NFIB’s Small Business Optimism Index decreased 0.8 points in March to 90.1, marking the 15th consecutive month below the 49-year average of 98. Twenty-four percent of owners reported inflation as their single most important business problem, down four points from last month. Small business owners expecting better business conditions over the next six months remain at a net … [More]
Fox Restaurant Concepts to Bring Three Popular Brands to Trailblazing Multi-Phased Tempe Development
Novus Place, the new main street entertainment district in the latest phase of the Novus Innovation Corridor, adjacent to Arizona State University’s Tempe campus, is cooking up great things with Fox Restaurant Concepts as its new anchor tenant. FRC will bring three popular concepts – Flower Child, Blanco Taco Cocina + Cantina, and North Italia – to the entertainment district in … [More]
U.S. Employers Added 236,000 Jobs in March, Cooling the Labor Market
Total nonfarm payroll employment rose by 236,000 in March, and the unemployment rate changed little at 3.5 percent, the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in leisure and hospitality, government, professional and business services, and health care. This news release presents statistics from two monthly surveys. The household … [More]
Arizona Awarded Funding to Digitize Roadways, Improve Safety
The U.S. Department of Transportation named the Arizona Commerce Authority (ACA) one of the first recipients of funding under the Strengthening Mobility and Revolutionizing Transportation (SMART) Grants Program. The federal program provides resources to state, local, and tribal governments to conduct demonstration projects focused on advanced smart city or community … [More]
Arizona Coyotes Development Arm Files Claim Seeking $2.3B from Phoenix City Hall
The Arizona Coyotes and its development arm, Bluebird Development, have filed a claim against the City of Phoenix for $2.3 billion claiming it broke its word on a plan to convert a hazardous unlined Tempe-owned landfill into a new sports and entertainment district next to Tempe Town Lake. On March 27th, Sky Harbor filed a complaint against the City of Tempe claiming the … [More]
Advanced Manufacturing Program Gets First Partners, 10 to 15 Startups to Be Onboarded
Plug and Play celebrated the official launch of its newest location in Arizona during an event in Phoenix alongside the Arizona Commerce Authority (ACA). Last month, Plug and Play announced their expansion to Arizona and they released the names of their first three founding partners of this new location: Intel, Honeywell Aerospace and Raytheon Missiles & Defense. “We’re … [More]
U.S. Annual Home Price Growth Continues Single-Digit Slide in February, Says Report
CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI™) and HPI Forecast™ for February 2023. While annual U.S home price growth rose for the 133rd straight month in February, the 4.4% increase was the lowest recorded since 2019. Eight states and districts recorded annual home price … [More]
What Arizona Businesses Most Need to Prepare for Coming Disruptions
Due to the rise in regional temperatures and the urban heat island effect, southwestern cities, where more than 90% of the population resides, will face greater risks and expenses related to public health. These challenges will be further compounded by potential disruptions to urban electricity, water supplies, workforce health concerns, supply chain interruptions and even … [More]
U.S. Consumer Confidence Increased Slightly in March
The Conference Board Consumer Confidence Index® increased slightly in March to 104.2 (1985=100), up from 103.4 in February. The Present Situation Index—based on consumers' assessment of current business and labor market conditions—decreased to 151.1 (1985=100) from 153.0 last month. The Expectations Index—based on consumers' short-term outlook for income, business, and labor … [More]
Four Former Tempe Mayors Support Tempe Entertainment District, Effectively Opposing Sky Harbor Legal Action
Four former Tempe Mayors, Harry Mitchell, Neil Giuliano, Hugh Hallman, and Mark Mitchell, have differing backgrounds and policies but they are all supporting a plan to convert an old Tempe landfill into a new sports and entertainment district, along the banks of the Tempe Town Lake. They are all endorsing Proposition 301, 302, and 303. They said so at a news conference held at … [More]
Nikola Announces $100M Public Offering of Common Stock
Nikola Corporation announced that it has commenced an SEC-registered underwritten public offering of up to $100.0 million of shares of its common stock, before deducting underwriting discounts and commissions and other offering expenses. Nikola expects to grant the underwriter a 30-day option to purchase up to an additional $15.0 million of shares of its common stock at the … [More]
Blue Zones Project Launches in Scottsdale: HonorHealth, Goodwill and Cigna Lead the Charge
HonorHealth, Cigna Healthcare, and Goodwill of Central and Northern Arizona are announcing the launch of Blue Zones Project in Scottsdale to help residents live better, longer lives. Blue Zones Project is a comprehensive initiative that transforms the environments where people live, work, learn, and play to measurably improve community well-being, resilience, and economic … [More]
BofA Names New Phoenix President, Past President to Retire
Bank of America has named Scott Vanderpool president of Bank of America Phoenix. The company also announced that widely known business leader Benito Almanza plans to retire April 6 after 45 years of service with the company and 22 years as Phoenix and Arizona president. As Phoenix president, Vanderpool assumes the responsibilities for connecting Bank of … [More]
ASU’s West Campus Will Expand to Better Serve Growing West Valley
To meet the needs of a quickly evolving West Valley, Arizona State University announced a large-scale effort to expand its West campus that will include new programs, new buildings and a renewed commitment. University leaders detailed the changes at a celebration with state and community leaders, school and business executives, and ASU West students and staff. “This is an … [More]
City of Phoenix Aviation Department Files Legal Action Against Tempe
After more than a year of attempts to resolve a dispute with the City of Tempe over planned residential developments in a high-noise corridor directly under Phoenix Sky Harbor International Airport's flight path, the Phoenix Aviation Department has filed a formal complaint in Maricopa County … [More]
Public-Private Coalition Announces New Initiatives to Accelerate Water Innovation in Cities, Phoenix Leading Charge
In celebration of World Water Day, the 50 Liter Home Coalition (50L Home), convened by the World Business Council for Sustainable Development (WBCSD) and the World Economic Forum (WEF), announced new efforts to accelerate water innovations in water-stressed cities. Sponsored by private sector leaders, these commitments include funding for a pilot program in Los Angeles, … [More]
First-Citizens Bank of Raleigh, NC, to Assume All Deposits and Loans of Silicon Valley Bridge Bank
The Federal Deposit Insurance Corporation (FDIC) entered into a purchase and assumption agreement for all deposits and loans of Silicon Valley Bridge Bank, National Association, by First-Citizens Bank & Trust Company, Raleigh, North Carolina. The 17 former branches of Silicon Valley Bridge Bank, National Association, will open as First-Citizens Bank & Trust Company … [More]
Global Battery Manufacturer to Invest $5.5 Billion to Build Battery Manufacturing Complex in Queen Creek
LG Energy Solution (LGES), a leading global manufacturer of lithium-ion batteries for electric vehicles, mobility, IT, and energy storage systems, announced it will invest a total of $5.5 billion to build a battery manufacturing complex in Queen Creek, Arizona. The complex will consist of two manufacturing facilities – one for cylindrical batteries for electric vehicles (EV) … [More]
