onsemi, a leader in intelligent power and sensing technologies, announced it has secured $1.95B in long-term supply agreements (LTSAs) for its intelligent power technologies with leading global manufacturers of solar inverters, contributing to onsemi’s position as the number one power semiconductor supplier in this rapidly growing market. By offering superior die … [More]
Customer Demand Is Driving Engineers to Design for Sustainability, Says Avnet Survey
Rising customer demands for sustainability are playing a key role in engineers’ design efforts coming out of two-plus years of pandemic-driven disruption and the ongoing components shortage. A newly released pulse survey from leading technology distributor, Avnet, found that majority (78%) of respondents who view sustainable product design as an opportunity have made progress … [More]
Back-to-Work Mandates and Overall Economic Growth Trends Help to Boost Local Office Market
Stubborn vacancies in the office sublease sector and murky outlooks on interest rates and back to work trends have challenged the metro Phoenix office market, but positive momentum during the second quarter could influence that trend, raising hopes for an end to seven straight quarters of negative local office absorption, according to the Q2 2023 JLL Phoenix Office Insight … [More]
Construction of Phoenix Industrial Space Nears 50 Million Square Feet
An impressive 49.2 million square feet of new industrial space is under construction in Metro Phoenix, according to the mid-year industrial report released by Colliers in Arizona. This marks a 40.2 percent increase in construction compared to the end of June 2022. During that same 12 months, average industrial rental rates increased 24.5 percent, causing “sticker shock” for … [More]
Visitors Spent $77 Million per Day across Arizona in 2022, Says Economic Impact Report
As one of the state’s primary economic drivers, Arizona’s tourism industry continued to deliver for communities statewide in 2022. Post-pandemic highs were achieved in metrics across the board, including tourism jobs generated and tax revenue collected, according to new data released by the Arizona Office of Tourism. Visitor spending reached $28.1 billion in 2022, which … [More]
Home Prices Climb 2% from a Year Ago with Low Supply Fueling Competition, Not in Phoenix
The typical U.S. home sold for $382,500 during the four weeks ending July 16, up 2.1% from a year earlier. That’s the biggest increase since December 2022 and the second straight price uptick after nearly five months of declines, according to a new report from Redfin, the technology-powered real estate brokerage. Prices are rising substantially in some metro areas, … [More]
How to Stay Safe during Extreme Heat: Safety Experts Provide Guidance for Arizona Workers
As Arizona workers face life-threatening dangers from extreme heat driven by climate change, Arizona-based safety experts from the National Council for Occupational Safety and Health are providing guidance to workers, unions, workers centers and advocates on how to prevent heat illness. “Federal law is crystal clear,” said Katelyn Parady, a Phoenix-based worker health and … [More]
Carvana Announces Agreement with Noteholders Meant to Reduce Total Debt
Carvana Co., the fastest growing used car dealer in U.S. history, today announced that it entered into a transaction support agreement (the “Support Agreement”) with a group of noteholders representing over 90% of the aggregate principal amount outstanding of the Company’s existing senior unsecured notes. “The strong performance of our business in 2023 presented an … [More]
Business Leaders Hold Mixed Views on Recession Likelihood, Says Survey
Despite continued macroeconomic challenges, just under half of US midsize business leaders expect a recession in the second half of 2023, finds JPMorgan Chase’s 2023 Midyear Business Leaders Outlook survey released today. Forty-five percent of business leaders anticipate a recession before year-end or believe the economy is already in one, down from 65% six months ago. … [More]
Raytheon to Open New Facility at SkySong
Raytheon, an RTX business, announced that it will be opening a new facility at SkySong, The Arizona State University (ASU) Scottsdale Innovation Center, adding 28,000 square feet of digital design space to the company's footprint just minutes away from the main Tempe campus. The new engineering design hub will leverage talent in the Phoenix area, housing … [More]
Home Rents Continue to Rise in Q2 2023, Phoenix Still Increasing YOY
Rentometer has released their Q2 2023 Rent Report for three-bedroom (3-BR) houses that are single-family rentals (SFRs). Rentometer collects data for all residential asset classes, but this report is focused on SFR because they are one of, if not the most, active residential rental asset classes today. The Metro Phoenix market is one of the top markets to grow … [More]
How Arizona’s Early Embrace of Automated Vehicle Technology Is Paying Off
In 2017, The New York Times labeled Arizona the place “where self-driving cars go to learn.” With millions of test miles under their belt, today, those vehicles have graduated from development to safe deployment, placing Arizona at the forefront of automated technology. Even George Jetson might be surprised at the self-driving taxis, autonomous delivery services, and … [More]
Arizona Inflation Down to Its Lowest Point since March 2021, Says Report
On a year-over-year basis, Consumer Price Index (CPI) inflation in the Phoenix metropolitan area and United States is down to its lowest point since March 2021 when it was 2.9%. At 4.4%, year-over-year price inflation in the Phoenix metropolitan area last month was 3 percentage points below its April reading of 7.4%. Between April and June Phoenix area inflation was 0.2%, a 0.7 … [More]
Mayo Clinic Names Leaders for Discovery Oasis Biotech Innovation Hub in Phoenix
In 2021, Mayo Clinic announced plans to develop a biotechnology innovation hub called Discovery Oasis adjacent to Mayo Clinic Hospital in North Phoenix. Two leaders have now been named to champion this organizational priority. Steven Lester, M.D., Mayo Clinic cardiologist and health care futurist, will serve as the medical director for Discovery Oasis. Aric Bopp, an … [More]
While U.S. Home Prices Rise for the First Time in Nearly Five Months, Phoenix Drops
The median U.S. home-sale price rose 1.5% from a year earlier during the four weeks ending July 9, the first increase in nearly five months. That’s according to a new report from Redfin, the technology-powered real estate brokerage. Average weekly mortgage rates are at their highest level since November 2022, bringing the typical homebuyer’s monthly payment to a … [More]
ASU Seeks a New Kind of Battery Solution for Electric Vehicles
As the world’s vehicle fleet decarbonizes by transitioning to electric drivetrains, the answer to what makes the best battery remains elusive. Electric vehicle consumers seek a comfortable range from battery capacity as well as easy access to charging stations, especially those with fast-charging capabilities. Current lithium-ion batteries leave room for improvement in these … [More]
Alliance Brings $270M to Create World-Class Materials-to-Fab Facility
Arizona State University and Applied Materials, Inc. announced an alliance, aided by the Arizona Commerce Authority, that brings more than $270 million to create a world-class shared research, development and prototyping facility, the Materials-to-Fab (MTF) Center, in the university’s MacroTechnology Works building at ASU Research Park. The MTF Center will be designed to … [More]
Governor Hobbs to Join AES in Celebrating Wind Farm’s $267M Investment
State elected officials and local business leaders will gather in Winslow on Tuesday, July 11, to celebrate AES’ $267 million investment in the state’s economy as it builds the Chevelon Butte wind farm. Over 800 people will be impacted by direct and indirect jobs associated with building the project, resulting in a vital source of jobs in Coconino and Navajo counties, which … [More]
