The rate of hiring for U.S. small businesses increased in February led by hiring in the leisure and hospitality industry according to the latest Paychex | IHS Markit Small Business Employment Watch. The Small Business Jobs Index, which measures national employment growth for businesses with fewer than 50 workers, continued to increase to 99.66 while the rate of hourly wage … [More]
Unique Annual Festival Creates $9M Direct Economic Impact for Chandler
The 2022 Annual Chandler Ostrich Festival, a signature event hosted by the Chandler Chamber of Commerce, pumped $9 million into the local economy over the course of its two-weekend run last year. Newly implemented RFID technology allowed the Chandler Chamber for the first time to document the behavior and spending patterns of vendors and visitors in order to quantify the … [More]
Home Prices Fall Annually for First Time in a Decade as Mortgage Rates Pass 7%, Says Report
U.S. home-sale prices have fallen from a year earlier for the first time in more than a decade, according to a new report from Redfin, the technology-powered real estate brokerage. The milestone comes as 7% mortgage rates sideline buyers, and sellers are forced to lower their asking price to accommodate high rates. The typical U.S. home sold for $350,246 during the … [More]
More Choices for Home Buyers as Inventory Recovery Continues at Breakneck Speed
In February, active inventory rose 68% above a year ago; Austin, Las Vegas and San Antonio are first markets to recover pandemic inventory shortages and surpass pre-pandemic levels The U.S. supply of homes for sale rose at a record annual pace for the sixth month in a row, up 67.8% year over year in February, signaling the housing market's continued … [More]
Partnership to Build the Valley’s Most Expensive Home to Ever Be Built at $75M
Arizona's leading custom home builder, Cullum Homes, which has been building award winning homes since 1985 in the finest neighborhoods of Paradise Valley and Scottsdale is proud to partner with WOW Luxury Properties and present Arizona's most expensive home to ever be built. Introducing the $75 million Palo Cristi Estate. Led by Rod and Kim Cullum, alongside daughter … [More]
Tiger Woods’ PopStroke Glendale to Open Mar. 2
PopStroke Entertainment Group, a national leader in golf entertainment owned by Greg Bartoli, Tiger Woods’ TGR Ventures, and TaylorMade Golf Company, announced its PopStroke Glendale, Arizona location will open on Thursday, March 2 at noon. The address is 9480 W. Hanna Drive, Glendale, Arizona, in the Westgate Entertainment District. The Glendale location is the seventh … [More]
Apartments in Phoenix Metro are Getting Larger, Despite Rentals Shrinking All Over the U.S.
U.S. apartments shrunk in size the past decade, hitting a new low of 887 square feet, on average. According to the latest RentCafe report — in which we looked at changes in apartment size in the 100 largest U.S. cities — new units will keep getting smaller and smaller. Shrinkflation hasn’t reached rentals in Phoenix metro yet. In fact, apartments here got larger in the last … [More]
More Than $700M in Event Impact March for the Busiest Cities of Phoenix, Jacksonville, Tulsa, Las Vegas and Tampa
The March 2023 Event Index reveals 18 cities that need to prepare for unusually busy weeks as sports, major concerts and the key holiday festivals events drive more than $700 million and millions of people into cities across America. Phoenix, Las Vegas, Jacksonville, Tampa and Tulsa will experience the most intense event activity clusters. The Super Bowl may be over for … [More]
Phoenix Achieves Zero Waste Goal for Downtown Super Bowl Events
The City of Phoenix Public Works Department reached its goal of diverting at least 92% of waste from Super Bowl events away from the landfill. After final sorting and weighing, the 2023 Super Bowl events hosted in downtown Phoenix surpassed a previous Super Bowl’s diversion rate of 91% to become the … [More]
By the Numbers: How Super Bowl LVII Was a ‘Phenomenal Success’ for Downtown Phoenix
On February 12, 2023, Arizona hosted the Super Bowl for the fourth time. While the game was played at State Farm Stadium in Glendale, many of the official NFL-hosted Super Bowl events were held in the Greater Phoenix region including Downtown Phoenix. Official numbers from events, visitors, and transportation are now being reported. “The official numbers coupled … [More]
Sale Prices Flatten, Demand for Mortgages Falls as Mortgage Rates Climb, Says Report
The median U.S. home-sale price was $348,000 during the four weeks ending February 19, essentially unchanged (+0.1%) year over year, according to a new report from Redfin, the technology-powered real estate brokerage. That’s the first time since at least 2015, when the data for this report begins, the typical home isn’t selling for more than it would have a year … [More]
Residential Developers Market Size Expected to Reach or Exceed $200 Billion in 2023
Like many industries and markets, the residential real estate market was adversely affected by the pandemic. However, despite this disruption, the housing market is resilient with increasing homeownership in this sector. Industry reports actually see a rise in revenues through 2028. One such report from IBISWorld projects that the Housing Developers market size, measured by … [More]
New Lithium-Ion Battery Recycling Facility Comes to Casa Grande, First in North America for Ecobat
Ecobat, the global leader in battery recycling, is building its third lithium-ion battery recycling facility and first in North America. The new facility in Casa Grande, Arizona will initially produce 10,000 estimated tons of recycled material per year, with plans to expand capacity to satisfy the increasing need to recycle lithium-ion batteries. The Casa Grande facility will … [More]
Inflation Eases Slightly on Main Street but Remains Top Business Problem
The NFIB Small Business Optimism Index increased 0.5 points in January to 90.3, remaining below the 49-year average of 98. Down six points from last month, 26% of owners reported inflation was their single most important problem in operating their business. Owners expecting better business conditions over the next six months improved six points from December to a net negative … [More]
Carvana Turns 10, Celebrating a Decade of Disrupting the Automotive Industry
Carvana, an industry pioneer for buying and selling used cars online, is celebrating ten years of disrupting the automotive industry and creating exceptional customer experiences. Powered by proprietary technology and a thriving nationwide logistics network, Carvana’s team of dedicated individuals across the country are driving the future of automotive e-commerce. The company … [More]
Housing Market Recovery Stalls as Mortgage Rates Jump, Says Report
Some homebuyers are retreating back to the sidelines as mortgage rates ascend toward 7%, according to a new report from Redfin, the technology-powered real estate brokerage. Redfin’s Homebuyer Demand Index—a measure of requests for tours and other services from Redfin agents—fell 1% from a week ago, the first decline after a month of increases, and mortgage-purchase … [More]
Semiconductor Solutions Co. Launches Operations at Manufacturing Facility in Peoria
HyRel Technologies, a global provider of quick turn semiconductor modification solutions, announced it has commenced operations of its manufacturing facility in Peoria, Arizona, creating 50 new jobs. Representing a $15 million investment, the custom 20,000-square-foot facility will be geared towards touchless robotic processing systems for microelectronic components, … [More]
Venture Madness Selects 17 Companies as Finalists for their Annual Competition
Venture Madness by Invest Southwest has selected 17 finalists for the 2023 Venture Madness Competition. Finalists were selected by judges from a pool of 88 applicants based on market need, industry attractiveness, competitive advantage, business model, management team and investment opportunity. "These 17 companies will compete at the 2023 Venture Madness … [More]
