The U.S. labor market showed no signs of letting up in June, as companies created far more jobs than expected, payroll processing firm ADP reported Thursday.Private sector jobs surged by 497,000 for the month, well ahead of the downwardly revised 267,000 gain in May and much better than the 220,000 Dow
A year after the CrackerJax amusement park closed down in north Scottsdale, a conceptual site plan to redevelop the park has been submitted to the city. Billionaire George Kurtz, the co-founder and CEO of cybersecurity company CrowdStrike, and one of the wealthiest people in Arizona, acquired the nearly 28 acres
This month, 1851 is taking an in-depth look at ALEC-Laffer’s 16th annual “Rich States, Poor States” Economic Competitiveness Index and how it can be useful to franchisors as they expand their footprints. The report ranks all 50 states based on two criteria: 1) Economic Outlook, a state’s current
Ryan Cos. broke ground on One Scottsdale Medical, a 105,715-square-foot medical office building at Scottsdale Road and Thompson Peak Parkway in Scottsdale.The two-story structure, which is on the 120-acre One Scottsdale mixed-use development, is 80% pre-leased, with California-based City
Private sector employment increased by 497,000 jobs in June and annual pay was up 6.4 percent year-over-year, according to the June ADP® National Employment ReportTM produced by the ADP Research Institute® in collaboration with the Stanford Digital Economy Lab. The jobs report and pay insights
A new mixed-use project with housing, an inpatient rehabilitation hospital and commercial is planned for a 45-acre infill property along Interstate 10. The project, called The District at Crystal Springs, will be developed at the southwest corner of McDowell Road and Avondale Boulevard in Avondale, a growing
Blandford Homes won the bid on a 115-acre prime piece of state-owned land in Mesa, paying $37.85 million. The parcel near Hawes and Warner roads is part of the 1,200-acre Hawes Crossing community. Blandford plans to build 450 to 525 houses on the site, with model homes opening in
About 5 million people have moved to Phoenix since 2000, per a new analysis from Axios’ Kavya Beheraj and Alex Fitzpatrick. Details: Though the majority of them have been white, the city has become increasingly diverse. For example, the Valley saw a 95% increase in Hispanic residents from 2000 to
A chipmaker will send temporary workers to Phoenix to help build a massive factory while the state and city pledge to extend a major road near the site. Taiwan Semiconductor Manufacturing Company, known as TSMC, plans to send hundreds of temporary workers to Arizona to speed up construction
It’s no secret that metro Phoenix is ground zero for the popular build-to-rent sector that features detached, single-story rental homes that are part of communities with amenities. Now, local developers are adding sustainability to the mix to make those BTR projects more attractive to renters, by
In May, the average length of time that a rental unit sat empty fell to 26 days, the shortest duration since August 2022, according to a Marcus & Millichap report. It also noted that new lease applications per unit increased in the last two months, and the velocity of lease renewals
The retail property sector has enjoyed a Goldilocks period of sorts over the past two and a half years, as demand has been strong enough to push available space to the lowest level in nearly two decades — but not so strong it elicits a surge of new development. While the strength of future demand
Four years after announcing its plans for a data center campus in the Valley, Dallas-based Stream Data Centers is moving forward with developing 2 million square feet of new space in Goodyear.The company initially purchased about 160 acres including an existing warehouse facility with
Phoenix announced its plan for legalizing backyard casitas, duplexes and triplexes in an effort to combat Arizona’s affordable housing shortage. City officials shared the information to a subset of City Council members at a public meeting June 28. It was the first time officials shed light on the policy, which
A record one-quarter (25.4%) of homebuyers nationwide are looking to move to a different metro area, according to a new report from Redfin, the technology-powered real estate brokerage. That is up from 23% a year ago and less than 20% before the pandemic. And Phoenix is the top
Despite continued economic uncertainty, multifamily rents have continued to increase through the first half of the year due to the demand created by strong job growth and new household formations, according to a new outlook from Yardi Matrix. “We anticipate that rents will continue to increase
For those who have been worried about the banking system, the Federal Reserve brings news of its “annual bank stress test, which demonstrates that large banks are well positioned to weather a severe recession and continue to lend to households and businesses even during a
Retailers, developers and leasing agents who attended the ICSC LAS VEGAS 2023 conference in May left the show cautiously upbeat about the state of retail. It was only the second consecutive gathering since the pandemic shut down the annual show in 2020 and 2021, and many brands made known their intent to remain in expansion mode, especially fast-casual
The growth plans of the nation’s foremost retail tenants vary wildly, according to Northmarq’s second-quarter report, The Top 100 Tenant Expansion Trends. The report first reviews the S&P and Moody’s credit ratings for these top 100 tenants. It then reviews 14 categories of retail tenants: Apparel; Automotive;
With an estimated 43.2 million drivers expected to hit the open road for the Fourth of July, according to AAA, the national average for a gallon of gas registered a four-cent decrease since last week, bringing the total average to $3.54 — just 40 cents less than the Arizona average
The city of Phoenix is taking major steps toward growing and revitalizing the area in and around downtown with a proposed entertainment district and expanded central business district. Last year, the city restarted conversations for an expansion and renovation of the Phoenix Convention Center south
Anyone reading commercial real estate retail headlines in 2023 can be forgiven for potential mixed-message confusion. On the one hand, there is continuous talk about retail bankruptcies following that of Bed, Bath & Beyond in April. Yet other reports classify retail investments
Ryan Cos. has broken ground on One Scottsdale Medical, a 101,136-rentable-square-foot medical office building in Scottsdale, Ariz. The facility has a completion date set for the third quarter of 2024. The company purchased the development site in July 2022 from One Scottsdale Core for $8.8 million, according to
The US economy expanded at a much faster pace in the first three months of the year than previously estimated, the Commerce Department reported on Thursday. Gross domestic product, the broadest measure of economic output, rose by an annualized rate of 2% in the first quarter, up from the second
The current environment of higher interest rates and decreasing valuations tends to open the door to negative media headlines. One such headline, “Recourse Only: Investor’s Worst Fear,” explained that more lenders are pushing more recourse loans. This, in turn, is causing fear among investors, developers and