Propping Up Prices as Phoenix Home-Sale Prices Decline 7.9%
New listings of homes for sale fell 25% year over year to their lowest level of any early June on record. That’s according to a new report from Redfin, the technology-powered real estate brokerage, which analyzed new listings of homes for sale during the four weeks ending June 4. The continued lack of new listings has pushed the total number of homes on the market down 5% … [More]
Phoenix Is the Top Metro for Build-to-Rent Construction
Single-family rentals are booming across the U.S., with 45,000 new homes for rent built in the last 5 years. Out of these, an all-time high of 14,541 new homes were completed in 2022 alone — and this trend isn’t showing signs of slowing down one bit. Our new build-to-rent report maps the construction of build-to-rent communities (BTR) throughout 100 U.S. metros and offers a … [More]
Mortgage Rates Are Up, Homes Sales Are Down, As Prices Remain Resilient
Pending home sales fell 17% from a year earlier during the four weeks ending May 28, one of the biggest declines since the start of the year. That’s according to a new report from Redfin, the technology-powered real estate brokerage. That year-over-year drop is especially notable because pending sales had already started falling at this time last year as mortgage rates … [More]
Research Reveals a Single Microbusiness Creates Nearly 7 Local Jobs, Reveals Study
According to new research from GoDaddy and UCLA, the U.S. cities with the most microbusiness activity during the fourth quarter of 2022 are San Jose, San Francisco, Washington, D.C., Denver, San Diego, and Austin. At the national level, the GoDaddy/UCLA Anderson Forecast Microbusiness Activity Index (MAI) shows that overall microbusiness activity declined slightly after peaking … [More]
Arizona Has the 10th Best State Economy, Says Report
With California on track to overtake Germany as the world’s fourth largest economy, the personal-finance website WalletHub released its report on 2023’s Best & Worst State Economies, as well as expert commentary. In order to determine America’s top economic performers, WalletHub compared the 50 states and the District of Columbia across 28 key indicators of economic … [More]
82% of Surveyed Hotels Report Staffing Shortages, According to National Survey
As over 80% of hotels experience staffing shortages, hoteliers are offering potential hires a host of incentives to fill vacancies, according to a new survey of hoteliers conducted by the American Hotel & Lodging Association (AHLA). Seventy-five percent of respondents are increasing wages, 64% are offering greater flexibility with hours, and 36% are expanding benefits – … [More]
U.S. Employers Added 339,000 Jobs in May, Defying Expectations of a Slowdown
Total nonfarm payroll employment increased by 339,000 in May, and the unemployment rate rose by 0.3 percentage point to 3.7 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in professional and business services, government, health care, construction, transportation and warehousing, and social assistance. This news release presents … [More]
Small Businesses Have Record High Levels of Job Openings Despite Struggle to Find Qualified Workers
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]
