Despite a pandemic construction boom, the U.S housing shortage grew to 4.5 million homes in 2022, up from 4.3 million the year before, according to a new analysis from Zillow®. This deepening housing deficit is the root cause of the housing affordability crisis. In 2022, Phoenix was estimated to be short more than 98,000 homes. That was an 8 percent increase over … [More]
Arizona Businesses Have the Fifth Highest Average Loans at $704,958
A study by business formation experts, CreditDonkey, analyzed U.S. Small Business Administration lender reports from 2020 to 2023 (inclusive). The study examined 251,834 loans to determine which states had the highest and lowest average business loans. Arizona businesses have the fifth highest average loans at $704,958, with almost $3.5 billion distributed across 4,916 loans in … [More]
Study Identifies Three Bioscience Growth Areas to Advance Innovation and Economic Growth in Greater Phoenix
Precision oncology/medicine, digital health, translational neurosciences to advance Phoenix Bioscience Core, new hubs
A new study of the Phoenix area’s bioscience ecosystem has identified three areas poised for rapid growth and global impact at the Phoenix Bioscience Core and in surrounding regional hubs of research and innovation. The report, “Leveraging the Phoenix Region’s Bioscience Assets for Sustained Economic Growth,” released June 13, identifies how Phoenix’s strengths can … [More]
The City of Phoenix Receives Findings Report from U.S. Department of Justice Investigation
The City of Phoenix (CoP) and Phoenix Police Department (PPD) are reviewing the findings from a nearly three-year investigation by the U.S. Department of Justice. City leaders and members of the community are eager to read the evidence and insights provided by the DOJ which support … [More]
U.S. Home Prices Hit Another Record High, but Mortgage Rates Are Starting to Decline
The median U.S. home-sale price hit an all-time high of $394,000 during the four weeks ending June 9, up 4.4% year over year—the biggest increase in about three months. That’s according to a new report from Redfin, the technology-powered real estate brokerage. There are signs that home-price growth could ease soon. Asking prices have leveled off, and 6.5% of home sellers are … [More]
Asking Rents Hitting Highest Level since 2022, but Falling in the Sun Belt
The median U.S. asking rent rose 0.8% year over year in May to $1,653 — the highest level since October 2022, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That’s the second consecutive increase (rents climbed 0.9% year over year in April) following 11 months of decreases. Rents rose 0.5% on a month-over-month … [More]
Small Business Uncertainty Index Reaches Highest Level since 2020
Inflation remains the top small business problem
The NFIB Small Business Optimism Index reached the highest reading of the year in May at 90.5, a 0.8-point increase but still the 29th month below the historical average of 98. The Uncertainty Index rose nine points to 85, the highest reading since November 2020. Twenty-two percent of owners reported that inflation was their single most … [More]
New Listings Up. Homes Selling Faster. Prices Continue to Rise.
Residential real estate inventory improved in May, according to data from Phoenix REALTORS
The number of new listings continued to climb in May in year-to-date comparisons, according to the latest data from Phoenix REALTORS. The first five months in 2024 were up more than 17% compared to the same period of 2023. Homes have also sold faster so far this year when compared to 2023, and the average days on the market dropped from 74 to 64. The year-to-date median sale … [More]
Small Business Compensation Plans Fall to Lowest Level Since 2021
Fewer owners are planning to raise compensation in the coming months
According to NFIB’s monthly jobs report, a net 18% (seasonally adjusted) of small business owners plan to raise compensation in the next three months in May, down three points from last month and the lowest reading since March 2021. Seasonally adjusted, a net 37% of owners reported raising compensation, down one point from April but historically very high. “An exceptionally … [More]
SBA Launches Working Capital ‘Line of Credit’ Pilot Program
Pilot Program Expands Small Businesses’ Access to Credit Lines That Create Jobs, Spur Sales and Growth Published on June 6, 2024
The U.S. Small Business Administration (SBA) announced the 7(a) Working Capital Pilot (WCP) Program. The WCP offers a newly structured line of credit, made by 7(a) lenders and backed by the SBA, designed to give greater flexibility than a traditional term loan. “Small businesses require working capital through competitively-priced lines of credit to operate efficiently and … [More]
World’s First Direct Air Capture Manufacturing Facility Coming to Mesa, Will Support Up to 400 New Jobs by 2029
CarbonCapture Inc. a leading U.S. direct air capture (DAC) system company that builds modular systems that can be mass produced, signed a lease for an 83,000-square-foot high-volume manufacturing facility in Mesa, Arizona, for its first manufacturing plant. At full capacity, the facility is projected to manufacture 4,000 modules per year-equal to 2 megatons of removal … [More]
Office Space Absorption Predicted over the Next Two Years, but Contraction to Slow in 2025
Absorption of office space – the amount that is leased or occupied less the amount that is vacated or put on the market – is expected to remain negative through 2024 and 2025, though the rate of negative absorption is expected to slow to a near halt by the second half of 2025, according to the NAIOP Research Foundation’s Office Space Demand Forecast. “The office market … [More]
Monthly U.S. Home Price Gains Dip Below Seasonal Average
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index and HPI Forecast for April 2024. Annual U.S. home price appreciation remained above 5% in April, with three states posting double-digit gains. By next spring, national price gains are projected to slow to 3.4%, with only a few states … [More]
CVS Health Invests $22.6M in a New Affordable Housing Development in Arizona
CVS Health representatives will be joined by Governor Katie Hobbs, dignitaries, and the project developer La Frontera to announce the company’s equity investment in the development of West Point II Apartments, providing 85 new affordable housing units for persons 55 years and older, including units for individuals with disabilities. The development, which recently started … [More]
Hard Rock Music-Themed Hospitality Experience Coming to Scottsdale in 2026
Hard Rock International announced development plans for REVERB by Hard Rock Scottsdale, a music-themed hospitality experience featuring entertainment and outdoor spaces, 195 hotel rooms, an outdoor pool, a rooftop bar and more. The $60 million project in partnership with ERES Capital is expected to open in late spring / early summer 2026, anchoring The Sydney, a mixed-use … [More]
Median Price per Square Foot Experiences Monumental Rise, Growing 52.7% Since 2019
According to the Realtor.com May housing data, median list prices have increased 37.5% since May 2019, and while prices grew in that time frame, inventory is down 34.2% compared with typical 2017 to 2019 levels pointing to the market being in seller-friendly territory. "In addition to higher median list prices and fewer homes for sale versus 2019, the increase in median … [More]
Arizona Lithium Officially Opens World-Class Lithium Research Center in Tempe
Arizona Lithium Limited, a company focused on the sustainable development of two large lithium development projects in North America, the Big Sandy Lithium Project (“Big Sandy”) and the Prairie Lithium Project (“Prairie”), held an official grand opening with a ribbon cutting ceremony of the Lithium Research Center in Tempe, Arizona. Arizona Lithium was joined at the ribbon … [More]
Phoenix #3 on Top 20 List of U.S. Metros Poised to Win in Manufacturing Boom
All $39 billion from the landmark CHIPS and Science Act is going to be allocated by the end of the year according to a recent announcement by the U.S. Government, incentivizing onshore semiconductor production with considerable tax breaks and direct grants. At the same time, cleantech tax credits, advances like solid-state EV batteries and a spike in investor interest for … [More]
