Real gross domestic product (GDP) increased at an annual rate of 6.9 percent in the fourth quarter of 2021 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 2.3 percent. For the full year, the economic expansion was 5.7 percent, the biggest since 1984. The GDP estimate released today is … [More]

In the week ending January 22, the advance figure for seasonally adjusted initial claims was 260,000, a decrease of 30,000 from the previous week's revised level. The previous week's level was revised up by 4,000 from 286,000 to 290,000. The 4-week moving average was 247,000, an increase of 15,000 from the previous week's revised average. The previous week's average was revised … [More]

U.S. housing gained a record $6.9 trillion in 2021, nearly doubling what was previously the largest annual gain of $3.7 trillion in 2005. The full U.S. housing stock is now worth $43.4 trillion, according to a new Zillow® analysis.   Strong demand met limited supply in 2021, driving home values up more than ever before — home values grew 19.6% last year, an all-time high in … [More]

According to Radian Home Price Index (HPI) data released today by Red Bell Real Estate, LLC, a Radian Group Inc. company (NYSE: RDN), home prices nationally rose from the end of November 2021 to the end of December 2021 at an annualized rate of 15.9 percent, and December 2021 marked the tenth consecutive month in which month-over-month home prices rose more than 10 percent on … [More]

Dwellics, the authority in U.S. City Data and personalized advice on where to move, today unveils the 2022 Report, Top 100: Best Cities to Work Remote in 2022. The Report reveals several surprising trends, including Arizona exceeding all other states in America by scoring three of the top ten positions on the list and six of the top twenty. Arizona cities … [More]

Greater Phoenix ended the year with a workforce of nearly 2.3 million, a 5.7 percent year-over-year increase. The seasonally unadjusted unemployment rate for the metropolitan area dropped from 2.8 percent in November to 2.4 percent in December 2021. It was 6.4 percent a year ago. In Greater Phoenix, 122,700 new workers were hired in the year-over-year comparison with … [More]

New data shows national rents grew five times faster in 2021 than in 2020, on average, according to the Realtor.com® Monthly Rental Report released today. In December, rents notched the sixth straight month of double-digit yearly increases nationwide and surged in the majority of large metros, led by Miami, Tampa, Fla. and Orlando with gains of more than 34% … [More]

The value of commercial and multifamily construction starts in the top 20 metropolitan areas of the U.S. increased 18% from 2020 to 2021, according to Dodge Construction Network. Nationally, commercial and multifamily construction starts increased 16% in 2021. In the leading half (the top 10 metro areas), commercial and multifamily starts rose 18% in 2021, with two metro areas, … [More]

The hotel industry will continue moving toward recovery in 2022, but the path will be uneven and potentially volatile, and full recovery is still several years away, according to the American Hotel & Lodging Association (AHLA)’s 2022 State of the Hotel Industry Report. The report, which reveals shifts in consumer and business sentiment, was created in collaboration with … [More]

Legalized recreational marijuana sales, which began on January 22, 2021 in Ariz., had an impressive first year. The Arizona Dispensaries Association (ADA) celebrates this monumental moment as the state’s Department of Revenue announced the total gross cannabis sales has reached more than $1.2 billion, surpassing legislative projections even before December’s final numbers are … [More]

Governor Doug Ducey announced Arizona’s booming economy has added more than 400,000 new jobs since 2015 and the state’s unemployment rate has plummeted to 4.1 percent — the lowest since December 2007. Speaking at a groundbreaking event for Sunlit Chemical in Phoenix, Governor Ducey announced the state’s latest economic achievements, referring to the latest employment report by … [More]

In the week ending January 15, the advance figure for seasonally adjusted initial claims was 286,000, an increase of 55,000 from the previous week's revised level. The previous week's level was revised up by 1,000 from 230,000 to 231,000. The 4-week moving average was 231,000, an increase of 20,000 from the previous week's revised average. The previous week's average was … [More]

The home shopping season appears to already be in full swing, as anxious buyers outnumbered dwindling new listings and drove inventory to record low levels in December. Limited supply is already pushing price growth up, as Zillow®'s latest market report1 shows monthly home value appreciation accelerated for the first time since July.   In addition to not wanting to wade into … [More]