Home prices climbed 16% year over year to a new all-time high of $389,500 in February as the number of homes for sale fell to another new low, according to a new report from Redfin, the technology-powered real estate brokerage. The lack of inventory is holding back home sales, which were down 4% from January. “An acute shortage of homes for sale continues to stymie … [More]
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Two Years In: Housing Market Transformed by Prices, Lack of Inventory
Zillow
Two years into the pandemic, the U.S. housing market is virtually unrecognizable from its previous state, with nearly half the number of homes for sale, prices higher by one-third and rising, and rents hundreds of dollars more a month, Zillow®'s latest monthly market report1 shows. None of that has curtailed demand, with listed properties flying off the market and sales … [More]
U.S. Weekly Jobless Claims Fall amid Strong Demand for Workers
U.S. Department of Labor
In the week ending March 12, the advance figure for seasonally adjusted initial claims was 214,000, a decrease of 15,000 from the previous week's revised level. The previous week's level was revised up by 2,000 from 227,000 to 229,000. The 4-week moving average was 223,000, a decrease of 8,750 from the previous week's revised average. The previous week's average was revised up … [More]
U.S. Single-Family Rent Price Growth Again Hits Record High in January
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. U.S. single-family rent prices started 2022 strong, increasing 12.6% year over year in January compared to 3.9% in … [More]
Inflation Pressures and Lost Sales Opportunities Challenge Small Businesses, Says Survey
NFIB
The NFIB Research Center released the latest COVID-19 survey assessing the impact of the COVID-19 pandemic on small businesses. This is the 22nd survey in the series and includes an update on prices, supply chain disruptions, sales levels, staffing shortages, and more. The survey was conducted from March 10-11, 2022, with 605 responses collected. “The small … [More]
Pizza Franchise Inks 46-Store Deal for Metro Phoenix over the Next Six Years
inbusinessPHX.com
Marco's Pizza, one of the nation's fastest-growing pizza brands, announces a 46-store development agreement that will bring new stores to the Phoenix metro market over the next six years. This development news contributes to the brand's overall growth goal of 1,500 units by 2023, as Marco's sets sights on becoming the No. 4 brand in pizza. Behind this development agreement … [More]
Existing COVID EIDL Program Borrowers Receive Additional Deferment
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, directed the Agency to provide additional deferment of principal and interest payments for existing COVID Economic Injury Disaster Loan (EIDL) program Borrowers for a total of 30 months deferment from inception on all approved COVID EIDL loans. … [More]
Local Governments Work Together to Address Increase in Homelessness
inbusinessPHX.com
The number of people experiencing homelessness continues to increase in communities across the region, with those living in unsheltered situations climbing by 35 percent since 2020, according to newly released numbers from the Maricopa Association of Governments (MAG). The numbers reflect a two-year increase, since the 2021 count was not conducted due to the COVID … [More]
Get a Grant for Your School or Nonprofit
inbusinessPHX.com
The City of Phoenix is now accepting applications for two different COVID-19 related funding opportunities for nonprofits or schools. The first is the COVID Clean Public Facilities and School Improvement and Upgrades Program. The Phoenix City Council allocated $2.3 million in Community Development Block Grant CARES Act (CDBG-CV) money to fund COVID-19 prevention improvements … [More]
Number of U.S. Homeowners in Negative Equity Dropped to Lowest Level in Over 12 Years
CoreLogic
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the Homeowner Equity Report for the fourth quarter of 2021. The report shows U.S. homeowners with mortgages (which account for roughly 63% of all properties) have seen their equity increase by 29.3% year over year, representing a collective equity gain of over $3.2 … [More]
Nestle’s Greater Phoenix Project Gets a Boost
by Adriana Marinescu
Nestle USA has big plans for a manufacturing plant in Glendale, Ariz.—and they have the local authorities’ support to go along with it. During a March 8 meeting, the Glendale City Council unanimously approved the 139-acre development site’s inclusion in a Foreign-Trade Zone, which are designated areas exempt from U.S. Customs rules and regulations. The inclusion … [More]
Greater Phoenix Workforce Filled More Than 2.3 Million Jobs in January 2022
inbusinessPHX.com
Greater Phoenix added 91,300 jobs over the past year from January 2022 compared to January 2021 for a good start to the year as reported in the March Employment Report from the Arizona Office of Economic Opportunity. The number of people in the Greater Phoenix workforce filled over 2.3 million jobs in January 2022. Hiring in the business professional, technical and … [More]
Inflation Rose 7.9% in February, Highest in More Than 40 Years
U.S. Bureau of Labor Statistics
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.8 percent in February on a seasonally adjusted basis after rising 0.6 percent in January, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 7.9 percent before seasonal adjustment. Increases in the indexes for gasoline, shelter, and food were the … [More]
Two Years Later: How the Pandemic Has Rocked the U.S. Housing Market
inbusinessPHX.com
This week marks the two-year anniversary of the coronavirus pandemic, which the World Health Organization officially declared a pandemic on March 11, 2020. The housing market has changed drastically since then—there are now half as many homes to choose from, and prices have surged 34%, according to a new report from Redfin, the technology-powered real estate … [More]
Small Business Owners Reporting Inflation as Biggest Problem, Reaches Highest Level Since Q3 1981
NFIB
In February, the NFIB Optimism Index decreased by 1.4 points to 95.7, the second consecutive month below the 48-year average of 98. Twenty-six percent of owners reported that inflation was their single most important problem in operating their business, a four-point increase since December and the highest reading since the third quarter of 1981. “Inflation … [More]
Nestlé Invests $675 Million to Build Arizona Factory, Creating 350 Jobs
inbusinessPHX.com
Nestlé USA announced a $675 million investment to build a new beverage facility in Glendale, Arizona. The 630,000-square-foot factory is expected to be operational in 2024, creating over 350 jobs. The facility, which will sit on 143.6 net acres of land in Glendale, will produce high-quality creamers for Nestlé’s category-leading portfolio, including the Coffee mate, Coffee … [More]
Maricopa Community Colleges and Intel to Launch New Semiconductor Manufacturing Workforce Development Initiative
inbusinessPHX.com
To support the growing semiconductor industry’s employment needs and welcome diverse talent into the technical workforce, Maricopa Community Colleges and Intel Corporation have announced enrollment is now open for a new semiconductor manufacturing Quick Start program at Mesa Community College (MCC). The accelerated two-week program prepares students for a rewarding career as a … [More]
Labor Quality and Costs Remain Top Business Problems for Many as Owners Struggle to Increase Workforce
NFIB
Small businesses continued to struggle to increase their workforce in February, with 22% of owners reporting that labor quality was their top business problem, according to NFIB’s monthly jobs report. Eleven percent of owners cited labor costs as their top business problem, unchanged from January. Reports of labor costs as the top business problem are at 48-year record high … [More]
