Sun Belt Homebuyers Are Backing Out of Purchases at a Higher Rate Than Anywhere Else in the U.S.

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Nationwide, roughly 64,000 home-purchase agreements fell through in August, equal to 15.2% of homes that went under contract that month. That’s up from 12.1% a year earlier and is comparable with July’s revised rate of 15.5%, according to a new report from Redfin, the technology-powered real estate brokerage. The percentage has now hovered around 15% for the past three … [More]

Bidding-War Rate Drops to Lowest Level since April 2020, Phoenix among Lowest

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Nationwide, 44.6% of home offers written by Redfin agents faced competition in August, the lowest bidding-war rate since the beginning of the pandemic when the housing market nearly ground to a halt, according to a new report from Redfin, the technology-powered real estate brokerage. It’s down from 63.5% a year earlier and a revised rate of 47.2% in July, and marks the … [More]

Airline Orders up to 104 Aircraft to Build ‘Mesa Pilot Development’ to Combat Pilot Shortage

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Mesa Airlines announced that it has purchased 29 state-of-the-art Pipistrel Alpha Trainer 2 aircraft, with the option to buy an additional 75 over the next year. The new fleet will be the backbone of the Mesa Pilot Development Program (MPD), a major initiative to close the pilot shortage gap that has been affecting the industry over the last several years. As part of the … [More]

Record Share of Homebuyers Relocating, Many Are Coming to Phoenix

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A record 33.9% of Redfin.com users nationwide looked to move from one metro to another in July and August, according to a new report from Redfin, the technology-powered real estate brokerage. That’s up from 32.6% in the second quarter and about 26% before the pandemic. The U.S. housing market has slowed considerably from the height of the pandemic homebuying frenzy, … [More]

Phoenix Real Estate Market’s Latest Home Sales Data from August

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Phoenix REALTORS®, one of the foremost industry experts serving more than 11,000 real estate sales professionals Valley-wide, released the latest market data giving perspective to current real estate trends. The report, which is based on ARMLS data that includes primarily the Phoenix-metro area and some surrounding communities in Arizona, revealed a 10.5% increase in median … [More]

Digital Marketing Co. Announces New Office in Phoenix, Creating Hundreds of New Jobs

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Townsquare Interactive is moving west. The digital marketing company is expanding to its second location, opening a 5,393 square-foot office space at One Renaissance Square in downtown Phoenix this month. Townsquare Interactive plans to move into an 11,875 square-foot permanent space at Two Renaissance Square in late February 2023, which will bring hundreds of jobs to the … [More]

Inflation Eases for Some Small Businesses but Remains a Serious Problem

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The NFIB Small Business Optimism Index rose 1.9 points in August to 91.8, marking the eighth consecutive month below the 48-year average of 98 but reversing some of the declines in the first half of the year. Twenty-nine percent of owners reported that inflation was their single most important problem in operating their business, a decrease of eight points from July’s highest … [More]

U.S. Prices Rose 8.3% in the Year through August, Not What Economists Expected

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The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.1 percent in August on a seasonally adjusted basis after being unchanged in July, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 8.3 percent before seasonal adjustment. Increases in the shelter, food, and medical care indexes were the largest of … [More]

More Jobs Than Ever Before, Arizona Economic Development Sets Record Again

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For the second year in a row, Arizona economic development efforts broke records. During the 12-month fiscal period that ended June 30, 2022, the Arizona Commerce Authority (ACA) and local economic development agencies successfully worked with companies that committed to creating a projected 24,186 new Arizona jobs - a single year record. Those companies also committed to … [More]

BetMGM and Arizona Cardinals Debut First Sportsbook at NFL Stadium

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BetMGM, a leading sports betting and iGaming operator, and the Arizona Cardinals today debuted the first sportsbook at a National Football League (NFL) stadium. The BetMGM Sportsbook at State Farm Stadium is a two-story, 17,000-square-foot entertainment destination featuring state-of-the-art sports wagering amenities, concert-hosting facilities, a gourmet grille and bar and a … [More]

Industry-Specific Small Business Economic Trends Survey Is Somewhat Optimistic

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The NFIB Research Center released the latest industry-specific Small Business Economic Trends report highlighting small businesses in the construction, manufacturing, retail, and services industries. The overall Optimism Index in July was 89.9. “Small business owners in various industries continue to manage historic economic headwinds that are impacting their … [More]

Collaboration Empowers Employers, Small Businesses

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In the spirit of this week’s Labor Day celebration, the U.S. Department of Labor is collaborating with the Small Business Administration, the National Labor Relations Board and the Federal Mediation and Conciliation Services to release a first-of-its-kind digital toolkit for employers seeking guidance on supporting and responding to their employees interested in exercising … [More]

US Year-Over-Year Home Price Growth Dips Again in July as Higher Mortgage Rates Cool Demand

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CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI™) and HPI Forecast™ for July 2022. Annual home price growth slowed for the third consecutive month in July but remained elevated at 15.8%. As 30-year, fixed-rate mortgages neared 6% this summer, some prospective homebuyers … [More]

Jobs Report: Challenges Continue for Small Business Hiring

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Small business owners continue to hire, but 49% (seasonally adjusted) of owners reported job openings they could not fill in the current period. “The labor market continues to be a significant challenge for small business owners,” said NFIB Chief Economist Bill Dunkelberg. “Owners are managing several economic headwinds and continue to make business adjustments to … [More]

Employment Increases by 315,000 in August, Unemployment Rate Rises to 3.7%

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Total nonfarm payroll employment increased by 315,000 in August, and the unemployment rate rose to 3.7 percent, the U.S. Bureau of Labor Statistics reported today. Notable job gains occurred in professional and business services, health care, and retail trade. This news release presents statistics from two monthly surveys. The household survey measures labor force … [More]

August Housing Report: Phoenix Leads with Highest Number of For-Sale Homes with Price Reductions

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The U.S. housing market offered buyers more breathing room to make decisions in August, with the first1 year-over-year increase in time on market (+5 days) since June 2020, according to the Realtor.com® Monthly Housing Trends Report released today. Additionally, August home shoppers had more active listings to choose from than last year (+26.6%), even as new sellers continued … [More]

Charitable Trust Appoints Steve Zabilski as Successor CEO, Expands Board of Trustees

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The Board of Trustees of Virginia G. Piper Charitable Trust has named Steve Zabilski as its President and CEO effective April 1, 2023; the Board has also appointed three new Trustees: Lori Higuera, Assistant General Counsel–Employment, Freeport-McMoRan; Paul Mulligan, President and CEO, Catholic Charities Community Services; and Ed Zuercher, former Phoenix City Manager and … [More]

Corning Announces New Cable Manufacturing Facility in Gilbert

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Corning Incorporated, one of the world's leading innovators in materials science, announced today it is expanding its manufacturing capacity for optical cable, based on a long-term relationship with AT&T as the nation’s largest fiber internet provider expands its fiber footprint. Corning will build a new cable manufacturing facility in Gilbert, Arizona, creating 250 jobs. … [More]

First Solar to Invest up to $1.2 Billion in American-Made Solar Production

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First Solar, Inc. announced that it plans to invest up to $1.2 billion in scaling production of American-made, responsibly-produced photovoltaic (PV) solar modules, directly supporting the country’s transition to a decarbonized future and enabling the fight against climate change. The investment is forecast to expand the company’s ability to produce American-made solar modules … [More]

Transport and Logistics Provider to Hire 350 Seasonal Workers in the Phoenix Area

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According to Insider Intelligence, the 2022 peak season is expected to see healthy consumer spending patterns continue after record 2021 holiday sales as global supply chains continue to stabilize. To anticipate demand, GEODIS plans to hire seasonal employees to join its existing workforce of more than 13,000 employees across the U.S. and Canada. "With the economic … [More]

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