Facebook Mesa data center. Rendering courtesy of Facebook Facebook plans to expand its data center footprint to the state of Arizona with the opening of an $800 million project in the Phoenix area. The Facebook Mesa Data Center is expected to span approximately 960,000 square feet in Mesa and stand as a model of energy efficiency and water conservation. In July 2021, a … [More]
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As Housing Prices Rise, Affordability Squeeze Is Coming
Zillow
Housing affordability improvements brought on by historically low mortgage rates and dampened rent growth are quickly evaporating as housing costs rise faster than incomes. A new Zillow® analysis finds these affordability1 issues are expected to worsen by the end of the year, and are likely to leave millions newly housing cost burdened. Interest rates play a major role in … [More]
U.S. Weekly Jobless Claims at 375K, Third Straight Decline
U.S. Department of Labor
In the week ending August 7, the advance figure for seasonally adjusted initial claims was 375,000, a decrease of 12,000 from the previous week's revised level. The previous week's level was revised up by 2,000 from 385,000 to 387,000. The 4-week moving average was 396,250, an increase of 1,750 from the previous week's revised average. The previous week's average was revised … [More]
SBA Announces Plan to Open Supplemental Grants for Shuttered Venue Operators Grant Applicants
U.S. Small Business Administration
The U.S. Small Business Administration is announcing a call to all eligible Shuttered Venue Operators Grant (SVOG) applicants seeking economic aid for live entertainment small businesses, nonprofits, and venues. New applications will be accepted until 11:59 p.m. PT on Friday, August 20, 2021. The SVOG program has so far awarded $8.4 billion in grants to more than 10,800 … [More]
Vaccine Mandate: Half of Arizona Employees Think It Should Be Mandatory to Disclose Your Vaccine Status at Work, Reveals Poll
inbusinessPHX.com
Although there is no legal obligation to share your vaccination status with everyone who may ask, this information might be required in certain circumstances. In a similar way that schools ask for details about childhood vaccinations, companies might inquire about employees’ vaccine status as a matter of health and safety for other people who work in the workplace. Even though … [More]
CPI for All Items Rises 0.5% in July; Shelter, Energy, Food, New Vehicle Indexes Rise
U.S. Bureau of Labor Statistics
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.5 percent in July on a seasonally adjusted basis after rising 0.9 percent in June, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 5.4 percent before seasonal adjustment. The indexes for shelter, food, energy, and new vehicles all increased in July … [More]
The U.S. Serious Delinquency Rate Fell to Lowest Level since June 2020
CoreLogic
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report for May 2021. For the month of May, 4.7% of all mortgages in the U.S. were in some stage of delinquency (30 days or more past due, including those in foreclosure), representing a … [More]
Small Business Optimism Dips in July as Labor Shortage Remains Biggest Challenge
NFIB
The NFIB Small Business Optimism Index decreased in July to 99.7, a decrease of 2.8 points, reversing June’s 2.9-point gain. Six of the 10 components declined, three improved, and one was unchanged. The NFIB Uncertainty Index decreased seven points to 76, indicating owners’ views are held with more certainty than in earlier months. “Small business owners are losing … [More]
Small Business Labor Shortage Hits New Record in July
NFIB
Small business owners reported a record high reading of unfilled job openings with 49% of owners reporting job openings they could not fill in July, according to NFIB’s monthly jobs report. Unfilled job openings have remained far above the 48-year historical average of 22%. “Small business owners struggled to find qualified workers for their open positions, which … [More]
BetMGM Expands into Arizona, Partnering with Gila River Hotels & Casinos, Arizona Cardinals
inbusinessPHX.com
BetMGM announced today partnerships with Gila River Hotels & Casinos and the Arizona Cardinals for retail and online sports betting, establishing its first relationships in the state of Arizona. BetMGM plans to bring its industry leading platform online once legalized sports betting launches in Arizona. The company also plans to open retail sportsbooks at the three Arizona … [More]
Invest Southwest Announces 25 Presenting Company Finalists for 2021 Venture Madness Capital Conference & Pitch Competition
Invest Southwest
Invest Southwest today announces the Presenting Company finalists selected for the 2021 Venture Madness competition, in partnership with the Arizona Commerce Authority. Venture Madness is Arizona’s longest running venture capital conference and pitch event, and joins Arizona Bioscience Week and UNMET Arizona, also hosting events that week at the Phoenix Biomedical Campus at … [More]
U.S. Jobless Claims Hit 385K, Remain Low as Delta Surges
U.S. Department of Labor
In the week ending July 31, the advance figure for seasonally adjusted initial claims was 385,000, a decrease of 14,000 from the previous week's revised level. The previous week's level was revised down by 1,000 from 400,000 to 399,000. The 4-week moving average was 394,000, a decrease of 250 from the previous week's revised average. The previous week's average was revised down … [More]
Leadership Development Groups Commit to Developing Shared Curriculum on Racial Justice
inbusinessPHX.com
A collective of leadership development organizations that work across the state have agreed to develop a shared curriculum focused on racial justice and equity. The result stems from a year of conversations spurred on by the pandemic, the murder of George Floyd and many other people of color and the subsequent unrest and increase in hate crimes across America. … [More]
Arcis Golf Acquires Arizona-based Mickelson Golf Properties
Arcis Golf
Arcis Golf, the second largest and fastest-growing owner and operator of golf facilities in the United States, has acquired six Mickelson Golf Properties from professional golfer and World Golf Hall of Fame legend Phil Mickelson and his business partner, Steve Loy. The transaction closed today, and Arcis Golf assumes operations on Tuesday, August 3. The six properties … [More]
Banner|Aetna to Enter the Affordable Care Act Marketplace in Arizona
Banner|Aetna
Banner|Aetna, a joint venture owned by Banner Health and Aetna/CVS, will offer health insurance plans to residents of Maricopa, Pinal and Pima counties through Arizona’s individual marketplace (also known as the Exchange) effective January 1, 2022. Previously, the insurer marketed health benefit plans exclusively to employers in the state. With this announcement, … [More]
City of Phoenix Provides Millions in Rental Assistance, Ramps Up Efforts to Get Additional Funds to Residents More Quickly
City of Phoenix
Human Services It's a story playing out in homes across our community. Five months into the COVID-19 pandemic, a Phoenix woman lost her job. Finding a new job was challenging. With five kids at home, all trying to do remote learning since their schools were closed made it even more difficult. After several months, the unemployment benefits were not enough to cover … [More]
Record-Breaking $145.7 Billion in Contracting Awarded to Small Businesses
U.S. Small Business Administration
The U.S. Small Business Administration announced that the federal government exceeded its small business federal contracting goal, awarding 26.01 percent or $145.7 billion in federal contract dollars to small businesses, a $13 billion increase from the previous fiscal year. “Despite the fact that it’s been an extremely challenging year for small businesses, the SBA is proud … [More]
Battery Cell Tech Co. Selects Arizona Site for One Million-Square-Foot Lithium-Ion Battery Manufacturing Facility
KORE Power
KORE Power, Inc. announced the first lithium-ion battery manufacturing facility wholly owned by a U.S. company will be built in Maricopa County. The one million square foot manufacturing facility, dubbed the KOREPlex, will support up to 12 gigawatt hours (GWh) of battery cell production to ensure a reliable and independent U.S. supply chain for lithium-ion battery cells that … [More]
