The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.4 percent in February on a seasonally adjusted basis, after increasing 0.5 percent in January, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 6.0 percent before seasonal adjustment. The index for shelter was the largest contributor to the monthly all … [More]
FDIC Establishes Signature Bridge Bank, N.A., as Successor to Signature Bank, New York
Signature Bank, New York, NY, was closed by the New York State Department of Financial Services, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC transferred all the deposits and substantially all of the assets of Signature Bank to Signature Bridge Bank, N.A., a full-service bank that will be operated by the FDIC as … [More]
FDIC Acts to Protect All Depositors of the Former Silicon Valley Bank
The Federal Deposit Insurance Corporation (FDIC) today transferred all deposits—both insured and uninsured—and substantially all assets of the former Silicon Valley Bank of Santa Clara, California, to a newly created, full-service FDIC-operated ‘bridge bank’ in an action designed to protect all depositors of Silicon Valley Bank. Depositors will have full access to their … [More]
Rents Drop to Lowest Level in a Year, Says Report
The median U.S. asking rent rose 1.7% year over year to $1,937 in February—the smallest increase in nearly two years and the lowest level in a year, according to a new report from Redfin, the technology-powered real estate brokerage. Rents were up nearly 10 times that much (16.5%) a year earlier. February was the ninth straight month in which rent growth slowed on a … [More]
Phoenix Market Can Expect Strong Hotel Growth, Says Report
CBRE is raising its forecast for hotel performance in the Phoenix metro and nationally on the heels of industry gains in Q4 2022 and the expectation of slightly positive GDP growth in 2023 according to the CBRE Hotels report. In Phoenix, revenue per available room (RevPAR) in 2023 is expected to increase to $122.30, up 8.5% year-over-year and an increase of $2.45 from its … [More]
City of Phoenix Working to Restore Service after System Outage
The City of Phoenix is working to restore service after a system outage impacted some connectivity and network services including access to phoenix.gov. The technology outage began late Tuesday evening caused by a network equipment failure. The City worked with the hardware manufacturer to resolve the issue, and network service was largely restored before the start of business … [More]
Celebrating the Vital Role of Women in Arizona History
The International Women’s Forum Arizona commemorates and encourages the study, observance, and celebration of the vital role of women in American History. As International Women’s Day is celebrated March 8th, tap into the long list of women in IWF AZ who have made history and utilize our nonprofit as a resource for your magazines. International Women's Day (IWD) is a global day … [More]
Small Business Job Growth Improved for the Second Consecutive Month While Wage Inflation Continues to Cool
The rate of hiring for U.S. small businesses increased in February led by hiring in the leisure and hospitality industry according to the latest Paychex | IHS Markit Small Business Employment Watch. The Small Business Jobs Index, which measures national employment growth for businesses with fewer than 50 workers, continued to increase to 99.66 while the rate of hourly wage … [More]
Unique Annual Festival Creates $9M Direct Economic Impact for Chandler
The 2022 Annual Chandler Ostrich Festival, a signature event hosted by the Chandler Chamber of Commerce, pumped $9 million into the local economy over the course of its two-weekend run last year. Newly implemented RFID technology allowed the Chandler Chamber for the first time to document the behavior and spending patterns of vendors and visitors in order to quantify the … [More]
Home Prices Fall Annually for First Time in a Decade as Mortgage Rates Pass 7%, Says Report
U.S. home-sale prices have fallen from a year earlier for the first time in more than a decade, according to a new report from Redfin, the technology-powered real estate brokerage. The milestone comes as 7% mortgage rates sideline buyers, and sellers are forced to lower their asking price to accommodate high rates. The typical U.S. home sold for $350,246 during the … [More]
More Choices for Home Buyers as Inventory Recovery Continues at Breakneck Speed
In February, active inventory rose 68% above a year ago; Austin, Las Vegas and San Antonio are first markets to recover pandemic inventory shortages and surpass pre-pandemic levels The U.S. supply of homes for sale rose at a record annual pace for the sixth month in a row, up 67.8% year over year in February, signaling the housing market's continued … [More]
Partnership to Build the Valley’s Most Expensive Home to Ever Be Built at $75M
Arizona's leading custom home builder, Cullum Homes, which has been building award winning homes since 1985 in the finest neighborhoods of Paradise Valley and Scottsdale is proud to partner with WOW Luxury Properties and present Arizona's most expensive home to ever be built. Introducing the $75 million Palo Cristi Estate. Led by Rod and Kim Cullum, alongside daughter … [More]
Tiger Woods’ PopStroke Glendale to Open Mar. 2
PopStroke Entertainment Group, a national leader in golf entertainment owned by Greg Bartoli, Tiger Woods’ TGR Ventures, and TaylorMade Golf Company, announced its PopStroke Glendale, Arizona location will open on Thursday, March 2 at noon. The address is 9480 W. Hanna Drive, Glendale, Arizona, in the Westgate Entertainment District. The Glendale location is the seventh … [More]
Apartments in Phoenix Metro are Getting Larger, Despite Rentals Shrinking All Over the U.S.
U.S. apartments shrunk in size the past decade, hitting a new low of 887 square feet, on average. According to the latest RentCafe report — in which we looked at changes in apartment size in the 100 largest U.S. cities — new units will keep getting smaller and smaller. Shrinkflation hasn’t reached rentals in Phoenix metro yet. In fact, apartments here got larger in the last … [More]
More Than $700M in Event Impact March for the Busiest Cities of Phoenix, Jacksonville, Tulsa, Las Vegas and Tampa
The March 2023 Event Index reveals 18 cities that need to prepare for unusually busy weeks as sports, major concerts and the key holiday festivals events drive more than $700 million and millions of people into cities across America. Phoenix, Las Vegas, Jacksonville, Tampa and Tulsa will experience the most intense event activity clusters. The Super Bowl may be over for … [More]
Phoenix Achieves Zero Waste Goal for Downtown Super Bowl Events
The City of Phoenix Public Works Department reached its goal of diverting at least 92% of waste from Super Bowl events away from the landfill. After final sorting and weighing, the 2023 Super Bowl events hosted in downtown Phoenix surpassed a previous Super Bowl’s diversion rate of 91% to become the … [More]
By the Numbers: How Super Bowl LVII Was a ‘Phenomenal Success’ for Downtown Phoenix
On February 12, 2023, Arizona hosted the Super Bowl for the fourth time. While the game was played at State Farm Stadium in Glendale, many of the official NFL-hosted Super Bowl events were held in the Greater Phoenix region including Downtown Phoenix. Official numbers from events, visitors, and transportation are now being reported. “The official numbers coupled … [More]
Sale Prices Flatten, Demand for Mortgages Falls as Mortgage Rates Climb, Says Report
The median U.S. home-sale price was $348,000 during the four weeks ending February 19, essentially unchanged (+0.1%) year over year, according to a new report from Redfin, the technology-powered real estate brokerage. That’s the first time since at least 2015, when the data for this report begins, the typical home isn’t selling for more than it would have a year … [More]
