On track for its best-ever year at the beginning of March, Phoenix earned record revenue from film, television and digital media productions. Then Covid-19 hit, and the industry came to a screeching halt. That busy period from the end of 2019 into early 2020 leading up to the health emergency made up for the next two “lost” months. Despite the pandemic, it was a good year for … [More]
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New Report: Arizona Ranks Third for Economic Momentum
State of Arizona Office of the Governor
Arizona is ranked third best in the nation for economic momentum, based on a new report by State Policy Reports. The report ranks states’ economic momentum based on growth in personal income, employment and population. Arizona ranked in the top four for employment growth and population growth. Arizona is tied for third with Montana. “Arizona’s economy was one of the hottest … [More]
One In Five Small Businesses Anticipate Having to Lay Off Employees in Next Six Months
NFIB
NFIB’s Research Center released the latest survey relating to COVID-19 and its impact on the small business economy. The majority of Paycheck Protection Program (PPP) borrowers have used all of their loans and are preparing to apply for forgiveness. “It has been over six months from the onset of the health crisis and economic shutdowns and small businesses are … [More]
Arizona Leads the West in Income Growth
inbusinessPHX.com
Arizona’s median household income rose by 15.2% over the latest three-year recording period, according to new data from the U.S. Census Bureau. That was the highest growth among western and mountain states, and higher than Texas and Florida. The Census data, which compares income growth averaged between 2014-2016 and 2017-2019, indicates that the median household income in … [More]
Sellers Still Direct a Hot Housing Market But Fall Cooling Approaches
Zillow
Sellers still hold the reins of the U.S. housing market as prices reach record year-over-year gains and low inventory further erodes, according to the Zillow Weekly Market Report1. However, tapering pending sales and minimal recent growth in list prices point to an overdue seasonal market slowdown that may finally be coming. Pending sales slow as short time-on-market stays … [More]
The Federal Reserve’s Role in the Stock Market
by Aaron Warby
For several months now there has been a lot of focus on Federal Reserve statements. The question in some investors’ minds is, “how much control does the Federal Reserve have over the stock market?” For the near-term and the likely over the next several years the Federal Reserve will be a major market influencer. In broad terms the Federal Reserve has three major roles. The … [More]
September Strong Job Growth Chiefly Making Up for Declines
U.S. Bureau of Labor Statistics
Total nonfarm payroll employment rose by 661,000 in September, and the unemployment rate declined to 7.9 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 and efforts to contain it. In September, notable … [More]
Their Take: UArizona’s Eller Professor Says Arizona Unemployment ‘Worrisome’
Eller College of Management at the University of Arizona
In response to a recent article in the Wall Street Journal reporting that the trend downward in number of new weekly jobless claims has stalled, Juan Pantano, Associate Professor of Economics at the University of Arizona’s Eller College of Management, believes this focuses more on the aggregate national picture and that the national figures mask substantial heterogeneity across … [More]
Small Business Economy Continues to Rebound in September
NFIB
The small business labor market continues to make improvements in September despite continued state and federal employment regulations related to COVID-19. According to NFIB’s monthly jobs report, 10% of owners reported increasing employment an average of 3.2 workers per firm and 16% reported reducing employment an average of 2.0 workers per firm (seasonally … [More]
Rebound in U.S. Apartment Leasing in the Third Quarter
RealPage Inc.
Bouncing back from the limited demand results seen earlier in the year, U.S. rental apartment leasing proved strong in the third quarter, according to real estate technology and analytics firm RealPage, Inc. (NASDAQ: RP). The occupied apartment count climbed by 146,517 units on net in the July through September time frame. That product absorption pace is more than … [More]
Weekly Jobless Claims Slightly Lower Even as Layoffs Continue
U.S. Department of Labor
In the week ending September 26, the advance figure for seasonally adjusted initial claims was 837,000, a decrease of 36,000 from the previous week's revised level. The previous week's level was revised up by 3,000 from 870,000 to 873,000. The 4-week moving average was 867,250, a decrease of 11,750 from the previous week's revised average. The previous week's average was … [More]
Many Arizona Cities among the Quickest to Recover from Unemployment
WalletHub
The employment market continued to recover in August, as the latest jobs report shows that the national unemployment rate has fallen to 8.4%, which is 43% below the peak of 14.7% during the height of the COVID-19 pandemic. To provide more context at the city level, WalletHub today released its report on the Cities Whose August Unemployment Rates Are Bouncing Back Most, as a … [More]
Q2 GDP Decreased at Annual Rate of 31.4%, Corporate Profits Decreased $208.9B
U.S. Bureau of Labor Statistics
Real gross domestic product (GDP) decreased at an annual rate of 31.4 percent in the second quarter of 2020 (table 1), according to the "third" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP decreased 5.0 percent. The “third” estimate of GDP released today is based on more complete source data than were available for the "second" … [More]
The R&D Tax Credit: An Overlooked Tax Saving Opportunity for Architects and Engineers
by Jordan Taylor
By designing impressive new buildings and developing solutions for challenging structural issues, architects and engineers serve as beacons of growth and innovation in society. Yet, many architecture and engineering firms do not realize that their routine activities may qualify them for a powerful opportunity to significantly boost their bottom lines: the Research and … [More]
New Forecast Sees Home Sales Peak This Fall, Stay above Pre-Pandemic Levels through the Coming Year
Zillow
After a remarkably hot summer, home sales are expected to peak this fall then taper off in 2021 while staying above pre-pandemic levels, according to a forecast by Zillow's team of economists in this week's Market Report1. Key market stats from the week ending Sept. 19 show depleted inventory levels plumbing new depths and prices skyrocketing over 2019 figures. FORECAST: … [More]
State Personal Income Increased 35.1% in Arizona, Above National Average
U.S. Bureau of Economic Analysis
State personal income increased 34.2 percent at an annual rate in the second quarter of 2020, an acceleration from the 4.1 percent increases in the first quarter, according to estimates released today by the Bureau of Economic Analysis (table 1). Personal income increased in every state and the District of Columbia ranging from 15.3 percent in the District of Columbia to 76.3 … [More]
Strong Home Prices Expected to Continue through at Least 2021, But Economic Uncertainty is Clouding Long-Term Outlook
Rick McCartney
After watching the for-sale housing market largely shrug off the potential impacts of the coronavirus pandemic this summer, a panel of experts is singing a much more bullish tune about short-term home price performance than in the spring. But a few clouds appear when looking further out. Skepticism remains in the long term with elevated unemployment expected to persist into the … [More]
Weekly Jobless Claims Up as Pandemic Furthers Economic Downturn
U.S. Department of Labor
In the week ending September 19, the advance figure for seasonally adjusted initial claims was 870,000, an increase of 4,000 from the previous week's revised level. The previous week's level was revised up by 6,000 from 860,000 to 866,000. The 4-week moving average was 878,250, a decrease of 35,250 from the previous week's revised average. The previous week's average was … [More]
