ASU to Launch Medical School
The Arizona Board of Regents has asked Arizona State University to expand medical education in Arizona by launching a new medical school, one charged with addressing the significant and growing health care needs of the state. The new ASU School of Medicine and Advanced Medical Engineering will integrate clinical medicine, biomedical science and engineering, joining […]
Phoenix Is the Top Metro for Build-to-Rent Construction
Single-family rentals are booming across the U.S., with 45,000 new homes for rent built in the last 5 years. Out of these, an all-time high of 14,541 new homes were completed in 2022 alone — and this trend isn’t showing signs of slowing down one bit. Our new build-to-rent report maps the construction of build-to-rent […]
Governor Hobbs Unveils 100-Year Study to Protect Valley Groundwater Supplies; Announces $40M Investment in Arizona Water Resiliency Fund
Last week, Governor Katie Hobbs unveiled the Phoenix Active Management Area (AMA) Groundwater Model and the Arizona Department of Water Resources’ latest study of groundwater conditions across the Phoenix metropolitan area. The groundwater model evaluates water level changes after 100 years of existing and projected pumping, and gives water managers critical information to secure Arizona’s […]
Arizona Has the 10th Best State Economy, Says Report
With California on track to overtake Germany as the world’s fourth largest economy, the personal-finance website WalletHub released its report on 2023’s Best & Worst State Economies, as well as expert commentary. In order to determine America’s top economic performers, WalletHub compared the 50 states and the District of Columbia across 28 key indicators of […]
U.S. Employers Added 339,000 Jobs in May, Defying Expectations of a Slowdown
Total nonfarm payroll employment increased by 339,000 in May, and the unemployment rate rose by 0.3 percentage point to 3.7 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in professional and business services, government, health care, construction, transportation and warehousing, and social assistance. This news release presents statistics from two monthly […]
Small Businesses Have Record High Levels of Job Openings Despite Struggle to Find Qualified Workers
According to NFIB’s monthly jobs report, 44% (seasonally adjusted) of all owners reported job openings they could not fill in the current period, down one point from April but still 20 points higher than the 49-year average reading. The percent of owners reporting labor quality as their top small business operating problem remains elevated at […]
Home Price Gains Slow to Lowest Rate on Record in May, Says Realtor.com
Home prices rose slightly in May, but price growth slowed to the lowest rate on record since 2016, suggesting home prices may not see a new peak in 2023, according to the Realtor.com Monthly Housing Trends Report released today. Additionally, home inventory growth continues to slow and is declining in many metro areas across the country […]
Industrial Construction Update: Is The Market at Risk for Oversupply?
Cushman & Wakefield has released its new Industrial Construction report, showing demand losing speed as construction completions peak, setting the stage for a return to a more balanced market. The report press release is also attached. Throughout the current industrial expansion, which began in 2012, the pipeline has often struggled to keep pace with demand […]
Investor Home Purchases Fell a Record 49% YOY in the First Quarter, Says Report
Real estate investors purchased 48.6% fewer homes in the first quarter of 2023 than they did a year earlier as elevated interest rates along with declining rents and housing values ate into potential profits, according to a new report from Redfin, the technology-powered real estate brokerage. That’s the largest annual decline on record, and outpaced […]
Three Innovative Phoenix Biotech Businesses Secure Spot at 2023 BIO International Convention
Phoenix-based start-ups ElectraTect, FAKnostics, and Reference Medicine are among the 50 global companies selected to participate in the highly acclaimed Start-Up Stadium at the 2023 BIO International Convention. This unique platform provides seed-stage companies with an invaluable opportunity to interact with influential investors and receive feedback that will contribute to their journey toward success. Competing on the Start-Up Stadium stage opens […]