VAI Global Development announced the results of the updated, comprehensive Economic Impact Analysis conducted by Applied Economics for VAI Resort. It highlights the positive contributions that VAI Resort will make to the thriving Glendale community. The updated Economic Impact Analysis underscores the substantial economic benefits that VAI Resort is expected to bring to the … [More]
Black Women Helping Close the Gender Gap as the Fastest Growing Group of Entrepreneurs, Says Report
According to a new report from GoDaddy's Venture Forward research initiative, Black women remain the fastest-growing group of entrepreneurs, more than doubling since August 2019. Black women total 10% of total entrepreneurs surveyed for the latest report, representing a 70% increase in the number of Black women-owned businesses started prior to the pandemic. Overall, … [More]
October Shows a Slow Start to the Quarter, but Metro Area Still Outperforming National Home Sales Trends
Fourth quarter of 2023 started slow with pending sales down 30.6% from last October, according to the latest data from Phoenix REALTORS. Year-to-date, closed sales are down 17% from the same period the previous year. The numbers follow seasonal trends typical for this time of year, as real estate activity decreases approaching holiday months. "The Phoenix metropolitan area is … [More]
Rent Remains High with More Properties Offering Incentives, Especially Phoenix
New construction surge prompts landlords and property managers to provide more perks
Rental concessions—offers meant to entice tenants, such as free months of rent or free parking—are at their highest level in more than two years despite strong renter demand, Zillow's latest data shows. That's because property managers are now likely competing for tenants, as new, primarily upscale buildings from the recent construction boom enter the rental … [More]
New Data Shows Arizonans Are Less Content and Volunteer Less, Yet Want to Engage in Solutions
Highlighting gaps in civic health ahead of a critical election year
Center for the Future of Arizona (CFA), a nonpartisan, nonprofit organization committed to bringing Arizonans together to create a stronger and brighter future for the state, releases new data highlighting Arizona's need for improved civic engagement in partnership with the Arizona Center for Civic Leadership at The Flinn Foundation. As it stands, Arizona ranks … [More]
Small Business Employees Report 50% Higher Levels of Satisfaction at Work
A new report released by the BambooHR Employee Happiness Index shows employee satisfaction at work continues to erode in the third quarter of 2023 except among employees working at America’s smallest companies who are the happiest in the nation. As reported yesterday by Axios, the study finds scores around, “happiness at work remain relatively high among small business … [More]
Post-Pandemic Dining Traffic Stabilizes in American Downtowns, Phoenix Near 2019 Levels
Square released the latest edition of its quarterly Restaurant Industry Report, which uses data across Square’s food and beverage sellers to examine dining trends and shifts in both consumer spending and restaurant wages. As restaurants continue expanding their offerings to include meal kits, branded merchandise, and more, some eateries are now offering prix fixe … [More]
Inflation and Labor Struggles Continue to Hinder the Small Business Economy
The Small Business Economic Trends survey shows small business owners are not feeling optimistic in the current economic environment. The Optimism Index decreased 0.1 points in October to 90.7, marking the 22nd month below the 50-year average. The last time the Optimism Index was at or above the average was December 2021. “This month marks the 50th anniversary of NFIB’s … [More]
More Than One-Third of Home Sellers Are Giving Concessions to Buyers
Sellers are handing out freebies to woo buyers, who have become increasingly likely to back out of deals as mortgage rates have climbed
Home sellers gave concessions to buyers in 35% of U.S. home sales during the three months ending Oct. 31, according to a new report from Redfin, the technology-powered real estate brokerage. That’s little changed from 35.9% one year earlier but up from 27.6% two years earlier. This is according to data submitted by Redfin buyers’ agents across the country, going back through … [More]
Metro Phoenix Office Market Posts 14-Year Largest Negative Net Absorption
Large Tenant Move-Outs Overwhelm Market as Leases Expire Following Pandemic
Third quarter brought the largest level of negative net absorption in 14 years to the Greater Phoenix office market, according to a report released by Colliers in Arizona. Multiple full-building vacancies impacted the market during third quarter, resulting in -1.16 million square feet of net absorption. Third quarter, similar to first quarter 2023, brought multiple large … [More]
Lunch Breaks Are on the Decline, According to Second Annual Lunch Report
Report illustrates why skipping lunch is bad for business and how employers can use lunch breaks to motivate teams
Despite the surge in trends like "bare minimum Mondays" and the "four-day work week,” more people are working through lunch, according to new data released today from ezCater, the most trusted provider of corporate food solutions. The company’s second annual Lunch Report found that workers are 40% more likely to say they never take a lunch break than they were just a year ago. … [More]
A Record Share of Home Sellers Drop Prices as High Rates Cut into Buyers’ Budgets
Budgets are getting some relief right now, with daily average rates dropping considerably over the last week, from 8% to 7.5%.
Nearly 7% of for-sale homes posted a price drop during the four weeks ending October 29, on average, the highest portion on record. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. The record comes as mortgage rates hover at elevated levels, hitting their highest level in 23 years last week and cutting deep into … [More]
Almost a Third of Homes for Sale Are New Construction – the Highest Share of Any Third Quarter on Record
New builds are taking up a growing share of the pie as builders attract buyers with concessions, and surging mortgage rates prevent existing homeowners from selling
Nationwide, 30.6% of U.S. single-family homes for sale in the third quarter were new construction, according to a new report from Redfin, the technology-powered real estate brokerage. That’s the highest share of any third quarter on record and up from 28.9% one year earlier and 25% two years earlier. Newly built homes have taken up a growing share of for-sale housing … [More]
Curb Fraud Vulnerabilities – Take Control of Payments Processes
Incidents of payments fraud continue to increase as fraudsters take advantage of the digitization of work, shopping and general operations and communications. Despite growing attacks and attempts on digital payments — ACH debits and credits, wires, virtual cards, mobile wallets and cryptocurrency — the payments most vulnerable to fraud continue to be a more traditional method … [More]
Private Sector Addressing Arizona’s Homelessness Crisis with Arizona Housing Fund
Bank of America executive Howard Epstein established the Arizona Housing Fund (AZHF) in 2019 to provide a simple way for corporations, foundations, and individuals to fund more permanent, supportive, and affordable housing. After decades of serving on nonprofit boards working to address the growing issue of homelessness, it was clear government could not do it alone. It would … [More]
Arizona Ranks 11th among the Worst States for Healthcare, Says Study
Accessing affordable, high-quality healthcare is a challenge for Americans nationwide. In fact, nearly one third of Americans lack access to primary care and more than one third of Americans (38%) say they or a family member postponed medical treatment in 2022 due to cost, according to recent reports from the National Association of Community Health Centers and … [More]
Home Values Start to Slip as Market’s Summer Heat Fades, Phoenix Inventory Down 38%
Home values took an uncharacteristic step down in September, albeit a small one, according to the latest Zillow® market report. Competition is easing faster than normal this fall as buyers contend with the highest mortgage rates in more than 22 years. "Mortgage rates approaching 8% are taking the wind out of the market's sails, pushing monthly mortgage payments beyond many … [More]
Small Business Optimism Dips in September as Inflation Remains Top Problem
Owners are pessimistic about future business conditions
The NFIB Small Business Optimism Index decreased half of a point in September to 90.8. September’s reading marks the 21st consecutive month below the 49-year average of 98. Twenty-three percent of owners reported that inflation was their single most important problem in operating their business, unchanged from last month and tied with labor quality as the top … [More]
