NFIB’s May jobs report found that 34% (seasonally adjusted) of small business owners reported job openings they could not fill in May, unchanged from April, and the lowest since January 2021. “Amid uncertainty, small business owners’ hiring plans remain subdued in May,” said Chief Economist Bill Dunkelberg. “Compensation pressures have also eased offering some much needed … [More]
Luxury Housing Market Loses Spring Momentum, Metro Phoenix Sees Price Cuts
The luxury housing market tapped the brakes in April. Financial volatility led both buyers and sellers at the high end to hit pause, according to Zillow's latest look at the luxury housing market. The typical luxury home — defined as the top 5% most valuable homes in each region — is now worth about $1.8 million nationwide, and more than double that in six major metros: San … [More]
U.S. Home Sellers Are Sitting on $700B Worth of Listings, an All-Time High
There’s a total of $698 billion worth of homes for sale in the U.S., up 20.3% from a year ago and the highest dollar amount ever, according to a new report from Redfin, the technology-powered real estate brokerage. The report is based on an analysis of listings on Redfin.com going back through 2012. For the total dollar value of all inventory on the market, Redfin summed up … [More]
Top Questions Entrepreneurs Should Ask Their Financial Advisors
Financial planning helps protect wealth and adapt to new goals
Building a profitable business is hard work and a major accomplishment. But as entrepreneurs focus on daily operations, planning and adapting their enterprise to market conditions, proactively managing wealth oftentimes takes a backseat to their work. Ultimately, long-term financial success isn’t just about how much money an entrepreneur makes; it’s about how much they keep … [More]
June 2025 Guest Editor: Governor Katie Hobbs, State of Arizona
Keeping Business Booming It takes a community, and Greater Phoenix’s business community has a well-earned reputation for being supportive. In Business Magazine has coordinated a collection of experts in key pillars for this month’s cover story to help businesses address concerns about surviving and thriving in these uncertain times. As reflected in this month’s issue, … [More]
Economic Protections: Ensure Strong Profits in Down Times
The landscape surrounding businesses today is challenging, strewn with hurdles and dilemmas. But not without opportunities as well. In Business Magazine has tapped into the wealth of expertise in our community in key areas to help businesses navigate the challenges and maximize the opportunities. Accounting Navigating Economic Uncertainty with Data-Driven … [More]
New Apartments Are Sitting Vacant for Months, Giving Renters Power to Negotiate Concessions
Less than half (49%) of newly built apartments completed in the fourth quarter of 2024 were rented within three months, up slightly from 47% the previous quarter. That’s according to a new report from Redfin, the technology-powered real estate brokerage. This was the fifth consecutive quarter that the rental absorption rate was below 50%, a speed that continues to lag behind … [More]
Survey Shows Diverging Industry-Specific Small Business Optimism
Quarterly survey focuses on the construction, manufacturing, retail, and services industries
The NFIB Research Center released an industry-specific quarterly Small Business Economic Trends survey highlighting the construction, manufacturing, retail, and services industries. According to the report, the Optimism Index across the four reported industries decreased from the previous quarter. Despite this decline, optimism in the construction, manufacturing, and services … [More]
Real Estate Agent Commissions Haven’t Changed Much since the NAR Settlement Took Effect
The average buyer’s agent commission was 2.40% for homes sold in the first quarter, according to a new report from Redfin, the technology-powered real estate brokerage. That’s up slightly from 2.37% in the fourth quarter of 2024 and 2.36% in the third quarter of 2024—when the new National Association of Realtors (NAR) commissions rules went into effect—but down slightly from … [More]
Arizona Residents Carry the Fifth-Highest Credit Card Debt in U.S., Study Finds
A new study conducted by H&P Law, the Las Vegas personal injury lawyers, has revealed significant disparities in credit card debt across the United States. The research indicates that Connecticut residents carry the highest average credit card debt, while Iowa residents owe the least. Top 5 States with the Highest Credit Card Debt Rank State Average Credit Card … [More]
Small Business Optimism Declines in April, Survey Reveals
Fewer owners planning to increase business investments
The NFIB Small Business Optimism Index declined by 1.6 points in April to 95.8, the second consecutive month below the 51-year average of 98. The Uncertainty Index decreased four points from March to 92 but remained far above the historical average of 68. Seasonally adjusted, 34% of business owners reported job openings they could not fill in April, down six points from March. … [More]
New Tariffs Reshape Economic Landscape, Highlighting Commercial Real Estate’s Stability
Sweeping tariff policy heightens uncertainty. The recent introduction of the “Liberation Day tariffs” marks the most significant shift in U.S. trade policy in more than a century, propelling the net effective tariff rate from about 2.5 percent last year to well above that for most countries. A 10 percent blanket tariff now covers nearly all imports. Initially, 90 countries … [More]
Small Businesses Stay Confident amid U.S. Economic Uncertainty
Nearly half of U.S. small and microbusiness owners expect the national economy to weaken in the coming months. Despite the outlook, most still believe their own businesses will grow, according to new survey data released today by GoDaddy. In the latest findings from the GoDaddy Small Business Research Lab, formerly known as Venture Forward, 49% of 2,100 U.S. microbusiness … [More]
Arizona Is the Sixth-Best State to Work In for Wage Increases, Study Finds
A new study finds that Arizona experienced the sixth-largest wage increase between 2020 and 2023, recording an 18.4% increase. This wasn't too far behind the state with the largest percentage increase, Montana, which saw a 20.7% rise. According to the data, only four states saw wage increases that outpaced inflation. Work management experts Asana analyzed Bureau of Labor … [More]
Greater Phoenix Housing Market Gains Momentum with Sales Increase
The number of residential home sales rose for the second month in a row. Year-over-year closed home deals increased 4.1% compared to the first four months of 2024. “With all the questions about the economy, it’s reassuring to see closings rise again,” said Christy Walker, board president of Phoenix REALTORS®. “New listings are also up again, which gives us a diverse range of … [More]
Their Take: Q2 Economic Check-In – We’re in a Fiscal Pickle
As we have been expecting, 2025 is indeed proving to be the year of uncertainty and volatility. The global tariff storm is building with new developments almost daily. We’re calling Q2 ‘the fiscal pickle’ as the Fed grapples with high and increasing Inflation, while simultaneously dealing with a decelerating economy. Here’s What’s Happening Interest rates pushed steadily … [More]
Phoenix Industrial Absorption Remained Strong in Q1
Historic Deliveries of New Space Drive Vacancy to 11.2%
According to Colliers in Arizona, the Greater Phoenix industrial market posted 4.1 million square feet of net absorption during the first three months of 2025, continuing a record of strong leasing in the booming city and placing the metropolitan area as the third top market nationally in first quarter. Despite impressive net absorption, the city posted an increase of vacancy … [More]
Jobs Report: Labor Shortages Continue to Constrain Small Business Job Growth
NFIB’s April jobs report found that 34% (seasonally adjusted) of small business owners reported job openings they could not fill in April, down six points from March, the lowest since January 2021. “Small business owners remained open to hire and grow their workforce in April,” said Chief Economist Bill Dunkelberg. “While the percent of open positions decreased a bit, Main … [More]
