Raw material shortages, congested ports, a scarcity of truck drivers and other factors have contributed to major disruptions in the global supply chain. Originally triggered by the COVID-19 pandemic, these ongoing supply chain bottlenecks continue to negatively impact the economy and create ongoing complications for businesses. Within this challenging environment, business … [More]
You are here: Home / Archives for Top Stories
Kenect Opens in Downtown Phoenix, Creates One-of-a-Kind Residential and Coworking Community
inbusinessPHX.com
Kenect Phoenix, a new all-in-one social club and apartment community by Chicago-based Akara Partners, announces its grand opening in Downtown Phoenix. Just off the busiest stop along the light rail, across from Central Station, Kenect is located at 355 N. Central Ave., near Arizona State University’s downtown campus, Phoenix Children’s Hospital, ASU Law School and ASU Medical … [More]
Survey Indicates Chip Shortages Will Continue, Explores Impact on Product Design
inbusinessPHX.com
The global component shortage is not only extending order fulfillment and lead times, but is also having a ripple effect on product design. According to the inaugural Avnet Insights, a new survey on the trends and market forces in the electronics industry, design engineers are exploring new ways to get their products to market. Key takeaways: More than … [More]
Economic Study Finds Internet Creates 136,000 Jobs, $48 Billion in GDP across Arizona
inbusinessPHX.com
As a recent economic study details the direct linkage between the internet ecosystem and economic growth across Arizona, a trio of Arizona-based business owners have joined a national coalition, Internet for Growth, to tell the stories of how their businesses have benefited from the internet’s unique ability to connect businesses and consumers. The Economic Impact of the … [More]
Valleywise Health Medical Center Hits Two-Year Construction Milestone
inbusinessPHX.com
The intersection of Roosevelt and 24th Street is looking quite different recently as Valleywise Health continues progress on the construction of its brand new, state-of-the-art medical center expected to open in late 2023. The public safety net health care system for Maricopa County broke ground on the 673,000 square-foot, 10-story medical center two years ago on February 26 … [More]
Carvana to Accelerate Growth through Acquiring Auction Business
inbusinessPHX.com
Carvana, the industry pioneer for buying and selling cars online, has signed a definitive agreement to acquire ADESA’s US physical auction business (“ADESA U.S.”), a wholly owned subsidiary of KAR Global (NYSE: KAR), subject to customary closing conditions, for $2.2 billion in cash. ADESA U.S. is the second largest provider of wholesale vehicle auction solutions in the United … [More]
GCU and Arizona Partner to Cover 100% of Tuition, Fees, Room and Board for Foster Children
inbusinessPHX.com
Arizona foster children will receive a full scholarship at Grand Canyon University thanks to a first-of-its-kind partnership with the Arizona Department of Child Safety. The Fostering Futures Scholarships college pathway program covers 100% of the costs for tuition, fees, and year-round room and board for qualified Arizona foster children by combining GCU's … [More]
U.S. Weekly Jobless Claims Fall amid Tight Labor Market
U.S. Department of Labor
In the week ending February 19, the advance figure for seasonally adjusted initial claims was 232,000, a decrease of 17,000 from the previous week's revised level. The previous week's level was revised up by 1,000 from 248,000 to 249,000. The 4-week moving average was 236,250, a decrease of 7,250 from the previous week's revised average. The previous week's average was revised … [More]
More Than 75,000 Jobs Supported by Short-Term Rentals in Arizona, Says Report
inbusinessPHX.com
Airbnb and Expedia Group released a new report—the Economic Impact of Short-Term Rentals in Arizona—by Rounds Consulting Group, Inc. (RCG). This new report was commissioned by Airbnb and Expedia Group to better understand how short-term rentals support cities, towns, and the state. The study finds that short-term rentals are an integral part of the Arizona economy, with visitor … [More]
January Was the Most Competitive Month on Record for Homebuyers, According to Report
Redfin
Seventy percent of home offers written by Redfin agents faced bidding wars in January on a seasonally adjusted basis, up from 67.7% in December and 61% in January 2021. That’s the highest share since at least April 2020, when Redfin began recording this data. This is according to a new report from Redfin, the technology-powered real estate brokerage. The housing market … [More]
Rising Rates May Bring Balance to Housing Market, Says Report
First American Financial Corporation
First American Financial Corporation, a leading global provider of title insurance, settlement services and risk solutions for real estate transactions, released the December 2021 First American Real House Price Index (RHPI). The RHPI measures the price changes of single-family properties throughout the U.S. adjusted for the impact of income and interest rate changes on … [More]
Phoenix is #2 Top Relocation Destination, Most Coming from Los Angeles
Redfin
A record 32.4% of Redfin.com users nationwide looked to move to a different metro area in January, according to a new report from Redfin, the technology-powered real estate brokerage. That’s up from the previous peak of 31.5% in the first quarter of 2021 and significantly higher than before the pandemic, when about one-quarter of homebuyers were looking to relocate. The … [More]
Newly Listed Homes in Short Supply, Down 12% in January
Redfin
Fewer homes than ever were for sale in January, but homebuyers snapped up what they could before mortgage rates rose further, according to a new report from Redfin, the technology-powered real estate brokerage. Seasonally adjusted new listings fell 12.4% month over month, bringing the number of homes for sale down 2.6% to a record low. But demand persisted, and sales rose … [More]
GM to Grow Workforce at IT Innovation Center in Chandler with Hundreds of New Tech Jobs
inbusinessPHX.com
General Motors is hiring several hundred employees for software-based positions at its Arizona Information Technology Innovation Center in 2022. Over 1,000 GM employees are based out of the 170,000 square-foot facility, located at 2900 W. Geronimo Place in Chandler’s Price Corridor. The Arizona IT Innovation Center is one of four national GM technology hubs, with sister … [More]
Kohler Co. Announces Construction of Manufacturing Facility in Casa Grande
inbusinessPHX.com
Kohler Co., a global leader in kitchen and bath products, is proceeding with constructing a greenfield plumbing ware manufacturing facility, ancillary warehouse, and office space on 216 acres in Casa Grande. The multi-million capital investment comprises a total of approximately 1 million square feet, with room onsite for future expansion, and will bring more than 400 new … [More]
U.S. Weekly Jobless Claims Edge Up
U.S. Department of Labor
In the week ending February 12, the advance figure for seasonally adjusted initial claims was 248,000, an increase of 23,000 from the previous week's revised level. The previous week's level was revised up by 2,000 from 223,000 to 225,000. The 4-week moving average was 243,250, a decrease of 10,500 from the previous week's revised average. The previous week's average was … [More]
United Aims to Quadruple the Size of Its Fleet of Training Aircraft at Goodyear Academy
inbusinessPHX.com
United Aviate Academy announced that it aims to potentially quadruple the size of its fleet of training aircraft, in response to the surge of applications to the country's only flight school owned by a major airline. The Academy will add 25 new, state-of-the art Cirrus TRAC SR20 training aircraft to its current fleet of 25, with the option to purchase up to 50 … [More]
Real Estate Investors Are Buying a Record Share of U.S. Homes, Phoenix in Top 5
inbusinessPHX.com
Real estate investors bought a record 18.4% of the homes that were sold in the U.S. during the fourth quarter of 2021, according to a new report from Redfin, the technology-powered real estate brokerage. That’s up from 12.6% a year earlier and a revised rate of 17.4% in the third quarter. Although investor market share hit a record in the fourth quarter, the number of … [More]
