Roughly one in 15 (6.5%) U.S. homes for sale had a price drop during the four weeks ending September 24, on average, up from 5.8% a month earlier–a sharp monthly increase compared to the same period in years past. That’s according to a new report from Redfin, the technology-powered real estate brokerage. At the same time, the median home-sale price is up 3% year over year and … [More]
Arizona Manufacturer Helps Make History in Saudi Arabia as Lucid Opens Country’s First-Ever Car Manufacturing Facility
Lucid Group, Inc. has officially opened the first-ever car manufacturing facility in Saudi Arabia. As Lucid's second Advanced Manufacturing Plant (AMP-2) and first international plant, the facility will produce Lucid's groundbreaking electric vehicles for Saudi Arabia and export to other markets. The initial operation re-assembles Lucid Air vehicle 'kits' that are … [More]
Partnership for Economic Innovation Secures Funding for Wearable Technology Research
The Partnership for Economic Innovation (PEI), a passionate collective of business and community leaders dedicated to accelerating Arizona’s economic opportunities, announced that the Arizona Commerce Authority had awarded over $1.8 million to support 8 new applied research projects through its WearTech Applied Research Center. State funding matches private and nonstate funds … [More]
Phoenix Area New Listings Up, Days on Market Drops for Existing Homes for Fifth Consecutive Month
The tight residential real estate market has a couple of bright spots in year-over-year data, according to a report from Phoenix REALTORS® that analyzes data from the most recent numbers available. “We’re seeing a steady market trend as the number of days on the market has declined for each of the last five months,” said Butch Leiber, president of Phoenix REALTORS’ Board of … [More]
Pending Home Sales Drop 13% YOY as Mortgage Rates Stay Stubbornly High, Says Report
Mortgage rates are sitting near a two-decade high and U.S. home prices rose 3% year over year during the four weeks ending September 17, pushing monthly housing payments to an all-time high. That’s according to a new report from Redfin, the technology-powered real estate brokerage. What homebuyers are doing: Waiting for homes to become more affordable and for more of … [More]
New Data Reveals Impact of Popular Airline Credit Cards to Arizona Economy
A new analysis by Airlines for America (A4A) – the industry trade group representing major U.S. carriers – reveals there are nearly 30 million U.S. airline credit card holders in the United States who rely on their airline credit cards to accrue loyalty points, which can be used for travel, flight upgrades and other benefits such as dining at local restaurants or shopping for … [More]
Business Leaders Commit to Significantly Advance the Numbers of Arizonans Pursuing Higher Education and Training Opportunities
On the heels of Arizona Gov. Katie Hobbs naming September “Arizona Career Awareness Month,” Education Forward Arizona President and CEO Rich Nickel today joined Greater Phoenix Economic Council CEO Chris Camacho; Banner Health Executive Vice President & Chief Human Resources Officer Julie Ann Alvarado-Dubek; South Mountain Community College President Dr. Richard Daniel; and … [More]
Defense Department Announces $238M CHIPS and Science Act Award, ASU Selected for Microelectronics Commons Hub
Deputy Secretary of Defense Kathleen Hicks announced the award today of $238 million in "Creating Helpful Incentives to Produce Semiconductors (CHIPS) and Science Act" funding for the establishment of eight Microelectronics Commons (Commons) regional innovation hubs. This is the largest award to date under President Biden's CHIPS and Science Act. "The Microelectronics … [More]
National Housing Report for August 2023 Released, Phoenix YOY New Listings Rose 36.6%
New listings rose 1.8% sequentially in August, bucking the typical July-to-August seasonal trend of decline. Last year, new listings declined 12.8% in August, the second month in a streak of six month-to-month declines that ended in January. Home sales rose 7.4% over July and the Median Sales Price of $425,000 was unchanged across the 50 metro areas surveyed. Meanwhile, … [More]
Governor Hobbs Discusses Jobs, Sustainable Economic Growth, and Partnership with TSMC during Taiwan Visit
Governor Katie Hobbs met with TSMC suppliers and top executives to highlight the state’s leadership in advanced manufacturing and encourage continued investments that will create good-paying jobs and build businesses in the state. Following the meetings, Governor Hobbs toured the TSMC Fab manufacturing plant and water treatment facilities where TSMC has achieved a water … [More]
Home Purchases Fell Through at the Highest Rate in Nearly a Year in August, Says Report
Residential real estate deals are falling through at the highest rate in almost a year as high mortgage rates give homebuyers sticker shock, according to a new report from Redfin, the technology-powered real estate brokerage. Nationwide, nearly 60,000 home-purchase agreements were canceled in August, equal to 15.7% of homes that went under contract that month. That’s up … [More]
Freeport-McMoRan Publishes Updated Climate Report
Freeport-McMoRan Inc. announced the publication of its annual Climate Report outlining FCX’s ongoing progress to advance its climate strategy focused on reducing its greenhouse gas (GHG) emissions, enhancing its resilience to climate risks and contributing responsibly produced copper to the global economy. Richard C. Adkerson, Chairman of the Board and Chief Executive … [More]
Scottsdale Arts Receives $15M Gift, Largest in Its History
Scottsdale Arts, one of Arizona’s largest arts nonprofit organizations, recently received notification from the Michael and Ellen Ziegler trust that the Ziegler estate has awarded more than $11.5 million to the organization. Most of these funds will be pledged toward a future capital infrastructure project, honoring the family’s passion for the arts and arts education. The … [More]
Forecast Includes Arizona and Finds Small Businesses Confident, Undeterred by Economic Outlook
Nearly eight out of 10 small business owners feel a strong degree of confidence that their companies will grow over the next year even amid rocky market conditions, according to a new survey. The ninth annual First Citizens Bank Small Business Forecast found 79% of owners to be somewhat or very confident their small businesses will experience growth over the next 6-12 months, … [More]
Arizona Coyotes and Equality Health Announce Innovative Partnership Focused on Health, Well-Being
The Arizona Coyotes and Value-Base Care (VBC) leader Equality Health announced a new partnership focused on creating a stronger, healthier, and more vibrant Arizona while growing the game of hockey. As part of the agreement, Equality Health will serve as the "Official Partner of the Arizona Coyotes and the Arizona Coyotes Street Hockey League. "We are very excited to partner … [More]
Ready-to-Eat Meal Co. Expands Operations with Opening of New U.S. Production Center in Goodyear
Factor, Americaʼs leading ready-to-eat (RTE) meal delivery service, announced today the opening of a new production center in Goodyear, Arizona to further scale the rapidly growing ready-to-eat brand. The 300,100 square-foot facility will serve as the second largest industrial kitchen in the U.S. (per Rational), enabling Factor to provide more customers with healthy, premium, … [More]
Annual U.S. Home Price Growth Rebounds in July, Says Report
U.S. home price gains rebounded year over year in July, increasing to 2.5% and following two months of 1.6% annual gains. The annual reacceleration reflects six consecutive monthly gains, which drove prices about 5% higher compared to the February bottom. The 11 states that saw home price declines were all in the West, but since many of those markets continue to struggle with … [More]
Prices Rising Slightly on Main Street as Inflation Remains a Top Business Problem, Optimism Declined
NFIB’s Small Business Optimism Index decreased 0.6 of a point in August to 91.3, the 20th consecutive month below the 49-year average of 98. Twenty-three percent of small business owners reported that inflation was their single most important business problem, up two points from last month. The net percent of owners raising average selling prices increased two points to a net … [More]
