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]
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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]
Arizona Celebrates Small Business Week, Honors Small Business Owners and Their Employees
State of Arizona Office of the Governor
This week, Arizona joins the nation in celebrating Small Business Week and is recognizing the more than 592,000 small businesses throughout the state. Small Business Week honors the entrepreneurs, small business owners and employees who help power the economy and support their communities. Small businesses are the backbone of Arizona’s economy, making up more than 99% of … [More]
Phoenix Unemployment Rate Drops to 5.9%; 51,300 Return to Work in August
inbusinessPHX.com
The greater Phoenix unemployment rate plummeted to 5.9 percent, with 51,300 jobs added during August, according to the Arizona Office of Economic Opportunity. Arizona’s seasonally adjusted unemployment rate also hit 5.9 percent for the month, well below the U.S. rate of 8.3 percent. The metro area now has 2.1 million in the workforce, up from 2.0 million in April, but less … [More]
Study: 63% of Arizonans Believe that Returning to the Workplace Should Be Optional
inbusinessPHX.com
Since the start of the pandemic, millions of Americans have been working from home instead of going into their usual place of work. As the economy slowly re-opens, many workers in public-facing jobs, like shops, bars and restaurants, have already gone back to their workplace. Office workers are among those who could soon be asked to do the same, and the question on many … [More]
Survey: 74% of Hotels Will Lay Off More Employees without Further Aid
American Hotel & Lodging Association
As devastated industries wait for Congress to pass another round of COVID-19 recovery legislation, a new surveyof American Hotel & Lodging Association (AHLA) members shows that the hotel industry remains on the brink of collapse because of the pandemic. Results show 68 percent of hotels have less than half of their typical, pre-crisis staff working full time, and without … [More]
Healthcare Startups Raised $111.4B in Total Funding, a 34% Jump Year-Over-Year
BuyShares
The coronavirus pandemic put enormous pressure on the healthcare industry, forcing pharmaceutical giants and institutions to roll out clinical trials for a COVID-19 vaccine at breakneck speed. But behind the COVID-19 outbreak as the main healthcare issue in 2020, large health systems and venture capital firms continued investing millions in startups whose products could bring … [More]
Home Equity Rises Despite the Pandemic: Homeowners Gained Over $620 Billion in Equity in Q2 2020
CoreLogic
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the Home Equity Report for the second quarter of 2020. The report shows U.S. homeowners with mortgages (which account for roughly 63% of all properties) have seen their equity increase by 6.6% year over year. This represents a collective equity gain of $620 billion, … [More]
The Struggles of Small Business Don’t Bode Well for the Overall Economy
inbusinessPHX.com
The year 2020 can’t end quickly enough for most small business owners. Across the country, the pandemic forced many of them to close their operations temporarily – or permanently – and the continued economic uncertainty threatens to kill the ambitions of entrepreneurs who planned to launch businesses but now must put their dreams on hold. None of that bodes well for the … [More]
Enterprise Bank Publishes First-Ever Community Impact Report
Enterprise Bank & Trust
Enterprise Bank & Trust, the banking subsidiary of Enterprise Financial Services Corp (NASDAQ: EFSC), published its first-ever Community Impact Report. The report details Enterprise’s various programs, activities and contributions to the communities it serves - St. Louis, Kansas City, Phoenix, and the New Mexico communities of Santa Fe, Los Alamos, and Albuquerque. The … [More]
Arizona Adds Nearly 80,000 Jobs in August, Unemployment Drops to 5.9%
State of Arizona Office of the Governor
Arizona’s economy posted strong gains in August, adding nearly 80,000 jobs over the month. The state’s unemployment rate dropped to 5.9%, down from 10.7% in July and lower than the U.S. overall rate of 8.4%. During August, the private sector in Arizona recorded a gain of 30,400 jobs, which is 12,200 more jobs than the ten year average for the month. Gains were posted across … [More]
U.S. Home Prices Rise During First Six Months of Pandemic
Radian HPI
Home prices across the United States continued to climb in August, rising at an annualized 8.6 percent from the prior month, the second highest month-over-month rate of 2020, according to Radian Home Price Index (HPI) data released today by Red Bell Real Estate, LLC, a Radian Group Inc. company (NYSE: RDN). The Radian HPI is the most comprehensive and timely measure of U.S. … [More]
Weekly Jobless Claims Fell Last Week, Layoffs Continue at Extraordinarily High Levels
U.S. Department of Labor
In the week ending September 12, the advance figure for seasonally adjusted initial claims was 860,000, a decrease of 33,000 from the previous week's revised level. The previous week's level was revised up by 9,000 from 884,000 to 893,000. The 4-week moving average was 912,000, a decrease of 61,000 from the previous week's revised average. The previous week's average was … [More]
