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Economy & Trends  |    |  

Survey Shows Supply Chain Issues and Staffing Shortage Will Raise Prices, Costs

NFIB

The NFIB Research Center released its latest COVID-19 survey assessing how the COVID-19 pandemic has affected small businesses. This is the 20th survey in the series and includes updates on supply chain disruptions, the staffing shortage, and anticipations about the upcoming holiday season. The survey was conducted from October 25-27 with 613 responses … [More]

Economy & Trends  |    |  

US Annual Home Price Growth Hits 18% in September as Supply and Demand Imbalances Intensify

CoreLogic

CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI™) and HPI Forecast™ for September 2021. Demand for homebuying remained strong through the end of the summer. However, the ongoing housing supply shortage has continued to drive up prices, which increased 18% year over year … [More]

Economy & Trends  |    |  

7 Ways the Infrastructure Bill Aims to Help Small Businesses

by Edgar R. Olivo

It may appear that the economy is back to business but, after experiencing the shock of COVID-19, many small businesses are still unable to recover. The recovery efforts have impacted the smallest businesses within many demographics of our communities, and access to more resources has become a priority in the Biden Administration and a major key in the Infrastructure Investment … [More]

Economy & Trends  |    |  

EN NEGOCIOS: 7 formas en las que la ley de infraestructura ayudará a las pequeñas empresas

por Edgar R. Olivo

Puede parecer que la economía ha vuelto a funcionar, pero después de experimentar el impacto de COVID-19, muchas pequeñas empresas aún no pueden recuperarse. Los esfuerzos de recuperación han impactado a las empresas más pequeñas dentro de muchos datos demográficos de nuestras comunidades y el acceso a más recursos se ha convertido en una prioridad en la Administración de Biden … [More]

Economy & Trends  |    |  

Q3 Arizona Business Index Released, Consumer Confidence Drops

Greater Phoenix Chamber

The Greater Phoenix Chamber recently released the Q3 Arizona Business Index™ (ABI™), powered by OH Predictive Insights (OHPI).  The study measures and interprets the health of the Arizona economy from the perspective of the Arizona consumer. “We are pleased to see job satisfaction improving as Arizona continues to rebound from the pandemic,” said Todd Sanders, president and … [More]

Economy & Trends  |    |  

Is Every Company a Tech Company?

by RaeAnne Marsh

Technology is indisputably an economic driver as a sector. Is it also a driver of successful growth in other sectors? “The technology industry is critical to economic growth in any community today because it not only produces high-wage jobs, but also supports many other industries,” says Eric Miller, principal and co-owner of Phoenix Analysis & Design Technologies and … [More]

Economy & Trends  |    |  

Electric Vehicles Are Hot for Arizona

by RaeAnne Marsh

There was a time when going to the mall meant shopping for clothes and home knick-knacks – offering a lot of choices thanks to there being a number of stores conveniently in one place. Now, it can mean shopping for one of an individual’s biggest purchases: a car. Electric vehicles are making this merchandizing move. Scottsdale Fashion Square boasts a collection of three … [More]

Economy & Trends  |    |  

Small Business Owners Can Maximize Their Retirement Plans

by Jacob Guttman

For many small to midsize business owners, retirement doesn’t seem realistic. In fact, new research by SCORE found that 34% of business owners don’t have a retirement savings plan and 40% aren’t confident they will be able to retire before the age of 65. How to save effectively before hitting a certain age often escapes a business owner’s mind, pushed aside by a focus on … [More]

Economy & Trends  |    |  

37.2% National Year-Over-Year Increase in Mortgage Fraud Risk in Q2 2021, Says Report

CoreLogic

CoreLogic Reports a An estimated 0.83% of all mortgage applications contained fraud, about 1 in 120 applications Investment properties accounted for the highest-risk applications CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its latest Mortgage Fraud Report. The report … [More]

Economy & Trends  |    |  

Has the Government Created a Housing Crisis by Penalizing Fannie Mae?

inbusinessPHX.com

There has been much discussion about the inflated housing market in recent months. But what about the continuing problems of high rent and low-income earners who need government assistance to find shelter? And with eviction and foreclosure moratoriums ending in the wake of the COVID-19 pandemic, finding affordable housing could be difficult for more people, including the middle … [More]

Economy & Trends  |    |  

Economic Growth Rate Slows to 2%, Sharp Decline in Consumer Spending

Bureau of Economic Analysis

Real gross domestic product (GDP) increased at an annual rate of 2.0 percent in the third quarter of 2021 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 6.7 percent. The GDP estimate released today is based on source data that are incomplete or subject to further revision by the source … [More]

Economy & Trends  |    |  

U.S. Weekly Jobless Claims Fall to New Pandemic Low of 281,000

U.S. Department of Labor

In the week ending October 23, the advance figure for seasonally adjusted initial claims was 281,000, a decrease of 10,000 from the previous week's revised level. This is the lowest level for initial claims since March 14, 2020 when it was 256,000. The previous week's level was revised up by 1,000 from 290,000 to 291,000. The 4-week moving average was 299,250, a decrease of … [More]

Economy & Trends  |    |  

Employee Retention Woes Playing Havoc with Marketing Data

MountainTop Data

From data collection to creating B2B lists for potential leads, marketing has been seriously impacted by the COVID-19 pandemic. The biggest factors being the increase in people working remotely and the phenomenal turnover rate businesses are experiencing. Recent statistics have shown that one-third of new employees are quitting after about six months. According to the … [More]

Economy & Trends  |    |  

Cooling Or Collapsing? Key Factors to Consider about the Housing Market

inbusinessPHX.com

Author Who Detailed Plight Of Fannie Mae, Freddie Mac Says Government Must Fill Gap For Minorities, Middle Class To Access Mortgages. The question: With the mortgage forbearance program winding down and housing inventory hitting a 40-year low, where is the housing market headed amid dynamics of the COVID-19 pandemic? Shades of 2008? When the U.S. housing market collapsed … [More]

Economy & Trends  |    |  

Pet Ownership Soars among Home Buyers, Influencing Purchase Decisions

Zillow

New Zillow datai finds pandemic pet ownership is soaring among home buyers, impacting the types of homes they are likely to buy. Zillow's 2021 Consumer Housing Trends Report finds nearly three-quarters of home buyers report having at least one pet at home (73%), a big jump from the 64% of buyers who reported having a pet in 2020. Pet owners are more likely to … [More]

Economy & Trends  |    |  

Rising Rates Expected to Dull House-Buying Power, According to House Price Index

First American Financial Corporation

First American Financial Corporation, a leading global provider of title insurance, settlement services and risk solutions for real estate transactions, today released the August 2021 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 income and interest rate changes on … [More]

Economy & Trends  |    |  

Real Estate Investors Buy More, Pay Less Says Report

inbusinessPHX.com

Investor purchases accounted for 15.4% of all home purchases nationally in Q2 2021 compared with 11.5% in Q2 2020 – a year-over-year increase of 3.9 percentage points – according to a new report released today from RealtyTrac. In addition to the annual increase in investor purchase activity, the Fall 2021 RealtyTrac Investor Purchase Report shows that investors are typically … [More]

Economy & Trends  |    |  

U.S. Weekly Jobless Claims Fall to New Low since Pandemic Began

U.S. Department of Labor

In the week ending October 16, the advance figure for seasonally adjusted initial claims was 290,000, a decrease of 6,000 from the previous week's revised level. This is the lowest level for initial claims since March 14, 2020 when it was 256,000. The previous week's level was revised up by 3,000 from 293,000 to 296,000. The 4-week moving average was 319,750, a decrease of … [More]

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