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]
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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]
COVID-19 Emergency Declaration Ends after Two Years
State of Arizona Office of the Governor
Governor Doug Ducey is terminating the state’s COVID-19 Declaration of Emergency based on the state reaching thresholds established by the Arizona Department of Health Services that show the virus is no longer as widespread as it once was. The termination takes effect immediately, and follows the recent signing of Senate Bill 1309, providing an extension of temporary … [More]
Phoenix Hits the Top 5 in Small Business Wage Gains
by Eric Jay Toll
Community and Economic Development Metro area average weekly earnings approached $993, just shy of the western states’ average of $1,036. Phoenix’s average small business hourly wage climbed 5.1 percent to $29.70 when comparing March 2022 to March 2021, ranking seventh among metropolitan … [More]
SBA Pilot Program Targeting Access to Capital for Underserved Entrepreneurs Expanded
U.S. Small Business Administration
Vice President Kamala Harris and Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice for America’s 32.5 million small businesses in President Biden’s Cabinet, will announce impactful reforms to the agency’s Community Advantage (CA) loan program, a key SBA tool for Community Development Financial Institutions (CDFIs), … [More]
Condor Airlines Returning to Phoenix Sky Harbor International Airport
inbusinessPHX.com
After a two-year hiatus due to the COVID-19 pandemic, Phoenix Sky Harbor International Airport looks forward to welcoming Condor Airlines back to Phoenix. Beginning May 21, Condor Airlines will resume its nonstop Phoenix-Frankfurt flight. The service will operate two days a week from May through … [More]
Phoenix Adds Nearly 90,000 Jobs in February Year-Over-Year Numbers
by Eric Jay Toll
Most hires took positions in the food and beverage industry sector reflecting seasonal hiring, increased tourism and more new restaurants opening this year than last February. Nearly 21,000 new positions were filled in the sector. Retail hiring was also strong with almost 15,000 new hires compared to last year. Professional, technical and scientific positions placed … [More]
Condo Prices Jump to Record High as Buyers Seek Relative Affordability, Says Report
Redfin
The typical U.S. condo sold for a record $319,000 in February, according to a new report from Redfin, the technology-powered real estate brokerage. That’s up 14.6% from a year earlier and 22.7% from two years earlier, just before the pandemic began. Condos are in demand partly because they’re a comparatively affordable option amid skyrocketing home prices and rising mortgage … [More]
Housing Prices Reached a New High as Few Americans Put Homes Up for Sale, Says Report
Redfin
Housing prices jumped the most since summer 2021—up 17% year over year to a new high, according to a new report from Redfin, the technology-powered real estate brokerage. At the same time, a 7% drop in new listings kept homebuyer competition elevated amid rapidly rising mortgage rates. Nearly 3 in 5 homes were snapped up within two weeks, an all-time high, and half sold for … [More]
First-Time Buyers, Inventory Expected to Rebound in 2024
Zillow
The housing market is expected to return to pre-pandemic, 2019 norms — at least in terms of inventory and the share of purchases made by first-time home buyers — by 2024 according to a panel of housing market experts polled in the latest Zillow® Home Price Expectations Survey. The dwindling supply of homes for sale has been a key driver of the recent explosion in U.S. home … [More]
