CarbonCapture Inc. a leading U.S. direct air capture (DAC) system company that builds modular systems that can be mass produced, signed a lease for an 83,000-square-foot high-volume manufacturing facility in Mesa, Arizona, for its first manufacturing plant. At full capacity, the facility is projected to manufacture 4,000 modules per year-equal to 2 megatons of removal … [More]
Office Space Absorption Predicted over the Next Two Years, but Contraction to Slow in 2025
Absorption of office space – the amount that is leased or occupied less the amount that is vacated or put on the market – is expected to remain negative through 2024 and 2025, though the rate of negative absorption is expected to slow to a near halt by the second half of 2025, according to the NAIOP Research Foundation’s Office Space Demand Forecast. “The office market … [More]
Monthly U.S. Home Price Gains Dip Below Seasonal Average
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index and HPI Forecast for April 2024. Annual U.S. home price appreciation remained above 5% in April, with three states posting double-digit gains. By next spring, national price gains are projected to slow to 3.4%, with only a few states … [More]
CVS Health Invests $22.6M in a New Affordable Housing Development in Arizona
CVS Health representatives will be joined by Governor Katie Hobbs, dignitaries, and the project developer La Frontera to announce the company’s equity investment in the development of West Point II Apartments, providing 85 new affordable housing units for persons 55 years and older, including units for individuals with disabilities. The development, which recently started … [More]
Hard Rock Music-Themed Hospitality Experience Coming to Scottsdale in 2026
Hard Rock International announced development plans for REVERB by Hard Rock Scottsdale, a music-themed hospitality experience featuring entertainment and outdoor spaces, 195 hotel rooms, an outdoor pool, a rooftop bar and more. The $60 million project in partnership with ERES Capital is expected to open in late spring / early summer 2026, anchoring The Sydney, a mixed-use … [More]
Median Price per Square Foot Experiences Monumental Rise, Growing 52.7% Since 2019
According to the Realtor.com May housing data, median list prices have increased 37.5% since May 2019, and while prices grew in that time frame, inventory is down 34.2% compared with typical 2017 to 2019 levels pointing to the market being in seller-friendly territory. "In addition to higher median list prices and fewer homes for sale versus 2019, the increase in median … [More]
Arizona Lithium Officially Opens World-Class Lithium Research Center in Tempe
Arizona Lithium Limited, a company focused on the sustainable development of two large lithium development projects in North America, the Big Sandy Lithium Project (“Big Sandy”) and the Prairie Lithium Project (“Prairie”), held an official grand opening with a ribbon cutting ceremony of the Lithium Research Center in Tempe, Arizona. Arizona Lithium was joined at the ribbon … [More]
Phoenix #3 on Top 20 List of U.S. Metros Poised to Win in Manufacturing Boom
All $39 billion from the landmark CHIPS and Science Act is going to be allocated by the end of the year according to a recent announcement by the U.S. Government, incentivizing onshore semiconductor production with considerable tax breaks and direct grants. At the same time, cleantech tax credits, advances like solid-state EV batteries and a spike in investor interest for … [More]
Phoenix Named Zillow’s Best Market for College Grads
College seniors who visited Phoenix for last month's NCAA basketball championship might consider staying and putting down roots. Phoenix is the best market for this year's college grads, boasting the best combination of rental affordability and concessions, job prospects and neighbors in their 20s for the class of 2024 to start life's next chapter on a high … [More]
Taiwan Delegation to Explore Bioscience Innovation in Phoenix
Biotechnology wave to follow semiconductor industry as leaders from Taiwan expand conversations of collaboration and alliances in Phoenix in upcoming visit.
A delegation from Taiwan including officials, business and start-up founders, hospital leaders and other bioscience industry experts are visiting this week to experience first-hand the cutting-edge research and development being conducted in the field of bioscience and advanced medical technology in Phoenix. The visit is a result of Phoenix’s Bioscience Healthcare Strategic … [More]
Toronto-Based Airline Adds Nonstop Toronto-Pearson/Phoenix Route
Porter Airlines announced new daily, round-trip service between Toronto Pearson International Airport (YYZ) and Phoenix Sky Harbor International Airport (PHX), beginning on October 3. The new route marks Porter’s first arrival in Arizona, providing a direct link between Canada’s largest city and the Valley of the Sun. Phoenix is a favourite Canadian getaway, featuring the … [More]
ACA Wins Economic Development Award Recognizing Innovative Workforce Training Centers
Business Facilities recognized Arizona’s Future48 Workforce Accelerators
For the second year in a row, Arizona and the Arizona Commerce Authority (ACA) are being recognized for innovative economic development initiatives. Business Facilities Magazine recently announced the Arizona Commerce Authority as one of six state winners of its second annual Economic Development Organization (EDO) Awards, recognizing Arizona’s Future48 Workforce Accelerator … [More]
Home Prices Hit Another Record High, Pushing Pending Sales Down 4%, Says Report
Prices keep rising because this spring’s inventory is lower than usual. The sliver of good news for buyers is that mortgage rates have declined slightly
The median U.S. home-sale price hit a record $387,600 during the four weeks ending May 19, up 4% from a year earlier. That’s according to a new report from Redfin, the technology-powered real estate brokerage. Weekly average mortgage rates dipped to 7.02% from a five-month high of 7.22% at the start of the month, bringing the median monthly housing payment to $2,854, roughly … [More]
Last Year’s Phoenix Open Raises Record $17.5 Million for Arizona Charities
The Thunderbirds – hosts of the WM Phoenix Open presented by Taylor Morrison – announced the 2024 edition of “The People’s Open” raised a tournament record $17.5 million ($17,521,024) for Arizona charities. This marks the seventh time in tournament history The Thunderbirds and the WM Phoenix Open have raised more than $10 million for charity in a single tournament. The … [More]
Arizona Is a Top Ten State with the Biggest Business Market Growth over the Last Decade
New research has found that Arizona has seen some of the biggest increases in new businesses in the U.S. over the last ten years compared to every other state. Arizona places tenth seeing an overall business market growth of 112.7% over the past decade. The study conducted by business formation experts CreditDonkey analyzed the number of business applications submitted … [More]
New Canadian Trade Office Established in Arizona to Increase Trade, Economic Development
Arizona Governor Katie Hobbs and Canadian Trade Minister Mary Ng, Minister of Export Promotion, International Trade and Economic Development, announced the establishment of a new Canadian trade office in Arizona. The Canadian Ministry of Foreign Affairs will be opening a new trade office in Arizona, which will strengthen the bilateral relationship between Arizona and Canada, … [More]
Microfinance Nonprofit Opens New Branch in Phoenix with Support from Wells Fargo
Grameen America, the fastest-growing nonprofit microfinance organization in the United States, announced the opening of its new branch location in Phoenix, Arizona with major philanthropic support from the Wells Fargo Foundation. To expand access to affordable capital for women entrepreneurs, Wells Fargo made a $3.25 million grant over three years to help Grameen America expand … [More]
The Sun Belt Is Seeing Some of the Biggest Rent Declines in America
Nationwide, the median asking rent rose 1% to $1,648 in April—the first increase in a year
The median asking rent in Seattle fell 7.3% year over year in April, according to a new report from Redfin, the technology-powered real estate brokerage. That’s the biggest drop among the U.S. metros Redfin analyzed. Next came nine Sun Belt metros: Austin, TX (-6.6%), Nashville, TN (-5.9%), Jacksonville, FL (-5.6%), Miami (-5%), San Diego (-4.7%), Phoenix (-4.6%), Charlotte, … [More]
