Activity from cloud service providers continues to drive construction in Phoenix in the first half of 2023, helping the market retain its status as one of the primary data center markets* in North America, according to a new report from CBRE. There is 163.5 MW under construction in H1 2023 and 88.07% percent of the under-construction inventory in Phoenix is already preleased – … [More]
Governor Celebrates Jobs, Strong Workforce, and Growing Economy
Governor Katie Hobbs attended two events highlighting Arizona’s booming economy and investments in workforce training. Governor Hobbs attended and gave remarks at the Greater Phoenix Chamber Foundation Workforce Summit that brought together employers and education leaders from across the state. The event focused on discussions about workforce trends and tangible workforce … [More]
Google Announces New Commitment to Arizona, Breaks Ground on $600M Data Center
Google broke ground on a new $600 million data center in Mesa, and will use state-of-the-art technology to air cool the facility. This will be the company’s first physical presence in the state. Governor Katie Hobbs, Mesa Mayor John Giles, and other community leaders joined Google in celebrating the announcement during an event today in Mesa. Google's continued investment in … [More]
City of Phoenix Named Top Green Fleet of 2023
The City of Phoenix won the Top Green Fleet Award for 2023 from the National Association of Fleet Administrators (NAFA). The annual Green Fleet Awards honor organizations that make a positive impact on the environment with their groundbreaking green initiatives. “Earning the Top Green Fleet of 2023 award is a testament to our city's commitment to sustainability and … [More]
Two New Loop 303 Interchanges Will Help Traffic Flow, Improve Economic Development
Two critical new traffic interchanges are now open at 51st and 43rd avenues along the Loop 303. The interchanges will help address traffic growth prompted by current and planned development, including providing direct access to the Taiwan Semiconductor Manufacturing Company (TSMC), the world’s largest contract silicon chip manufacturer. Construction of the interchanges was … [More]
Home Prices Tick Up After Two Months of Declines
Following two months of year-over-year declines, home prices rose in August (+0.7%) as the number of homes on the market decreased for the second month in a row, down -7.9% year-over-year, according to the Realtor.com® August Monthly Housing Trends Report released today. Active inventory remained -47.8% below typical 2017 to 2019 levels, although an unseasonable increase in … [More]
Real Estate Investors Pull Back, Buying 45% Fewer Homes Than a Year Ago
Investor home purchases fell 45% from a year earlier in the second quarter, outpacing the 31% drop in overall home sales, according to a new report from Redfin, the technology-powered real estate brokerage. That’s the biggest decline since 2008 with the exception of the quarter before, when they dropped 48%. The decline comes as this year’s relatively cool housing and rental … [More]
August Job Growth among Small Businesses Unchanged from July
According to the Paychex | IHS Markit Small Business Employment Watch, the national Small Business Jobs Index — which measures the rate of small business job growth in the U.S. — is essentially flat at 99.10, a decrease of 0.04% in August. Meanwhile, an hourly earnings growth rate of 3.98% among U.S. small businesses is unchanged in August from July and below four percent for … [More]
Arizona Is Exclusive Initial Market for 1% Down Home Loans by Lender
Zillow Home Loans announced its 1% Down Payment program to allow eligible home buyers to pay as little as 1% down on their next home purchase. This program is initially being offered on properties located in Arizona, with plans to expand to additional markets. With the 1% Down Payment program, borrowers who qualify can now save just 1% to cover their portion of the down payment … [More]
Can the Valley of the Sun become Silicon Valley 2.0?
Is Arizona the new Silicon Valley? It certainly could be. A perfect storm of opportunities is brewing with manufacturing, electric vehicles and technologies like artificial intelligence. One missing ingredient is a more widespread investor appetite to go big. But AI could change that and level the playing field, according to one Arizona State University … [More]
First-Time Homeownership Surges: Half of All Home Buyers Are Making Their First Purchase
Half of all home buyers are purchasing their first home, the highest share that Zillow has ever recorded. Zillow's 2023 Consumer Housing Trends Report finds that first-time buyers now make up 50% of all home buyers, up from 45% last year and a meaningful jump from 37% in 2021. The share of first-time buyers likely hasn't been this high since around 2010, when there was a … [More]
New Luxury Valley Hotel Joins Elite Group of the World’s Most Exceptional Hotels ahead of November Opening
A decade in the making, The Global Ambassador shares new details today and a first look inside as Sam Fox prepares to bring his debut hotel to life this November. The Global Ambassador is proud to announce a partnership with Preferred Hotels & Resorts Legend Collection, the ultimate portfolio of exceptional properties in the world’s most remarkable destinations. The hotel … [More]
Barrow Neurological Institute’s Innovative Laboratory Expands to Park Central
Barrow Neurological Institute is partnering with Plaza Companies and Holualoa Companies to develop an innovative new 10,000-square-foot dry laboratory at Park Central that will further establish Phoenix as a destination center for medical discovery. Investigative work at the Barrow Neuro Analytics Center will span nearly all categories of neurologic diseases, including … [More]
Increased Financing Costs Top the List of Credit Concerns for Small Business Owners, Says Survey
NFIB’s Research Center released a follow-up survey following NFIB’s first banking survey released earlier this year. This survey asked small business owners about their banking activities and their experience in accessing credit. The survey was conducted by email from July 20-26, 2023. “The health of the financial system is essential to small business operations,” said Holly … [More]
Governor Appoints Board of Directors for Arizona-Mexico Commission
Governor Katie Hobbs has announced her appointees to the Arizona-Mexico Commission. The Hobbs administration is working closely with Sonoran counterparts to ensure that Arizona is aligned and ready to begin working in a coordinated manner to advance cross-border initiatives. Additionally, Governor Hobbs announced that the commission’s first Binational Plenary in over … [More]
New Builds Make Up One-Third of Houses on the Market with High Rates Locking Up Existing Inventory
Newly built homes made up nearly one-third (31.4%) of single-family homes on the market nationwide in the second quarter, according to a new report from Redfin, the technology-powered real estate brokerage. That’s the highest share of any second quarter on record, with new construction keeping the housing market afloat amid the severe shortage of existing homes for … [More]
Greater Phoenix Home Sales, Prices Stay Steady as Residential Real Estate Figures Transition into Fall
Looking at numbers from a historical perspective, the residential real estate market in Greater Phoenix is better than expected when activity started slipping late in 2022, according to the latest market data from Phoenix REALTORS. Median sales prices in July remained generally steady at over $466,000, but down from $475,000 in June. However, the percentage of list price … [More]
Phoenix Maintains Current Drought Status, Encouraging Conservation Efforts
The City of Phoenix will remain in a Stage 1 Water Alert despite today’s announcement by the United States Bureau of Reclamation to return to a Tier 1 Shortage on the Colorado River in 2024 as a result of a wet winter, which elevated water levels at Lakes Powell and Mead. While this favorable winter provides temporary relief to the Colorado River System, Phoenix, which … [More]