Redfin’s economists expect there will be more home sales in 2025, largely due to pent-up demand. But some would-be homebuyers will still be priced out, with home prices climbing and mortgage rates remaining near 7%. That’s according to annual housing market predictions from Redfin, the technology-powered real estate brokerage. Prediction 1: Home Prices Will Rise 4% Redfin … [More]
Chipmaker to Shut Down Tempe Fabrication Facility
Microchip Technology Incorporated, a leading provider of smart, connected, and secure embedded control solutions, provided lower updated revenue guidance for the December 2024 quarter and announced manufacturing restructuring plans. This will include the shuttering of the Tempe wafer fabrication facility, referred to as Fab 2, in September 2025. "In the first two weeks of my … [More]
Intel Announces Retirement of CEO, Names Interim Co-CEOs
Intel Corporation announced that CEO Pat Gelsinger retired from the company after a distinguished 40-plus-year career and has stepped down from the board of directors, effective Dec. 1, 2024. Intel has named two senior leaders, David Zinsner and Michelle (MJ) Johnston Holthaus, as interim co-chief executive officers while the board of directors conducts a search for a new … [More]
Governor Announces $1M to Expand BuildItAZ Apprenticeships
Funds will continue to strengthen Arizona’s construction talent pipeline with a focus on women
Governor Katie Hobbs and the Arizona Office of Economic Opportunity (OEO) announced $1 million in funding for the next phase of the BuildItAZ Apprenticeship Initiative (BuildItAZ), which aims to connect Arizonans with the skills they need for construction and trades jobs. After the Governor launched BuildItAZ in 2023, Arizona saw growth in enrollment of construction and trades … [More]
Intel Finalizes $7.86B Funding Award under U.S. CHIPS Act
Intel Corporation and the Biden-Harris Administration announced that the U.S. Department of Commerce and Intel have reached agreement on terms to award the company up to $7.86 billion in direct funding for its commercial semiconductor manufacturing projects under the U.S. CHIPS and Science Act. The award will support Intel’s previously announced plans to advance critical … [More]
Arizona Utilities Plan to Join Markets+ to Strengthen Grid Reliability and Resilience
Customers to benefit from more savings, greater resource diversity and expanded transmission pathways
Arizona Public Service (APS), Salt River Project (SRP), Tucson Electric Power and UniSource Energy Services announced plans to join Southwest Power Pool’s (SPP) Markets+, a day-ahead and real-time energy market that is anticipated to span through the northwest, southwest and mountain west regions of the U.S. The new market is expected to bring enhanced reliability and savings … [More]
Investor Home Purchases Plateau after a Pandemic-Era Rollercoaster Ride, Phoenix Fared OK
Real estate investors purchased 2.3% fewer homes in the third quarter than they did a year earlier, according to a new report from Redfin, the technology-powered real estate brokerage. The small size of the change is notable because it comes after four years of huge swings driven by the wild pandemic-era housing market. For instance, investor purchases surged as much as 144% … [More]
ASU and Deca Technologies Selected to Lead $100M SHIELD USA Project to Strengthen U.S. Semiconductor Packaging Capabilities
The National Institute of Standards and Technology — part of the U.S. Department of Commerce — announced today that it plans to award as much as $100 million to Arizona State University and Deca Technologies for the SHIELD USA initiative. The project will drive innovation in the domestic microchip packaging ecosystem, expand capacity for domestic advanced packaging and help … [More]
APS Secures Largest-Ever Energy Supply to Reliably Serve Customers and Growth
Enough electricity to power nearly 1.4 million air conditioners at the same time
Arizona Public Service (APS) has signed agreements to add new energy supplies to its energy mix – APS’s largest-ever planned addition of new power sources. In all, APS will add nearly 7,300 megawatts (MW) of renewable power, battery energy storage and natural gas to meet the state's growing demand for energy. Picture this, that’s enough electricity to run nearly 1.4 million air … [More]
TSMC and Arizona Leaders Announce New Semiconductor Career Pathways
Reinforcing a commitment to invest locally in new pathways into the semiconductor industry, today TSMC Arizona was joined by Governor Katie Hobbs and Mayor Kate Gallego to announce the expansion of its Registered Technician Apprenticeship program. This announcement comes at the start of National Apprenticeship Week, and alongside a one-day Governors Apprenticeship Innovation … [More]
Phoenix among North America’s Top 30 Tech Hubs, Says Report
Tempe remains the Valley’s premier tech submarket
Phoenix ranks among the top North American tech markets for office leasing activity this year, registering gains in both office rents and tech jobs,, according to CBRE’s annual Tech-30 report. Phoenix proved to be resilient even though it posted negative net absorption, a proxy for office demand, from last year's third quarter to this year's second quarter. Net absorption … [More]
SRP and EDP Renewables Announce New Energy Storage System to Support Increasing Energy Demand
Salt River Project (SRP) and Flatland Storage, a subsidiary of EDP Renewables North America have entered into an agreement to provide 200 megawatts (MW) of new energy storage to Arizona's grid. The Flatland Energy Storage Project will be a 200 MW/800 megawatt-hour battery energy storage system located near Coolidge, Arizona. The project will utilize lithium-ion technology, … [More]
CHIPS Incentives Award TSMC Arizona $6.6B to Secure U.S. Leadership in Advanced Semiconductor Technology
Friday, the Biden-Harris Administration announced that the U.S. Department of Commerce awarded TSMC Arizona Corporation (TSMC Arizona), a subsidiary of Taiwan Semiconductor Manufacturing Company Limited (TSMC), up to $6.6 billion in direct funding under the CHIPS Incentives Program’s Funding Opportunity for Commercial Fabrication Facilities. The award comes after the previously … [More]
Governor Announces Launch of Semiconductor-Focused Future48 Workforce Accelerator in Phoenix
Governor Katie Hobbs today announced the launch of a semiconductor-focused Future48 Workforce Accelerator at GateWay Community College in Phoenix. Once complete, the training facility will offer customized, hands-on training in support of the state’s rapidly expanding semiconductor industry. It will feature state-of-the-art manufacturing … [More]
Governor Encourages Next Generation of Technology and Transportation at Celebration of Innovation Awards
In her continuing commitment to fostering innovation throughout the state, supporting entrepreneurs, and working with private sector partners, Governor Katie Hobbs announced key actions to advance Arizona’s leadership in technology. At the Governor’s Celebration of Innovation Awards, in a speech outlining her framework for Emerging Tech in Arizona and key focus areas, … [More]
Grand Hyatt Scottsdale Resort Debuts $115M Renovation
Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch has transitioned to the first Grand Hyatt hotel in Arizona
Hyatt Hotels Corporation announced Grand Hyatt Scottsdale Resort has completed its highly anticipated $115 million property-wide renovation. The property, formerly known as Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch, marks the first Grand Hyatt hotel in Arizona. The newly reimagined luxury resort invites guests to connect with the captivating spirit of the … [More]
Main Street Owners Feel More Confident as They Enter the Holiday Season; Arizona Voters Go Pro-Small Business
The NFIB Small Business Optimism Index rose by 2.2 points in October to 93.7. This is the 34th consecutive month below the 50-year average of 98. The Uncertainty Index rose seven points to 110, the highest reading recorded. A seasonally adjusted net negative 20% of small business owners reported higher nominal sales in the past three months, the lowest reading since July … [More]
Chandler-Based Manufacturer Becomes Employee-Owned Company with ‘Arizona ESOP Day’ Declaration
In a landmark announcement, Chandler-based Kovach Enclosure Systems unveiled its transition to an employee-owned company through the establishment of an Employee Stock Ownership Plan (ESOP). This significant development was celebrated during an all-company event at SOHO63 in Downtown Chandler, marking a new chapter in Kovach’s rich history. Kovach’s announcement also was … [More]
