The U.S. Department of Commerce (DOC) released its Equity Action Plan for ensuring its programming and policies reach a larger and more diverse audience. The plan acknowledges that inclusive growth is good economics and it works to incorporate equity into every stream of work at the Commerce Department. Earlier this year, the Department updated its mission statement to better … [More]
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SBA Addresses Inequities, Lower Barriers, and Other Systemic Challenges Facing Underserved Small Business Communities
U.S. Small Business Administration
The U.S. Small Business Administration (SBA) made an historic announcement on the significance and impact of the SBA’s Equity Action Plan, released alongside equity plans from over 90 federal agencies as part of a coordinated effort by the Biden-Harris Administration to center equity across the federal government. “The SBA’s Equity Action Plan reaffirms our … [More]
Inflation Overtakes Labor Quality as Top Business Problem For Small Businesses
NFIB
The NFIB Small Business Optimism Index decreased in March by 2.4 points to 93.2, the third consecutive month below the 48-year average of 98. Thirty-one percent of owners reported that inflation was the single most important problem in their business, up five points from February and the highest reading since the first quarter of 1981. Inflation has now replaced “labor quality” … [More]
Record Share of Homebuyers Are Relocating, Skyrocketing Housing Costs Make Affordable Areas Attractive
inbusinessPHX.com
A record 32.3% of Redfin.com users nationwide looked to move to a different metro area in the first quarter, according to a new report from Redfin, the technology-powered real estate brokerage. That’s up from 31.5% a year earlier and up significantly from 26% in 2019, before the pandemic. Skyrocketing home prices and rising mortgage rates have made relocating to a … [More]
Inflation Worsens in March, Gas and Rent Costs Rise
U.S. Bureau of Labor Statistics
The Consumer Price Index for All Urban Consumers (CPI-U) increased 1.2 percent in March on a seasonally adjusted basis after rising 0.8 percent in February, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 8.5 percent before seasonal adjustment. Increases in the indexes for gasoline, shelter, and food were the … [More]
Sendoso Invests More Than $40 Million for New Office and Headquarters in Phoenix
inbusinessPHX.com
Sendoso, the leading sending management platform, today announced its new office at The Grove, in the historic Phoenix neighborhood, and the relocation of its corporate headquarters from San Francisco, California to Arizona effective November 2022. The 58,000-square-foot office space is designed to enhance collaboration to further amplify and inspire connections among … [More]
Last Week for PHXbizGrants Small Business COVID Relief Assistance
inbusinessPHX.com
The last day for Phoenix small businesses to apply for up to $15,000 in Covid-19 relief grants is Friday, April 15. The application portal will close at 5:00 p.m. PHXbizGrants are available for small businesses in Phoenix to help offset costs and losses incurred from the pandemic. Eligible businesses have 25 or fewer employees and under $3 million in annual revenue. They … [More]
Thunderbird School Celebrates Grand Opening, Celebrates 75th Year
inbusinessPHX.com
The Thunderbird School of Global Management at Arizona State University unveiled its new headquarters' name Friday night: the F. Francis and Dionne Najafi Thunderbird Global Headquarters. With klieg lights, fireworks, food trucks and live music on streets closed to traffic, the event was as much a festival as a grand opening for the building in downtown … [More]
Valley Metro, City of Phoenix Renew Small Business Financial Assistance Program
Valley Metro
After a successful first year, the Small Business Financial Assistance Program (SBFAP) pilot will continue through 2024, which is the completion of the South Central Extension/Downtown Hub and Northwest Extension Phase II light rail projects. In its first year, the SBFAP granted over $360,000 to 62 businesses impacted by construction. As the program enters its second funding … [More]
SBA Launches Inaugural America’s Seed Fund Expo Competition for Small Businesses, Startups and Inventors
U.S. Small Business Administration
The U.S. Small Business Administration (SBA) and the voice for America’s 32.5 million small businesses in President Biden’s Cabinet, announced the launch of America’s Seed Fund Startup Expo 2022, a new initiative aimed at identifying innovative startups and supporting them with resources to help them scale, grow, and thrive. This competition comes in the midst of a historic … [More]
Lifestyle Brand Relocates Its Main U.S. Distribution Facility to Buckeye
inbusinessPHX.com
Funko, Inc., a leading pop culture lifestyle brand, has relocated its main U.S. distribution facility from several distribution centers in Washington to one distribution center in Arizona. The company is leasing a 958,000-square-foot facility in Buckeye, Arizona, which will create over 300 jobs. Funko expects the facility, which will distribute the Funko portfolio of brands … [More]
Arizona Gives Day Tallies Show Statewide Donations to Top $5 Million
inbusinessPHX.com
While complete numbers won’t be fully tallied for another week as nonprofits around the state submit final reports which include additional direct-to- organization donations inspired by Arizona Gives Day, all indications are that Arizona Gives Day 2022 is on pace for another highly successful 24-hour fundraising campaign. During this year’s 24-hour online fundraiser, 27,741 … [More]
Annual Home Price Growth Again Hits New High in February, Says Report
Rick McCartney
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI™) and HPI Forecast™ for February 2022. U.S. home price growth registered a year-over-year increase of 20% in February, another series high and marking 12 months of consecutive double-digit gains. Annual price growth has … [More]
SBA Revises Small Business Size Standards in 16 Industrial Sectors
U.S. Small Business Administration
The U.S. Small Business Administration issued four final rules to modify revenues-based small business size standards in 16 North American Industrial Classification System (NAICS) sectors that will increase small business eligibility for SBA’s federal contracting and loan programs for approximately 59,000 additional firms. The final rules are part of the second five-year review … [More]
Surging Mortgage Rates and Home Prices Sideline More Buyers, Says Report
Redfin
Mortgage rates are shooting up at the fastest pace in history, sending the typical monthly mortgage payment for a homebuyer up more than $500 since the beginning of this year. That’s according to a new report from Redfin, the technology-powered real estate brokerage. As rates quickly approach 5%, we expect their impact on homebuyer demand to change from a motivator—driving a … [More]
U.S. Hiring Spree Continues in March, Employment Rose by 431,000
U.S. Bureau of Labor Statistics
Total nonfarm payroll employment rose by 431,000 in March, and the unemployment rate declined to 3.6 percent, the U.S. Bureau of Labor Statistics reported today. Notable job gains continued in leisure and hospitality, professional and business services, retail trade, and manufacturing. This news release presents statistics from two monthly surveys. The household survey … [More]
Arizona Exports Rebound in 2021, Near Full Recovery
Arizona Commerce Authority
Exports from Arizona companies climbed by over 20% in 2021, reaching near record levels set prior to the pandemic and signaling renewed strength in Arizona’s economy. Exports reached $24.1 billion last year, an increase from $19.8 billion in 2020 and just under the $24.6 billion mark set in 2019. Semiconductor exports saw a 50.5% rise, reaching $4.2 billion, the 4th highest in … [More]
March Home Prices Hit $405,000 for the First Time Ever, Says Report
inbusinessPHX.com
Home prices hit $405,000 for the first time ever in March, but data reveals there is some hope on the horizon for pandemic-era buyers. With demand beginning to moderate as some home shoppers are priced out of the market and new construction at near 16-year highs, inventory is expected to hit positive territory year-over-year this summer, according to the Realtor.com® Monthly … [More]
