The four U.S. metropolitan areas with the highest inflation rates in the third quarter are migration hotspots, according to a new report from Redfin, the technology-powered real estate brokerage. Phoenix, Atlanta, Tampa, FL and Miami experienced double-digit inflation and all ranked near the top of Redfin’s list of most popular destinations for relocating … [More]
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Pandemic Boomtowns Phoenix and Miami Have among the Highest Inflation Rates in the U.S., Says Report
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Inflation Shows Signs That It Is Cooling
U.S. Bureau of Labor Statistics
The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.4 percent in October on a seasonally adjusted basis, the same increase as in September, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 7.7 percent before seasonal adjustment. The index for shelter contributed over half of the monthly all items … [More]
Frontier Airlines Begins New Nonstop Service from Phoenix to Six Destinations
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Ultra-low fare carrier Frontier Airlines celebrated the opening of a new crew base at Phoenix Sky Harbor International Airport. The base will initially employ up to 180 pilots and 275 flight attendants within its first year of operation. Combined with airport-based positions, the airline is expected to contribute … [More]
Small Businesses Struggle with Inflation, Labor Shortages
inbusinessPHX.com
NFIB’s Small Business Optimism Index declined 0.8 points in October to 91.3, which is the 10th consecutive month below the 49-year average of 98. Thirty-three percent of owners reported that inflation was their single most important problem in operating their business, three points higher than September’s reading and four points lower than July’s highest reading since the … [More]
Construction of Phoenix Industrial Space Hits 40.9 MSF
inbusinessPHX.com
The amount of industrial space under construction in Greater Phoenix hit 40.9 million square feet at the end of third quarter 2022, indicating the furious pace that developers have taken to satisfy historic demand in the marketplace. While construction levels have risen, so have rental rates with a remarkable 22.9 percent increase from a year ago. Net absorption of … [More]
Prestamos CDFI to Provide Emerging Micro-Entrepreneurs Help to Gain Access to Capital Grants
inbusinessPHX.com
Prestamos CDFI, a division of Chicanos Por La Causa (CPLC), is excited to be the recipient, for a third year in a row, of the U.S. Small Business Administration (SBA) Program for Investment in Micro-Entrepreneurs (PRIME). Through this grant, Prestamos CDFI will be able to support 700 disadvantaged small businesses by providing training and technical assistance, including … [More]
SRP General Manager and CEO Announces Retirement in 2023
inbusinessPHX.com
On Nov. 7, Mike Hummel announced to the Salt River Project Board of Directors that he will be retiring from SRP in May 2023. As Hummel approaches his fifth year as general manager, he decided the time was right to retire after nearly 41 years of dedication to SRP’s mission, its customers and the Arizona community. “Mike has led us through a major sustainable … [More]
$100M Committed to Enhance Arizona Semiconductor Ecosystem
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A historic $100 million investment in Arizona’s fast-growing semiconductor industry was announced to spur greater growth in a critical sector of the state’s economy. “Arizona has earned a place as one of the world’s leading destinations for chip design, manufacturing and innovation,” said Governor Ducey. “With historic opportunities before us, this funding ensures we make … [More]
SBA Arizona District Director Offers 5 Ways to Thank Your Local Small Business
By Robert J. Blaney, SBA Arizona District Director
The pandemic has taken so much from us over the last 31 months that acts of celebration and sharing hold an even deeper significance. Hopefully, our holiday celebrations will have a modicum of normalcy to them because our values remain unchanged. This is the season of caring, the season of giving. We each look for ways to ease suffering and connect with our loved ones, … [More]
Respected Valley Accounting Firm Merges with National CPA Advisory
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Leading advisory CPA firm Baker Tilly US, LLP and full-service accounting and advisory firm Henry+Horne, LLP announce their intent to combine effective Dec. 1. In the last three years, Baker Tilly has expanded its geographic presence from coast to coast, strategically pinpointing the right markets with the right talent, such as Squar Milner of California, The MFA Companies … [More]
Arizona Awarded $15M to Connect Dislocated Workers to Jobs
inbusinessPHX.com
New resources are being made available to help long-term unemployed individuals, dislocated workers, and workers impacted by the pandemic. Through a federal grant, workers will have access to skills training, career pathways, and job opportunities. The Department of Labor awarded the $15 million grant to Arizona Quality Jobs, Equity, Strategy, and Training (QUEST), a … [More]
Phoenix Industrial Market Remains Strong, Posting Robust Demand and Rent Increases in Q3
inbusinessPHX.com
The Phoenix industrial real estate market, already one of the strongest in the U.S., closed a very robust Q3 2022, as rent rates continued to increase, more space was added to the construction pipeline, and vacancy remained low, according to new research from Transwestern Real Estate Services (TRS). Transwestern tracks industrial properties in nine critical Phoenix … [More]
While Buyer Demand Cools, Home Prices Dropped by 0.5% in September from the Previous Month
inbusinessPHX.com
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, released the CoreLogic Home Price Index (HPI™) and HPI Forecast™ for September 2022. U.S. home price growth continued to relax on a year-over-year basis in September, posting an 11.4% increase. As in previous months, Southeastern states put up significantly higher price … [More]
Waymo and Phoenix Sky Harbor Partner to Offer ‘Ride-Hail’ Service to Downtown Phoenix
inbusinessPHX.com
Phoenix is the first place Waymo launched a public ride-hail service with no human behind the wheel over two years ago. Waymo is taking the next step by initiating the industry’s first-ever paid trips to and from an airport, with an autonomous specialist present for now, at Phoenix Sky Harbor International Airport, starting November 1. Phoenix is the fifth-largest city in … [More]
Scottsdale City Council Adopts New Rules for Short-Term Rentals
inbusinessPHX.com
Scottsdale will require short-term rental property operators to obtain and maintain a local license, conduct sex offender background checks on booking guests, carry liability insurance and provide neighbor notification, thanks to an update to the city’s vacation rental ordinance. The Scottsdale City Council voted unanimously in favor of the revised version of Ordinance No. … [More]
98 of the 100 Largest U.S. Markets Saw Home Prices Decline in September, Phoenix Tops for Buyers
inbusinessPHX.com
The cooling trend that is engulfing the U.S. housing market is expected to continue with more markets seeing home prices decline by this time next year as the shift to a buyer's market continues to take hold, according to the Knock Buyer-Seller Market Index released today. The Index, which analyzes key housing market metrics to measure the degree to which the nation's 100 … [More]
U.S. Serious Mortgage Delinquency Rate Returns to Pre-Pandemic Low in August, Says Report
inbusinessPHX.com
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report for August 2022. For the month of August, 2.8% of all mortgages in the U.S. were in some stage of delinquency (30 days or more past due, including those in foreclosure), representing a 1.2 percentage point … [More]
Semiconductor Executive Summit Partners with GPEC to host I.S.E.S. USA in Arizona, March 7th and 8th
inbusinessPHX.com
The International Semiconductor Executive Summits (I.S.E.S.) - USA will take place in Arizona on March 7-8, 2023 at the Sheraton Wild Horse Pass, with more than 150 industry leaders, visionaries and technology experts convene again in Arizona to present insights into the latest trends, innovations and developments across the microelectronics supply chain. The event will be … [More]
