Mirroring recent economic turmoil in the U.S., Alignable’s March Small Business Rent Report, released today, shows that rent delinquency rates have just experienced the highest surge in five months, jumping six percentage points from 32% in February to 38% in March, a record high for 2023 so far. Rising interest rates and rents, still-high inflation, and slumping revenues … [More]
Phoenix Office of Innovation Partners with Venture Café to Host Innovation Challenge
Students and residents can now apply to participate in a hackathon and pitch competition hosted by the Venture Café Phoenix and the City of Phoenix’s Office of Innovation. Competitors will have an opportunity to develop innovative solutions that will increase access to chilled drinking water in public spaces – and compete for cash prizes. “To solve an important challenge, … [More]
SRP Board Selects New General Manager and CEO
Salt River Project’s Board of Directors has named Jim Pratt as the company’s new General Manager and Chief Executive Officer. Pratt will officially start his new role on May 5 to lead Arizona’s largest community-based, not-for-profit utility. "I am humbled and honored to be selected to lead SRP," said Pratt. "It is a role steeped in history and has helped make a significant … [More]
Soaring Inflation, High Interest Rates Are Forcing Americans Into Risky Financial Moves to Make Ends Meet, Survey Finds
Record-high inflation and soaring interest rates are stretching the limits of household balance sheets, leaving many consumers to resort to extreme measures that can have long-term implications on their financial health, according to the latest study by Achieve, the leader in digital personal finance. The study, Financial Strategies for Fighting Inflation, is … [More]
$400 Million Hospital and Cancer Center to Be Built in Scottsdale
Banner Health is finalizing the purchase of approximately 48 acres of land on the southwest corner of Hayden Rd. and the Loop 101 freeway to build a new, comprehensive medical center and support services in the Northeast Valley of metro Phoenix. With an investment of more than $400 million, the project will include an acute care hospital, adjacent medical office building and … [More]
Banner Gateway to Open Major Expansion, Bringing More Than 600 New Jobs
Banner Gateway Medical Center will open its new, five-story patient tower and additional areas on Tuesday, March 21, doubling the size of the hospital. The $243-million project is expected to add more than 600 new jobs. The 351,000-square-foot addition includes an expanded Women and Infant Services Unit, added space for inpatient cancer care by Banner MD Anderson Cancer … [More]
Nikola to Complete Battery Manufacturing Move from California to Arizona
Nikola Corporation, a global leader in zero emission transportation and energy supply and infrastructure solutions, via the HYLA brand, today announced that the move to transition battery manufacturing from Cypress, Calif. to its Coolidge, Ariz. manufacturing facility is expected to be complete by April 2023, months ahead of the original schedule. The ability … [More]
International University Launches School of Nursing and Health Sciences in Phoenix
Alliant International University announced that it is expanding its professional practice offerings to include programs in nursing and health sciences. The Alliant School of Nursing and Health Sciences (SNHS), based in Phoenix, Arizona, will initially offer two programs: Pre-licensure Bachelor of Science in Nursing (BSN) and Master of Science in Nursing: Direct-Entry (MSN- … [More]
Global Innovation Platform Plug and Play Opens Latest Office in Phoenix Focused on Advanced Manufacturing
Plug and Play announces its expansion in Phoenix, Arizona to start a new location with the Arizona Commerce Authority (ACA). This partnership will reach multiple industries over the next few years. Their first focus will be on advanced manufacturing followed by sustainability and health in the following months. On April 5th, Plug and Play will host a launch event for this new … [More]
Nearly Half of Home Sellers Are Making Concessions to Woo Buyers, Says Report
A record 13% of home sales include a price cut and a final sale price below the list price in addition to concessions, which often include money toward repairs and mortgage-rate buydowns Home sellers gave concessions to buyers in 45.5% of home sales recorded by Redfin agents during the three months ending February 28, according to a new report from Redfin, the … [More]
SBA Research Reports Great Increase in Small Business Exporters
The U.S. Small Business Administration (SBA) released new findings from a commissioned study on the Total Addressable Market (TAM) of small business exporters in America. Among the key findings from the study is new data, based on recent business surveys, that places the number of exporting small businesses at 1.3 million – an almost fivefold increase over the estimates … [More]
CPI Rises 6% in February as Shelter Increases, Inflation Falls as Expected
The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.4 percent in February on a seasonally adjusted basis, after increasing 0.5 percent in January, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 6.0 percent before seasonal adjustment. The index for shelter was the largest contributor to the monthly all … [More]
FDIC Establishes Signature Bridge Bank, N.A., as Successor to Signature Bank, New York
Signature Bank, New York, NY, was closed by the New York State Department of Financial Services, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC transferred all the deposits and substantially all of the assets of Signature Bank to Signature Bridge Bank, N.A., a full-service bank that will be operated by the FDIC as … [More]
FDIC Acts to Protect All Depositors of the Former Silicon Valley Bank
The Federal Deposit Insurance Corporation (FDIC) today transferred all deposits—both insured and uninsured—and substantially all assets of the former Silicon Valley Bank of Santa Clara, California, to a newly created, full-service FDIC-operated ‘bridge bank’ in an action designed to protect all depositors of Silicon Valley Bank. Depositors will have full access to their … [More]
Rents Drop to Lowest Level in a Year, Says Report
The median U.S. asking rent rose 1.7% year over year to $1,937 in February—the smallest increase in nearly two years and the lowest level in a year, according to a new report from Redfin, the technology-powered real estate brokerage. Rents were up nearly 10 times that much (16.5%) a year earlier. February was the ninth straight month in which rent growth slowed on a … [More]
Phoenix Market Can Expect Strong Hotel Growth, Says Report
CBRE is raising its forecast for hotel performance in the Phoenix metro and nationally on the heels of industry gains in Q4 2022 and the expectation of slightly positive GDP growth in 2023 according to the CBRE Hotels report. In Phoenix, revenue per available room (RevPAR) in 2023 is expected to increase to $122.30, up 8.5% year-over-year and an increase of $2.45 from its … [More]
City of Phoenix Working to Restore Service after System Outage
The City of Phoenix is working to restore service after a system outage impacted some connectivity and network services including access to phoenix.gov. The technology outage began late Tuesday evening caused by a network equipment failure. The City worked with the hardware manufacturer to resolve the issue, and network service was largely restored before the start of business … [More]
Celebrating the Vital Role of Women in Arizona History
The International Women’s Forum Arizona commemorates and encourages the study, observance, and celebration of the vital role of women in American History. As International Women’s Day is celebrated March 8th, tap into the long list of women in IWF AZ who have made history and utilize our nonprofit as a resource for your magazines. International Women's Day (IWD) is a global day … [More]
