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]
$5.5 Billion Stand-Alone Battery Manufacturing Complex in Queen Creek Is Underway
The construction of a major battery manufacturing complex in Queen Creek, Arizona, announced by LG Energy Solution last year, is on track to be completed in two years with the first round of hiring expected to begin at the end of this year. The company provided progress updates on its $5.5 billion stand-alone facility during a stakeholder meeting today at Combs High School in … [More]
Howard Hughes Names First Four Homebuilders for New Community in Phoenix’s West Valley
Howard Hughes Holdings Inc. announced the first four homebuilders for the launch of Teravalis™, the company’s new 37,000-acre community in the Phoenix West Valley. Lennar, Brightland Homes, KB Home, and Courtland Communities will build the initial homes in Floreo, the first village being developed in Teravalis, that is expected to deliver the community’s first 5,000 homes to … [More]
Additional Grant Funding Available for Businesses along Light Rail Construction
More than $1M and 200+ grants distributed to small businesses in first three years of program
After three successful years, the Small Business Financial Assistance Program (SBFAP) will enter its final year on April 1 providing support to small, locally-owned businesses along our South Central Extension/Downtown Hub light rail project. New this year, eligible businesses can apply for between $4,500 (up from $3,000 in past years) to $9,000 in program … [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]
