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]
SBA Arizona Honors National Small Business Week Award Winners
Thirteen Arizona Small Businesses and Champions to be Recognized at Local and National Ceremonies
In celebration of National Small Business Week (NSBW), April 28 – May 4, the U.S. Small Business Administration (SBA) is honoring Arizona entrepreneurs, small business champions and lending partners for their contributions to the economy. Over 99 percent of the businesses in the state are small businesses. Small businesses drive innovation and job growth, vital to Arizona’s … [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]
HUD Kicks Off a Series of New Actions to Help Communities Fight Extreme Heat
The U.S. Department of Housing and Urban Development (HUD) announced new actions helping support communities to increase resilience to extreme heat. For the first time in its history, HUD published a webpage on Extreme Heat that serves as a hub highlighting actions communities can take to prepare and respond to extreme heat events and available resources to help fund climate … [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]
NHL Board Approves Establishment of New Franchise in Utah, Renders Arizona Coyotes Franchise Inactive
The National Hockey League’s Board of Governors today approved the establishment of a franchise beginning with the 2024-25 season in Utah, that will be owned and controlled by Smith Entertainment Group, which is led by Ryan and Ashley Smith. In addition, the Board approved a plan that renders the Arizona Coyotes franchise inactive, with a right to reactivate if owner Alex … [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]
Tech Giant Brings AI Platform Innovation to Life at Olympic Games
Intel announced its plans for the Olympic and Paralympic Games Paris 2024. Bringing AI Everywhere, Intel will implement artificial intelligence technology powered by Intel processors on the world’s biggest stage. As the Official Worldwide AI Platform Partner of the Olympic and Paralympic Games Paris 2024, Intel will introduce new, innovative AI experiences based on Intel … [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]
Sustainable Climate Tech Manufacturer Breaks Ground in Mesa
XNRGY, a North American leader in sustainable HVAC solutions, announced the groundbreaking of its new state-of-the-art manufacturing facility in Mesa, Arizona. The first phase of the Arizona facility encompasses a significant 275,000 square feet, surpassing XNRGY's Montreal headquarters at 223,000 square feet. This initial investment signifies a key milestone in XNRGY's … [More]
SBA Launches Digital Hub to Connect Small Businesses with Major Funding
Hub Details Billions of Dollars in Grants, Contracts, and Market Opportunities
The U.S. Small Business Administration (SBA) announced the launch of the SBA’s new Investing in America Small Business Hub, the first and only digital portal of its kind providing industry-specific resources to help small businesses tap into opportunities under President Biden’s signature Investing in America (IIA) Agenda. “President Biden’s Investing in America agenda is … [More]
Industrial Report: Third Highest Phoenix Q1 Leasing Activity on Record
Leasing hits 6.3 million s.f. for the quarter, with more demand and absorption on the horizon
The Phoenix Office of JLL has released its Q1 2024 Phoenix Industrial Report, noting 6.3 million square feet of new leasing activity – a 60% spike from the previous quarter marking Phoenix’s third-highest Q1 leasing performance on record. According to the Q1 report, activity was boosted by an uptick in demand for big box warehouses “The first quarter of the year was … [More]
Banner Health’s Peter S. Fine to Retire, Names New President and CEO
Peter S. Fine, who led Banner Health through 24 years of unprecedented growth and a rise to national prominence, will retire on June 30 and be succeeded by Banner’s president, Amy Perry, who will become the president and chief executive officer, the health system’s Board of Directors announced today. Fine became president and chief executive officer of Banner in 2000, shortly … [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]
TSMC Arizona Announces Plans for Third Leading-Edge Fab in Phoenix through $6.6B in Proposed CHIPS Act Funding
Third fab will produce the most advanced leading-edge semiconductors in the U.S., bringing TSMC’s total investment in Arizona to over US$65 Billion
TSMC announced that the U.S. Department of Commerce and TSMC Arizona have signed a non-binding preliminary memorandum of terms (PMT) for up to US$6.6 billion in direct funding under the CHIPS and Science Act. TSMC also announced plans to build a third fab at TSMC Arizona to meet strong customer demand leveraging the most advanced semiconductor process technology in the United … [More]
Coyotes Announce Commitment to Build Privately Funded Arena & Entertainment District
Following the release of a public land auction notice from the Arizona State Land Department for 110 acres of state-owned land at the Northwest corner of Scottsdale Road and the Loop 101 in the City of Phoenix, the Arizona Coyotes announced their commitment to win the auction and develop the land into an unrivaled sports, lifestyle and entertainment district without taxpayer … [More]
Fourth Future48 Workforce Accelerator Announced with Central Arizona College, Continuing to Strengthen Arizona’s Workforce Pipeline
Governor Katie Hobbs announced the fourth of six total workforce accelerators with a new partnership between LG Energy Solutions and Central Arizona College in Apache Junction. The Future48 Workforce Accelerators, launched in June 2023, provide an innovative path for industry leaders and community colleges to train Arizonans for good-paying jobs in advanced … [More]
