After a year of record-high interest rates and challenges posed from limited inventory, Arizona REALTORS® are optimistic as they look ahead to a promising year for housing in the Grand Canyon State marked by steady developments that will benefit both buyers and sellers. Shelley Ostrowski, 2024 Arizona Association of REALTORS® (the “Arizona REALTORS®”) president and designated … [More]
Homebuyers’ Monthly Payments Drop to Lowest Level in Nearly a Year, Bringing Back House Hunters
The median U.S. housing payment is down nearly $400 from its October peak, enticing some sidelined buyers to get back in the game
The median U.S. mortgage payment was $2,361 during the four weeks ending December 31, according to a new report from Redfin, the technology-powered real estate brokerage. That’s down $372 (-14%) from October’s all-time high to its lowest level in nearly a year. Early-stage homebuying demand is starting to pick up as buyers take advantage of lower rates and more homes … [More]
Governor Announces Plan for Arizona’s Controversial School Voucher Program
Governor Katie Hobbs announced her plan to increase accountability and transparency in the ESA voucher program that is projected to cost the state nearly $1 billion in the current fiscal year. The plan, which will be introduced in the upcoming legislative session and executive budget, will increase student safety, promote financial accountability, and hold private schools … [More]
Arizona Corporation Commission Announces a New Federal Reporting Requirement under the Corporate Transparency Act
The Arizona Corporation Commission (ACC) is committed to supporting and facilitating business operations in Arizona. In line with this commitment and our ongoing efforts to keep business owners well-informed, the ACC wishes to inform you about a significant new reporting requirement effective from January 1, 2024. The United States Congress has passed the Corporate … [More]
Arizona Lottery Celebrates a Winning Year in 2023: Unveils Impressive Wins and Community Impact
From Life-Changing Jackpots to Small-Town Triumphs, Arizona Lottery Reflects on Diverse Successes and Contributions in the Past Year
As December draws to a close, the Arizona Lottery is thrilled to reflect on an extraordinary year of success and excitement. In 2023, the state experienced a remarkable surge in lottery wins, totaling an impressive 16,417 over $600 each across various games. Across all wins resulted in more than $868 million in total prizes distributed to lucky winners, contributing to the … [More]
New Moxy Hotel Opens at Historic Luhrs Building in Downtown Phoenix
Downtown Phoenix is now home to an eclectic international hotel concept, The Moxy. The playful hotel announced its opening today in the historic Luhrs Building. PEG Companies [PEG], a vertically-integrated commercial real estate investment company focused on opportunistic and value-added opportunities, and Dallas-based A.G. Hill Partners purchased the historic Luhrs … [More]
ACA Allocates $17.5M to ASU to Expand Semiconductor Research
The Arizona Commerce Authority (ACA) announced a $17.5 million investment in Arizona State University (ASU) to expand Arizona’s advanced semiconductor manufacturing capabilities. The expansion will enhance Arizona’s fan-out wafer-level packaging R&D and workforce training capabilities and drive the creation of a GaN (gallium nitride) manufacturing and research ecosystem in … [More]
ADOT to Launch Loop 101 Widening Project in Scottsdale in January
Two-year project will add lanes between Shea Boulevard and Princess Drive
A project to add new lanes and make interchange improvements along Loop 101 (Pima Freeway) between Shea Boulevard and Princess Drive/Pima Road in Scottsdale is scheduled to start in early January, according to the Arizona Department of Transportation. The $108 million Loop 101 Improvement Project is scheduled to be completed in approximately two … [More]
Phoenix Suns Charities Rebrands to Include Phoenix Mercury
Newly Named Foundation Awards First Series of Grants to Nonprofit Organizations in Arizona
The Phoenix Suns and Phoenix Mercury announced the rebranding of Phoenix Suns Charities to Phoenix Suns/Phoenix Mercury Foundation. The newly renamed foundation, which recognizes both the Suns and Mercury’s community efforts, will award its first series of significant grants to seven nonprofit organizations in Arizona. “Phoenix Suns/Phoenix Mercury Foundation … [More]
Maricopa County No. 1 for Talent Attraction, Fourth Consecutive Year
Both Arizona and Maricopa County scored high for attracting and retaining skilled workers
A new report ranks Arizona and Maricopa County as national leaders for adding skilled jobs and workers over the last five years. For the sixth time in the last seven years, Maricopa County claimed the no. 1 spot in the Talent Attraction Scorecard released by Lightcast, a global leader in labor market analytics. The 2023 ranking also marks Maricopa County’s fourth consecutive … [More]
Out-of-State Sporting Assets Co. Acquires Troubled Legacy Park in Mesa
AZ Athletic Associates LLC, an affiliate of Rocky Mountain Resources and Burke Operating Partners, has acquired the sports and entertainment complex formerly known as Legacy Park in Mesa, AZ. The facility, now known as Arizona Athletic Grounds at Mesa Campus, opened in 2022. AAG is one of the largest youth-oriented sports facilities in North America. The Mesa facility serves … [More]
Catering Co. to Hire Hundreds for Events Season, Including WM Phoenix Open, NCAA Men’s Final Four
Arizona-based M Culinary Concepts, the state’s largest event catering company, will hire hundreds of hospitality professionals ahead of the Valley’s bustling events season, including the WM Phoenix Open and NCAA Men’s Final Four-related events. M Culinary Concepts will hire for front-of-house, back-of-house, warehouse/facilities, transportation, and cafe support positions. … [More]
Small Business Owners Pessimistic about Future Business Conditions
NFIB’s Small Business Optimism Index decreased 0.1 point in November to 90.6, which marks the 23rd consecutive month below the 50-year average of 98. Twenty-two percent of owners reported that inflation was their single most important problem in operating their business, unchanged from October but 10 points lower than this time last year. “Job openings on Main Street remain … [More]
Phoenix Housing Market Optimism for 2024 Crushes a Trying 2023
Continued population growth and dropping interest rates shine a bright light on the first quarter 2024
The residential real estate market was the worst in 2023 since the Great Recession in 2009. It’s a good year to put behind the industry and prepare for a better 2024 with lowering interest rates and increasing population, according to Phoenix REALTORS®. Looking back over the year, new listings dropped 25.3% from the same 11-month period for 2022. A new report from Phoenix … [More]
Governor Announces Federal Grant to Study Potential Restart of Daily Passenger Rail Between Phoenix and Tucson
Governor Katie Hobbs announced Arizona has received a $500,000 grant from the U.S. Department of Transportation to continue studying the potential of restarting Amtrak service between Phoenix and Tucson. The federal funding builds on $3.5 million state leaders committed for planning of passenger rail service. “I am thrilled to deliver this critical funding for Arizonans,” said … [More]
Plug and Play accelerateAZ Announces New Sustainability Accelerator Program
Plug and Play accelerateAZ, a program of the Arizona Commerce Authority (ACA), announced today a new Sustainability program that will support the growth of Arizona sustainability-focused startups. The new program, announced at the Plug and Play Silicon Valley Summit in Sunnyvale, California, will launch in Spring 2024. The accelerateAZ Sustainability program will support … [More]
Main Street Job Openings Dip Slightly in November
Labor quality remains a top concern for businessowners
According to NFIB’s monthly jobs report, 40% (seasonally adjusted) of all owners reported job openings they could not fill in the current period, down three points from October. The percent of small business owners reporting labor quality as their top small business operating problem remains elevated at 24%. Labor costs reported as the single most important problem for business … [More]
Carvana and Phoenix Rising FC Ink Multi-Year Commitment
Carvana, an industry pioneer for buying and selling used cars, announces the multi-year extension of its partnership with Phoenix Rising FC. The renewal marks another chapter in the dynamic collaboration between the two Valley-based entities. "I am thrilled to once again be extending our partnership with Carvana," said Phoenix Rising FC President, Bobby Dulle. "Carvana's … [More]
