Arizona Ranked Top 4 in the Nation for Sustainability

inbusinessPHX.com

Arizona’s forward-thinking policies have created a welcoming environment for innovative companies, attracting industry leaders that prioritize sustainable practices. Arizona ranked no. 4 in the nation in Site Selection Magazine’s Sustainability Rankings. The Phoenix Metro also ranked no. 2 in the Mountain Region among major metropolitan statistical areas for the second year in … [More]

A Record Share of Homebuyers Are Relocating, Phoenix Market Is No. 3 Top Inflow

inbusinessPHX.com

A record 32.6% of Redfin.com users nationwide looked to move from one metro to another in the second quarter, up slightly from 32.3% in the first quarter and roughly 26% before the pandemic, according to a new report from Redfin, the technology-powered real estate brokerage. Net inflow markets include Phoenix as the number three hottest inflow market, with the greatest number … [More]

Arizona No. 6 Hottest Housing Market, Says New Study

inbusinessPHX.com

A new study shows Arizona is the No. 6 hottest market for new residential construction despite home affordability in the U.S. falling to the lowest levels ever recorded after plummeting by 29% over the last year. Given the 2008 financial crisis was largely due to a housing bubble, housing metrics are more important than ever as an economic indicator as America tries to avoid … [More]

Consumer Prices Jump Sharply Again in June

U.S. Bureau of Labor Statistics

The Consumer Price Index for All Urban Consumers (CPI-U) increased 1.3 percent in June on a seasonally adjusted basis after rising 1.0 percent in May, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 9.1 percent before seasonal adjustment. The increase was broad-based, with the indexes for gasoline, shelter, and … [More]

Small Business Expectations for Future Conditions Hit All-Time Low

inbusinessPHX.com

The NFIB Small Business Optimism Index dropped 3.6 points in June to 89.5, marking the sixth consecutive month below the 48-year average of 98. Small business owners expecting better business conditions over the next six months decreased seven points to a net negative 61%, the lowest level recorded in the 48-year survey. Expectations for better conditions have worsened every … [More]

Housing Markets in the West Cooling Quickly, Including Phoenix

inbusinessPHX.com

Five of the 10 U.S. housing markets that have cooled fastest this year are in northern California–San Jose, Oakland, San Francisco, Sacramento and Stockton–and three of those five are in the Bay Area. All 10 of the housing markets cooling fastest are in the American West. The cooldown is largely because mortgage rates nearly doubled in the first half of the year, reaching … [More]

Arizona Moves Past $4 Billion in All-Time Sports Wagering Handle

by Chris Altruda

Arizona continued its impressive first full year of legalized sports wagering, becoming the 11th state to surpass $4 billion in overall bets after the state’s Department of Gaming reported nearly $513 million in handle for the month of April. The Copper State reached the milestone in just eight months and has cleared $500 million handle in three of the first four months of … [More]

National Home Price Gains Continue to Increase, Phoenix at #2

inbusinessPHX.com

CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI™) and HPI Forecast™ for May 2022. “Slowing home price growth reflects the dampening consequence of higher mortgage rates on housing demand, which was the intention.” Though U.S. home price growth relaxed slightly in May … [More]

Phoenix Among Major U.S. Cities to Experience Unusually High Event Volume in July

inbusinessPHX.com

The July 2022 Event Index reveals 10 cities spanning the USA that are set to experience very high volumes of large events in July. With more than 9,700 events with 3,000+ attendees taking place in July, businesses can tap into the people movement and billions of dollars in demand these drive. This is especially true for the ten cities detailed extensively in the report due to … [More]

97% of Hotels Report Staffing Shortages, Multi-Channel Ad Campaign May Help

inbusinessPHX.com

Nearly all hotels are experiencing staffing shortages, and half report being severely understaffed, according to a new member survey conducted by the American Hotel & Lodging Association (AHLA). Ninety-seven percent (97%) of survey respondents indicated they are experiencing a staffing shortage, 49% severely so. The most critical staffing need is housekeeping, with 58% … [More]

For-Sale Home Supply Grows Faster Than Ever as New Seller Activity Rebounds

inbusinessPHX.com

The inventory recovery made major strides in June, with the number of homes available to buyers climbing at its fastest yearly pace of all time1 (+18.7%), according to the Realtor.com® Monthly Housing Trends Report released today. Among key factors driving June's jump in active listings were new sellers, who entered the market at a higher rate than in 2017-2019 prior to the … [More]

Homeowners May Be Willing to Relocate after SCOTUS Overturns Roe v. Wade

inbusinessPHX.com

Last week, the Supreme Court ruled to overturn Roe v. Wade, which could potentially change where people want to live. A previous report from Redfin, the technology-powered real estate brokerage, states about 1 in 7 people (15%) who recently moved at the time say they would not live in a place where abortion is fully legal. That’s slightly higher than the share of respondents … [More]

Home Price Affordability Lowest Level since 2007, Phoenix at #5 ‘Most Declined’ YOY

inbusinessPHX.com

First American Financial Corporation, a premier provider of title, settlement and risk solutions for real estate transactions and the leader in the digital transformation of its industry, today released the April 2022 First American Real House Price Index (RHPI). The RHPI measures the price changes of single-family properties throughout the U.S. adjusted for the impact of … [More]

Are You Game? How Gaming and Sporting Events Are a ‘Big Win’ for Our Economy

by RaeAnne Marsh

Gaming and sports have gone together for a long time; the new trend in sportsbooks brings it out of odds-makers’ back rooms and into prominent display. A Powerhouse Punch on the Economy “With nearly $2.8 billion wagered, the positive economic boosts from regulated sports wagering have been vast and should only trend upward as the market matures,” says Christopher Boan, … [More]

Robert Miguel, Arizona Indian Gaming Association

from Robert Miguel

Gaming and sporting events go together hand-in-glove, but each stands on its own and has a long history of success here in the Valley — as an entertainment draw and an economic driver. Indian Gaming, specifically, is essential to the economic well-being of not only Tribal Nations — providing employment, education, enhanced services and economic development opportunities — … [More]

The Great Money Bubble

by Mike Hunter

Americans are facing sticker shock at every turn: from the gas pump to the grocery store and every kind of consumer service. But the eye-popping price increases are just the tip of the iceberg in terms of the threat to the country’s economic recovery. Inflation showers windfalls on the rich while penalizing workers, savers, retirees, small businesses and most of Main Street … [More]

Phoenix a Top Industrial Market to Watch, Says New Report

inbusinessPHX.com

Phoenix has been named a Top Industrial Market to Watch by Cushman & Wakefield. While major industrial and logistics markets capture most of the headlines, industrial occupiers and investors know that dozens of secondary markets are essential to supply chains in the U.S. Of the 81 industrial markets Cushman & Wakefield tracks, the firm selected five emerging industrial … [More]

Intensified Challenges Push Business Leaders’ Optimism to Record Lows, Says Survey

inbusinessPHX.com

As the U.S. economy faces decades-high inflation, soaring interest rates and continued supply chain and labor shortages, midsize business leaders across the country are increasingly cautious in their economic outlooks, according to JPMorgan Chase’s 2022 Business Leaders Outlook Pulse survey released today. More than 1,500 midsize business leaders participated in the survey … [More]

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