The NFIB Small Business Optimism Index decreased by 0.9 of a point in March to 88.5, the lowest level since December 2012. This is the 27th consecutive month below the 50-year average of 98. The net percent of owners raising average selling prices rose seven points from February to a net 28% percent seasonally adjusted. “Small business optimism has reached the lowest level … [More]
TSMC Arizona Announces Plans for Third Leading-Edge Fab in Phoenix through $6.6B in Proposed CHIPS Act Funding
Third fab will produce the most advanced leading-edge semiconductors in the U.S., bringing TSMC’s total investment in Arizona to over US$65 Billion
TSMC announced that the U.S. Department of Commerce and TSMC Arizona have signed a non-binding preliminary memorandum of terms (PMT) for up to US$6.6 billion in direct funding under the CHIPS and Science Act. TSMC also announced plans to build a third fab at TSMC Arizona to meet strong customer demand leveraging the most advanced semiconductor process technology in the United … [More]
Coyotes Announce Commitment to Build Privately Funded Arena & Entertainment District
Following the release of a public land auction notice from the Arizona State Land Department for 110 acres of state-owned land at the Northwest corner of Scottsdale Road and the Loop 101 in the City of Phoenix, the Arizona Coyotes announced their commitment to win the auction and develop the land into an unrivaled sports, lifestyle and entertainment district without taxpayer … [More]
Fourth Future48 Workforce Accelerator Announced with Central Arizona College, Continuing to Strengthen Arizona’s Workforce Pipeline
Governor Katie Hobbs announced the fourth of six total workforce accelerators with a new partnership between LG Energy Solutions and Central Arizona College in Apache Junction. The Future48 Workforce Accelerators, launched in June 2023, provide an innovative path for industry leaders and community colleges to train Arizonans for good-paying jobs in advanced … [More]
$5.5 Billion Stand-Alone Battery Manufacturing Complex in Queen Creek Is Underway
The construction of a major battery manufacturing complex in Queen Creek, Arizona, announced by LG Energy Solution last year, is on track to be completed in two years with the first round of hiring expected to begin at the end of this year. The company provided progress updates on its $5.5 billion stand-alone facility during a stakeholder meeting today at Combs High School in … [More]
Howard Hughes Names First Four Homebuilders for New Community in Phoenix’s West Valley
Howard Hughes Holdings Inc. announced the first four homebuilders for the launch of Teravalis™, the company’s new 37,000-acre community in the Phoenix West Valley. Lennar, Brightland Homes, KB Home, and Courtland Communities will build the initial homes in Floreo, the first village being developed in Teravalis, that is expected to deliver the community’s first 5,000 homes to … [More]
Additional Grant Funding Available for Businesses along Light Rail Construction
More than $1M and 200+ grants distributed to small businesses in first three years of program
After three successful years, the Small Business Financial Assistance Program (SBFAP) will enter its final year on April 1 providing support to small, locally-owned businesses along our South Central Extension/Downtown Hub light rail project. New this year, eligible businesses can apply for between $4,500 (up from $3,000 in past years) to $9,000 in program … [More]
Arizona Exports Break New Records
Arizona companies exported a record amount of goods in 2023, Governor Hobbs announced in her International State of the State address. Exports grew to $28.79 billion in 2023, a 5.5% increase ($1.5 billion) over the previous year. Arizona’s growth bucks the trend for the U.S., which saw exports decrease by 2.2% in 2023. “A testament to the strength and diversity of the … [More]
Phoenix Leads the U.S. Data Center Market in Average Asking Rates
North American data center pricing approached record levels in 2023, with Phoenix boasting some of the highest average asking rates ($170 – $200) for 250-500 kilowatt (kW) per month, according to CBRE’s latest North American Data Center Trend Report. Leasing activity remains strong, and renewal rates increased by 20% from H2 2022 to H2 2023. The Valley's vacancy rate is 3.9%, … [More]
The Typical Homebuyer’s Down Payment Is $56,000, Up 24% from a Year Ago
The median down payment for U.S. homebuyers was $55,640 in February, according to a new report from Redfin, the technology-powered real estate brokerage. That’s up 24.1% from $44,850 a year earlier—the largest annual increase in percentage terms since April 2022. Phoenix Metro home purchases made in cash were down 6.1 percentage points from a year earlier—the fifth largest … [More]
Rising Supply Draws in Some Buyers, Even as Housing Payments Soar 10% to All-Time High
The typical U.S. monthly housing payment hit an all-time high of $2,721 during the four weeks ending March 24, up 10% from a year earlier, according to a new report from Redfin, the technology-powered real estate brokerage. Housing payments are at a record high because of the one-two punch of elevated mortgage rates and rising home prices. Mortgage rates remain elevated near … [More]
Renting Now Beats Buying in All of the Largest U.S. Metros
Elevated mortgage interest rates, still-high home prices and falling rents have made it more affordable to rent than buy in all of the top 50 U.S. metros, according to the Realtor.com® Rental Report released today. In February, the mortgage payment on a starter home in the largest metros cost $1,027 (+60.1%) more than the monthly rent in those markets, on average. At the same … [More]
ASU Business School Launches New AI Degree Program
The W.P. Carey School of Business introduces innovative new graduate degree for AI in business
Following ASU’s groundbreaking announcement of the first university collaboration with OpenAI, the W. P. Carey School of Business is officially launching a new degree program — the Master of Science in Artificial Intelligence in Business (MS-AIB). Backed by faculty from the Department of Information Systems, it is the first AI graduate degree program from a business school in … [More]
Intel and Biden Admin Announce up to $8.5 Billion in Direct Funding Under the CHIPS Act
The Biden-Harris Administration announced today that Intel and the U.S. Department of Commerce have signed a non-binding preliminary memorandum of terms (PMT) for up to $8.5 billion in direct funding to Intel for commercial semiconductor projects under the CHIPS and Science Act. CHIPS Act funding aims to increase U.S. semiconductor manufacturing and research and development … [More]
$10 Million Commitment Brings Global Fight League Phoenix Franchise
The Global Fight League (GFL) will launch the world's first team-based international MMA league in unprecedented fashion with an in-depth docuseries exploring the current state of the MMA industry. The docuseries will give fans a first-of-its-kind look at the formation of the first true MMA League, from fighter recruitment and business operations to the selection of eight … [More]
Cardinals Introduce First-of-Their-Kind Field-Level Seating Experiences
Two-Level Casitas and Pair of Private, Field-Level Clubs Highlight New Luxury Offerings for 2024
The NFL’s new league year began last week and for the Arizona Cardinals, bold plans are underway to re-shape the in-stadium experience in ways that will re-define the standards and expectations for high-end, premium spectator offerings not only in Arizona but across the sports landscape. Last year, the Cardinals had the least expensive gameday experience in the NFL according … [More]
Scottsdale Airpark Remains Focal Point of Growth
Area Attracts High Profile Companies and Impressive New Developments
The Greater Scottsdale Airpark area continues to be a focal point for growth and business relocation, according to a report released by Colliers in Arizona. Nationally recognized companies are moving operations there and sizable new developments are being built in this prestigious area of metropolitan Phoenix. “We have been tracking the Scottsdale Airpark submarket since … [More]
Arizona Is Making Business Connections with Ireland
More than 15 companies headquartered in Arizona have made business connections with Ireland by establishing an office, development center or lab to expand and grow international business. These include such leaders as Standard Aero, MSR-FSR, ON Semiconductor, transACT, Microchip Technology and companies in the aviation sector. transACT: Headquartered in Phoenix, Transact … [More]
