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Economy & Trends  |    |  

Competition is Fierce for Home Buyers, But Acting Quickly Could Save Them Hundreds on Their Monthly Payments

Zillow

With mortgage rates at historic lows and homes flying off the market in record time, many prospective home buyers may be contemplating whether to buy now or wait until the frenzy slows down a bit. But the market is poised to stay red hot for some time, and a new Zillow analysis shows how waiting might add hundreds of dollars to a monthly mortgage payment. Zillow experts … [More]

Economy & Trends  |    |  

Small Business Recovery Improving Slowly, 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 was conducted after the Consolidated Appropriations Act of 2021 (CAA) was signed into law, which reopened and modified targeted federal programs established to help small businesses. The economic strain on small businesses appears to be easing just … [More]

Economy & Trends  |    |  

Jobless Claims Decline for Third Straight Week

U.S. Department of Labor

In the week ending January 30, the advance figure for seasonally adjusted initial claims was 779,000, a decrease of 33,000 from the previous week's revised level. The previous week's level was revised down by 35,000 from 847,000 to 812,000. The 4-week moving average was 848,250, a decrease of 1,250 from the previous week's revised average. The previous week's average was … [More]

Economy & Trends  |    |  

Annual U.S. Home Price Appreciation in 2020 Outpaced 2019 Levels by 50%, 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 December 2020, providing a lookback at the state of the housing market and the pandemic’s impact on home price performance throughout 2020. The housing market exceeded expectations in 2020, closing out the … [More]

Economy & Trends  |    |  

Survey: 56% of Americans Likely to Travel for Vacation in 2021; 21% Report Traveling since Pandemic

American Hotel & Lodging Association

A new survey conducted by Morning Consult and commissioned by the American Hotel & Lodging Association (AHLA) shows consumers are optimistic about traveling again in 2021, with 56% reporting they are likely to travel for vacation this year. That represents a significant decline from pre-pandemic levels, when approximately 70% of Americans took a vacation in any given … [More]

Economy & Trends  |    |  

City of Phoenix Selected for Future Site of E-Commerce Center adding 400 New Jobs

Greater Phoenix Economic Council

The City of Phoenix has been selected by The RealReal, Inc. - the world’s largest online marketplace for authenticated, consigned luxury goods - as the site for its new e-commerce center. The company signed a lease to expand its physical footprint with nearly 600,000 square feet of warehouse space in Greater Phoenix. “This expansion by The RealReal into Arizona is the latest … [More]

Economy & Trends  |    |  

Here We Grow! The West Valley on the Rise

WESTMARC

The West Valley has proven to be a beacon of light this past year in what most would agree was a pretty dark and ominous time for economic prosperity across Arizona. West Valley communities saw growth in the past two to three years across just about all industries. From commercial and residential real estate to health care and employment to manufacturing and supply-chain … [More]

Economy & Trends  |    |  

The Female Opportunity Index 2020/21

by Adrienne Gormley

The historic 2020 U.S. election held a tremendous amount of promise in regards to women’s rights, equality and representation in government and ultimately has resulted in the first-ever female Vice President, Kamala Harris, and a record number of women elected to congress. What could be more inspirational for young, ambitious women in America than seeing increasing female … [More]

Economy & Trends  |    |  

2021 Will Be the Year of Meaningful Travel, Says Report

Airbnb

Airbnb released a new report and highlighted how 2021 will see a shift toward more meaningful travel as the pandemic continues to limit mass tourism and afflict the industry overall. When travel returns in 2021, it will be about connecting with loved ones through more personal trips, with mass tourism unlikely to return at any scale this year. In the report, US consumers say … [More]

Economy & Trends  |    |  

Facing the Biggest Issues of Business Capital Funding Right Now

by Nina Sharpe

COVID-19 has exacerbated the funding problems businesses face, highlighting the need for change.  The disruptions that 2020 brought left most small businesses reeling. Owners and would-be entrepreneurs found themselves faced with various issues regarding business capital funding, and although it’s tempting to lay the blame solely at lenders’ feet, that would be unfair. Small … [More]

Economy & Trends  |    |  

Arizona Skills Gap in Trade Industries Is Everyone’s Problem 

by David Lee

The skills gap is real, and now may be the perfect time to start fixing it. The “skills gap” is defined as a mismatch between the skills that employers rely upon in their employees and the skills that job seekers possess. This mismatch makes it difficult for individuals to find jobs and for employers to hire appropriately trained workers.  Unfortunately for the HVAC … [More]

Economy & Trends  |    |  

2020 U.S. Housing Market Gains Were Biggest in 15 Years

Zillow

U.S. housing gained nearly $2.5 trillion in value in 2020 -- the most in a single year since 2005, according to a new Zillow® analysis. The full stock of U.S. housing is now worth $36.2 trillion. 2020 was a remarkable year for the housing market. Strong demand drove intense competition among buyers, causing homes to fly off the market at the fastest pace Zillow … [More]

Economy & Trends  |    |  

51% of U.S. Small Businesses are Hiring in 2021 Despite Ongoing Effects of Pandemic

The Manifest

Small businesses have faced adverse effects of the COVID-19 pandemic, but may be poised for a year of growth. Half of small businesses in the U.S. (51%) are likely to hire new employees in 2021, according to a new survey from The Manifest, the leading resource for B2B buying decisions. Whether a small business is hiring, however, depends on their revenue projections for … [More]

Economy & Trends  |    |  

U.S. Jobless Claims Decrease Slightly as Stimulus Debate Continues

U.S. Department of Labor

In the week ending January 23, the advance figure for seasonally adjusted initial claims was 847,000, a decrease of 67,000 from the previous week's revised level. The previous week's level was revised up by 14,000 from 900,000 to 914,000. The 4-week moving average was 868,000, an increase of 16,250 from the previous week's revised average. The previous week's average was … [More]

Economy & Trends  |    |  

Pandemic Leads to Sharp Pullback in Commercial and Multifamily Construction Starts in 2020, Only Phoenix Up (by 32%)

Dodge Data & Analytics

The value of commercial and multifamily construction starts in the top 20 metropolitan areas of the U.S. lost 23% in 2020, falling to $111.1 billion according to Dodge Data & Analytics. Nationally, commercial and multifamily starts tumbled 20% over the year to $193.4 billion. Commercial and multifamily construction starts in the top 10 metro areas dropped 23% during the … [More]

Economy & Trends  |    |  

Local Homebuilder Reports Large Increase in Home Starts and Sales in 2020

Fulton Homes

Fulton Homes, Arizona's largest family-owned and -operated homebuilder, saw a 62 percent increase in housing starts in 2020 compared with 2019. In 2020, Fulton Homes started construction on 1,121 homes, compared with 692 home starts in 2019. Additionally, the Tempe-based homebuilder sold a total of 1,272 homes in 2020, a 44 percent increase compared with 883 homes sold in … [More]

Economy & Trends  |    |  

Home Values Break New Growth Records as Demand Surge Presses On

Zillow

Home value growth continued its meteoric rise in December as towering demand for homes carried on into winter, according to Zillow's® latest Real Estate Market Report1. Houses are going under contact quickly and sales far outpace the year prior as all-time low mortgage rates help keep monthly payments manageable, despite rising prices. Typical home values in the U.S. climbed … [More]

Economy & Trends  |    |  

2020 U.S. Home Prices: A Bright Spot in a Dark Year, Says Report

Red Bell Real Estate, LLC

2020 will go down in the history books for many reasons, but one bright spot in a year of darkness is the performance of the U.S. residential real estate markets. December 2020, like much of the year, recorded very strong home price appreciation. According to Radian Home Price Index (HPI) data released today by Red Bell Real Estate, LLC, a Radian Group Inc. company (NYSE: RDN), … [More]

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