Greater Phoenix saw its annual gross domestic product climb 7.7 percent since 2019, the last full economic year before the pandemic, according to the Bureau of Economic Analysis and its 2021 County GDP Report released Dec. 8. The metro area’s growth rate was more than twice the national average for the same period, 2.9 percent, and … [More]
Supply Posts Record Increase as Homes Linger on the Market, Says Report
The total number of homes for sale increased 15% year over year during the four weeks ending December 4, the biggest uptick since at least 2015, according to a new report from Redfin, the technology-powered real estate brokerage. New listings declined by more than 20%, which means homes are sitting on the market as prospective buyers stay on the sidelines and wait for … [More]
Arizonans Wagered Nearly $540M on Sports in September
Arizonans wagered nearly $540 million on sports during the month of September, according to a new report by the Arizona Department of Gaming. This amount represents an 84.7% increase when compared to September of 2021. “September was clearly a strong month for Arizona sports betting, with the state seeing over $245 million more in wagers when compared to the same month of … [More]
Housing Outlook: A Post-Pandemic Sales Slump Will Push Home Prices Down, 12 Predictions for 2023
Mortgage rates will take center stage in 2023, with high rates likely to make it the slowest housing-market year since 2011, according to annual end-of-year predictions from Redfin, the technology-powered real estate brokerage. Redfin’s forecasts for mortgage rates, home sales and home-sale prices account for a range of outcomes for inflation, employment and other … [More]
How to Manage Business Finances in a High-Growth Market
A growing market like Phoenix can present both a wide range of financial opportunities as well as challenges for business owners. Arizona holds more than 150 of the nation’s fastest-growing companies, according to the Inc. 5000 lineup, a list ranking business revenue growth over a three-year period, from 2018 to 2021. The listed businesses, mostly located in the Phoenix area, … [More]
Workplace Trends to Watch in 2023
The future of work is dynamic. One would need an entire book to describe the many forces affecting trends in the workplace now and in the years to come. Unfortunately, by the time that book made it to print, its contents would be out of date. So rapid are the forces of change, many organizations in the United States are still reckoning with the effects caused by the COVID-19 … [More]
High-End Home Service Brand Offers Eco-Friendly Initiatives
With more businesses trying to combat climate change, one franchisee at a high-end painting brand is doing just that by offering eco-friendly paint for projects to address the growing demand for sustainable services. In fact, Shanmugam Mukundan is debuting the eco-friendly paints for the franchise. Says LIME’s CEO and founder, Nick Lopez, “Shan is a top performer and a member … [More]
Feedback: December 2022
Q: What economic trends do you expect will impact your business in 2023? Cathy Graham Executive Vice President Desert Financial Credit Union Sector: Financial Services At Desert Financial, we know that when the economy impacts our members and community, our business will be impacted as well. The economic trends we expect will impact our business in 2023 are lower … [More]
U.S. Housing Market Moves Closer to Favoring Buyers; Sellers’ Markets Show No Sign of Slowing Down
The U.S. housing market moved further in the direction of buyers last month as the markets that cooled the fastest in response to quickly rising interest rates and home prices continued to moderate, according to the Knock Buyer-Seller Market Index released today. At the same time, many of today's seller strongholds show no sign of slowing down and some are expected to gain … [More]
