Leading national design-build firm LGE Design Build (LGE) released its fourth quarter Construction Delivery Outlook report that examines key trends in construction labor, supply chain, material costs and demand to determine what will define the industry in 2023. “Amid the speculation and uncertainty of a looming recession, this report provides critical insights that can … [More]
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Major Retailer’s Drone Delivery Takes Flight in Peoria and Glendale
inbusinessPHX.com
Santa’s sleigh may not be the only thing seen flying in the skies of Arizona. Walmart’s drone delivery service is now available for select customers in the Phoenix market. The new delivery option will be fulfilled from 4 stores, making it easier than ever for customers to grab those last-minute gifts. No assistance from Rudolph needed. This marks the first time customers in … [More]
Grand Opening of Chandler Manufacturing Facility Means Hundreds of New Jobs
inbusinessPHX.com
Gummi World, a leading dietary supplement manufacturer, today celebrated the ribbon-cutting and grand opening ceremony for its new 55,000-square-foot dietary supplement manufacturing facility in Chandler, Arizona. Chandler Mayor Kevin Hartke, the Arizona Commerce Authority, along with the City of Chandler and community leaders joined Gummi World President Alexander Candelario … [More]
Inflation Pressures Ease Slightly on Main Street but Remains the Top Business Problem
inbusinessPHX.com
Inflation remains the top business problem for small business owners, with 32% of owners reporting it as their single most important problem in operating their business, five points lower than July’s highest reading since the fourth quarter of 1979. The Small Business Optimism Index rose 0.6 points in November to 91.9. November’s reading is the 11th consecutive month below the … [More]
U.S. Inflation Cools in Latest Report
inbusinessPHX.com
The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.1 percent in November on a seasonally adjusted basis, after increasing 0.4 percent in October, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 7.1 percent before seasonal adjustment. The index for shelter was by far the largest contributor to the … [More]
Greater Phoenix GDP More Than Doubles National Post-Pandemic Economic Growth
by Eric Jay Toll
Greater Phoenix saw its annual gross domestic product climb 7.7 percent since 2019, the last full economic year before the pandemic, according to the Bureau of Economic Analysis and its 2021 County GDP Report released Dec. 8. The metro area’s growth rate was more than twice the national average for the same period, 2.9 percent, and … [More]
Report Demonstrates Progress in Valley Transportation from Proposition 400
inbusinessPHX.com
Valley residents have seen 410 new corridor miles of freeways, 252 miles of street projects, and millions of additional miles of bus service since the implementation of Proposition 400, according to new report by the Maricopa Association of Governments (MAG). The 2022 Annual Report on the Status of the Implementation of Proposition 400 details … [More]
Barrett-Jackson Scottsdale Auction Set to Kick Off Event Season in Arizona
inbusinessPHX.com
Barrett-Jackson, The World’s Greatest Collector Car Auctions, is set to kick off another exciting event season in Arizona once again with its 2023 Scottsdale Auction, January 21-29 at WestWorld of Scottsdale. As event season begins with Barrett-Jackson each year, the auction company welcomes hundreds of thousands of guests to take part in the world-renowned automotive lifestyle … [More]
Industry-Led Semiconductor Action Plan Released, Arizona Taking Center Stage
inbusinessPHX.com
A diverse coalition representing industry, academia, and states released a much anticipated blueprint for increasing U.S. competitiveness in the semiconductor industry and strengthening supply chain resiliency. The National Semiconductor Economic Roadmap (NSER) is a ten-year, industry-led action plan that focuses on driving semiconductor innovation across four domains: … [More]
Phoenix Receives $1 Million Grant for South Central Light Rail Development
inbusinessPHX.com
The City of Phoenix is excited to receive a $1 million grant from the Federal Transit Administration (FTA) to help implement the South-Central / Downtown Hub light rail extension Transit-Oriented Development (TOD) Community plan. The Phoenix project is one of 19 to receive a portion of the $13.1 … [More]
TSMC Announces Additional Fab and $40B Investment for TSMC Arizona
inbusinessPHX.com
TSMC announced that in addition to TSMC Arizona’s first fab, which is scheduled to begin production of N4 process technology in 2024, TSMC has also started the construction of a second fab which is scheduled to begin production of 3nm process technology in 2026. The overall investment for these two fabs will be approximately US$40 billion, representing the largest foreign … [More]
Monthly Asking Rents Declined for Fourth Month, Phoenix among Top to Slow
inbusinessPHX.com
Apartments.com, a CoStar Group company, released an in-depth report of multifamily rent growth trends for November 2022 backed by analyst observations. Monthly asking rents declined for their fourth straight month with the Sunbelt, Las Vegas and Phoenix highlighting the true nature of the deteriorating rent situation. “While sequential monthly rents have decreased for four … [More]
Homebuying Demand Ticks Up as Rates Continue to Decline, Says Report
inbusinessPHX.com
Homebuying demand has started ticking up as mortgage rates continue their steady decline, according to a new report from Redfin, the technology-powered real estate brokerage. Daily rates dipped to 6.29% on December 1, down one full percentage point from a peak of 7.29%, hit one month earlier. Mortgage-purchase applications are up 4% from a week ago, and Redfin’s … [More]
Governor Ducey Allocates Funding to Expand Career Training Programs
inbusinessPHX.com
Governor Doug Ducey today announced an investment of nearly $14 million to support career training and development programs for Arizona high school students and underserved communities. “Arizona is a land of limitless opportunity,” said Governor Ducey. “We are a state where anyone can get a good education and find a quality job. This funding will cement our position as a … [More]
Sam Fox Reveals Details of Stylish Rooftop, Appoints Head of Culinary at Forthcoming Luxury Hotel
inbusinessPHX.com
One of the West’s most spectacular rooftop settings will make its debut atop the ultra-luxurious The Global Ambassador, opening late 2023, as theà Mediterranean Rooftop sets the stage for restaurant innovator Sam Fox’s endeavor into inventive cocktails, shareable plates and exceptional fare inspired by the sun-soaked Mediterranean region. In the shadow of Arizona’s famed … [More]
Capital Raise of $75M Is Milestone for Construction of KOREPlex, the Lithium-ion Battery Gigafactory Scheduled to Break Ground in Arizona Q4 2022
inbusinessPHX.com
KORE Power, Inc. has closed the initial $75 million tranche of a private placement (the “Financing”) anticipated to total $150 million. Siemens Financial Services was the lead investor and was joined by Quanta Services with additional strategic partners including Nidec Motor Corporation, Honeywell Ventures, Trog Hawley Capital and a leading utility scale energy storage … [More]
Tempe City Council Unanimously Approves Tempe Entertainment District Agreement with Developer
inbusinessPHX.com
Residents are likely to get the opportunity to vote on the Tempe Entertainment District, now that the Tempe City Council has approved key aspects of the plan. The Arizona Coyotes have pledged to collect the needed petition signatures to refer the project to the ballot as soon as May 16, 2023. If voters approve, the 46-acre project could be built with a planned Coyotes … [More]
ASU and Mexico Partner to Boost Semiconductor Production in North America
inbusinessPHX.com
Arizona State University will be working with higher education institutions in Mexico, along with microelectronics industry partners, to boost the production of semiconductors in North America and address a crucial national security issue. Recently, ASU President Michael Crow signed a memorandum of understanding with Esteban Moctezuma Barragán, the Mexican ambassador to the … [More]
