January delivered a strong start to the year, offsetting a slouching December, according to a report released by Phoenix REALTORS®. Analyzing the latest ARMLS data, there were 6,848 new listings hitting the market, compared to 4,105 in December. As well, average sale prices rose in January from December and sat at $539,617, which was up by nearly $4,000. “The first month of … [More]
By the Numbers: How Super Bowl LVII Was a ‘Phenomenal Success’ for Downtown Phoenix
On February 12, 2023, Arizona hosted the Super Bowl for the fourth time. While the game was played at State Farm Stadium in Glendale, many of the official NFL-hosted Super Bowl events were held in the Greater Phoenix region including Downtown Phoenix. Official numbers from events, visitors, and transportation are now being reported. “The official numbers coupled … [More]
Sale Prices Flatten, Demand for Mortgages Falls as Mortgage Rates Climb, Says Report
The median U.S. home-sale price was $348,000 during the four weeks ending February 19, essentially unchanged (+0.1%) year over year, according to a new report from Redfin, the technology-powered real estate brokerage. That’s the first time since at least 2015, when the data for this report begins, the typical home isn’t selling for more than it would have a year … [More]
Residential Developers Market Size Expected to Reach or Exceed $200 Billion in 2023
Like many industries and markets, the residential real estate market was adversely affected by the pandemic. However, despite this disruption, the housing market is resilient with increasing homeownership in this sector. Industry reports actually see a rise in revenues through 2028. One such report from IBISWorld projects that the Housing Developers market size, measured by … [More]
Inflation Eases Slightly on Main Street but Remains Top Business Problem
The NFIB Small Business Optimism Index increased 0.5 points in January to 90.3, remaining below the 49-year average of 98. Down six points from last month, 26% of owners reported inflation was their single most important problem in operating their business. Owners expecting better business conditions over the next six months improved six points from December to a net negative … [More]
Remote Work Report Reveals How the Pandemic Reshaped Local Economies and the Way We Work
Yelp data found that about 25% of U.S. states, including Washington, D.C., experienced a decrease in their share of search locations, most notably Washington, D.C. (down 26%), New York (down 12%) and California (down 12%). Approximately 30% of U.S. cities* experienced a decrease in the share of searches compared to 2019, with several of them concentrated in large coastal cities … [More]
Housing Market Recovery Stalls as Mortgage Rates Jump, Says Report
Some homebuyers are retreating back to the sidelines as mortgage rates ascend toward 7%, according to a new report from Redfin, the technology-powered real estate brokerage. Redfin’s Homebuyer Demand Index—a measure of requests for tours and other services from Redfin agents—fell 1% from a week ago, the first decline after a month of increases, and mortgage-purchase … [More]
Scottsdale Airpark Report Indicates Demand Exceeding Supply for Space
Colliers in Arizona has released the annual Greater Scottsdale Airpark 2030 Report, indicating healthy conditions within the growing submarket. According to the report, demand for commercial space in the area is exceeding supply and development of new space is being handled at a healthy pace. “Many are speculating a future recession, but we are not overly concerned about … [More]
Super Bowl Sick Monday: Arizona Ranks 3rd for Wanting a Sick Day
It's the morning after, also known as Super Sick Monday - this day has been notoriously known as a day when people call out of work. But which states suffer the most from ‘Super Bowl Sick Monday’? To reveal this, Betway analyzed Google search data for each state for terms such as ‘calling in sick to work’, and ‘how to call out of work’, with Arizona ranking 3rd on the … [More]
Report on Economic Impact of Asian-Owned Businesses in Arizona Launched, Supported through JPMorgan Chase Donation
Asian-American small business owners in Arizona will be surveyed this year to account for their contributions to the local economy and understand challenges. The study, sponsored by the Arizona Asian Chamber of Commerce, will be the second of its kind conducted by the local business group through a donation from JPMorgan Chase. In 2016, the Arizona Asian Chamber launched … [More]
Super Industry: Arizona’s Sports and Tourism Sector Contributes $24.1 Billion to State Economy
As Super Bowl LVII descends on Arizona, a new report from the non-partisan Common Sense Institute finds that the total impact of the state’s sports and tourism sector is significant – a total of $24.1 billion in Gross Domestic Product and hundreds of thousands of jobs. Moreover, this important industry – 11 percent of our workforce and 6.4 percent of total economic activity … [More]
Super Bowl LVII Viewership Prediction Identifies 112.9 Million Likely to Watch
The company that successfully predicted the Super Bowl viewership in 2022 and 2021 has released their prediction for exactly how many people will tune in, saying Fox Sports should expect 112.9 million viewers, with a viewership range of 110.1 million to 115.7 million for the big game. PredictHQ's Super Bowl viewership predictions have been accurate every … [More]
Rents Rose 2% in January—the Smallest Increase in 20 Months, Says Report
The median U.S. asking rent rose 2.4% year over year to $1,942 in January—the smallest increase since May 2021 and the lowest level in nearly a year, according to a new report from Redfin, the technology-powered real estate brokerage. That’s roughly one-sixth the pace of January 2022, when rents were up 15.6% from a year earlier. January marked the eighth straight month in … [More]
See Arizona’s Top 10 Most Searched-For Snacks during Super Bowl Weekend
From wings and pizza to chips and dips, reports state the average American eats around of 2,400 calories during the 4-hour game… so which snacks do Arizona residents go mad for around game time, and over the entire Super Bowl weekend? Ahead of the big game, the people over at Gambling.com jumped into Google search data to reveal the most searched for food items over Super … [More]
Small Business Job Openings Back Up in January, Says Report
According to NFIB’s monthly jobs report, 57% of owners reported hiring or trying to hire in January, up two points. Of those hiring or trying to hire, 91% of owners reported few or no qualified applicants for the positions they were trying to fill. Twenty-seven percent of owners reported few qualified applicants for their open positions and 25% reported none. “The labor … [More]
U.S. Employers Added 517,000 Jobs in January, Dropping the Jobless Rate to Its Lowest Level since 1969
Total nonfarm payroll employment rose by 517,000 in January, and the unemployment rate changed little at 3.4 percent, the U.S. Bureau of Labor Statistics reported today. Job growth was widespread, led by gains in leisure and hospitality, professional and business services, and health care. Employment also increased in government, partially reflecting the return of workers … [More]
Bettors in Arizona Wagered Nearly $617M in November
Bettors in Arizona wagered nearly $617 million in November of 2022, according to a new report by the Arizona Department of Gaming. This represents a 32.2% increase when compared to November of 2021. “It is exciting to see a second consecutive month of over $600 million wagered on sports by patrons within the state,” said Ted Vogt, Director, ADG. “This milestone highlights … [More]
Arizona Golf Industry Creates $6B Economic Impact while Using Only 2% of the State’s Water to Serve 16.6 Million Rounds
A study released today estimated Arizona’s golf industry produced $6 billion in economic activity while using only 2% of daily statewide water to serve 16.6 million golf rounds in 2021. This economic output supported nearly 66,200 jobs, provided $2.3 billion in wages and generated $518 million in state and local tax revenues. “The positive impact to our community provided by … [More]
