According to Arizona State University economists, most 2021 metrics for the state and national economy were the best in more than 40 years, but 2022 is being whipsawed by rapid inflation, geopolitical shocks, and rising interest rates that loom as headwinds. So, what is next for the economy? With continuing supply chain disruptions, labor shortages, and land … [More]
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Economic Outlook: Economists to Speak on Inflation, Employment, and the Housing Market at Event May 4
inbusinessPHX.com
Feeling Lucky? Local Nonprofits Can Win Jackpot Fund with Gila River Resorts & Casinos
inbusinessPHX.com
Gila River Resorts & Casinos – Wild Horse Pass, Lone Butte, and Vee Quiva, are accepting applications from nonprofits state-wide for its self-excluded jackpot fund beginning June 1. The deadline to apply is Thursday, June 30 at 5 p.m. All Arizona 501(c)(3) organizations that are recognized by the IRS and focus on education and children’s welfare are eligible for … [More]
Sun Belt Homebuyers Need 40% More Income Than a Year Ago to Afford the Typical Home, Says Report
Redfin
Homebuyers in Tampa, FL need to earn $67,353 annually to afford the metro area’s typical monthly mortgage payment of $1,684, up a staggering 47.8% ($21,791) from a year earlier, according to a new report from Redfin, the technology-powered real estate brokerage. That’s the biggest percent increase of any major U.S. metro. Homebuyers in nearly every part of the country … [More]
Arizona Ranks No. 1 for Economic Performance, Says New Report
inbusinessPHX.com
A new report comparing state economies ranks Arizona no. 1 for economic performance over the last decade. The latest Rich States, Poor States analysis from the American Legislative Exchange Council gave Arizona the highest marks in the country in its annual ranking based on the state’s Gross Domestic Product (GDP), population, and job growth. This year’s survey is the first … [More]
Saudi Green Initiative Is Lucrative Deal for Arizona-Built Lucid EVs
inbusinessPHX.com
Lucid Group, Inc., setting new standards with the longest-range, fastest-charging electric car on the market, today announced an agreement with the Government of Saudi Arabia, under which the Government will purchase up to 100,000 vehicles over a ten-year period, with an initial commitment to purchase 50,000 vehicles and an option to purchase up to an additional 50,000 vehicles … [More]
Arizona Climbed to #4 Best in Chief Executive’s 2022 Best & Worst States for Business Ranking
inbusinessPHX.com
In what’s become an annual rite of spring for our Best States & Worst States for Business survey of CEOs, Texas and Florida held on to their No. 1 and No. 2 spots this year, continuing their long-running lock on the top of the rankings. Based on polling of nearly 700 CEOs and business owners from every U.S. state, conducted in January and February 2022, the Lone Star … [More]
Surging Inflation Remains a Major Problem for Small Businesses, Says New Survey
NFIB
The NFIB Research Center released a new survey today assessing the impact inflation is having on small businesses. Small business owners first signaled inflation issues in the summer of 2021 when NFIB’s Small Business Economic Trends survey found increasing numbers of small business owners reporting “inflation” as their single most important problem. In March 2022, “inflation” … [More]
Satellite Facility Expands in Gilbert to Meet Growing NASA Program Needs
inbusinessPHX.com
Northrop Grumman Corporation marked the completion of its expansion of the satellite manufacturing facility at its Gilbert, Arizona campus. The expansion adds 120,000-square-feet to the existing 135,000-square-foot facility, nearly doubling the site’s production capacity to meet the company’s growing backlog of satellite orders. “Arizona is a magnet for the space … [More]
Arizona’s Affordable Housing Supply Is Insufficient to Recover from the COVID-19 Pandemic
inbusinessPHX.com
The Gap: A Shortage of Affordable Homes, a new report released today by the National Low Income Housing Coalition and the Arizona Housing Coalition, finds a national shortage of seven million affordable and available rental homes for extremely low-income (ELI) renter households, those with incomes at or below the poverty level or 30% of their area median income. There are just … [More]
New Round of Funding Opens to Help Small Businesses Hire and Retain Employees
inbusinessPHX.com
Governor Doug Ducey announced $5 million in additional funding for the Back to Work Small Business Rehiring and Retention program to further assist small businesses as they continue to recover from economic consequences of the pandemic. “Arizona’s economy is booming and jobs are exploding all across the state,” said Governor Ducey. “Now, our small businesses and their … [More]
Arizona’s Bioscience Sector Hits Record Highs 20 Years into Strategic Plan
inbusinessPHX.com
Arizona’s bioscience sector is performing at historically high levels two decades after the creation of Arizona’s Bioscience Roadmap placed the state on a long-term trajectory toward success. The April 20 report, the latest performance analysis commissioned by the Phoenix-based Flinn Foundation and presented by TEConomy Partners, shows record highs in bioscience jobs, wages, … [More]
Federal Mask Mandate No Longer in Effect for Public Transit Riders
inbusinessPHX.com
The TSA (Transportation Security Administration) has lifted their federal mask mandate. Masks are optional and no longer required for riders or employees of the Valley Metro system. The CDC continues to recommend masks in indoor public transportation settings. Phoenix Public Transit Centers … [More]
Queen Creek Is New Home for High-Tech Battery Facility
inbusinessPHX.com
Queen Creek is set to be home to a battery manufacturing facility. A global battery producer for next-generation technologies, LG Energy Solution (LGES) announced last month it is initially investing $1.4 billion to build its first ever cylindrical-type battery facility in North America. The amount of investment could grow further. The company expects that the new facility … [More]
Phoenix Industrial Market Continues Setting Records
inbusinessPHX.com
Greater Phoenix posted its strongest industrial market conditions during first quarter 2022. Vacancy fell to a historic low level of 4.0 percent during the first three months, as the market delivered 5.6 million square feet of new projects. Net absorption continues at a robust pace, posting 7.8 million square feet last quarter. Investors also remained active in the market, … [More]
Hotels Projected to End 2022 Down $20B in Business Travel Revenue, Says Report
inbusinessPHX.com
According to a new report released today by the American Hotel & Lodging Association and Kalibri Labs, U.S. hotel business travel revenue is projected to be 23% below pre-pandemic levels in 2022, ending the year down more than $20 billion compared to 2019. This comes after hotels lost an estimated $108 billion in business travel revenue during 2020 and 2021 … [More]
Phoenix Unemployment Rate Falls below 3% with Strong Hiring in March
inbusinessPHX.com
The unadjusted unemployment rate in Greater Phoenix dropped to 2.4 percent, down nearly three-quarters of a point from February’s 3.1 percent and half of last year’s 5.4 percent unemployment rate in March. Robust hiring brought the Phoenix metro workforce to nearly 2.5 million people in March, up 110,800 from March last year. For the second month in a row, hospitality (up … [More]
Bike to Work Phoenix Event Set for April 20
inbusinessPHX.com
April is Valley Bike Month and Wednesday, April 20 is the annual Bike to Work Phoenix (BTWPhx) event. Expected to attract hundreds of participants, BTWPhx brings the cycling community together and celebrates the benefits of riding your bike to the office. The City of Phoenix Street … [More]
Strong Spring Home Sales Set Records for Highest Median Price, Lowest Supply
inbusinessPHX.com
The busy spring season got off to another strong start this year. March home sales jumped 32.2% over February while posting a report record Median Sales Price of $360,000. As buyers continued to far outnumber sellers, Months Supply of Inventory reached a record low of 1.0 across the report's 51 metro areas. More than half of the market areas reported a supply of less than one … [More]
