The Biden-Harris Administration announced that the U.S. Department of Commerce and Amkor Technology, Inc. have signed a non-binding preliminary memorandum of terms (PMT) to provide up to $400 million in proposed direct funding under the CHIPS and Science Act. President Biden signed the bipartisan CHIPS and Science Act, a key component of his Investing in America agenda, to … [More]
Arizona Homeownership Surges with Seventh-Highest in US, Arizona’s Housing Market Is on Fire!
New research has revealed the state with the most significant increase in homeownership since 2014, with Arizona taking seventh spot. Arizona had the seventh-most significant rise in homeownership over the past ten years, with an increase of 8.41%. Real estate experts Agent Advice analyzed a recent housing vacancy and homeownership survey from government census data to … [More]
Partnership Brings New Battery Storage System to Help Meet Growing Energy Demand
Salt River Project and Aypa Power have entered into an agreement to provide 250 megawatts (MW) / 1,000 megawatt-hours (MWh) of new energy storage to the Arizona grid. The Signal Butte energy storage project will be a 250 MW, four-hour battery energy storage system located in the Elliot Road Technology Corridor in Mesa, AZ. The project will utilize lithium-ion technology and … [More]
City of Phoenix Ready to Welcome 2024 WNBA All-Star Game
Phoenix is excited to host players, coaches, and basketball fans from across the country for the 2024 WNBA All-Star Game, July 19-20. The City of Phoenix is prepared for a safe and fun weekend of events, and reminds attendees to follow safety guidelines, too. EVENT … [More]
WNBA All-Star Game Set for Saturday, July 20 at Footprint Center in Phoenix
The Phoenix Mercury announced that GRAMMY® Award-winning global superstar Pitbull will perform at halftime during the 2024 AT&T WNBA All-Star Game, marking another investment from Phoenix Mercury and Phoenix Suns owner Mat Ishbia to elevate AT&T WNBA All-Star 2024 in Phoenix. The sold-out AT&T WNBA All-Star Game will be played on Saturday, July 20 (5:30 p.m. PT/8:30 … [More]
Falling Mortgage Rates, Rising Supply Create Opportunity for Homebuyers This Summer, Even amid Record-High Prices
Homebuyers on a $3,000 monthly budget have gained over $20,000 in purchasing power since mortgage rates peaked in the spring
A homebuyer on a $3,000 monthly budget can afford a $447,750 home with a 6.85% mortgage rate, the daily average as of July 11, according to a new report from Redfin, the technology-powered real estate brokerage. That buyer has gained $22,500 in purchasing power since mortgage rates hit a five-month peak in April, when they could have bought a $425,500 home with an average rate … [More]
Arizona Solidifies Position as America’s Chips Hub, Will Host SEMICON West after 50 Years in San Francisco
The semiconductor conference is “North America’s premiere microelectronics exhibition”
In case you missed it, Arizona broke Silicon Valley’s “monopoly” over SEMICON West, and will host the premier microelectronics exhibition in 2025. Moving forward, the conference will be hosted in Phoenix on a rotating basis. The news comes as Maricopa County was named the best county in the US for company expansions, private investment, and jobs created. “It has never been … [More]
New Spaceship Manufacturing Facility Completed in Phoenix
Spaceship assembly expected to begin in Q1 2025
Virgin Galactic Holdings, Inc. announced the completion of its new manufacturing facility in Phoenix, Arizona, where final assembly of its next-generation Delta spaceships is scheduled to take place starting in Q1 2025. An initial team of Virgin Galactic technical operations and manufacturing personnel has begun preparing the facility to receive and install tooling, expected … [More]
Two Prominent Better Business Bureau Chapters Expand Influence with Merger
BBB Central California & Inland Empire Counties and BBB Pacific Southwest join to better support businesses and consumers
In a landmark move aimed at bolstering support for businesses and consumers, two prominent Better Business Bureau (BBB) chapters have announced their merger. The strategic move between BBB Central California & Inland Empire Counties (BBB CCIE) and BBB Serving the Pacific Southwest (BBB PSW) is driven by the shared goal to amplify community impact, share programming, and … [More]
Small Business Optimism Index Shows Main Street Still Pessimistic on Future of Economy
NFIB State Director Chad Heinrich says the latest NFIB Small Business Optimism Index highlights how inflation affects Arizona’s small, independent businesses. “Inflation remains a serious challenge for small businesses and their consumers,” Heinrich said. “While costs remain elevated, our Main Street businesses have openings they simply can’t fill. As they try to plan ahead, … [More]
Positive Signs Showing in June Residential Real Estate’s Challenging Phoenix Market
Inventory is growing; prices continue upward tick, and days on market drop in June
New listings climbed 15.8% for the first half of 2024 compared to last year, based on the latest data from Phoenix REALTORS. The month-over-month median sales price was up just 1.5%. Days on the Greater Phoenix market dropped over 11% for the year's first half. “It’s still a challenging marketplace, and the number of homes on the market is growing,” said Sheryl Bowden, board … [More]
SEMICON West in San Francisco Puts Arizona Front and Center as the New Home of America’s Semiconductor Resurgence
Arizona’s record investments and workforce development innovations lead the nation
As SEMICON West 2024 kicks off, Arizona stands in the national spotlight as the epicenter of America’s semiconductor resurgence. Arizona leads the nation in semiconductor investment, supplier expansions and jobs. Since 2020, Arizona has won more than 40 semiconductor expansions, representing over $102 billion in capital investment and over 15,700 direct industry jobs. These … [More]
Newly Built Apartments Are Filling Up at the Slowest Pace since 2020
Less than half (47%) of newly constructed apartments that were completed in the fourth quarter were rented within three months, according to a new report from Redfin, the technology-powered real estate brokerage. That’s down from 60% a year earlier and is the lowest seasonally-adjusted share on record aside from the first quarter of 2020, when the onset of the pandemic brought … [More]
Federal Infrastructure and Inflation Reduction Bills Continue to Benefit Region
Millions of dollars in increased funding to the region results in notable projects
The Maricopa Association of Governments (MAG) Regional Council received an update this week on the impact two federal pieces of legislation are having on the region in funding major transportation infrastructure and environmental projects. In 2021, the Infrastructure Investment and Jobs Act (IIJA) was signed into law. The IIJA reauthorized the surface transportation program … [More]
Arizona Economic Insights Dashboard Finds Hiring Rates Increase, Employed Workers Missing Less Work and Wages in Utilities Sector Rise
The Greater Phoenix Chamber has released its June Arizona Economic Insights Dashboard findings. This tool provides access to real-time, interactive data updates on Arizona’s ever-changing economic landscape. Users can delve deeper into GDP, job projections, population changes, average income, educational attainment, housing data, and more. June economic data findings … [More]
Phoenix Identified as a Top 25 U.S. Market for Life Science Talent
Phoenix ascended into the Top 25 because of its workforce and emerging talent
Phoenix was named among the top 25 markets by CBRE in the annual U.S. Life Sciences Talent Trends report. The report maps the top U.S. markets and employment trends across the research & development (R&D), manufacturing, and medical technology fields. According to the CBRE report, Phoenix's life sciences R&D subsector ranks No. 23 nationally with 6,180 employees, … [More]
VAI Resort Announces Partnership with Global Leader in Culture-Defining Experiences
VAI Resort, the most anticipated addition to Arizona's hospitality landscape, has announced TAIT as its production partner. Opening its doors in Glendale, part of metro Phoenix, in 2025, VAI Resort will feature a state-of-the-art amphitheater in the heart of the property with the support of the TAIT development team to ensure a perfect performance environment for the A-list … [More]
Two New Batteries on SRP’s Grid Will Advance Reliable and Sustainable Power for Customers
Facilities Include the Largest Standalone Battery Facility to date in Arizona
Salt River Project and Plus Power LLC celebrated two new grid-charged battery storage systems, Sierra Estrella Energy Storage and Superstition Energy Storage. Together, these facilities will add 340 megawatts (MW) / 1,360 megawatt-hours (MWh) of additional battery storage capacity to SRP’s system - enough to power 76,000 residential homes for a four-hour period. The batteries … [More]
