Funding the Effects of the Pandemic to Grow Business 

by Mike Hunter

Business is the lifeblood of any economy. Small businesses are said to be the fuel that any strong economy runs on. That thinking has, until earlier this year, been what we have proven — making Greater Phoenix one of the top places to be in business. We are fortunate to have some of the stories of those who have received funding to get them through the toughest of times in … [More]

Injecting Funds to Sustain Our Economy

by Mike Hunter

Many are stepping up, but these funding partners are doing the hard work to provide immediate help through relief grants and other programs. While some of these organizations regularly grant funds, there is no question that the volume — both in number of grants and amount of funds — is a lot to manage and disburse. Overwhelmed staff changed policies, and the urgency of doing it … [More]

Great Impact: Funding Businesses and Nonprofits to Sustain Our Economy

by Mike Hunter

Our community has stepped up to the plate to help businesses of all sizes — it always has. This economic downturn is among the worst we have seen. No one could have anticipated a time in modern America when business would be asked to simply shut down. Prior to the pandemic, our economy was stronger than most other states in the country. From population growth to property … [More]

Juan Salgado, Phoenix IDA and PCDIC

from Juan Salgado

There is no question that the COVID-19 pandemic stifled growth and prosperity for businesses at the start of 2020.  As the crisis unfolded, leaders of the business community — like the Phoenix IDA and Phoenix Community Development and Investment Corporation — recognized that the pandemic would negatively impact small businesses that bolster local communities. Through various … [More]

New Report Highlights 20 Steps the U.S. and the West Should Take to Win the Economic Competition against China

Information Technology and Innovation Foundation

The COVID-19 pandemic has proved to be the most disruptive force of the year, and climate change is likely to produce some of the most sweeping societal disruptions of the 21st century—but in the mid-horizon, it is the rise of China that constitutes the most significant global business disruptor of the decade, according to a new report released today by the Information … [More]

Personal Income Increased 0.4% in July, Impacted by Spread of COVID-19

Bureau of Economic Analysis

Personal income increased $70.5 billion (0.4 percent) in July according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $39.9 billion (0.2 percent) and personal consumption expenditures (PCE) increased $267.6 billion (1.9 percent). Real DPI decreased 0.1 percent in July and Real PCE increased 1.6 percent (tables 5 … [More]

FinTech for Banking and Investing

by Mike Hunter

As technology continues to play an increasingly dominant role in daily life, FinTech has followed suit, equipping the banking industry with tools that makes it more efficient and customer-oriented than ever before, according to Don Garner, CEO of Alliance Bank of Arizona. “Although nothing can replace an expert banker who has a close relationship with a customer and understands … [More]

Weekly Jobless Claims Again Reach More Than 1 Million, Prolonging Economic Concerns

U.S. Department of Labor

In the week ending August 22, the advance figure for seasonally adjusted initial claims was 1,006,000, a decrease of 98,000 from the previous week's revised level. The previous week's level was revised down by 2,000 from 1,106,000 to 1,104,000. The 4-week moving average was 1,068,000, a decrease of 107,250 from the previous week's revised average. The previous week's average … [More]

GDP Decreased at Annual Rate of 31.7% in Q2, Says Updated Estimate

U.S. Bureau of Economic Analysis

Real gross domestic product (GDP) decreased at an annual rate of 31.7 percent in the second quarter of 2020 (table 1), according to the "second" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP decreased 5.0 percent. The GDP estimate released today is based on more complete source data than were available for the "advance" estimate … [More]

More Than $10 Billion in Unemployment Benefits Issued During Pandemic in Arizona

Arizona Department of Economic Security

The Arizona Department of Economic Security (DES) announced today it has distributed more than $10 billion in state Unemployment Insurance (UI),Pandemic Unemployment Assistance (PUA), Federal Pandemic Unemployment Compensation(FPUC) and Lost Wages Assistance (LWA) since the week ending March 7, 2020. Last week,Arizona became the first state in the nation to begin issuing LWA. … [More]

Arizona Top State For Women’s Equality, according to New Study

inbusinessPHX.com

Arizona ranks in the top 5 of states for Women’s Equality, according to a new study conducted by WalletHub. The study compared all 50 states across three key dimensions: Workplace Environment; Education & Health; and Political Empowerment. Arizona also ranked in the top five for the “Smallest Political Representation Gap” and “Smallest Work Hours Gap” subcategories, and … [More]

One in Five Small Businesses Say They Will Have to Close Their Doors if Economic Conditions Don’t Improve in Next Six Months

NFIB

The NFIB Research Center released the latest COVID-19 related survey assessing the health crisis impact on small businesses. Congress is currently negotiating additional financial support for small businesses after the initial Paycheck Protection Program (PPP) loan period expired on August 8. If eligible, 44% of small businesses surveyed said they would apply or re-apply for a … [More]

70% Decrease in Banking Institution Net Income in Q2 Compared to 2019

Federal Deposit Insurance Corporation

The Federal Deposit Insurance Corporation (FDIC) reported that commercial banks and savings institutions saw a decrease in net income of 70 percent from a year ago, while liquidity and capital levels remained very strong to meet loan demand and absorb any losses in the future. For the 5,066 commercial banks and savings institutions insured by the FDIC, aggregate net income … [More]

U.S. Single-Family Rent Prices Downshift Again in June, Metro Phoenix Tops Lists

CoreLogic

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 more than 80 metropolitan areas. Data collected for June 2020 shows a national rent increase of 1.4% year over year, down from a 2.9% year-over-year … [More]

July U.S. Jobless Claims Higher than 2019, Lower than June 2020

U.S. Bureau of Labor Statistics

Unemployment rates were lower in July in 30 states, higher in 9 states, and stable in 11 states and the District of Columbia, the U.S. Bureau of Labor Statistics reported today. All 50 states and the District had jobless rate increases from a year earlier. The national unemployment rate fell by 0.9 percentage point over the month to 10.2 percent but was 6.5 points higher than … [More]

Weekly Jobless Claims Back Over a Million, Increase of 135,000

U.S. Department of Labor

In the week ending August 15, the advance figure for seasonally adjusted initial claims was 1,106,000, an increase of 135,000 from the previous week's revised level. The previous week's level was revised up by 8,000 from 963,000 to 971,000. The 4-week moving average was 1,175,750, a decrease of 79,000 from the previous week's revised average. The previous week's average was … [More]

Arizona Economic Dashboard Launched to Collect Economic Data for Recovery and Beyond

Greater Phoenix Chamber

The Greater Phoenix Chamber launched the Arizona Economic Dashboard, a new tool developed to collect meaningful economic data signaling Arizona’s progress through economic recovery and beyond. “The Greater Phoenix Chamber is consistently evaluating how to serve the business community in the best way possible,” said Todd Sanders, president and CEO of the Greater Phoenix … [More]

Their Take: Implementation of Tenant/Landlord Assistance Programs is Critical

Rick McCartney

Arizona businesses continue to be affected by the economic impact of COVID-19.  Particularly hard-hit are those individuals whose business is the ownership and management of rental homes throughout the state. As tenants struggle to make ends meet, landlords were mandated by an executive order to adjust their rent collections schedules, allowing tenants upwards of eight … [More]

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