The Arizona Office of Economic Opportunity (OEO), launched the Arizona Microbusiness Loan Program to foster economic development and job creation in communities throughout Arizona. The Arizona Legislature established the program last year to provide $5,000,000 in loan funding to Arizona-based microbusinesses, which are businesses with five or fewer employees. Through the … [More]
North America’s Largest Automotive Supplier to Build Manufacturing Facility in Mesa
Magna’s investment will create hundreds of new jobs to bolster the region
The Arizona Commerce Authority, Greater Phoenix Economic Council and the City of Mesa announced that Magna, a mobility technology company and one of the largest suppliers in the automotive space, is building a manufacturing facility in Mesa. Located at Power Industrial Park, the nearly 230,000-square-foot facility is expected to create hundreds of new jobs. Representing a … [More]
U.S. Housing Market Nears $50 Trillion in Value, Phoenix Reaches Trillion-Dollar Status
The total value of U.S homes gained $3.1 trillion over the past 12 months to reach a record $49.6 trillion, according to a new report from Redfin, the technology-powered real estate brokerage. The number of metros where the total value of homes topped $1 trillion grew to eight and includes the Phoenix market for the first time. In percentage terms, the total value of the … [More]
Residential Real Estate Closed Deals Move Up in July, Says Report
Home prices show signs of stabilization with most areas experiencing little up or down movement
Closed sales climbed nearly 7% in July compared to the same month in 2023, according to the most recent data from Phoenix REALTORS. The number of deals topped 5,000, higher than last year and 2022. “With more listings coming onto the market and increased buyer selections, July showed promise for a normally slow summer month,” said Sheryl Bowden, Phoenix REALTORS board … [More]
Global Aftermarket Aircraft Parts Supplier Announces Major Expansion in Tempe
Setna iO, a global aftermarket aircraft part supplier, and its sister company Setnix, a premier MRO repair station, today announced the expansion of its aircraft maintenance, repair and overhaul operations with the acquisition of a new facility in Tempe, Arizona. The newly acquired facility, located at 1345 S. 52nd Street in Tempe spans 112,000-square-feet – over three … [More]
Annual US Home Price Growth Below 5% for Second Consecutive Month as June Home Prices Cool
CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, released the CoreLogic Home Price Index (HPI™) and HPI Forecast™ for June 2024. U.S. year-over-year home price gains inched down, reaching 4.7% in June, falling further from the previous month’s 4.9% in what will likely be a continual slide throughout the next year. Although … [More]
ACA Supercharges Support for Arizona Startups
New venture programs launched to scale Arizona Innovation Challenge
The Arizona Commerce Authority (ACA) announced today plans to scale the highly successful Arizona Innovation Challenge program, helping more Arizona startups find success. Through three new and enhanced venture programs, known as Venture Scale, Venture Raise, and Venture Start, the ACA will extend more one-on-one support to Arizona startups that participate in the Arizona … [More]
W. P. Carey Foundation Commits $25M to ASU Business School, Bolsters Real Estate Education
Gift strengthens ongoing partnership with the Foundation and brings lifetime commitment to ASU to more than $100 million
The W. P. Carey Foundation and Arizona State University's W. P. Carey School of Business are partnering to expand the scope, strength and reach of the school's real estate programs. The Foundation recently committed an additional $25 million to ASU, bringing the W. P. Carey Foundation's lifetime commitment to more than $100 million. The W. P. Carey Foundation's … [More]
Jobs Report: Main Street Compensation Plans Fall as Labor Costs Grow
Small businesses hiring plans remain stable while fewer plan to raise compensation
NFIB’s July jobs report found a seasonally adjusted net 33% of small business owners reported raising compensation in July, down five points from last month and the lowest reading since April 2021. A net 18% (seasonally adjusted) plan to raise compensation in the next three months, down four points from June. “Fewer small business owners are planning to raise compensation in … [More]
Arizona Launches Network of Community Colleges to Train Students for High-Paying Tech Jobs
Governor Katie Hobbs and the Arizona Office of Economic Opportunity announced today the launch of ReadyTechGo, a collection of Arizona colleges focused on training students for in-demand careers in advanced manufacturing. The network is part of the State of Arizona’s strategy to attract more Arizonans to the advanced manufacturing industry and fill thousands of tech jobs at … [More]
Arizona Attracted Record Capital Investment and Jobs Created in Fiscal Year 2024
Arizona economic development efforts continued to set a new standard of excellence and build on the state’s economic momentum in Fiscal Year 2024 (FY 24). In the 12-month fiscal period that ended on June 30, 2024, the Arizona Commerce Authority (ACA) and local economic development agencies successfully worked with companies that committed to creating a projected 24,251 new … [More]
Landmark Phoenix Diner Chosen for $50k Historic Preservation Grant, Only One in Arizona
American Express and the National Trust for Historic Preservation announced the 2024 recipients of the Backing Historic Small Restaurants grant program. 50 small restaurants in the U.S. will receive a $50,000 grant each to help them upgrade, renovate, and grow their businesses. MacAlpine's Diner and Soda Fountain in Phoenix will be receiving $50,000 from the National Trust … [More]
EDP Renewables, Salt River Project, and Meta Unveil Brittlebush Solar Park in Arizona
The Brittlebush Solar Park will help SRP and Meta meet ambitious sustainability and renewable energy goals.
EDP Renewables North America, a leading renewable energy developer and a top five renewable energy owner and operator in the United States, Salt River Project and Meta unveiled the 200 megawatt (MW) Brittlebush Solar Park located near the town of Coolidge, AZ. “Arizona’s forward-thinking policies and welcoming business environment for innovative technologies that prioritize … [More]
$400M CHIPS Investment Preliminary Agreement to Bring 2,000 Jobs to Arizona
Proposed CHIPS investment would enable end-to-end chip production to occur in the United States while creating 2,000 jobs in Arizona
The Biden-Harris Administration announced that the U.S. Department of Commerce and Amkor Technology, Inc. have signed a non-binding preliminary memorandum of terms (PMT) to provide up to $400 million in proposed direct funding under the CHIPS and Science Act. President Biden signed the bipartisan CHIPS and Science Act, a key component of his Investing in America agenda, to … [More]
Arizona Homeownership Surges with Seventh-Highest in US, Arizona’s Housing Market Is on Fire!
New research has revealed the state with the most significant increase in homeownership since 2014, with Arizona taking seventh spot. Arizona had the seventh-most significant rise in homeownership over the past ten years, with an increase of 8.41%. Real estate experts Agent Advice analyzed a recent housing vacancy and homeownership survey from government census data to … [More]
Partnership Brings New Battery Storage System to Help Meet Growing Energy Demand
Salt River Project and Aypa Power have entered into an agreement to provide 250 megawatts (MW) / 1,000 megawatt-hours (MWh) of new energy storage to the Arizona grid. The Signal Butte energy storage project will be a 250 MW, four-hour battery energy storage system located in the Elliot Road Technology Corridor in Mesa, AZ. The project will utilize lithium-ion technology and … [More]
City of Phoenix Ready to Welcome 2024 WNBA All-Star Game
Phoenix is excited to host players, coaches, and basketball fans from across the country for the 2024 WNBA All-Star Game, July 19-20. The City of Phoenix is prepared for a safe and fun weekend of events, and reminds attendees to follow safety guidelines, too. EVENT … [More]
WNBA All-Star Game Set for Saturday, July 20 at Footprint Center in Phoenix
The Phoenix Mercury announced that GRAMMY® Award-winning global superstar Pitbull will perform at halftime during the 2024 AT&T WNBA All-Star Game, marking another investment from Phoenix Mercury and Phoenix Suns owner Mat Ishbia to elevate AT&T WNBA All-Star 2024 in Phoenix. The sold-out AT&T WNBA All-Star Game will be played on Saturday, July 20 (5:30 p.m. PT/8:30 … [More]
