Builders obtained permits to construct 13 multifamily housing units for every 10,000 people in the U.S. year to date, down nearly 30% from an average of 18 during the same periods in 2021-2023, immediately following the pandemic. That’s according to a new report from Redfin, which analyzed Census Bureau data
Arizona’s aerospace industry has long been a critical sector for the state, with the Aeronautical Repair Station Association ranking Arizona among the top two for aviation maintenance economic activity. While Greater Phoenix and Tucson are home to many companies in the sector, Pinal County has seen a recent
Phoenix-based Arizona Land Consulting has proposed a new mixed-use project across 72 acres in Buckeye that’s part of an overall master plan called Copper Falls. A general plan amendment was approved by the city of Buckeye for the 72 acres in June, paving the way for a development comprising
Virgin Galactic Holdings announced the completion of its new spaceship manufacturing facility in Mesa, where final assembly of its next-generation Delta spaceships is scheduled to take place starting in Q1 2025. An initial team of Virgin Galactic technical operations and manufacturing
Retail sales increased in June compared to last year, signaling that the economy is “still solid” and that inflation is cooling. Core retail sales (excluding restaurants, automobiles and gasoline) rose 0.3% month-over-month in June and were up 3.07% year-over-year, according to the CNBC/NRF Retail Monitor
Scottsdale Quarter is embarking on a redevelopment project that will bring Jeni’s Splendid Ice Creams, Williams Sonoma and more to the luxury outdoor mall. Why it matters: As older Valley malls face demolition, high-end and open-air shopping centers are thriving. The big picture: Scottsdale Quarter is revamping
Toll Brothers Inc. has submitted an application to the city of Scottsdale to bring luxury townhomes within the Cavasson development. The project, aptly called Toll at Cavasson, would bring 136 luxury units on an 11.27-acre site to Cavasson, a nearly 135-acre mixed-use development near the northwest
In the last decade, what was once a sleepy suburb has hosted two Super Bowls, four NASCAR Championship Weekends, a men’s college basketball Final Four, the College Football Playoff National Championship, a Jake Paul fight, two classic UFC events, the Rolling Stones and Taylor Swift — twice. Welcome to the West
Metro Phoenix continues to exhibit relatively mild inflation, with consumer prices here rising 2.7% over the 12 months through June, the U.S. Bureau of Labor Statistics reported. Nationally, inflation over the past 12 months rose at a 3% pace, kept at bay, in part, by lower gasoline prices. Only Houston (2.1%) and
San Francisco Federal Reserve Bank President Mary Daly said Thursday that she now supports cutting interest rates. “With the information we have received today, which includes data on employment, inflation, [gross domestic product] growth and the outlook for the economy, I see it as likely that some
New listings climbed 15.8% in the Metro Phoenix residential real estate market for the first half of 2024 compared to last year, based on the latest data from Phoenix REALTORS®. The month-over-month median sales price was up just 1.5%. Days on the Greater Phoenix market dropped over 11% for the year’s first half. “It’s
Prominent Phoenix developers Craig Krumwiede and David Krumwiede share a few major similarities. The brothers pursued lifelong careers in real estate, following in the footsteps of their father, and have both built major multimillion-dollar projects across the Valley, where they grew up. Although Craig, 68, and David, 62
Grocery giants Kroger and Albertsons Cos. have identified the nearly 600 stores they plan to divest to try to appease and finally win federal approval for their stalled $24.6 billion merger, the biggest deal of its kind in U.S. history. Kroger, the nation’s largest supermarket chain, and its fellow
Price increases slowed more sharply than expected in June, adding to evidence that high inflation has subsided and potentially clearing the way for the Federal Reserve to lower interest rates that affect everything from mortgages to credit card payments. The Consumer Price Index rose 3% year over year in June, slower
The CRE market appears to be moving forward “slowly and cautiously,” according to the LightBox Monthly CRE Activity Index, which rose in June for the fourth consecutive month. The index is intended to help participants identify inflection points in the market on the aggregate
Kroger and Albertson’s released the list of stores the companies plan to sell Tuesday, should a merger between the grocery giants be approved by regulators.The list outlines the 579 stores that will be transferred from the merging companies to C&S Wholesale Grocers along with six distribution centers and one dairy plant…»
In testimony before the U.S. Senate Banking Committee Tuesday, Federal Reserve Chair Jerome Powell suggested that the nation’s central bank may soon determine the time has come to begin lowering the federal funds rate. The Fed has maintained the key interest rate in a range of 5.25% to 5.5% since the July meeting
Federal Reserve Chair Jerome Powell offered hints to Congress that the central bank is getting closer to lowering its key borrowing rates as it looks beyond taming inflation, though it still wants to see more progress on the pricing front before committing to rate cuts. “Elevated inflation is not the only
After years of delays, the Ritz-Carlton Paradise Valley is expected to be completed by the end of 2024, with an official opening date coming soon. The project features 80 villas, 32 estate homes and a resort with 215 rooms. The sold-out villas, which range from 1,700 to 4,800 square feet, are beginning to be
Semiconductor manufacturing is on a roll, and Arizona is grabbing a significant piece of that vital industry along with national recognition of its role. The latest indication: A major industry trade show will be held in Phoenix on a rotating basis starting in 2025, after 50 consecutive years in San Francisco
Despite a pandemic construction boom, the U.S housing shortage grew to 4.5 million homes in 2022, up from 4.3 million the year before, according to a new analysis from Zillow. This deepening housing deficit is the root cause of the housing affordability crisis. In Metro Phoenix, the
Industrial property values have risen steadily over the decade and continue to grow in 2024 despite normalized demand and reduced transaction volumes due to high interest rates, according to the latest CommercialEdge report.The average national sale price of industrial properties reached $142 per square foot as
Phoenix has seen a second consecutive quarter with construction cost increases of less than 1%.A report from Phoenix-based Rider Levett Bucknall, a construction advisory, cost and project management firm, found Phoenix came in below national averages for cost increases, experiencing a 0.94% spike
While supply continues to garner the lion’s share of apartment industry-focused headlines, there’s an equally remarkable demand surge brewing across the country. In fact, the impressive demand reading in year-ending 2nd quarter 2024 may be difficult to overstate. Some 390,000 apartment units
The commercial real estate industry has been trying to sort out, and lobby for, where things are going. Goldman Sachs said office markets, maybe the most rattled part of CRE, have bottomed. Price increases could also indicate the start of a bottom according to a CoStar report. Then again, private CRE