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Commercial Real Estate & Development  |    |  

Luxury Apartment Building Sells in Scottsdale for $193.5M, One of the Highest per Unit Sales on Record

inbusinessPHX.com

Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Roadrunner on McDowell, a 356-unit multifamily asset in Scottsdale, Arizona. The property sold for $193.5 million, which equates to $543,539 per unit. The price per unit is the highest in Arizona’s history for an institutionally sized apartment building. The … [More]

Economy & Trends  |    |  

Payroll Employment Rises by 678,000 in February, Unemployment Rate Edges Down to 3.8%

U.S. Bureau of Labor Statistics

Total nonfarm payroll employment rose by 678,000 in February, and the unemployment rate edged down to 3.8 percent, the U.S. Bureau of Labor Statistics reported today. Job growth was widespread, led by gains in leisure and hospitality, professional and business services, health care, and construction. This news release presents statistics from two monthly surveys. The … [More]

Growth & Enterprise  |    |  

New Sky Harbor Concourse Features Exciting Shops, Restaurants and Lounge

inbusinessPHX.com

Phoenix Sky Harbor International Airport's 8th concourse at Terminal 4 will be opening this summer, and today, Phoenix City Council approved the recommended proposals for new restaurants, shops, and a common use lounge at the new concourse. Now, America's Friendliest Airport® will have even more local dining options for travelers to enjoy while visiting the airport as well … [More]

Technology & Innovation  |    |  

New Arizona Facility Gets Investment to Support North America Semiconductor Growth

inbusinessPHX.com

Edwards, the leading supplier of vacuum and abatement services and solutions to the global semiconductor industry, has announced its investment in a new state-of-the-art manufacturing facility in Chandler. The new 200,000-square-foot facility will leverage the latest manufacturing and digital technologies to support the fast-growing North American semiconductor market with … [More]

Economy & Trends  |    |  

U.S. Weekly Jobless Claims Fall for Second Straight Week, Sign Job Market Is Tightening

U.S. Department of Labor

In the week ending February 26, the advance figure for seasonally adjusted initial claims was 215,000, a decrease of 18,000 from the previous week's revised level. The previous week's level was revised up by 1,000 from 232,000 to 233,000. The 4-week moving average was 230,500, a decrease of 6,000 from the previous week's revised average. The previous week's average was revised … [More]

Economy & Trends  |    |  

Home Prices Hit All-Time High Ahead of Spring Buying Season, Says Report

Realtor.com

New data suggests Spring homebuying fever has already set in, as the U.S. median listing price hit a new all-time high of $392,000 in February, according to the Realtor.com® Monthly Housing Trends Report released today. Additionally, home prices grew at an unusually-fast February pace in many of the 50 largest metros, led by Las Vegas, Miami and Tampa, Fla. with annual … [More]

Economy & Trends  |    |  

The Supply Chain Challenge: A Guide for Business Owners in 2022

by Jeff Friesen

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]

Growth & Enterprise  |    |  

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]

Technology & Innovation  |    |  

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]

Economy & Trends  |    |  

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]

Commercial Real Estate & Development  |    |  

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]

Growth & Enterprise  |    |  

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]

Government & Compliance  |    |  

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]

Economy & Trends  |    |  

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]

Economy & Trends  |    |  

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]

Economy & Trends  |    |  

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]

Economy & Trends  |    |  

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]

Economy & Trends  |    |  

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]

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