Regional Community Partners, the nonprofit arm of the Maricopa Association of Governments, received $500,000 in grant funding from the JPMorgan Chase Foundation to support local governments in the development and preservation of housing people can afford. During the last 10 years, the Phoenix metropolitan region has lost 86 percent of rental units that are less than $1,000 a … [More]
Department of State and ASU Announce New ITSI Initiative to Build Resilient International Microelectronics Supply Chain
University also signs new agreement with government ministries in Costa Rica
Well-known by now is that the CHIPS and Science Act of 2022 was designed to re-establish semiconductor manufacturing, research and development in the United States — onshoring, as it is sometimes called. But a less well-known part of the CHIPS Act strategy is about establishing a resilient supply chain in countries America would regard as political and economic allies – known … [More]
Phoenix-Mesa Gateway Airport’s $28 Million, 5-Gate, 30,000-SF Terminal Addition Opens
General contractor McCarthy Building Companies recently completed construction of the Phoenix-Mesa Gateway Airport’s (Gateway Airport) new 30,000-square-foot, five-gate terminal modernization project. The approximately $28 million project replaces a 14-year-old temporary passenger terminal annex, originally purchased in 2008 to accommodate airport’s increased flight … [More]
U.S. Annual Rent Growth Remains Slow but Steady, Tucson Registered the Second-Highest Annual Gain
CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its latest Single-Family Rent Index (SFRI), which analyzes single-family rent price changes nationally and across major metropolitan areas. Annual single-family rent growth remained in line with pre-pandemic trends in December. San Francisco posted the largest … [More]
Housing Market Activity Lost Steam in January as Mortgage Rates Stopped Falling and Prices Kept Rising
New listings dropped 1.2% month over month on a seasonally adjusted basis, the first decline since June, according to a new report from Redfin, the technology-powered real estate brokerage. They were up 2.7% from a year earlier, but that marks a deceleration from December’s 4.2% gain. Active listings (the total number of homes for sale) fell 0.3% from a month earlier on a … [More]
ACA Allocates $13M to Northern Arizona University for Semiconductor Training and Research
The Arizona Commerce Authority (ACA) announced a $13 million investment in Northern Arizona University (NAU) to expand training programs and research related to metrology, a foundational component of semiconductor manufacturing and innovation. NAU will leverage the investment to enhance Arizona’s semiconductor ecosystem, including establishing: A Microelectronics … [More]
Investors Bought 26% of the Country’s Most Affordable Homes in the Fourth Quarter, Highest Share on Record
Overall, investor home purchases dropped 11% from a year earlier, the smallest decline since they began falling in 2022
Real estate investors bought 26.1% of low-priced U.S. homes that sold in the fourth quarter, according to a new report from Redfin, the technology-powered real estate brokerage. That’s the highest share on record and is up from 24% a year earlier. By comparison, investors purchased 13.6% of mid-priced homes that sold (vs 14.3% a year earlier) and 15.9% of high-priced homes that … [More]
Small Business Owners Expectations for Higher Sales Declined in January
The NFIB Small Business Optimism Index decreased two points in January to 89.9, marking the 25th consecutive month below the 50-year average of 98. The net percent of owners who expect real sales to be higher declined 12 points from December to a net negative 16% (seasonally adjusted), a very negative shift in expectations. “Small business owners continue to make appropriate … [More]
Delta Dental of Arizona, University of Arizona Announce Creation of Oral Health Medical Initiative
The University of Arizona College of Medicine - Phoenix and Delta Dental of Arizona are partnering to create the Oral Health In Medicine Initiative (OHMI). The partnership – made through a $850,000 investment by the Delta Dental of Arizona Foundation – will increase oral health education for all medical students at the University of Arizona College of Medicine – Phoenix and is … [More]
People Are Moving Out of Areas with Poor Air Quality, Phoenix Net In-Migration Continues to Increase
Places facing high risk from poor air quality are losing residents faster than they used to, while places with low risk are gaining residents faster than they used to, according to a new report from Redfin, the technology-powered real estate brokerage. In 2021-2022, 1.2 million more people moved out of than into U.S. metros facing high risk from poor air quality, more than … [More]
Top 10 States to Which Gen Zers Are Moving, Arizona Barely Makes the List
Gen Z may prioritize job opportunities and sunshine over affordability when moving out of state. A new Zillow® analysis of the U.S. Census Bureau's 2022 American Community Survey (ACS) finds Gen Z interstate movers flocked to California, even as the state experienced the highest outbound migration among all out-of-state movers. Nearly 215,000 movers left California in 2022, … [More]
Job Growth Continues to Drive Annual Home Price Gains, Says Report
CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI™) and HPI Forecast™ for December 2023. U.S. annual single-family home price growth continued its gradual upward momentum in December 2023 to 5.5%. Northeastern states still saw the largest gains, although no states or districts … [More]
DoD Officials Convene at ASU to Learn About University-Led Microelectronics Hub
New Southwest Accelerated Prototyping Hub designed to jump-start microelectronics projects funded by CHIPS Act
Some of the top defense technology officials in the U.S. came to Arizona State University recently to hear about the progress of the new Southwest Accelerated Prototyping Hub, led by ASU. The hub, designed to jump-start microelectronics projects funded by the 2022 CHIPS and Science Act, is a collaboration that has grown to more than 130 leading … [More]
$1B Glendale Hotel and Resort Partners with Entertainment Giants to Bring Top Acts
VAI Resort, the soon-to-be-unveiled $1 billion hotel, resort, and live entertainment destination near Phoenix, proudly announces a groundbreaking collaboration with industry giants C3 Presents and Live Nation. The global leaders in live entertainment will jointly book and promote performances at the state-of-the-art VAI Amphitheater, an integral part of the resort with a $50 … [More]
Barrett-Jackson Holds Record-Breaking 2024 Scottsdale Auction
Barrett-Jackson, The World’s Greatest Collector Car Auctions, supercharged its kickoff to the 2024 auction calendar with their flagship Scottsdale Auction, January 20-28 at WestWorld of Scottsdale in Scottsdale, Arizona. In dynamic fashion, the event featured its largest auction docket in company history with 2,016 collectible vehicles, all selling with No Reserve, for $200.9 … [More]
Record Levels of New Space Deliveries Drive Up Vacancy in Phoenix Industrial Market
Strong Absorption Expected Through 2024 with Continued Rental Rate Increases
The Greater Phoenix industrial market delivered a historic 27.9 million square feet of new space during 2023, which drove vacancy rates up in the area, according to a report released by Colliers in Arizona. Vacancy rose to 6.7 percent at the end of fourth quarter, which marks a 370 basis point rise year-over-year. Strong pre-leasing of those delivered developments helped … [More]
Luxury Home Prices Hit All-Time High, New Listings Rose Most in Phoenix
Prices of luxury homes rose at twice the pace of non-luxury homes at the end of 2023, partly because elevated mortgage rates are irrelevant to many affluent buyers
The typical U.S. luxury home sold for a record $1.17 million in the fourth quarter, up 8.8% from a year earlier, according to a new report from Redfin, the technology-powered real estate brokerage, and new listings of luxury homes rose most in Phoenix (42.3%). Prices of non-luxury homes increased at half the pace, rising 4.6% year over year to a record $340,000. This is … [More]
Phoenix Sky Harbor International Airport Says 2023 Busiest Year Ever
2023 was a monumental year for Phoenix Sky Harbor International Airport with a record-breaking day, national and international honors, and new innovations. The year-end passenger numbers for America's Friendliest Airport® show that PHX has reached a new passenger milestone, and 2023 is the … [More]
