According to a new Arizona State University W.P. Carey School of Business study, the economic impact of the Phoenix Airport system has increased nearly 15% since 2016. The study, which is based on calendar year 2022 figures, shows that Phoenix Sky Harbor, Phoenix Deer Valley, and Phoenix … [More]
ASU Economists Share What’s in Store for Next Year at Annual Economic Outlook
Learn answers to your questions about the state and national economy live on Zoom
Although unemployment rates remain near record lows, U.S. and Arizona job growth has recently slowed as the Federal Reserve continues with higher interest rates to combat inflationary pressures. According to Arizona State University economists, a recession seems less likely than one year ago but remains a possibility. What industries are driving growth in today's Arizona … [More]
Buying a Home Costs More Than Ever, With Prices Hitting All-Time High and Mortgage Rates Rising, Despite Metro Phoenix Increase in New Listings
The median U.S. home-sale price hit a record $383,725 during the four weeks ending April 21, up 5.2% from a year earlier—one of the biggest jumps since October 2022. That’s according to a new report from Redfin, the technology-powered real estate brokerage. The Phoenix Metro area saw a 25.8% year-over-year increase in new listings in this period. The average weekly … [More]
Nearly 40% of Homeowners Couldn’t Afford Their Home if They Were to Buy It Today
Nearly two of every five (38%) homeowners don’t believe they could afford to buy their own home if they were purchasing it today, according to a new report from Redfin, the technology-powered real estate brokerage. This is based on a Redfin-commissioned survey of roughly 3,000 U.S. residents conducted by Qualtrics in February 2024. Nearly three in five (59%) homeowners … [More]
Buying a Home Hits New Record as Mortgage Rates Jump, Prices Rise 5%
Daily average mortgage rates jumped to their highest level since last November after last week’s disappointing inflation report
The median U.S. home-sale price increased 5% from a year earlier during the four weeks ending April 14, bringing it to $380,250—just $3,095 shy of June 2022’s all-time high. That’s according to a new report from Redfin, the technology-powered real estate brokerage. The average daily mortgage rate this week surpassed 7.4%, the highest level since last November, after a … [More]
Home Values Rising Fastest in Costliest Metros
Those shopping for homes this spring are feeling vastly different levels of market heat depending on where they're looking. Inventory is a critical factor, the latest market report1 from Zillow® shows. "Shoppers in the market today should expect competition, especially for attractive listings on the lower end of the price range — a rare opportunity these days," said Skylar … [More]
Final Four Success: Phoenix Achieves Another Zero Waste Event
The final numbers are in and Phoenix once again reached its goal of making Final Four Fan Fest a Zero Waste Event. During the four days of downtown events, 94.2% of all waste collected by the Public Works Department was diverted away from the landfill. A Zero Waste event is defined as one with at … [More]
Small Business Optimism Reaches Lowest Level since 2012, Says Report
The NFIB Small Business Optimism Index decreased by 0.9 of a point in March to 88.5, the lowest level since December 2012. This is the 27th consecutive month below the 50-year average of 98. The net percent of owners raising average selling prices rose seven points from February to a net 28% percent seasonally adjusted. “Small business optimism has reached the lowest level … [More]
U.S. Annual Home Price Growth Slows but Still Up by Over 5%, Says Report
CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI™) and HPI Forecast™ for February 2024. U.S. annual home price growth remained mostly consistent with numbers seen since last fall in February but finally slowed as the residual impact of comparing gains with weak 2022 home … [More]
2024 Career Optimism Index Study Highlights Shift from The Great Resignation to a Great Talent Stagnation
The University of Phoenix Career Institute® released its 2024 Career Optimism Index®, a comprehensive study examining the state of American workers' career trajectories and sentiments about the future of their job and career opportunities. This year's Index, the fourth consecutive year it has been fielded, reveals that workers and employers are facing a critical moment of … [More]
Arizona Exports Break New Records
Arizona companies exported a record amount of goods in 2023, Governor Hobbs announced in her International State of the State address. Exports grew to $28.79 billion in 2023, a 5.5% increase ($1.5 billion) over the previous year. Arizona’s growth bucks the trend for the U.S., which saw exports decrease by 2.2% in 2023. “A testament to the strength and diversity of the … [More]
Phoenix Leads the U.S. Data Center Market in Average Asking Rates
North American data center pricing approached record levels in 2023, with Phoenix boasting some of the highest average asking rates ($170 – $200) for 250-500 kilowatt (kW) per month, according to CBRE’s latest North American Data Center Trend Report. Leasing activity remains strong, and renewal rates increased by 20% from H2 2022 to H2 2023. The Valley's vacancy rate is 3.9%, … [More]
The Typical Homebuyer’s Down Payment Is $56,000, Up 24% from a Year Ago
The median down payment for U.S. homebuyers was $55,640 in February, according to a new report from Redfin, the technology-powered real estate brokerage. That’s up 24.1% from $44,850 a year earlier—the largest annual increase in percentage terms since April 2022. Phoenix Metro home purchases made in cash were down 6.1 percentage points from a year earlier—the fifth largest … [More]
Forecasting: Four Things We’re Watching for Phoenix Businesses in 2024
Right now, Phoenix businesses are navigating a unique landscape that is growing with a swelling population and booming industries while facing economic challenges such as housing and cost of living. While some things are out of business owners’ hands, the market is offering signs of what 2024 may hold. The ability to adapt to a rapidly changing landscape using the right … [More]
Rising Supply Draws in Some Buyers, Even as Housing Payments Soar 10% to All-Time High
The typical U.S. monthly housing payment hit an all-time high of $2,721 during the four weeks ending March 24, up 10% from a year earlier, according to a new report from Redfin, the technology-powered real estate brokerage. Housing payments are at a record high because of the one-two punch of elevated mortgage rates and rising home prices. Mortgage rates remain elevated near … [More]
Renting Now Beats Buying in All of the Largest U.S. Metros
Elevated mortgage interest rates, still-high home prices and falling rents have made it more affordable to rent than buy in all of the top 50 U.S. metros, according to the Realtor.com® Rental Report released today. In February, the mortgage payment on a starter home in the largest metros cost $1,027 (+60.1%) more than the monthly rent in those markets, on average. At the same … [More]
Department of Gaming Reports $28.6M in Tribal Gaming Contributions for Q3
The Arizona Department of Gaming (ADG) announced $28,578,515 in tribal gaming contributions to the Arizona Benefits Fund for the third quarter of Fiscal Year (FY) 2024. This amount represents an approximate 3.5 percent increase when compared to the same quarter of FY 2023. “In the third quarter of Fiscal Year 2024 Arizona’s tribal gaming industry maintained its steady … [More]
Arizona Comes in Fifth of States Where Businesses Struggle with Debt the Most
A new study has revealed that businesses in Georgia have been granted the highest average in loans compared to small businesses in any other state. Arizona businesses have the fifth highest average loans at $705,000. A study by business formation experts, CreditDonkey, analyzed government data from the U.S. Small Business Administration lender reports from 2020-2023 … [More]
