The Small Business Economic Trends survey shows small business owners are not feeling optimistic in the current economic environment. The Optimism Index decreased 0.1 points in October to 90.7, marking the 22nd month below the 50-year average. The last time the Optimism Index was at or above the average was December 2021. “This month marks the 50th anniversary of NFIB’s … [More]
Inflation Reduction Act Compliance Brings Apprentice Program to Four New Solar Projects in Arizona and Texas
McCarthy Building Companies Inc. recently began construction of four new large-scale solar projects located in the Southwestern United States and are targeting Inflation Reduction Act (IRA) compliance. The projects, which are in varying stages of construction, will bring a combined total of over 1GW of renewable energy to communities in Arizona and Texas once fully … [More]
Metro Phoenix Office Market Posts 14-Year Largest Negative Net Absorption
Large Tenant Move-Outs Overwhelm Market as Leases Expire Following Pandemic
Third quarter brought the largest level of negative net absorption in 14 years to the Greater Phoenix office market, according to a report released by Colliers in Arizona. Multiple full-building vacancies impacted the market during third quarter, resulting in -1.16 million square feet of net absorption. Third quarter, similar to first quarter 2023, brought multiple large … [More]
Abrazo Health Starts First Phase of Buckeye Campus
Abrazo Health announced today that will be breaking ground soon on the first phase of development for its new medical campus in Buckeye at I-10 and Verrado Way. The 27-acre campus will include medical offices, ambulatory services and an acute care hospital. The first phase will be a three-story, 60,000-square-foot medical office building. Tenants are slated to include … [More]
Greater Phoenix Posts Historic Level of Industrial Completions
New 12 million square feet elevate net absorption and vacancy rate
The Greater Phoenix industrial market posted its historically highest level of new industrial space completions during third quarter, adding 12 million square feet to the city’s inventory. This drove a rise in net absorption and also elevated the vacancy rate, according to a report released by Colliers in Arizona. The industrial market of Phoenix remains the strongest sector … [More]
ACA Announces Expansion of UArizona Micro/Nano Fabrication Center in Tucson
The Arizona Commerce Authority (ACA) announced an expansion of the University of Arizona’s Micro/Nano Fabrication Center (MNFC) located in the University’s Department of Electrical & Computer Engineering building in Tucson, Arizona. The MNFC is a cleanroom facility which supports manufacturing and research efforts involving semiconductors, computer chips, optical devices … [More]
Study Reveals Best and Worst U.S. International Airports for Holiday Travel, Sky Harbor Top Time Saver
As global wanderlust begins with the arrival of the holidays, a new study by Upgraded Points helps guide international travelers seeking to navigate the festive airport chaos. As seasoned travelers know, some international airports are just slower than others at these times. But Upgraded Points delved into some solid airport immigration data to provide an insightful snapshot … [More]
A Record Share of Home Sellers Drop Prices as High Rates Cut into Buyers’ Budgets
Budgets are getting some relief right now, with daily average rates dropping considerably over the last week, from 8% to 7.5%.
Nearly 7% of for-sale homes posted a price drop during the four weeks ending October 29, on average, the highest portion on record. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. The record comes as mortgage rates hover at elevated levels, hitting their highest level in 23 years last week and cutting deep into … [More]
New APS Plan Addresses Growing Customer Energy Needs
Resource planners track Arizona’s projected growth over 15 years, lay out future power supply
APS filed the 2023 APS Integrated Resource Plan (IRP) at the Arizona Corporation Commission. It includes strategic years-ahead planning to continue to provide customers a reliable power supply well into the future. The 2023 IRP provides a 15-year outlook on how much electricity APS customers will need and what investments are necessary to address those needs with … [More]
22 Ways Phoenix Has Grown Since Its Last World Series
The home of Super Bowl LVII, the 2024 NCAA Men’s Final Four, and the WNBA All-Star Game is now proud to host the Fall Classic as Phoenicians watch their Arizona Diamondbacks continue their historic run to win a second World Series trophy. The City of Phoenix is proud to support its hometown team, while providing a safe, fun experience for those with tickets to the game or those … [More]
Governor Hobbs Announces Arizona Families Tax Rebate
Governor Katie Hobbs officially announced the deployment of the Arizona Families Tax Rebate, which will put money back in the pockets of nearly 750,000 Arizona families. The first rebate of its kind, these funds were made possible by Governor Hobbs’ bipartisan budget, which received supermajority support in both chambers. Eligible families will have an opportunity to receive up … [More]
Almost a Third of Homes for Sale Are New Construction – the Highest Share of Any Third Quarter on Record
New builds are taking up a growing share of the pie as builders attract buyers with concessions, and surging mortgage rates prevent existing homeowners from selling
Nationwide, 30.6% of U.S. single-family homes for sale in the third quarter were new construction, according to a new report from Redfin, the technology-powered real estate brokerage. That’s the highest share of any third quarter on record and up from 28.9% one year earlier and 25% two years earlier. Newly built homes have taken up a growing share of for-sale housing … [More]
U.S. Small Business Administration Arizona District Reminds Us to Shop Local
Over the past something months, small business has suffered, and, while COVID 19 isn’t completely gone, Spring, from those issues, has begun to appear on our doorstep. While we look forward to that, we still worry about where small businesses will re-engage in acts of celebration, and of sharing, and create an even deeper significance in our local communities. Hopefully, our … [More]
Governor Hobbs and 14 Valley Women of Achievement Honored
In Business Magazine’s Eighth Year Bringing Inspiring Storytellers Centerstage
In Business Magazine, once again, honored top local women of achievement and shared their stories at the annual Women of Achievement event on Thursday, October 26, 2023 at the Arizona Biltmore Resort. In an inspiring event, In Business Magazine honored the Governor and 14 leaders and celebrated their achievements and service to our community. Governor Katie Hobbs was on hand … [More]
American Battery Factory Breaks Ground on Largest U.S. Lithium Iron Phosphate Battery Cell Gigafactory
American Battery Factory (ABF), an emerging battery manufacturer leading the development of the first network of lithium iron phosphate (LFP) battery cell gigafactories in the United States, today broke ground on a two million square foot gigafactory located in Tucson, Arizona. The site will provide an estimated 1,000 jobs, $1.2 billion in capital investment and $3.1 billion in … [More]
ADOT Adopts 2050 Long-Range Transportation Plan
Emphasizes repairing and preserving existing highway infrastructure
Following approval by the State Transportation Board, the Arizona Department of Transportation has adopted the 2050 Long-Range Transportation Plan providing a blueprint and vision for ADOT’s priorities over the next 25 years. The plan, which is not project-specific, sets transportation investment priorities for ADOT based on anticipated future … [More]
City of Phoenix Intends to Meet Court Deadline to Address the Area around the Human Services Campus
The City of Phoenix will complete the final steps of a plan to meet a court-ordered deadline to address the area around the Human Services Campus after a Superior Court judge imposed a November 4 deadline to complete “the removal of all tents and other makeshift structures." The City will … [More]
Prefab Housing Co. Announces New Factory in Mesa
Connect Homes, an industry-leading prefab housing provider, is proud to announce it will be opening a new factory in Mesa, Arizona in Q1 2024. The factory will be the second facility in Connect Homes' portfolio and expand the company's footprint into the Mountain West to better serve and provide the region with modern, precisely engineered modular housing … [More]
