Roughly two dozen investors, founders, and economic development and nonprofit leaders came together to launch a new coalition dedicated to advancing Arizona’s startup ecosystem. The Arizona Venture Alliance (AVA) will work to promote Arizona’s startup and investor ecosystem, exponentially increase funding for Arizona startups, and grow deal flow for investors both inside and … [More]
Positive Office Space Absorption After Five Straight Negative Quarters Signals Further Growth
Net absorption of office space turned positive in the second and third quarters of 2024, following five consecutive quarters of shrinking demand. Although it is still possible that a recession could delay a recovery, recent trends suggest the office sector is stabilizing and that demand for office space will grow modestly in 2025, according to the NAIOP Research Foundation’s … [More]
Desert Diamond Arena Reimagines Itself as Arizona’s ‘Music Mecca’ with $42M Transformation
Desert Diamond Arena has released details of its dramatic $42 million transformation from a traditional sports arena into a premier “music mecca” and entertainment destination, spotlighting that Glendale has become one of the largest entertainment and sports hubs in the western United States. Spearheaded by ASM Global — the world’s top venue operator and developer — in … [More]
Phoenix Metro Area Ranked No. 8 in Forecast of Top Housing Markets for 2025
The Valley takes spot in annual ranking of areas poised to see the strongest combined increase in home sales and listing prices
The Phoenix metro area, one of the market areas served by members of Phoenix REALTORS®, has been ranked No. 8 on the Realtor.com® 2025 top housing markets forecast. The 2025 forecast highlighted areas that are primed and ready for growth in the year ahead. This year’s list highlights markets characterized by moderately affordable homes, abundant inventory – mainly boosted by … [More]
Foil Bag Manufacturer Expands with New Facility in Chandler
3D Barrier Bags Inc., a leader in the production of customized, high-barrier s, is excited to announce the opening of its new state-of-the-art manufacturing facility in Chandler, Arizona. Spanning 22,000-square-feet, the bespoke facility will serve as a key operational hub for the company as it strengthens its service to customers in the Western United States. This new … [More]
Tempe and Phoenix to End Lawsuits Regarding Property Rights Near Airport
Changes to a 30-year-old intergovernmental agreement will effectively end lawsuits between the cities of Tempe and Phoenix regarding property rights near Phoenix Sky Harbor International Airport. The lawsuits sought to determine whether residential buildings were … [More]
Albertsons Files Lawsuit Against Kroger for Breach of Merger Agreement
Albertsons Companies, Inc. filed a lawsuit against The Kroger Co. in the Delaware Court of Chancery, bringing claims for willful breach of contract and breach of the covenant of good faith and fair dealing arising from Kroger’s failure to exercise “best efforts” and to take “any and all actions” to secure regulatory approval of the companies’ agreed merger transaction, as was … [More]
Small Business Optimism Jumps Above 50-year Average
The NFIB Small Business Optimism Index rose by eight points in November to 101.7, after 34 months of remaining below the 50-year average of 98. This is the highest reading since June 2021. Of the 10 Optimism Index components, nine increased, none decreased, and one was unchanged. Following last month’s record high of 110, the Uncertainty Index declined 12 points in November to … [More]
Governor Launches ConnectAllAZ to Bring High-Speed Internet to All Arizonans
Initiative will deploy investments to increase broadband connectivity across the state
Governor Katie Hobbs announced ConnectAllAZ, a new initiative to ensure all Arizonans have access to information about statewide broadband programs. ConnectAllAZ brings all of Arizona’s broadband expansion efforts, including the historic $993 million in funding for the Broadband Equity, Access and Deployment (BEAD) Program, under one initiative, and aims to provide a complete … [More]
Toast and Uber Expand Partnership, Arizona Restaurant Seeing Benefits
Toast, the all-in-one technology platform built for restaurants, and Uber Technologies, Inc. are excited to announce an expanded partnership, giving restaurants increased choice, and their guests more ways to get their favorite foods delivered to their door while helping restaurants reduce costs and expand their reach. Toast and Uber Direct customers are already seeing … [More]
2025 Predictions: Pent-Up Demand Will Lead to More Home Sales, but Many Would-Be Buyers Will Opt to Rent
Rental prices should stay flat while wages increase, improving affordability for renters, as the cost of buying a home rises
Redfin’s economists expect there will be more home sales in 2025, largely due to pent-up demand. But some would-be homebuyers will still be priced out, with home prices climbing and mortgage rates remaining near 7%. That’s according to annual housing market predictions from Redfin, the technology-powered real estate brokerage. Prediction 1: Home Prices Will Rise 4% Redfin … [More]
Chipmaker to Shut Down Tempe Fabrication Facility
Microchip Technology Incorporated, a leading provider of smart, connected, and secure embedded control solutions, provided lower updated revenue guidance for the December 2024 quarter and announced manufacturing restructuring plans. This will include the shuttering of the Tempe wafer fabrication facility, referred to as Fab 2, in September 2025. "In the first two weeks of my … [More]
Intel Announces Retirement of CEO, Names Interim Co-CEOs
Intel Corporation announced that CEO Pat Gelsinger retired from the company after a distinguished 40-plus-year career and has stepped down from the board of directors, effective Dec. 1, 2024. Intel has named two senior leaders, David Zinsner and Michelle (MJ) Johnston Holthaus, as interim co-chief executive officers while the board of directors conducts a search for a new … [More]
Governor Announces $1M to Expand BuildItAZ Apprenticeships
Funds will continue to strengthen Arizona’s construction talent pipeline with a focus on women
Governor Katie Hobbs and the Arizona Office of Economic Opportunity (OEO) announced $1 million in funding for the next phase of the BuildItAZ Apprenticeship Initiative (BuildItAZ), which aims to connect Arizonans with the skills they need for construction and trades jobs. After the Governor launched BuildItAZ in 2023, Arizona saw growth in enrollment of construction and trades … [More]
Intel Finalizes $7.86B Funding Award under U.S. CHIPS Act
Intel Corporation and the Biden-Harris Administration announced that the U.S. Department of Commerce and Intel have reached agreement on terms to award the company up to $7.86 billion in direct funding for its commercial semiconductor manufacturing projects under the U.S. CHIPS and Science Act. The award will support Intel’s previously announced plans to advance critical … [More]
Arizona Utilities Plan to Join Markets+ to Strengthen Grid Reliability and Resilience
Customers to benefit from more savings, greater resource diversity and expanded transmission pathways
Arizona Public Service (APS), Salt River Project (SRP), Tucson Electric Power and UniSource Energy Services announced plans to join Southwest Power Pool’s (SPP) Markets+, a day-ahead and real-time energy market that is anticipated to span through the northwest, southwest and mountain west regions of the U.S. The new market is expected to bring enhanced reliability and savings … [More]
Investor Home Purchases Plateau after a Pandemic-Era Rollercoaster Ride, Phoenix Fared OK
Real estate investors purchased 2.3% fewer homes in the third quarter than they did a year earlier, according to a new report from Redfin, the technology-powered real estate brokerage. The small size of the change is notable because it comes after four years of huge swings driven by the wild pandemic-era housing market. For instance, investor purchases … [More]
