Air France has announced the start of new nonstop service between Phoenix Sky Harbor International Airport and Charles de Gaulle International Airport in Paris, France. This marks the first time there will be nonstop service between Phoenix and France. Service on the Boeing 787-900 Dreamliner aircraft will begin May 23, 2024, and will operate three days per week for the summer … [More]
$95 Million Federal Grant for I-10 Expansion South of Phoenix Announced
Governor Katie Hobbs announced that Arizona will receive a $95 million INFRA grant from the US Department of Transportation for major improvements to widen Interstate 10. The grant was awarded to improve the safety and conditions on the 26-mile stretch of the I-10 located entirely within the boundaries of the Gila River Indian Community. The I-10 corridor is a main corridor for … [More]
Phoenix Office Fundamentals Showing Signs of Stabilizing
Following a challenging 2023, local office market reporting some positive trends
The Phoenix Office of JLL has released its Q4 2023 Phoenix Office Insight, noting some persistent, positive trends after a challenging 12 months. In the last quarter of the year, negative absorption slowed, asking rents showed signs of stabilizing and construction deliveries remained subdued, reducing some supply-side risks and supporting the leasing success of key product … [More]
Coalition of Business Industry Leaders Urge State Legislators to Continue Arizona Commerce Authority
The Arizona Chamber of Commerce & Industry, joined by a coalition of more than 100 business leaders and growing throughout the state, today sent a letter to Arizona legislators expressing strong support for the continuation of the Arizona Commerce Authority (ACA). The agency, established by former Gov. Jan Brewer in 2010 in an effort to revamp the state’s economic … [More]
ASU First to Collaborate with OpenAI to Enhance Teaching and Learning
Arizona State University will be the first higher education institution to collaborate with OpenAI, the AI research and deployment company behind ChatGPT. This collaborative effort introduces the advanced capabilities of ChatGPT Enterprise to the university, empowering faculty and staff to explore the potential of generative AI to enhance teaching, learning and discovery, … [More]
Renting a Home More Affordable than Owning; Phoenix Rents Growing Faster than Wages
ATTOM, a leading curator of land, property and real estate data, today released its 2024 Rental Affordability Report, which shows that median three-bedroom rents in the U.S. are more affordable than owning a similarly-sized home in nearly 90 percent of local markets around the nation. The report shows that both renting and owning a three-bedroom home continue to pose … [More]
Tech Council’s Q3 2023 Impact Report Shows Strong YOY Gains in Technology Jobs, Despite Current Lull
The Arizona Technology Council has released its Q3 2023 Arizona Technology Industry Impact Report with the finding that the state’s technology jobs total has exceeded 222,000 — a 3.78% one-year gain that places Arizona third in the Southwest for job growth in the sector. The highest number of industry jobs currently are in computing, software, defense, and semiconductor. … [More]
Greater Phoenix’s Residential Real Estate Market Puts 2023’s Challenges in Rearview, Sees Brighter Prospects for 2024
Motivated buyers, downsizing sellers expected to help 2024 rebound from tough year
Greater Phoenix's residential real estate market weathered unprecedented challenges in 2023, with factors such as a shortage of listings, record-high mortgage rates and hesitant sellers making it the toughest year for the market since 2009, according to the latest market data reports from Phoenix REALTORS®. Yet despite the challenges, REALTORS are turning their gaze towards a … [More]
Governor Announces $89M for New Affordable Housing and Homeless Response
Governor Katie Hobbs and the Arizona Department of Housing (ADOH) have awarded $40 million in grants statewide from the newly-created Homeless Shelter and Services (HSS) Fund to provide shelter and other services to people experiencing homelessness. From day one, Governor Hobbs has demonstrated a commitment to investing in Arizona communities and supporting those in need. These … [More]
Intel Drives ‘AI Everywhere’ into Automotive Market at CES
Intel announces agreement to acquire Silicon Mobility SAS for advanced EV energy management and new AI-enhanced family of software-defined vehicle SoCs.
At CES, Intel announced plans to drive the company’s AI everywhere strategy into the automotive market, including a deal to acquire Silicon Mobility, a fabless silicon and software company that specializes in SoCs for intelligent electric vehicle (EV) energy management. Intel also announced: a new family of AI-enhanced software-defined vehicle system-on-chips (SoCs), with Zeekr … [More]
The New Year Brings an Uptick in Early-Stage Demand as Mortgage Payments Fall and More Homes Hit Market, Phoenix Area Highest in New Listings
As mortgage rates hold steady in the 6% range and new listings tick up, mortgage-purchase applications and Redfin home tours are rising
Pending U.S. home sales posted their smallest year-over-year decline in two years (-3%) during the four weeks ending January 7, according to a new report from Redfin, the technology-powered real estate brokerage. Mortgage-purchase applications are up 3% from a month ago, and Redfin’s Homebuyer Demand Index—a seasonally adjusted measure of requests for tours and other buying … [More]
Inflation Returns as Top Business Problem on Main Street, Says Report
Inflation surpassed labor quality in December as top business problem
The NFIB Small Business Optimism Index increased 1.3 points in December to 91.9, marking the 24th consecutive month below the 50-year average of 98. Twenty-three percent of small business owners reported that inflation was their single most important problem in operating their business, up one point from last month, and replacing labor quality as the top concern. “Small … [More]
Labor Quality Remains Top Concern for Small Business Owners
Forty percent of owners have job openings they could not fill
The percent of small business owners reporting labor quality as their top small business operating problem remains elevated at 20%, according to NFIB’s monthly jobs report. Labor costs reported as the single most important problem for business owners increased one point to 9%, four points below the highest reading of 13% reached in December 2021. “The tight labor market has … [More]
W. P. Carey School of Business, Televerde Foundation Expand Prison Education Program
Since 2020, the ASU W. P. Carey School of Business and Televerde Foundation have worked alongside community partners to offer a unique PATHS program for women as they transition out of prison. PATHS, an acronym for Prepare, Achieve, and Transform for Healthy Success, teaches skills in personal wellness, workplace readiness, employment strategies, mentoring, financial literacy, … [More]
Interest Rates Expected to Fall, Boosting Affordability in Arizona’s Home Market
After a year of record-high interest rates and challenges posed from limited inventory, Arizona REALTORS® are optimistic as they look ahead to a promising year for housing in the Grand Canyon State marked by steady developments that will benefit both buyers and sellers. Shelley Ostrowski, 2024 Arizona Association of REALTORS® (the “Arizona REALTORS®”) president and designated … [More]
Homebuyers’ Monthly Payments Drop to Lowest Level in Nearly a Year, Bringing Back House Hunters
The median U.S. housing payment is down nearly $400 from its October peak, enticing some sidelined buyers to get back in the game
The median U.S. mortgage payment was $2,361 during the four weeks ending December 31, according to a new report from Redfin, the technology-powered real estate brokerage. That’s down $372 (-14%) from October’s all-time high to its lowest level in nearly a year. Early-stage homebuying demand is starting to pick up as buyers take advantage of lower rates and more homes … [More]
Governor Announces Plan for Arizona’s Controversial School Voucher Program
Governor Katie Hobbs announced her plan to increase accountability and transparency in the ESA voucher program that is projected to cost the state nearly $1 billion in the current fiscal year. The plan, which will be introduced in the upcoming legislative session and executive budget, will increase student safety, promote financial accountability, and hold private schools … [More]
Arizona Corporation Commission Announces a New Federal Reporting Requirement under the Corporate Transparency Act
The Arizona Corporation Commission (ACC) is committed to supporting and facilitating business operations in Arizona. In line with this commitment and our ongoing efforts to keep business owners well-informed, the ACC wishes to inform you about a significant new reporting requirement effective from January 1, 2024. The United States Congress has passed the Corporate … [More]
