The 2024 NCAA Men’s Final Four generated $429 million in economic impact, according to a study by Arizona State University’s Seidman Research Institute. The event also generated $256.9 million for the state’s Gross Domestic Product (GDP). “Hosting the Men’s Final Four was a tremendous slam dunk for Phoenix, as we proudly welcomed the third … [More]
Semiconductor Equipment Cleaning and Coating Facility to be Built in Mesa
Representing an over $50 million capital investment, the facility will create over 200 new jobs
KoMiCo, a global leader in precision cleaning and advanced coatings in the semiconductor industry, signed a purchase agreement to develop a state-of-the-art facility for advanced semiconductor equipment parts cleaning, coating, and repair in Mesa, Arizona. Located in the Superstition Springs area of southeast Mesa, the facility is expected to be operational by 2026, creating … [More]
Phoenix Ranks among Top Markets with Largest Number of Industrial Leases during the First Half of 2024
Industrial users leased more huge warehouses in this year’s first half, aided by lower lease rates and higher vacancy
Phoenix ranks sixth nationally among the markets with the largest share of the top 100 industrial leases in the first half of 2024, according to a new report from CBRE. Phoenix had five of the top 100 largest leases, totaling 4.6 million sq. ft. Three of the five leases were signed by e-commerce businesses, with manufacturing companies and third-party logistics operators each … [More]
Global Tech Co. Relocates Corporate Headquarters from New York to Chandler
Comtech, a global technology leader, announced the relocation of its corporate headquarters from Melville, NY to Chandler, AZ. Comtech’s new corporate headquarters in Chandler boasts approximately 150,000 square feet of state-of-the-art office, engineering and manufacturing space that is designed to enhance operations, improve collaboration and accelerate the delivery of new … [More]
Two Years Later: Clean Energy Boom Brings More than 18,000 Jobs and Almost $12 Billion in Investment to Arizona
Two years after the passage of the Inflation Reduction Act, the clean energy plan is turbocharging the clean energy economy and revitalizing communities across Arizona, as illustrated in Climate Power’s latest Clean Energy Boom report. The clean energy plan has spurred the creation of over 330,000 new jobs nationwide, with Arizona ranking seventh in the country with 18,130 … [More]
ASU West Valley Sees 25% Enrollment Increase for Fall 2024
On ASU’s West Valley campus, enrollment of new first-year, transfer and master’s students increased by 25%. To accommodate that growth, ASU is adding new buildings, including the Casa del Valle residential community, which opens this fall. It features 507 double-occupancy, suite-styled units; a social lounge; zen areas; study halls; a creation hub; and a landscaped courtyard. … [More]
Inflation Remained the Number One Operating Issue for Small Business Owners in July
The NFIB Small Business Optimism Index rose 2.2 points in July to 93.7, the highest reading since February 2022. However, this is the 31st consecutive month below the 50-year average of 98. Inflation remains the top issue among small business owners, with 25% reporting it as their single most important problem in operating their business, up four points from June. “Despite … [More]
Arizona Launches Microbusiness Loan Program to Facilitate Economic Development and Job Creation throughout State
The Arizona Office of Economic Opportunity (OEO), launched the Arizona Microbusiness Loan Program to foster economic development and job creation in communities throughout Arizona. The Arizona Legislature established the program last year to provide $5,000,000 in loan funding to Arizona-based microbusinesses, which are businesses with five or fewer employees. Through the … [More]
North America’s Largest Automotive Supplier to Build Manufacturing Facility in Mesa
Magna’s investment will create hundreds of new jobs to bolster the region
The Arizona Commerce Authority, Greater Phoenix Economic Council and the City of Mesa announced that Magna, a mobility technology company and one of the largest suppliers in the automotive space, is building a manufacturing facility in Mesa. Located at Power Industrial Park, the nearly 230,000-square-foot facility is expected to create hundreds of new jobs. Representing a … [More]
U.S. Housing Market Nears $50 Trillion in Value, Phoenix Reaches Trillion-Dollar Status
The total value of U.S homes gained $3.1 trillion over the past 12 months to reach a record $49.6 trillion, according to a new report from Redfin, the technology-powered real estate brokerage. The number of metros where the total value of homes topped $1 trillion grew to eight and includes the Phoenix market for the first time. In percentage terms, the total value of the … [More]
Residential Real Estate Closed Deals Move Up in July, Says Report
Home prices show signs of stabilization with most areas experiencing little up or down movement
Closed sales climbed nearly 7% in July compared to the same month in 2023, according to the most recent data from Phoenix REALTORS. The number of deals topped 5,000, higher than last year and 2022. “With more listings coming onto the market and increased buyer selections, July showed promise for a normally slow summer month,” said Sheryl Bowden, Phoenix REALTORS board … [More]
Global Aftermarket Aircraft Parts Supplier Announces Major Expansion in Tempe
Setna iO, a global aftermarket aircraft part supplier, and its sister company Setnix, a premier MRO repair station, today announced the expansion of its aircraft maintenance, repair and overhaul operations with the acquisition of a new facility in Tempe, Arizona. The newly acquired facility, located at 1345 S. 52nd Street in Tempe spans 112,000-square-feet – over three … [More]
Annual US Home Price Growth Below 5% for Second Consecutive Month as June Home Prices Cool
CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, released the CoreLogic Home Price Index (HPI™) and HPI Forecast™ for June 2024. U.S. year-over-year home price gains inched down, reaching 4.7% in June, falling further from the previous month’s 4.9% in what will likely be a continual slide throughout the next year. Although … [More]
ACA Supercharges Support for Arizona Startups
New venture programs launched to scale Arizona Innovation Challenge
The Arizona Commerce Authority (ACA) announced today plans to scale the highly successful Arizona Innovation Challenge program, helping more Arizona startups find success. Through three new and enhanced venture programs, known as Venture Scale, Venture Raise, and Venture Start, the ACA will extend more one-on-one support to Arizona startups that participate in the Arizona … [More]
W. P. Carey Foundation Commits $25M to ASU Business School, Bolsters Real Estate Education
Gift strengthens ongoing partnership with the Foundation and brings lifetime commitment to ASU to more than $100 million
The W. P. Carey Foundation and Arizona State University's W. P. Carey School of Business are partnering to expand the scope, strength and reach of the school's real estate programs. The Foundation recently committed an additional $25 million to ASU, bringing the W. P. Carey Foundation's lifetime commitment to more than $100 million. The W. P. Carey Foundation's … [More]
Jobs Report: Main Street Compensation Plans Fall as Labor Costs Grow
Small businesses hiring plans remain stable while fewer plan to raise compensation
NFIB’s July jobs report found a seasonally adjusted net 33% of small business owners reported raising compensation in July, down five points from last month and the lowest reading since April 2021. A net 18% (seasonally adjusted) plan to raise compensation in the next three months, down four points from June. “Fewer small business owners are planning to raise compensation in … [More]
Arizona Launches Network of Community Colleges to Train Students for High-Paying Tech Jobs
Governor Katie Hobbs and the Arizona Office of Economic Opportunity announced today the launch of ReadyTechGo, a collection of Arizona colleges focused on training students for in-demand careers in advanced manufacturing. The network is part of the State of Arizona’s strategy to attract more Arizonans to the advanced manufacturing industry and fill thousands of tech jobs at … [More]
Arizona Attracted Record Capital Investment and Jobs Created in Fiscal Year 2024
Arizona economic development efforts continued to set a new standard of excellence and build on the state’s economic momentum in Fiscal Year 2024 (FY 24). In the 12-month fiscal period that ended on June 30, 2024, the Arizona Commerce Authority (ACA) and local economic development agencies successfully worked with companies that committed to creating a projected 24,251 new … [More]
