The residential real estate market was the worst in 2023 since the Great Recession in 2009. It’s a good year to put behind the industry and prepare for a better 2024 with lowering interest rates and increasing population, according to Phoenix REALTORS®. Looking back over the year, new listings dropped 25.3% from the same 11-month period for 2022. A new report from Phoenix … [More]
Governor Announces Federal Grant to Study Potential Restart of Daily Passenger Rail Between Phoenix and Tucson
Governor Katie Hobbs announced Arizona has received a $500,000 grant from the U.S. Department of Transportation to continue studying the potential of restarting Amtrak service between Phoenix and Tucson. The federal funding builds on $3.5 million state leaders committed for planning of passenger rail service. “I am thrilled to deliver this critical funding for Arizonans,” said … [More]
Plug and Play accelerateAZ Announces New Sustainability Accelerator Program
Plug and Play accelerateAZ, a program of the Arizona Commerce Authority (ACA), announced today a new Sustainability program that will support the growth of Arizona sustainability-focused startups. The new program, announced at the Plug and Play Silicon Valley Summit in Sunnyvale, California, will launch in Spring 2024. The accelerateAZ Sustainability program will support … [More]
Main Street Job Openings Dip Slightly in November
Labor quality remains a top concern for businessowners
According to NFIB’s monthly jobs report, 40% (seasonally adjusted) of all owners reported job openings they could not fill in the current period, down three points from October. The percent of small business owners reporting labor quality as their top small business operating problem remains elevated at 24%. Labor costs reported as the single most important problem for business … [More]
Carvana and Phoenix Rising FC Ink Multi-Year Commitment
Carvana, an industry pioneer for buying and selling used cars, announces the multi-year extension of its partnership with Phoenix Rising FC. The renewal marks another chapter in the dynamic collaboration between the two Valley-based entities. "I am thrilled to once again be extending our partnership with Carvana," said Phoenix Rising FC President, Bobby Dulle. "Carvana's … [More]
Semiconductor Equipment Co. Announces $300 Million Expansion of U.S. Operations in Scottsdale
ASM International N.V., one of the fastest growing semiconductor equipment companies and global market leader in Atomic Layer Deposition, today announced plans for a new North American expansion to accommodate growing demand for research and development in the semiconductor industry. ASM is investing more than $300 million over a period of up to five years to design and … [More]
In Depth: Annual Survey Reveals ASU Is among Fastest-Growing Top Research Institutions in the Nation
Arizona State University’s continued commitment to being one of the nation’s top research universities has allowed its faculty to make important advances in space exploration, the knowledge-based economy and future workforce development, microelectronics research and manufacturing, and to improve the health and wellness of the communities it serves. ASU’s research enterprise … [More]
Phoenix’s Newest Luxury Hotel Opens
Very few hotels today are the culmination of a deeply personal journey of one individual – an individual who, bound by no brand, has dedicated close to a decade scrutinizing every singular detail of the guest experience, from the way the shower door swings to how the morning light plays on the sumptuous fabric wallcoverings, and everything in between. No cost was spared, … [More]
ACA Announces Awardees for the 2023 Arizona Innovation Challenge
The Arizona Commerce Authority (ACA) announced 10 companies have been selected as awardees for the 2023 Arizona Innovation Challenge (AIC). The AIC, a program launched by the ACA in 2011, aims to advance innovation and technology commercialization opportunities in Arizona by helping early-stage ventures scale. The 10 companies will be added to the Arizona Innovation Challenge … [More]
Arizona Complete Health Awarded Statewide Long-Term Care Medicaid Contract
Centene Corporation, a leading healthcare enterprise committed to helping people live healthier lives, announced that its subsidiary, Arizona Complete Health, the largest Medicaid health plan in Arizona, has been selected by the Arizona Health Care Cost Containment System (AHCCCS) – Arizona's single state Medicaid agency – to provide managed care for the Arizona Long Term Care … [More]
Looking Ahead to 2024: More Homes for Sale, Improved Affordability
Home buying will remain expensive, so expect a competitive market for homes that need some work and for single-family rentals
The housing market's headline news this year has been the affordability challenge brought on by mortgage rates reaching 20-year highs. Looking ahead to 2024, Zillow® predicts home buyers will have a bit more breathing room — but only a bit. Buying a home will remain expensive, keeping pressure on the rental market to cater to families that will be renting for longer than … [More]
Governor’s Bipartisan Water Policy Council Delivers Critical Recommendations to Protect Arizona’s Water Security
The Governor’s Water Policy Council submitted a suite of recommendations to Governor Hobbs to protect the state’s water future and address challenges in urban and rural Arizona. The Council’s submission includes proposals to close loopholes to protect consumers throughout Arizona and improve Arizona’s Assured Water Supply Program to promote sustainable growth and responsible … [More]
Semiconductor Packaging Co. Announces U.S. Advanced Packaging and Test Facility in Peoria
Representing a $2 billion investment, the new facility will create 2,000 new jobs
Amkor Technology, Inc., a leading provider of semiconductor packaging and test services, has announced its plan to build an advanced packaging and test facility in Peoria, Arizona. By the time of full project completion, Amkor projects to invest approximately $2 billion and employ approximately 2,000 people at the new facility. Amkor is the only US-headquartered OSAT … [More]
State and Major Employers Meet for Clean Energy Discussion at Honeywell Facility in Phoenix
State officials and major employers in Arizona met today at Honeywell’s Advanced Air Mobility Lab in Phoenix, for a private roundtable discussion about maximizing clean energy investment in the state. The roundtable event — Powering Arizona: Maximizing Historic Federal Investment for a Clean Economy — connected officials from the Governor’s Office of Resiliency with … [More]
Military Economic Impact on Arizona Has Tripled since 2000, Says Report
Governor Katie Hobbs announced the release of the updated Military Economic Impact Report, commonly referred to as the Maguire Report. This report, sponsored by the State of Arizona and supported by the Arizona Department of Emergency and Military Affairs, highlights the significant economic contributions made by Arizona's military bases and National Guard operations to the … [More]
Updated Economic Impact Report Released for New Mega Resort in Glendale
VAI Global Development announced the results of the updated, comprehensive Economic Impact Analysis conducted by Applied Economics for VAI Resort. It highlights the positive contributions that VAI Resort will make to the thriving Glendale community. The updated Economic Impact Analysis underscores the substantial economic benefits that VAI Resort is expected to bring to the … [More]
October Shows a Slow Start to the Quarter, but Metro Area Still Outperforming National Home Sales Trends
Fourth quarter of 2023 started slow with pending sales down 30.6% from last October, according to the latest data from Phoenix REALTORS. Year-to-date, closed sales are down 17% from the same period the previous year. The numbers follow seasonal trends typical for this time of year, as real estate activity decreases approaching holiday months. "The Phoenix metropolitan area is … [More]
Rent Remains High with More Properties Offering Incentives, Especially Phoenix
New construction surge prompts landlords and property managers to provide more perks
Rental concessions—offers meant to entice tenants, such as free months of rent or free parking—are at their highest level in more than two years despite strong renter demand, Zillow's latest data shows. That's because property managers are now likely competing for tenants, as new, primarily upscale buildings from the recent construction boom enter the rental … [More]
