Salt River Project (SRP) has released its first-ever Supplier Diversity Economic Impact Report, highlighting substantial economic impacts in Arizona including $243.3 million in spending with diverse suppliers that bolstered local economies and supported thousands of jobs. The report underscores the utility’s robust economic contributions and dedication to fostering diverse … [More]
NCAA Men’s Final Four Creates Big Impact on Arizona’s Economy
The 2024 NCAA Men’s Final Four generated $429 million in economic impact, according to a study by Arizona State University’s Seidman Research Institute. The event also generated $256.9 million for the state’s Gross Domestic Product (GDP). “Hosting the Men’s Final Four was a tremendous slam dunk for Phoenix, as we proudly welcomed the third … [More]
Thriving in Economic Downturns: A Strategic Blueprint for Entrepreneurs
In the face of economic downturns, inflation, and uncertainty, entrepreneurs need to adopt strategies that ensure resilience and sustainable growth. While such times are challenging, they also present unique opportunities for businesses willing to adapt. Key to navigating these turbulent periods are strategies focused on diversifying revenue streams, leveraging relationship … [More]
Investor Home Purchases Post Biggest Increase in Two Years, Phoenix Sees Decrease
Investor purchases of U.S. homes rose 3.4% year over year in the second quarter—the largest increase since the second quarter of 2022. That is according to a new report from Redfin, the technology-powered real estate brokerage. However, the the share of homes bought by investors decreased in Phoenix (-0.9 ppts) from a year earlier (Q2 2024). Investors purchased $43 billion … [More]
Inflation Remained the Number One Operating Issue for Small Business Owners in July
The NFIB Small Business Optimism Index rose 2.2 points in July to 93.7, the highest reading since February 2022. However, this is the 31st consecutive month below the 50-year average of 98. Inflation remains the top issue among small business owners, with 25% reporting it as their single most important problem in operating their business, up four points from June. “Despite … [More]
One-Third of Property Managers Are Offering Concessions as Rental Market Cools
More property managers offered concessions on their rentals in July as rent growth slowed, new data from Zillow® reveals. The post-pandemic construction frenzy continues to help soften rent growth. More new multifamily units were completed in June than in any month since the 1970s. About half of the rental listings on Zillow in Greater Phoenix (50.1%) are reporting concessions … [More]
Scammer Central: Arizona Ranks Sixth Worst State for Fraud
A new study has announced the areas hit the hardest by fraud in the period between Q2 2023 and Q1 2024. Residents in Arizona reported 1,215 cases per 100,000 people - a 22% increase above average. Arizona was found to be the sixth hardest-hit state, with 90,254 cases reported in the period. The study, conducted by injury lawyers Bader Scott, examined the number of fraud … [More]
U.S. Housing Market Nears $50 Trillion in Value, Phoenix Reaches Trillion-Dollar Status
The total value of U.S homes gained $3.1 trillion over the past 12 months to reach a record $49.6 trillion, according to a new report from Redfin, the technology-powered real estate brokerage. The number of metros where the total value of homes topped $1 trillion grew to eight and includes the Phoenix market for the first time. In percentage terms, the total value of the … [More]
Residential Real Estate Closed Deals Move Up in July, Says Report
Home prices show signs of stabilization with most areas experiencing little up or down movement
Closed sales climbed nearly 7% in July compared to the same month in 2023, according to the most recent data from Phoenix REALTORS. The number of deals topped 5,000, higher than last year and 2022. “With more listings coming onto the market and increased buyer selections, July showed promise for a normally slow summer month,” said Sheryl Bowden, Phoenix REALTORS board … [More]
Annual US Home Price Growth Below 5% for Second Consecutive Month as June Home Prices Cool
CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, released the CoreLogic Home Price Index (HPI™) and HPI Forecast™ for June 2024. U.S. year-over-year home price gains inched down, reaching 4.7% in June, falling further from the previous month’s 4.9% in what will likely be a continual slide throughout the next year. Although … [More]
Jobs Report: Main Street Compensation Plans Fall as Labor Costs Grow
Small businesses hiring plans remain stable while fewer plan to raise compensation
NFIB’s July jobs report found a seasonally adjusted net 33% of small business owners reported raising compensation in July, down five points from last month and the lowest reading since April 2021. A net 18% (seasonally adjusted) plan to raise compensation in the next three months, down four points from June. “Fewer small business owners are planning to raise compensation in … [More]
Luxury Home Values Are Rising Faster than Typical Homes for the First Time in Years
Luxury home value growth, which has consistently lagged the market's middle tier over the past several years, has now outpaced appreciation on typical homes for five consecutive months, a new Zillow® analysis shows. The typical luxury home nationwide — defined for this analysis as the most valuable 5% of homes in a given region — is worth about $1,620,000. Among the 50 … [More]
Arizona Attracted Record Capital Investment and Jobs Created in Fiscal Year 2024
Arizona economic development efforts continued to set a new standard of excellence and build on the state’s economic momentum in Fiscal Year 2024 (FY 24). In the 12-month fiscal period that ended on June 30, 2024, the Arizona Commerce Authority (ACA) and local economic development agencies successfully worked with companies that committed to creating a projected 24,251 new … [More]
Arizona Sixth for ‘Register to Vote’ Google Searches, Harris’ Social Media Soars
Vice President Kamala Harris’s social media followers have surged by 1.8 million across all accounts since Saturday as she becomes the presumptive Democratic Presidential nominee, while Arizona is sixth in relative searches for "register to vote". QR Code Generator analyzed Kamala Harris’s X and Instagram follower counts, as well as Google Trends data on registering to vote … [More]
Lights. Camera. Action. Arizona Has High Production Values in the Film Industry
“When the film and television industry was just getting started, Arizona was a huge part of it,” relates Randy Murray, who, as co-owner with wife, Theresa, of Randy Murray Productions, has three decades of experience in Arizona’s film industry. Noting that John Wayne and John Ford both had homes here and Dick Van Dyke built a studio in Carefree near his home, he adds, “We were … [More]
Matthew Earl Jones, Arizona State Film Office
Film in Focus
Arizona has a long and illustrious history as a filming destination. With increased collaboration among film partners statewide, Arizona is poised to once again become a premier filming destination. As outlined in this month’s cover story, the economic impact of film and digital media on Arizona is substantial. The Arizona Film & Digital Media Program (the State’s Film … [More]
How Businesses Can Prepare for an Uncertain Real Estate Market
Manage risk while navigating the ever-changing state of the real estate industry
If there’s one common theme that resonates across the real estate market, from property owners and investors to developers and asset managers, it’s uncertainty. Constant changes in the market, such as interest rates, inflation and rising operational costs, to name just a few, have the potential to negatively affect real estate businesses. With no crystal ball to illuminate a … [More]
Arizona Cities among Best in U.S. for Economic Growth
In the wake of the COVID-19 pandemic, Arizona has shown resilience and resurgence, positioning itself as a burgeoning "boomtown" and future economic powerhouse. In fact, five Arizona cities earned a place on CoworkingCafe’s study on the best U.S. cities for economic growth: Mesa and Phoenix, for large cities, with total points of 65.60 and 62.80, respectively); Gilbert and … [More]
