A homebuyer on a $3,000 monthly budget can afford a $447,750 home with a 6.85% mortgage rate, the daily average as of July 11, according to a new report from Redfin, the technology-powered real estate brokerage. That buyer has gained $22,500 in purchasing power since mortgage rates hit a five-month peak in April, when they could have bought a $425,500 home with an average rate … [More]
Arizona Solidifies Position as America’s Chips Hub, Will Host SEMICON West after 50 Years in San Francisco
The semiconductor conference is “North America’s premiere microelectronics exhibition”
In case you missed it, Arizona broke Silicon Valley’s “monopoly” over SEMICON West, and will host the premier microelectronics exhibition in 2025. Moving forward, the conference will be hosted in Phoenix on a rotating basis. The news comes as Maricopa County was named the best county in the US for company expansions, private investment, and jobs created. “It has never been … [More]
New Spaceship Manufacturing Facility Completed in Phoenix
Spaceship assembly expected to begin in Q1 2025
Virgin Galactic Holdings, Inc. announced the completion of its new manufacturing facility in Phoenix, Arizona, where final assembly of its next-generation Delta spaceships is scheduled to take place starting in Q1 2025. An initial team of Virgin Galactic technical operations and manufacturing personnel has begun preparing the facility to receive and install tooling, expected … [More]
Two Prominent Better Business Bureau Chapters Expand Influence with Merger
BBB Central California & Inland Empire Counties and BBB Pacific Southwest join to better support businesses and consumers
In a landmark move aimed at bolstering support for businesses and consumers, two prominent Better Business Bureau (BBB) chapters have announced their merger. The strategic move between BBB Central California & Inland Empire Counties (BBB CCIE) and BBB Serving the Pacific Southwest (BBB PSW) is driven by the shared goal to amplify community impact, share programming, and … [More]
Small Business Optimism Index Shows Main Street Still Pessimistic on Future of Economy
NFIB State Director Chad Heinrich says the latest NFIB Small Business Optimism Index highlights how inflation affects Arizona’s small, independent businesses. “Inflation remains a serious challenge for small businesses and their consumers,” Heinrich said. “While costs remain elevated, our Main Street businesses have openings they simply can’t fill. As they try to plan ahead, … [More]
Positive Signs Showing in June Residential Real Estate’s Challenging Phoenix Market
Inventory is growing; prices continue upward tick, and days on market drop in June
New listings climbed 15.8% for the first half of 2024 compared to last year, based on the latest data from Phoenix REALTORS. The month-over-month median sales price was up just 1.5%. Days on the Greater Phoenix market dropped over 11% for the year's first half. “It’s still a challenging marketplace, and the number of homes on the market is growing,” said Sheryl Bowden, board … [More]
SEMICON West in San Francisco Puts Arizona Front and Center as the New Home of America’s Semiconductor Resurgence
Arizona’s record investments and workforce development innovations lead the nation
As SEMICON West 2024 kicks off, Arizona stands in the national spotlight as the epicenter of America’s semiconductor resurgence. Arizona leads the nation in semiconductor investment, supplier expansions and jobs. Since 2020, Arizona has won more than 40 semiconductor expansions, representing over $102 billion in capital investment and over 15,700 direct industry jobs. These … [More]
Newly Built Apartments Are Filling Up at the Slowest Pace since 2020
Less than half (47%) of newly constructed apartments that were completed in the fourth quarter were rented within three months, according to a new report from Redfin, the technology-powered real estate brokerage. That’s down from 60% a year earlier and is the lowest seasonally-adjusted share on record aside from the first quarter of 2020, when the onset of the pandemic brought … [More]
Federal Infrastructure and Inflation Reduction Bills Continue to Benefit Region
Millions of dollars in increased funding to the region results in notable projects
The Maricopa Association of Governments (MAG) Regional Council received an update this week on the impact two federal pieces of legislation are having on the region in funding major transportation infrastructure and environmental projects. In 2021, the Infrastructure Investment and Jobs Act (IIJA) was signed into law. The IIJA reauthorized the surface transportation program … [More]
Arizona Economic Insights Dashboard Finds Hiring Rates Increase, Employed Workers Missing Less Work and Wages in Utilities Sector Rise
The Greater Phoenix Chamber has released its June Arizona Economic Insights Dashboard findings. This tool provides access to real-time, interactive data updates on Arizona’s ever-changing economic landscape. Users can delve deeper into GDP, job projections, population changes, average income, educational attainment, housing data, and more. June economic data findings … [More]
Phoenix Identified as a Top 25 U.S. Market for Life Science Talent
Phoenix ascended into the Top 25 because of its workforce and emerging talent
Phoenix was named among the top 25 markets by CBRE in the annual U.S. Life Sciences Talent Trends report. The report maps the top U.S. markets and employment trends across the research & development (R&D), manufacturing, and medical technology fields. According to the CBRE report, Phoenix's life sciences R&D subsector ranks No. 23 nationally with 6,180 employees, … [More]
VAI Resort Announces Partnership with Global Leader in Culture-Defining Experiences
VAI Resort, the most anticipated addition to Arizona's hospitality landscape, has announced TAIT as its production partner. Opening its doors in Glendale, part of metro Phoenix, in 2025, VAI Resort will feature a state-of-the-art amphitheater in the heart of the property with the support of the TAIT development team to ensure a perfect performance environment for the A-list … [More]
Two New Batteries on SRP’s Grid Will Advance Reliable and Sustainable Power for Customers
Facilities Include the Largest Standalone Battery Facility to date in Arizona
Salt River Project and Plus Power LLC celebrated two new grid-charged battery storage systems, Sierra Estrella Energy Storage and Superstition Energy Storage. Together, these facilities will add 340 megawatts (MW) / 1,360 megawatt-hours (MWh) of additional battery storage capacity to SRP’s system - enough to power 76,000 residential homes for a four-hour period. The batteries … [More]
To Afford a Monthly Mortgage Payment, Middle-Class Americans Need to Put More Than $127,000 Down, Phoenix Is More
To comfortably afford a typical U.S. home, a home buyer making the median income needs to put down nearly $127,750, or 35.4%, a new Zillow® analysis shows. Five years ago, when mortgage rates were hovering just above 4% and the typical home was worth about 50% less, that home would have been affordable with no money down. That $127,750 down payment is what a household … [More]
Arizona Wins Fourth Consecutive Gold Shovel Award Recognizing Significant Economic Development Efforts
LG Energy Solution’s $5.5 billion investment in Queen Creek wins ‘Manufacturing Project of the Year’
Arizona was awarded a prestigious “Gold Shovel” award from Area Development magazine in the 5-8 million population category, marking the state’s fourth consecutive gold shovel. The Shovel Awards recognize states that “garnered large job-creating and investment projects through innovative policies, infrastructure improvements, and other processes that attracted new employers as … [More]
Small Business Economic Trends: Construction, Manufacturing, Retail, and Services Industries Survey
Survey focuses on the construction, manufacturing, retail, and services industries
The NFIB Research Center released an industry-specific quarterly Small Business Economic Trends survey highlighting the construction, manufacturing, retail, and services industries. “In general, small business owners are not optimistic about the economy and the future of their business conditions,” said Holly Wade, Executive Director of NFIB’s Research Center. “The survey … [More]
Phoenix Industrial Real Estate Market Is a Bright Spot in Today’s Economic Climate
Positive net absorption, continuing expansion by key players, strong pre-leasing and lower construction starts drive positive outlook
Thompson Thrift, a full-service nationally recognized real estate company engaged in industrial, commercial, multifamily, mixed-use and retail projects across the country, shared insights on the current state of the Phoenix industrial market and why they feel notable plans for near-term investment demonstrate a promising outlook for the future of the market. "While national … [More]
Home Prices Hit New High, but Buyers Gain Power as Stale Listings Pile Up and Price Drops Become More Common
Pending home sales fell 3.8%, the biggest year-over-year decline in nearly four months, during the four weeks ending June 16. That’s according to a new report from Redfin, the technology-powered real estate brokerage. Buyers are shying away from earlier steps in the house-hunting process, too: Redfin’s Homebuyer Demand Index, a measure of requests for tours and other … [More]
