In the week ending August 14, the advance figure for seasonally adjusted initial claims was 348,000, a decrease of 29,000 from the previous week's revised level. This is the lowest level for initial claims since March 14, 2020 when it was 256,000. The previous week's level was revised up by 2,000 from 375,000 to 377,000. The 4-week moving average was 377,750, a decrease of … [More]
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New Report Highlights Cities That Saw the Largest Median Home Price Increases in 2021
Credible
Credible, a multi-lender marketplace that empowers consumers to discover financial products best fit for their unique circumstances, and real estate brokerage HouseCanary partnered on a report that found the top 25 metropolitan statistical areas (MSAs) in the U.S. with the highest median home price change from December 2020 to June 2021. According to HouseCanary’s data … [More]
In Less Than Two Weeks, PPP Forgiveness Portal Surpasses Expectations, Accepts More Than 340K Submissions
U.S. Small Business Administration
Since the opening of the Paycheck Protection Program (PPP) Direct Borrower Forgiveness Portal on August 4, the U.S. Small Business Administration has received more than 340,000 submissions from borrowers with PPP loans of $150,000 or less, highlighting Administrator Isabella Casillas Guzman’s priority of rushing relief to the smallest of small businesses and far exceeding … [More]
Water: Phoenix’s Response to Drought and How It Impacts the City
City of Phoenix
The United States Bureau of Reclamation declared the first-ever Tier 1 Shortage on the Colorado River, beginning in January 2022. This shortage comes as a result of persistent declines in Colorado River flows as a result of long-term drought conditions, over allocation of available river resources, and … [More]
Phoenix Mayor Joins Business Leaders to Call for Bold Action and Investment in EV and Transportation Infrastructure
inbusinessPHX.com
Phoenix Mayor Kate Gallego joined business leaders to call for modernizing the transportation sector by investing in advanced vehicles and transportation infrastructure, as well as expanding electric vehicle (EV) tax incentives. At the press conference hosted by the Arizona Technology Council, Mayor Gallego and other clean-vehicle advocates urged Congress to pass a budget … [More]
Phoenix Leads List of 2021 Best Places to Live in the U.S. Based on Predictable Weather
Intellovations
Following what many would consider the most unpredictable year on record, Intellovations has decided to announce its list of the Best Places to Live based on predictable weather, featuring 20 cities and towns where you can count on the forecast no matter what other disruptions you may be dealing with. Intellovations’ No. 1 pick for Best Places to Live this year is … [More]
New Census Data Shows Record Growth in Maricopa Region: Get Easy-to-Use Tools to Access Local 2020 Census Results
Maricopa Association of Governments
Phoenix is now the fifth largest city in the country. Buckeye grew faster than any other city in the nation. Maricopa County added more residents than any other county in the country. Other regional highlights in the newly released data from the U.S. Census Bureau include: Queen Creek has the highest population growth (126%) and housing growth (129%) in the state by … [More]
Latest Arizona Business Index Released, Consumer Economic Optimism Grows
Greater Phoenix Chamber
The Greater Phoenix Chamber recently released the Q2 Arizona Business Index™ (ABI™), powered by OH Predictive Insights (OHPI). The study measures and interprets the health of the Arizona economy from the perspective of the Arizona consumer. “It’s encouraging to see a growing consumer sentiment and economic optimism,” said Todd Sanders, president and CEO, Greater Phoenix … [More]
Facebook to Kick Off $800M Phoenix-Area Project
by Barbra Murray
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]
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]
