Governor Doug Ducey outlined a bold and sweeping public policy agenda today as he delivered his State of the State address for the eighth and final time – something no governor of Arizona has done in more than three decades. In a substantive address to lawmakers, Arizona’s 23rd Governor was met with enthusiastic applause as he vowed to build on the successes of his seven-year … [More]
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Governor Kicks Off Second Session of 55th Arizona Legislature
State of Arizona Office of the Governor
Payroll Employment Rises by 199,000 in December, Unemployment Rate Declines to 3.9%
U.S. Bureau of Labor Statistics
Total nonfarm payroll employment rose by 199,000 in December, and the unemployment rate declined to 3.9 percent, the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in leisure and hospitality, in professional and business services, in manufacturing, in construction, and in transportation and warehousing. This news release presents … [More]
Small Businesses Struggle to Increase Workforce, Says Report
NFIB
Small business owners continue to struggle to increase their workforce, with 25% of owners saying labor quality was their top business problem in December, according to NFIB’s monthly jobs report. Thirteen percent of owners cited labor costs as their top business problem, up three points from November and a 48-year record high. “The labor shortage is holding back … [More]
Businesses Set Their Sights on Growth in 2022 Despite Supply Chain and Cost-Related Challenges
JPMorgan Chase & Co.
Small and midsize U.S. business leaders remain confident in their companies and resourceful in their approaches to confronting macroeconomic challenges that have created growing pains over the last year, finds JPMorgan Chase’s 2022 Business Leaders Outlook Survey released today. As a new year begins, the majority of business leaders are feeling upbeat: 83% of midsize and 71% … [More]
2021 Homebuying Frenzy Concludes with Double-Digit Price Growth, Says Report
inbusinessPHX.com
December listing prices accelerated 10.0% year-over-year nationally and at an even faster pace in more than one-quarter of large metros, led by Las Vegas (+32.4%) and Austin (+28.8%) Colder weather may be settling in, but new housing data suggests the winter market is heating up, as looming mortgage rate hikes motivate more buyers to search for a home despite limited … [More]
Phoenix CRE Market Update: Office Occupancy on the Rise
by Adriana Marinescu
November was another good month for the Greater Phoenix market as office vacancy once again trended downward. According to CommercialEdge data, average vacancy decreased to 14.7 percent, marking a 250-basis-point drop year-over-year. By comparison, the national rate stood at 15.2 percent, 140 basis points higher than recorded in November 2020. As vacancy dropped, … [More]
Car Insurance Rates Increase in 2022 as Americans Resume Their Pre-Pandemic Lives, Arizona Tops List
ValuePenguin
As Americans resume normal economic activities, Auto insurance rates will rise by 0.6% in 2022 after falling in 2021 according to ValuePenguin's State of Auto Insurance in 2022 report published today. The average cost of auto insurance is expected to reach $1,935 annually, with 22 states seeing car insurance premiums increase in 2022. Here are the key … [More]
New Gaming in Arizona Off to a Strong Start, Nearly $130M in Revenues to the State
Arizona Department of Gaming
Gaming in Arizona contributed $129 million to the state through tribal gaming contributions and the newly implemented event wagering & fantasy sports in 2021, legalized through Governor Doug Ducey’s signing of historic legislation and the amended Tribal-State Gaming Compacts. This landmark agreement between the state and Arizona Tribes modernized gaming in Arizona, allowing … [More]
Hourly Earnings Growth Ends the Year at a New High, Job Growth Also Continues at U.S. Small Businesses
Paychex
Workers saw record hourly earnings growth and employment levels continued to rise as 2021 drew to a close. This is according to the aggregated payroll data of approximately 350,000 Paychex clients with fewer than 50 employees, released monthly in the Paychex | IHS Markit Small Business Employment Watch. The December data shows hourly earnings growth improved to 4.27 percent, … [More]
Tampa Named Number One Hottest Housing Market for 2022, Phoenix Is Eighth
Zillow
The hottest housing market of 2022 will be Tampa, according to a new Zillow® analysis. Rounding out the top five are Jacksonville, Raleigh, San Antonio and Charlotte in what is anticipated to be another hot year for housing across the Sun Belt. Zillow economists expect the housing market to back off just a bit from a record-breaking pace in 2021, but home shoppers … [More]
Annual Home Price Appreciation Continues to Accelerate, Up 18.1% in November
CoreLogic
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI™) and HPI Forecast™ for November 2021. While 2021 was a record-breaking year for U.S. home price growth, for many prospective buyers the hot housing market will continue to exacerbate ongoing affordability challenges into the new … [More]
2021 In Review: A Year of Record Economic Wins for Arizona
inbusinessphx.com
For Arizona’s economy, it was a year of record. Record projected new jobs announced. Record projected investment from businesses. Record venture funding received by startups. And one of the fastest recoveries in the nation. Celebrating A Transformative Decade In February, the ACA celebrated its 10th anniversary since legislation was signed creating the agency. Since its … [More]
Affordability Falls to Its Lowest Level Since 2008, Phoenix Declined the Most
First American Financial Corporation
First American Financial Corporation, a leading global provider of title insurance, settlement services and risk solutions for real estate transactions, today released the October 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]
Meyer Burger to Establish Solar Module Manufacturing Facility in Goodyear
Arizona Commerce Authority
Meyer Burger Technology AG announced today that the company is establishing a production site for high-performance solar modules in Goodyear. The investment is an important step in meeting Meyer Burger’s commitments to produce modules near end-customers, source material from regional suppliers, and improve overall sustainability by reducing transportation emissions and … [More]
U.S. Weekly Jobless Claims Remain Low, Nearly Unchanged
U.S. Department of Labor
In the week ending December 18, the advance figure for seasonally adjusted initial claims was 205,000, unchanged from the previous week's revised level. The previous week's level was revised down by 1,000 from 206,000 to 205,000. The 4-week moving average was 206,250, an increase of 2,750 from the previous week's revised average. The previous week's average was revised down by … [More]
Getting a COVID-19 Booster More Important Than Ever with Omicron Spreading Quickly
Arizona Department of Health Services
The Arizona Department of Health Services (ADHS) is urging Arizonans to get their COVID-19 booster dose as soon as they can because of the rapid spread nationally of the Omicron variant and the potential for more breakthrough cases among vaccinated people. Those who have yet to be vaccinated also should act now to get the protection offered by safe, free, and highly effective … [More]
Single-Family Rent Price Growth Triples 2020 Rate in October, Says Report
CoreLogic
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its latest Single-Family Rent Index (SFRI), which analyzes single-family rent price changes nationally and across major metropolitan areas. October 2021 data shows a national rent increase of 10.9% year over year, up from a 3.2% year-over-year increase in October … [More]
Amazon Announces Plans to Create 550 New Jobs at Phoenix Tech Hub
inbusinessPHX.com
Amazon announced plans to create more than 550 corporate and tech jobs in Tempe, Arizona, over the next few years, further expanding the company’s Phoenix Tech Hub. These new roles will support Amazon’s growing teams in Consumer Retail, Amazon Web Services, and Operations, and include positions such as software development engineers, senior solution architects, project … [More]
