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Local First Arizona Launches the Arizona Economic Recovery Center

inbusinessPHX.com

After the economic downturn of 2008, Arizona was the 50th state to reach pre-recession levels of economic activity. Local First Arizona is launching the Arizona Economic Recovery Center, with support from Senator Mark Kelly and Governor Doug Ducey, to ensure every corner of the state has the opportunity to build back stronger from the COVID-19 pandemic. A well-rounded recovery … [More]

Economy & Trends  |    |  

Report: The Opportunity, Emotion and Trends Behind the Great Reshuffling

Zillow

The pandemic has upended the meaning of home and prompted many of us to rethink how and where we want to live. A new Zillow survey finds more than 1 in 10 Americans (11%) say they have already moved in the past year -- by choice or by circumstance -- contributing to the Great Reshuffling, and millions of additional households could enter the real estate market as a result of … [More]

Economy & Trends  |    |  

The Green Economy: How Small Businesses Can Benefit from Sustainability by Planning Now

by Edgar R. Olivo

The climate crisis has not gone away, nor has the ever-increasing income gap between the rich and poor. The pandemic has magnified these challenges as governments struggle to also contain the spread of the virus while managing the economic fallout, supporting workers and ensuring continuity of schooling of children. Despite the gloom, there is good news. With the right choices, … [More]

Economy & Trends  |    |  

400+ Small Buisness Owners and Advocates Launch Initiative on Vaccine Leadership to Get Economy Back on Track

Reimagine Main Street

Reimagine Main Street (RMS), a project of Public Private Strategies (PPS), has launched a public awareness campaign that will support small business owners in being leaders on the Covid-19 vaccines with their employees and in their community. The campaign was announced during a webinar that also included findings from a survey of more than 3,300 small employers on their … [More]

Economy & Trends  |    |  

Supply Constraints and Buyer Demand Pushes US Home Price Annual Appreciation to 15-Year High in February, Says Report

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 February 2021. Home prices continued to increase in February, reaching the highest annual gain since April 2006, as demand continues to clash with historically low supply. These factors have created … [More]

Economy & Trends  |    |  

Looking for Your First Home? Avoid These Mistakes

About Take Charge America, Inc.

While shopping for a home is exciting, it’s also a complex process that can be overwhelming and easily lead to costly mistakes for unprepared first-time homebuyers. “As with most things in life, preparation is key to success — particularly with buying your first home,” said Jeremy Wine, manager of housing counseling services with Take Charge America, a HUD-approved nonprofit … [More]

Economy & Trends  |    |  

Small Business Job Openings Hit Record Level in March

NFIB

According to NFIB’s monthly jobs report, 42% (seasonally adjusted) of small business owners reported job openings they could not fill in the current period, a record reading. The March reading is 20 points higher than the 48-year historical average of 22%. “Where small businesses do have open positions, labor quality remains a significant problem for owners … [More]

Economy & Trends  |    |  

Employment Rises by 916,000 in March, Unemployment Rate Edges Down to 6.0%

U.S. Bureau of Labor Statistics

Total nonfarm payroll employment rose by 916,000 in March, and the unemployment rate edged down to 6.0 percent, the U.S. Bureau of Labor Statistics reported today. These improvements in the labor market reflect the continued resumption of economic activity that had been curtailed due to the coronavirus (COVID-19) pandemic. Job growth was widespread in March, led by … [More]

Economy & Trends  |    |  

U.S. Jobless Claims Unexpectedly Rise as COVID-19 Recovery Continues

U.S. Department of Labor

In the week ending March 27, the advance figure for seasonally adjusted initial claims was 719,000, an increase of 61,000 from the previous week's revised level. The previous week's level was revised down by 26,000 from 684,000 to 658,000. The 4-week moving average was 719,000, a decrease of 10,500 from the previous week's revised average. This is the lowest level for this … [More]

Economy & Trends  |    |  

Phoenix Small Business Hiring and Wages Show Pandemic Rebound in March

By Eric Jay Toll for PHXNewsroom

Job gains in Phoenix, paired with a nearly 4 percent year-over-year increase in weekly wages, show ongoing economic recovery signs. The average earnings in the Valley grew to $940 per week, placing the metro area tenth among large markets. Riverside, California, topped the list with an 8 percent earnings jump. Boston was second with nearly 6 percent, followed by almost 5 … [More]

Economy & Trends  |    |  

With Eviction Cliff Extended, Here’s How Millions Can Keep Their Homes

Zillow

More than three million renters said they were at risk of losing their homes with the federal eviction moratorium that set to expire on Wednesday, but a new Zillow analysis shows the number of households ultimately evicted could be as low as 130,000, depending on government action, the pace of economic recovery, and how landlords respond.   That range highlights the need for … [More]

Economy & Trends  |    |  

Financial Wellness Packages: The New ‘Must-Have’ for Competitive Employers

by Rob Schwister

In an October 2020 survey released by the National Endowment for Financial Education, 84% of Americans said COVID-19 is causing stress on their personal finances. More than half of those surveyed said not having money enough saved for emergencies, retirement, college and other uses ranks among their top financial concerns. Workplace Impacts When employees are stressed and … [More]

Economy & Trends  |    |  

Arizona Tied for Tops in Nation for 2020 Personal Income Growth

City of Phoenix

Arizona tied for the top slot in personal income growth comparing 2020 over 2019. Both Arizona and Montana reported an 8.4 percent hike, according to data from the U.S. Bureau of Economic Analysis. In February, Greater Phoenix gained 13,400 jobs over January 2021, putting the workforce within 3.6 percent of February 2020’s employment totals. The Arizona Office of Economic … [More]

Economy & Trends  |    |  

Small Business Recovery Remains Fragile, Says Survey

NFIB

The NFIB Research Center released its latest COVID-19 survey on the impact the pandemic has had on small businesses. This survey marks NFIB’s 16th survey in the series, which started in early March 2020. Thirteen percent of small business owners report that they will have to close their doors if current economic conditions do not improve over the next six months, down from 25% … [More]

Economy & Trends  |    |  

U.S. Weekly Jobless Claims Lowest since Pandemic Began

U.S. Bureau of Labor Statistics

In the week ending March 20, the advance figure for seasonally adjusted initial claims was 684,000, a decrease of 97,000 from the previous week's revised level. The previous week's level was revised up by 11,000 from 770,000 to 781,000. The 4-week moving average was 736,000, a decrease of 13,000 from the previous week's revised average. The previous week's average was revised … [More]

Economy & Trends  |    |  

Vaccines and the Economic Comeback

by Edgar R. Olivo

The Arizona Department of Health Services and Governor Doug Ducey announced on Monday that registration at Arizona’s state-operated COVID-19 vaccination sites in Maricopa, Pima and Yuma counties will be open to all Arizonans 16 and older beginning at 8 a.m. Wednesday, March 24. This is great news for many who have been waiting to have access to the vaccine, especially … [More]

Economy & Trends  |    |  

Low-Income Renters Left Out of Pandemic Savings

Zillow

Home values continued their march upward in February, matching record monthly growth from months prior, according to Zillow's February Market Report.[i] While home sales and appreciation soared over the course of the pandemic, rent growth slowed, seemingly a boost for rent affordability. However, it was often the more-expensive areas of metros that softened the most, providing … [More]

Economy & Trends  |    |  

Carvana Shares 2020 Online Car Buying Insights and Trends in New Report

Carvana

Carvana, the second largest used auto retailer in the U.S. and leading e-commerce platform for buying and selling used cars, has released its second annual online car buying report. After an unprecedented year that saw record e-commerce adoption across the board, Carvana examined hundreds of thousands of purchases and millions of site visits to identify insights that made … [More]

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