Real gross domestic product (GDP) increased at an annual rate of 6.4 percent in the first quarter of 2021 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2020, real GDP increased 4.3 percent. The GDP estimate released today is based on source data that are incomplete or subject to further revision by the … [More]

New data in Zillow's® Monthly Market Report1 suggests the inventory crunch bedeviling home searchers may be starting to turn around as record appreciation of home values makes it more enticing to sell. Meanwhile, the recovery of rents is gaining broad momentum and touching double-digit annual gains in hot markets like Phoenix and Riverside. Although continued demand for … [More]

The Greater Phoenix Chamber recently released the Q1 Arizona Business Index™ (ABI™), powered by OH Predictive Insights (OHPI). “We are especially encouraged by the change in perception related to the pandemic,” said Todd Sanders, president and CEO of the Greater Phoenix Chamber. “Arizona consumers of all ages are showing a willingness to get vaccinated, which will help … [More]

​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​The Greater Phoenix metro area gained almost 10,000 jobs in March 2021 over February numbers in the Arizona Office of Economic Opportunity latest report. The Phoenix workforce grew to 2.2 million in the 13 months since the coronavirus pandemic started. Year-over-year, the metro area workforce is still over 50,000 jobs short of March 2020 … [More]

In the week ending April 17, the advance figure for seasonally adjusted initial claims was 547,000, a decrease of 39,000 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 10,000 from 576,000 to 586,000. The 4-week moving average was 651,000, a decrease of … [More]

CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its latest Single-Family Rent Index (SFRI), which analyzes single-family rent price changes nationally and across major metropolitan areas. February 2021 data shows a national rent increase of 3.9% year over year, up from a 3% year-over-year increase in February … [More]

n the week ending April 10, the advance figure for seasonally adjusted initial claims was 576,000, a decrease of 193,000 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 25,000 from 744,000 to 769,000. The 4-week moving average was 683,000, a decrease of … [More]

CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report for January 2021. For the month of January, 5.6% of all mortgages in the U.S. were in some stage of delinquency (30 days or more past due, including those in foreclosure), representing a 2.1-percentage point increase in … [More]

The NFIB Small Business Optimism Index rose 2.4 points in March to 98.2. March’s reading is the first return to the average historical reading since last November. The NFIB Uncertainty Index increased six points to 81, which was primarily driven by owners being more uncertain about whether it is a good time to expand their business and make capital expenditures in the coming … [More]

In the week ending April 3, the advance figure for seasonally adjusted initial claims was 744,000, an increase of 16,000 from the previous week's revised level. The previous week's level was revised up by 9,000 from 719,000 to 728,000. The 4-week moving average was 723,750, an increase of 2,500 from the previous week's revised average. The previous week's average was revised up … [More]

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]