Paradise Valley estate sells for $40.24M, breaking Arizona luxury real estate record (Bizjournals.com)

Arizona’s luxury housing market reached a new milestone as a Paradise Valley estate sold for a record $40.24 million in an all-cash transaction, reinforcing the state’s growing appeal to ultra-high-net-worth buyers. J. Andrew Turley said the sale reflects increasing momentum for properties above $30 million and highlights Arizona’s continued rise as one of the nation’s premier luxury real estate destinations, supported by sustained wealth migration and strong long-term market fundamentals.

Dream Team: Why Berkshire, Taylor Morrison can win at homebuilding (Bizjournals.com)

Berkshire Hathaway agreed to acquire Scottsdale-based Taylor Morrison in an $8.5 billion transaction, highlighting strong long-term confidence in both the homebuilder and the U.S. housing market. Taylor Morrison will continue operating under CEO Sheryl Palmer, with Berkshire’s capital strength expected to support future growth and expansion across its national platform. Industry analysts view the acquisition as a strategic investment that positions the company to capitalize on the next phase of the housing cycle.

Scottsdale-based developer secures $141M for 14-story luxury tower (Bizjournals.com)

Scottsdale-based The Hampton Group secured $141 million in construction financing for IKONIC Scottsdale, a 14-story, 245-unit ultra-luxury apartment tower planned near Scottsdale Road and Bell Road. The project, expected to open in 2028, will feature high-end amenities and residences designed to capitalize on continued demand for luxury multifamily housing in North Scottsdale. The financing package, led by Bank OZK and Related Fund Management, underscores ongoing investor confidence in the Phoenix metro’s upscale residential market and long-term growth prospects.

Microsoft spends $130M on Goodyear land to expand West Valley data center footprint (Bizjournals.com)

Microsoft expanded its West Valley data center footprint with a $130 million acquisition of 100 acres in Goodyear, bringing its holdings in the area to nearly 250 acres and roughly 800 acres regionwide. The purchase reinforces Greater Phoenix’s position as one of the nation’s leading data center markets, where Microsoft has invested approximately $473 million in land acquisitions since 2018. Continued hyperscale growth is also prompting local governments to modernize zoning regulations as data center and energy infrastructure development accelerates across the region.

Cotality: US home-price growth holds steady despite jump in interest rates (Houston Agent Magazine)

U.S. home prices remained in a holding pattern in April, with annual appreciation steady at 0.4% and the median home price rising to $417,450, according to Cotality. Despite higher mortgage rates dampening the spring buying season, the firm forecasts 5.3% home-price growth over the next 12 months, signaling confidence in the market’s long-term trajectory. Growth remains highly localized, with stronger performance concentrated in markets benefiting from robust job creation, rising incomes and substantial homeowner equity.

Paradise Valley estate with giant basement entertainment zone listed for $11.975M (Bizjournals.com)

Aspen Dev Co. has listed its fourth Paradise Valley luxury spec home for $11.975 million, adding a newly built 10,533-square-foot estate featuring a 3,000-square-foot entertainment basement and resort-style wellness amenities. Despite elevated luxury inventory levels, recent sales activity has improved, with J. Andrew Turley noting that Paradise Valley’s housing supply has declined from 10 months to 8.18 months over the past year as affluent in-migration continues to support demand. Turley expects Arizona’s luxury market to remain on a long-term growth trajectory, driven by sustained wealth creation, population growth, and continued investment in the regional economy.

Arizona to lead Southwest regional hub for chip industry workforce consortium (Bizjournals.com)

Arizona will lead the new NNME Southwest consortium, a multi-state semiconductor workforce initiative designed to align education, training, and career pathways with the rapidly growing needs of the microelectronics industry. Led by the Arizona Commerce Authority, the coalition includes major employers such as TSMC, Intel, Amkor, Micron, Applied Materials, and RTX, and could receive up to $20 million in funding over five years. The effort positions Arizona at the forefront of addressing a projected national shortage of up to 157,000 semiconductor workers by 2030, further strengthening the state's role as a premier U.S. semiconductor and advanced manufacturing hub.

LA designer lists $15.8M Paradise Valley estate, her second project in the area (Bizjournals.com)

Los Angeles designer and developer Erinn Valencich has listed her second Paradise Valley luxury estate for $15.8 million, continuing a growing trend of nationally recognized design talent relocating and investing in Arizona’s high-end housing market. The newly completed 9,126-square-foot residence follows the successful sale of her first Paradise Valley project for $12.3 million earlier this year and reflects sustained demand for bespoke luxury homes. J. Andrew Turley noted that Valencich’s distinctive design approach and relocation to Arizona further strengthen the Valley’s reputation as one of the nation’s premier luxury residential markets, attracting top architects, designers, and developers.

Buyers maintain advantage as housing market shows early signs of shift (Phoenix Agent Magazine)

The U.S. housing market remains tilted toward buyers, but new data from Redfin, Realtor.com, and Zillow suggest that buyer leverage is beginning to stabilize rather than strengthen. Rising inventory, fewer bidding wars, and a four-year low median down payment of $23,400 have improved affordability, while active listings climbed to 1.3 million homes nationwide. Despite elevated mortgage rates, buyer activity is gradually improving, signaling a housing market that is becoming more balanced rather than continuing to soften.

Amkor buys 67 acres in Peoria for future expansion as $7B chip facility takes shape (Bizjournals.com)

Amkor Technology expanded its Arizona footprint by purchasing 67 additional acres in Peoria’s Innovation Core for $32 million, securing land for future growth alongside its $7 billion semiconductor packaging and testing campus currently under construction. The 2.3 million-square-foot facility is expected to create 3,000 jobs, support chips produced at TSMC’s nearby Phoenix fabs, and serve as a cornerstone of the region’s rapidly growing semiconductor ecosystem. The expansion underscores continued confidence in Greater Phoenix as a strategic hub for advanced manufacturing, supply chain resiliency, and long-term economic development.

Zombie Foreclosure Rates by State – Q2 2026 (Attomdata.com)

ATTOM’s Q2 2026 report shows that zombie foreclosures remain a very small component of the U.S. housing market, representing just 3.4% of properties in foreclosure and only 8,312 homes nationwide. Arizona performed slightly better than the national average, with zombie foreclosures accounting for 3.0% of properties in foreclosure, underscoring the state's relatively healthy housing fundamentals and continued owner occupancy. The data suggests that despite a modest increase in foreclosure activity nationally, widespread property abandonment remains limited, supported by strong homeowner equity positions, ongoing housing demand, and generally stable market conditions.

Redevelopment of former Motorola campus gains momentum (Bizjournals.com)

Redevelopment of the former Motorola and Onsemi campus in central Phoenix gained momentum as Baker Development advanced plans for its 73-acre AZUL project, a technology-focused campus that could accommodate up to 2 million square feet of industrial, office, advanced manufacturing, or data center space. Public filings indicate NXP Semiconductors may become a tenant, adding significant credibility to the project as Phoenix continues to attract semiconductor and technology investment. The transformation of the long-vacant brownfield site represents another major step in repositioning Greater Phoenix as a leading hub for advanced manufacturing, data infrastructure, and semiconductor innovation.

California electrical contractor to open regional headquarters in Chandler (Bizjournals.com)

California-based Rosendin Electric, the nation’s largest employee-owned electrical contractor, acquired a 100,622-square-foot Chandler office building for $17.7 million and plans to invest an additional $25 million in renovations for its new Mountain West regional headquarters. Scheduled to open in early 2027, the facility will initially house about 260 employees with capacity for 400 workers, supporting engineering, technology, BIM, analytics, and training operations. The expansion reflects continued growth driven by Arizona’s booming semiconductor, data center, and advanced manufacturing sectors, further reinforcing the East Valley’s role as a major employment and business hub.

Phoenix moves up in national ranking of best sports cities amid venue boom (Bizjournals.com)

Phoenix climbed to No. 8 among the nation’s Best Sports Cities, up from No. 10 in 2023, driven by its unmatched concentration of sports venues, major event hosting, and continued investment in sports infrastructure. The region is set to host high-profile events including the 2027 NBA All-Star Weekend and multiple national championships, while more than 123 hotel projects and ongoing venue development support future growth. With 35.5 million event attendees over the past eight years and one of the country’s strongest sports-business ecosystems, Phoenix continues to strengthen its position as a premier destination for sports, tourism, and economic development.

One Scottsdale moves closer to adding hundreds of condos as commercial space shrinks (Bizjournals.com)

One Scottsdale moved closer to adding 350 luxury for-sale condominiums after the Scottsdale Planning Commission unanimously recommended approval of a plan to replace 1.3 million square feet of planned commercial space with residential development. If approved by City Council, the 126-acre mixed-use project will grow to 2,350 residential units, reflecting continued demand for high-end housing and a broader market shift away from office development. The proposal underscores the strength of Scottsdale’s luxury residential sector as developers adapt to changing post-pandemic real estate trends and population growth.

TSMC to deploy $20B into Arizona subsidiary as chip giant expands Phoenix fab site (Bizjournals.com)

TSMC approved a $20 billion capital injection into its Arizona subsidiary as part of its expanding $165 billion Phoenix semiconductor campus, reinforcing one of the largest private investments in U.S. history. The company is accelerating development of six fabs, two advanced packaging facilities and an R&D center, with its second fab expected to begin high-volume production in 2027 and additional facilities already under construction. Despite ongoing challenges related to water, power and workforce availability, TSMC continues to expand aggressively, further cementing Greater Phoenix’s position as a global hub for advanced semiconductor manufacturing and AI-driven technology growth.

Peoria’s Amkor plant ranks as top North American economic development deal (Bizjournals.com)

Amkor Technology’s $7 billion semiconductor packaging and testing facility in Peoria was named the top economic development deal in North America by Site Selection Magazine, reflecting its scale and expected creation of approximately 3,000 jobs. The project, scheduled for first-phase completion in 2028, is becoming a cornerstone of Peoria’s 7,300-acre Innovation Core and one of the world’s largest advanced semiconductor packaging campuses. The recognition further solidifies Greater Phoenix’s position as a leading semiconductor hub and strengthens the region’s growing supply chain connection to TSMC and the broader U.S. chip manufacturing ecosystem.

Zillow files antitrust lawsuit against MRED, Compass (Phoenix Agent Magazine)

Zillow filed an antitrust lawsuit against MRED and Compass, alleging the two organizations collaborated to use MRED’s market power to pressure Zillow and other platforms into accepting private listing practices that reduce transparency for consumers. Zillow claims the agreement could significantly expand MRED’s national influence through Compass’ agent network while threatening access to key listing data feeds. The case highlights escalating tensions over private listings, consumer choice, and control of residential listing data as the industry continues to evolve.

Military drone maker relocates HQ from California to Scottsdale (Bizjournals.com)

Military drone developer Knightwerx relocated its headquarters from California to Scottsdale, positioning Arizona as the company’s base for future manufacturing, product commercialization and workforce growth. The defense technology firm plans to hire 15 additional employees over the next year and begin production of its AI-enabled Sandman tactical drone platform in the fourth quarter of 2026, with shipments expected in early 2027. The move further strengthens Arizona’s expanding aerospace and defense ecosystem as the state continues attracting high-growth technology and advanced manufacturing companies.

Existing-home sales increase annually in Phoenix (Phoenix Agent Magazine)

Phoenix’s housing market showed improving resale activity, with existing-home sales rising 9.2% year over year to 7,560 transactions, while inventory increased modestly to 25,265 listings. Mortgage rates declined from 6.81% to 6.23%, helping support buyer demand, although housing starts fell to 2,114 and average days on market increased to 85. Overall, the market continues to rebalance with greater inventory and stronger sales activity, even as new-home construction and broader economic indicators remain mixed.

Japanese firm Mitsui signs $850M cobalt deal with Yuma plant (Bizjournals.com)

EVelution Energy signed a binding five-year offtake agreement valued at approximately $850 million with Japan’s Mitsui, securing a major customer for nearly all cobalt metal production from its Yuma-area processing plant. The facility is expected to produce 33,000 metric tons of cobalt sulfate and up to 7,000 metric tons of cobalt metal annually, supporting domestic electric vehicle, aerospace and defense manufacturing. The solar-powered project strengthens Arizona’s role in building a U.S.-based critical minerals supply chain and reducing reliance on overseas processing.

Phoenix metro ranks in top 3 nationally for wealth influx as billions flow in from California, Seattle (Bizjournals.com)

The Phoenix metro ranked third nationally for wealth migration, with Maricopa County gaining $1.37 billion in net adjusted gross income (AGI) from inbound migration in 2023. Over the past 12 years, the county has attracted more than $20.4 billion in net AGI gains, driven largely by affluent households relocating from California, Washington, Illinois and other major markets. Pinal County added another $619 million in net AGI gains, reinforcing Central Arizona’s position as one of the nation’s leading destinations for population growth, investment capital and business expansion. The sustained influx of wealth provides a strong foundation for future housing demand, economic development and commercial real estate growth across the region.

Paradise Valley mansion with underground gun range, go-kart track, salon and spa lists for $40M (Bizjournals.com)

A 20,919-square-foot Paradise Valley estate featuring an underground go-kart track, private gun range, wellness center, guest residences and a 38-car garage has been listed for $40 million, highlighting continued strength in Arizona’s ultra-luxury housing market. The property was assembled and expanded over several years by its owners, who plan to develop another custom estate in Paradise Valley. The listing follows a surge in high-end home sales and reflects sustained demand for unique, amenity-rich luxury properties in the Valley’s most prestigious neighborhoods.

Phoenix metro ranks in top 3 nationally for wealth influx as billions flow in from California, Seattle (Bizjournals.com)

The Phoenix metro ranked third nationally for wealth migration, with Maricopa County posting a $1.37 billion net gain in adjusted gross income (AGI) from inbound migration in 2023. Over the past 12 years, the county has attracted more than $20.4 billion in net AGI gains, fueled largely by high-income households relocating from California, Washington, Illinois and other major markets. Pinal County added another $619 million in net AGI gains, underscoring the continued movement of wealth, population and economic activity into Central Arizona. The sustained influx of affluent households reinforces the region’s long-term outlook for housing demand, business growth and investment.

New employers, residents are redefining Phoenix's hot housing corridors (Homes.com)

Phoenix’s long-term growth outlook remains exceptionally strong as expanding employment corridors, major semiconductor investments and sustained population growth continue to drive demand for housing across the region. The metro is projected to require approximately 300,000 new housing units, with major master-planned communities emerging from Queen Creek to Buckeye and the West Valley expected to capture much of the future growth. J. Andrew Turley, president of Phoenix Valuations, noted that developable land is becoming increasingly scarce, particularly in luxury markets, while Phoenix’s diversified economy and ongoing in-migration continue to support long-term real estate demand and value growth.

Kansas City bank expands in Arizona after $2B acquisition (Bizjournals.com)

Continued population growth, corporate relocation activity, and semiconductor-driven economic expansion are attracting additional financial institutions to Arizona. Kansas City-based UMB Financial Corp. recently opened a new north Phoenix branch near TSMC's manufacturing campus and has expanded its Arizona footprint to 13 locations following its $2 billion acquisition of Heartland Financial USA. Bank leadership specifically cited the billions of dollars being invested in semiconductor manufacturing, healthcare, and related development projects throughout the north Phoenix corridor as key drivers behind the expansion. The move reflects growing confidence among financial institutions in Arizona's long-term economic outlook, particularly in areas benefiting from advanced manufacturing, technology investment, and sustained business migration.

Bidding war on French-inspired Arcadia home closes at $17.1M in cash — a record for Arcadia (Bizjournals.com)

The luxury housing market in Metro Phoenix continues to set new benchmarks, highlighted by the $17.1 million all-cash sale of a French-inspired estate on Exeter Boulevard in Arcadia. The transaction established a reported Arizona record of approximately $2,028 per square foot for a sub-one-acre residential property, underscoring the intense demand for premier luxury locations. According to luxury market expert J. Andrew Turley, location remains a primary value driver in the upper-end housing market, with affluent buyers continuing to place significant premiums on prestigious neighborhoods offering proximity to Paradise Valley, Old Town Scottsdale, major employment centers, luxury amenities, and regional transportation corridors. The sale, coupled with multiple planned estates expected to exceed $20 million along Exeter Boulevard, reflects the ongoing strength and increasing sophistication of Arizona's luxury residential market.

Mesa developer lands 40-acre hangar project at Phoenix Goodyear Airport (Bizjournals.com)

Phoenix Goodyear Airport continues to emerge as a major aviation and aerospace hub, with Mesa-based Davcon Aviation receiving approval to develop approximately 400,000 square feet of new aircraft maintenance, repair, and overhaul (MRO) hangar space across a 40-acre site. The project reflects growing demand for aviation infrastructure driven by record air travel volumes, expanding aircraft fleets, and increasing pressure on major airports such as Sky Harbor. Goodyear's strategic location, 8,500-foot runway, lower operating costs, proximity to California, and favorable desert climate position the airport to attract significant MRO activity, aircraft storage, and aviation-related employment. The development further reinforces the West Valley's expanding role in Arizona's aerospace manufacturing, maintenance, and logistics economy.

Home Sales Profits Fell Below 45 Percent for the First Time in Five Years (Attomdata.com)

Homeowner profits continued to normalize during the first quarter of 2026 as rising mortgage rates and moderating price appreciation compressed seller returns from the extraordinary levels reached during the pandemic-era housing boom. According to ATTOM, the typical home sale generated a 44.1% return on investment, marking the first time seller profit margins have fallen below 45% since 2021, although returns remain well above historical pre-pandemic norms. Despite softer profit margins, national median home prices remained stable at $360,000 and increased 3% year-over-year, reflecting a housing market that is transitioning toward more balanced conditions rather than experiencing widespread price declines.

California developer acquires former State Farm office (Bizjournals.com)

California-based Panattoni Development acquired a 25-acre former State Farm office campus in Tempe for $37.5 million and plans to redevelop the site into an advanced manufacturing and industrial employment center. The project will replace obsolete office space with more than 440,000 square feet of industrial, manufacturing, and office facilities, strategically positioned between Intel, TSMC, Arizona State University, Phoenix Sky Harbor Airport, and the Broadway Curve transportation corridor. The redevelopment reflects the continued evolution of Metro Phoenix's commercial real estate market, where older office assets are increasingly being repositioned to support semiconductor-related supply chains, advanced manufacturing, and higher-value employment uses driven by Arizona's expanding technology economy.

Australian chip startup opens Tempe facility after landing $26M from firm led by former Intel CEO (Bizjournals.com)

Australian semiconductor startup Syenta announced the opening of its first U.S. facility in Tempe following a $26 million funding round led by Playground Global, whose leadership includes former Intel CEO Pat Gelsinger. The company plans to create more than 200 high-skilled jobs while advancing next-generation semiconductor packaging technology designed to improve artificial intelligence computing performance and efficiency. Syenta’s expansion further strengthens Arizona’s rapidly growing semiconductor ecosystem, reinforcing Metro Phoenix’s position as a leading hub for advanced chip manufacturing, packaging, research, and supply-chain innovation as investment continues to accelerate around TSMC, Amkor, ASU, and related technology industries.

Boomers still buying the most US homes as first-time buyers fall to all-time low (Phoenix Agent magazine)

Baby boomers remained the dominant force in the U.S. housing market, accounting for 42% of all home purchases between July 2024 and June 2025, while first-time buyers fell to a record-low 21% of total transactions, according to the National Association of REALTORS®. The data highlights a growing divide between existing homeowners with substantial equity and younger households facing affordability constraints, elevated mortgage rates, and limited housing inventory. Despite these challenges, Generation Z continues to increase its presence in the market, while Arizona remains one of the nation's leading destinations for younger migrants, supporting long-term housing demand as demographic trends continue to favor population growth across the state.

Banner Health pays $22.13M in cash for vacant land near TSMC development (Bizjournals.com)

Banner Health acquired approximately 18.8 acres near the TSMC semiconductor corridor in north Phoenix for $22.13 million in cash, signaling continued confidence in the area's long-term population and employment growth. While specific development plans have not yet been announced, the acquisition positions Arizona’s largest health system to expand healthcare services within one of the fastest-growing economic regions in the state. The purchase reflects the broader trend of major institutional investors, healthcare providers, and commercial users strategically acquiring land around TSMC as semiconductor-driven job creation continues to accelerate residential, industrial, and commercial development throughout the north Phoenix market.

TSMC accelerates critical chip production in Arizona. Here's the new timeline (Bizjournals.com)

Taiwan Semiconductor Manufacturing Co. (TSMC) announced it is accelerating development of its Arizona semiconductor campus and increasing its 2026 capital spending budget to as much as $56 billion to meet exceptionally strong artificial intelligence-driven demand. The company confirmed its second Phoenix fabrication plant is fully constructed and on track to begin volume production of advanced 3-nanometer chips in the second half of 2027, while additional fabs remain planned under TSMC’s $165 billion Arizona investment program. The announcement further reinforces Metro Phoenix’s position as one of the most important semiconductor manufacturing hubs in North America, supporting continued supplier expansion, job creation, industrial development, and long-term economic growth throughout the region.

Arizona cities emerge as popular destinations for Gen Z homebuyers (Bizjournals.com)

Arizona continues to attract younger residents at one of the fastest rates in the nation, with Phoenix and Tucson emerging as leading destinations for Generation Z homebuyers. According to RentCafe, Gen Z homeownership in Metro Phoenix increased nearly eightfold between 2018 and 2023, while Tucson recorded the highest growth rate among major U.S. metros, supported by relative affordability, strong wage growth, and educational opportunities. The trend highlights Arizona’s ongoing appeal to younger households seeking employment opportunities, lifestyle amenities, and attainable housing options, providing a positive long-term foundation for future housing demand, workforce growth, and economic expansion.

30-story apartment tower takes shape in downtown Tempe (Bizjournals.com)

Construction is advancing on the 30-story Hub on Campus Tempe, an 818-unit, mixed-use residential tower scheduled for completion in summer 2028, adding significant new housing and street-level commercial space to downtown Tempe. The project also includes the preservation of historic landmarks, with the City of Tempe restoring the former First Congregational Church, reinforcing continued investment and long-term redevelopment in the urban core.

KB Home shifts HQ to Tempe as California exodus continues (Bizjournals.com)

KB Home announced it will relocate its corporate headquarters from Los Angeles to Tempe, citing Arizona’s lower cost structure, favorable business climate, and strategic location relative to its major homebuilding markets. The move adds another notable corporate headquarters relocation to Metro Phoenix and further reinforces the region's growing reputation as a national center for residential development, business expansion, and economic growth. The relocation is also expected to provide a positive boost to the Tempe office market, which has been among the strongest-performing office submarkets in Arizona. For Metro Phoenix, the announcement represents another example of the continued migration of both businesses and residents from higher-cost West Coast markets, supporting long-term employment growth, housing demand, and regional economic expansion.

Defense contractor rockets to the top of Manufacturers list (Bizjournals.com)

Arizona's manufacturing sector continues to expand rapidly, led by defense, aerospace, and semiconductor industries that collectively employ tens of thousands of workers statewide. RTX Raytheon ranked as Arizona's largest manufacturer with approximately 15,000 employees, followed by Intel (9,600 employees), Honeywell Aerospace (7,400 employees), Boeing (4,628 employees), and TSMC Arizona (3,000 employees). The rankings highlight the growing concentration of advanced manufacturing across Metro Phoenix and Tucson, particularly in semiconductor fabrication, aerospace systems, defense technologies, and advanced electronics. For Arizona's economy and real estate markets, the continued expansion of these high-wage manufacturing sectors supports long-term job growth, attracts additional supplier investment, strengthens inbound migration, and reinforces the state's position as one of the nation's leading destinations for advanced industrial development.

TSMC suppliers rush to buy Deer Valley land for industrial projects (Bizjournals.com)

Demand from semiconductor suppliers continues to accelerate across north Phoenix as companies race to secure industrial land near TSMC's expanding manufacturing campus. Recent transactions at Mack Innovation Park totaled more than $109 million in land sales, including a $41.1 million acquisition by United Integrated Services Corp. for a planned 480,000-square-foot facility. The activity reflects growing confidence in Arizona's semiconductor ecosystem, with suppliers increasingly moving from site selection to active development as TSMC ramps production and expands its long-term footprint. The trend further reinforces Deer Valley's emergence as one of the nation's most active semiconductor-support industrial corridors, supporting continued job growth, capital investment, and industrial real estate demand throughout Metro Phoenix.

Cactus League attendance surges despite record heat wave in Phoenix (Bizjournals.com)

Arizona's Cactus League recorded its strongest attendance since 2018, drawing more than 1.75 million fans during the 2026 spring training season despite an unprecedented March heat wave that pushed temperatures above 100 degrees. Attendance increased 3.4% year-over-year, highlighting the continued strength of Arizona's tourism, hospitality, and sports-entertainment sectors. The Chicago Cubs once again led attendance at Sloan Park in Mesa, while the league's economic significance remains substantial, with the most recent study estimating a $418.5 million contribution to Arizona's GDP and approximately 60% of attendees traveling from outside the state. The results reinforce the enduring appeal of spring training and its important role in supporting Metro Phoenix's tourism-driven economy.

Window closes for Arizona homebuyers as builders plan to scale back rate buy-downs and deals (Bizjournals.com)

Metro Phoenix homebuilders are signaling that the unusually generous incentives offered since 2022, including mortgage rate buy-downs and sales concessions, may soon begin to fade as builders work through existing inventory and adjust to evolving market conditions. While sales activity during the 2026 spring selling season has been softer than expected, builders continue to carry elevated levels of completed inventory, creating short-term opportunities for buyers to secure favorable pricing and financing incentives. Industry leaders remain optimistic about long-term demand, supported by Arizona’s strong population growth, employment expansion, and continued migration trends, but caution that many of today’s incentive programs may become less available as builders reduce inventory levels and reposition for future market cycles.

Developer seeks 350 more luxury condos at $1B Scottsdale project (Bizjournals.com)

Scottsdale-based DMB Associates is seeking approval to add 350 additional luxury condominium units to its long-planned $1 billion One Scottsdale mixed-use development, increasing total residential density to approximately 2,350 units. The proposal would reduce planned commercial development by 1.3 million square feet, reflecting shifting market preferences away from traditional office space and toward residential uses in high-demand mixed-use environments. The request underscores continued strength in the luxury housing market, particularly in north Scottsdale, where projects such as Atavia and Portico have experienced strong buyer demand. The proposed amendment highlights a broader trend across Metro Phoenix of reallocating land previously designated for office development toward residential and mixed-use projects as population growth, wealth migration, and evolving workplace patterns continue to reshape development priorities.

Honeywell Aerospace to hike production for Department of War under new framework (Bizjournals.com)

Honeywell Aerospace announced a $500 million investment to modernize and expand production of defense technologies under a new multi-year framework agreement with the U.S. Department of War. The Phoenix-based company will increase manufacturing capacity for navigation systems, actuators, and electronic warfare solutions while positioning itself as a key supplier supporting national defense priorities. The announcement comes ahead of Honeywell Aerospace’s planned spin-off into an independent public company headquartered in Phoenix, reinforcing Arizona’s growing importance within the aerospace and defense sector. Combined with major recent investments by Raytheon and other defense contractors, the agreement highlights continued expansion of high-wage manufacturing and advanced technology jobs across the state.

Raytheon snags $8.41 billion contract modification for missile defense work (Bizjournals.com)

Raytheon’s Tucson operation received an $8.41 billion contract modification from the U.S. Missile Defense Agency to continue production and support of Standard Missile-3 (SM-3) interceptor systems through 2029. The award increases the total contract value to more than $11.7 billion and reinforces Arizona’s position as a critical hub for national defense manufacturing and advanced aerospace technologies. The contract follows a record $55.46 billion in defense awards secured by Raytheon during fiscal 2025, highlighting sustained federal investment in missile defense capabilities. The continued expansion of Arizona’s defense sector supports high-wage employment, capital investment, and long-term economic growth throughout the state.

Home Flipping Profits Lowest Since Great Recession (Attomdata.com)

ATTOM reported that U.S. home-flipping activity slowed in 2025, with investor returns falling to 25.5%, the lowest level since 2008, despite record-high home prices. The typical flip generated a gross profit of approximately $66,000, but rising acquisition costs, renovation expenses, financing costs, and competition compressed profit margins across most markets. Even with these headwinds, nearly 297,000 homes were flipped nationwide, representing 7.4% of all home sales, demonstrating that investor activity remains an important component of the housing market. The data suggests investors are adapting by targeting older properties and operating more efficiently, reflecting a transition toward a more disciplined and sustainable investment environment.

New vision for Camelback Colonnade: Developers plan new project at historic retail hub (Bizjournals.com)

Federal Realty Investment Trust and RED Development have proposed a 255-unit, six-story apartment project at Camelback Colonnade, one of Phoenix's oldest and most prominent retail centers. The plan would redevelop a 2.5-acre portion of the property and rezone approximately 23 acres to allow future multifamily uses, reflecting a broader trend toward mixed-use densification in prime infill locations. Positioned along the SR-51 corridor near major employment, retail, and lifestyle amenities, the project could significantly enhance the long-term viability and value of the shopping center. The proposal underscores continued investor confidence in central Phoenix as demand grows for walkable residential communities integrated with established commercial destinations.

Phoenix developer quietly invests $400M around Metrocenter redevelopment (Video) (Bizjournals.com)

A Phoenix-based development group led by Foundation 8 LLC and Trillium Residential is investing approximately $400 million to convert underutilized office and hotel properties surrounding the former Metrocenter Mall into 1,786 apartment units, capitalizing on the momentum generated by the $1 billion Metropolitan redevelopment and the Valley Metro light rail extension. Key projects include the conversion of the former Sheraton Crescent hotel into 258 apartments and the adaptive reuse of office and parking structures into multifamily housing. The investment reflects growing confidence in the Metrocenter corridor, where fewer than 1,000 multifamily units have been delivered since 2021 despite substantial regional population growth. The redevelopment is expected to stimulate additional economic activity, increase housing supply, and further accelerate the transformation of Metrocenter into a major mixed-use urban district.

Zillow: 2.3% of rental listings were previously listed for sale, near 3-year high (Chicago Agent Magazine)

Zillow reported that 2.3% of homes listed for rent were recently listed for sale, near the six-year high of 2.4%, as more homeowners choose to rent rather than reduce asking prices. The trend reflects strong homeowner equity positions and financial flexibility, particularly among detached single-family homes, which account for the largest share of these conversions. Rather than signaling distress, the increase in “accidental landlords” suggests many owners remain confident in long-term housing values and are willing to hold assets while market conditions continue to normalize. Overall, the data points to a resilient housing market where sellers have alternatives beyond price reductions.

Mansion on Paradise Valley's most prestigious street sells for $20.9M (Bizjournals.com)

A newly built 11,626-square-foot Paradise Valley estate on Casa Blanca Drive sold for $20.9 million in an all-cash transaction, underscoring continued demand for premier luxury properties in Arizona’s most sought-after neighborhoods. The sale adds to a growing list of high-end transactions along the prestigious Casa Blanca corridor, where 12 properties have sold above $8 million in the past three years. J. Andrew Turley, president of Phoenix Valuations, highlighted the area's unmatched combination of mountain views, luxury amenities, top schools, employment access and long-term desirability, reinforcing its position as one of the Valley’s most valuable residential enclaves.

Peoria starts rezoning process for 7,300-acre Innovation Core (Bizjournals.com)

Peoria advanced plans for its 7,341-acre Peoria Innovation Core (PIC) by receiving Planning and Zoning Commission approval for a major rezoning initiative designed to attract semiconductor suppliers, advanced manufacturers, and technology employers. The project is anchored by Amkor Technology’s $7 billion semiconductor packaging and testing facility, which will support nearby TSMC operations and further strengthen Arizona’s semiconductor ecosystem. Peoria is investing approximately $500 million in infrastructure and utility improvements to prepare the largely state-owned land for future development, including industrial, commercial, retail, mixed-use, and residential projects. The Innovation Core is strategically located near Loop 303 and only minutes from TSMC’s north Phoenix campus, positioning the West Valley as one of the nation's premier advanced manufacturing corridors. For the regional economy and real estate market, the project represents a significant long-term growth catalyst, supporting future job creation, housing demand, commercial development, and continued appreciation of land values throughout Peoria and the broader West Valley.

AZ officials ink agreement with Japan to foster semiconductor, trade collaboration (Bizjournals.com)

Arizona strengthened its economic and semiconductor ties with Japan through a new memorandum of understanding signed by the Arizona Commerce Authority, Greater Phoenix Economic Council, Arizona State University, and the Japan External Trade Organization (JETRO). The agreement focuses on workforce development, semiconductor collaboration, research and development, and technology exchange between Arizona and Japan. Japan was Arizona’s leading source of foreign investment projects in 2025, contributing 15 projects and approximately $2.4 billion in investment, while Arizona has attracted more than 70 semiconductor expansions totaling $214 billion and 28,000 jobs since 2020. The partnership further reinforces Arizona’s position as a global semiconductor hub and highlights the growing role of international investment in driving the state's long-term economic growth. For Phoenix-area real estate and development, continued Japanese investment supports demand for industrial, commercial, housing, and infrastructure projects tied to advanced manufacturing and technology employment growth.

Apache Junction inks deal with Google for high-speed internet rollout (Bizjournals.com)

Apache Junction approved a license agreement with Google Fiber (GFiber), paving the way for high-speed fiber internet service construction to begin later in 2026. The city becomes the fifth Valley community to partner with GFiber, joining Mesa, Chandler, Queen Creek, and Tempe, with residential plans ranging from 1 gigabit ($70/month) to 8 gigabit ($150/month) service. City leaders view the investment as a significant quality-of-life enhancement and critical infrastructure upgrade for residents and businesses. The expansion further strengthens Apache Junction’s attractiveness for residential growth, remote workers, technology-dependent businesses, and future economic development as the city continues to benefit from rising demand driven by its affordability, outdoor lifestyle, and growing high-net-worth migration.

Price drop: Luxury estates priced under $5M offer 'sweet spot' for bargain hunters (Bizjournals.com)

Metro Phoenix luxury homes priced between $1 million and $5 million are experiencing increased price reductions as higher mortgage rates and expanded inventory create opportunities for buyers. Market participants report that the sub-$5 million segment remains interest-rate sensitive, while ultra-luxury properties above $10 million continue to see stronger demand and more cash transactions. J. Andrew Turley, president of Phoenix Valuations, noted that the market is repricing toward more balanced conditions, but Arizona’s continued leadership in wealthy inbound migration, job growth and economic expansion supports a positive long-term outlook for luxury housing demand.

Rail giant BNSF moves ahead with grading work while county awaits revised development plan (Bizjournals.com)

BNSF Railway has begun grading work on approximately 350 acres of its proposed $3.2 billion Wittmann logistics park and intermodal facility, signaling continued confidence in the West Valley’s long-term growth despite ongoing entitlement revisions. The project is designed to support Arizona’s expanding manufacturing, semiconductor, warehousing, and distribution sectors while potentially creating thousands of jobs and generating substantial tax revenue. Although Maricopa County has requested modifications to portions of the development plan, BNSF’s continued investment and recent land acquisitions highlight strong private-sector conviction in the region’s strategic importance as a major transportation and logistics hub.

$400M plastics plant set to open in Eloy, promising $1B economic impact (Bizjournals.com)

Freepoint Eco-Systems is preparing to open a $400 million advanced plastics recycling facility in Eloy, creating approximately 100 permanent jobs and 250 construction jobs while generating an estimated $1 billion in regional economic output over the next decade. The 44-acre facility will process up to 400 million pounds of plastic annually, positioning Eloy as a major Southwest hub for advanced recycling and supporting continued industrial growth across Pinal County. The project adds to a growing roster of large-scale investments in the region, reinforcing Arizona’s emergence as a leading destination for advanced manufacturing, infrastructure development, and long-term economic expansion.

Apple to buy more than 100 million chips from TSMC's Arizona fab by year's end (Bizjournals.com)

Apple announced it will purchase more than 100 million chips from TSMC’s Arizona fabrication campus by year-end, underscoring the growing strategic importance of Arizona’s semiconductor ecosystem. The commitment strengthens demand for TSMC’s expanding north Phoenix operations, supports Apple’s broader $600 billion U.S. manufacturing initiative, and complements major investments in related facilities such as Amkor’s $7 billion advanced packaging campus in Peoria. Together, these developments further cement Arizona’s position as one of the nation’s premier hubs for advanced semiconductor manufacturing, artificial intelligence infrastructure, and high-tech job creation.

Arizona foreign investment surges, ranks No. 1 in US (Bizjournals.com)

Arizona continued its rise as a global economic and technology hub, ranking No. 1 in the nation for foreign direct investment in 2025 with nearly $108 billion in announced projects and approximately 25,000 projected jobs. Fueled by TSMC’s massive semiconductor expansion and a growing ecosystem of international suppliers, Arizona exports surged 37% to $44.4 billion, while trade with Taiwan increased to $21.2 billion, making it the state's second-largest trading partner and helping drive record growth in semiconductor and computer equipment exports. The data underscores Arizona’s strengthening position as a premier destination for advanced manufacturing, global trade, aerospace, technology investment, and international business partnerships, with strong momentum expected to continue through 2026 and beyond

REMAX: Phoenix home sales rise year over year in January, breaking national trend (Phoenix Agent Magazine)

Phoenix continued to outperform many major U.S. housing markets as January home sales increased 1.4% year over year, while sales across the 51 metro areas tracked by RE/MAX declined 6% nationally. Inventory levels remained healthy, with active listings up 10.9% year over year and months of supply increasing to 3.1 months, providing buyers with more options and supporting a more balanced marketplace. The combination of rising inventory, stable pricing, and improving transaction volume suggests the Phoenix housing market is demonstrating resilience and steady momentum heading into 2026.

Custom home with Superstition Mountains views sells for record-breaking price in Apache Junction (Bizjournals.com)

A custom estate on 7.44 acres in Apache Junction sold for a record-setting $3.45 million, establishing the highest residential sale ever recorded in the city and highlighting growing demand for luxury properties beyond Scottsdale and Paradise Valley. The sale reflects increasing interest from affluent buyers seeking expansive land, privacy, unobstructed mountain views, and lifestyle-oriented locations with fewer restrictions, including communities without homeowner associations. According to J. Andrew Turley, president of Phoenix Valuations, continued high-net-worth migration, access to outdoor recreation, and the area's unique combination of privacy and scenic amenities are helping elevate luxury home values throughout Apache Junction and neighboring Gold Canyon.

Custom home with Superstition Mountains views sells for record-breaking price in Apache Junction (Bizjournals.com)

A custom estate on 7.44 acres in Apache Junction sold for a record-setting $3.45 million, establishing the highest residential sale ever recorded in the city and highlighting growing demand for luxury properties beyond Scottsdale and Paradise Valley. The sale reflects increasing interest from affluent buyers seeking expansive land, privacy, unobstructed mountain views, and lifestyle-oriented locations with fewer restrictions, including communities without homeowner associations. According to J. Andrew Turley, president of Phoenix Valuations, continued high-net-worth migration, access to outdoor recreation, and the area's unique combination of privacy and scenic amenities are helping elevate luxury home values throughout Apache Junction and neighboring Gold Canyon.

Arizona foreign investment surges, ranks No. 1 in US (Bizjournals.com)

Arizona solidified its position as a global economic powerhouse in 2025, ranking No. 1 in the United States for foreign direct investment with nearly $108 billion in announced international investment and approximately 25,000 projected jobs. Driven largely by TSMC and the expanding semiconductor ecosystem, Arizona exports surged 37% to $44.4 billion, while trade with Taiwan skyrocketed to $21.2 billion, making it the state's second-largest trading partner behind Mexico. The data highlights Arizona’s growing prominence in semiconductors, advanced manufacturing, aerospace, and technology, reinforcing the state's emergence as one of the nation's most dynamic destinations for international capital, innovation, and long-term economic growth.

Tempe semiconductor firm expands to Canada, eyes federal CHIPS Act funding (Bizjournals.com)

Tempe-based Lawrence Semiconductor is expanding its research footprint with a new R&D hub in Montreal while continuing to grow its Arizona operations, underscoring the region’s emergence as a leading semiconductor innovation center. The company plans additional hiring in Arizona, expects to outgrow its current Tempe facility within the next year, and is actively evaluating future expansion sites across the Phoenix metro area. Lawrence is also investing heavily in quantum materials technology and pursuing federal CHIPS Act funding, positioning Arizona to strengthen its role in next-generation semiconductor manufacturing, advanced materials research, and quantum computing development.

Armstrong Construction to build $6 million homes across Scottsdale, Paradise Valley (Bizjournals.com)

Scottsdale-based Armstrong Construction Group is accelerating luxury home development across Scottsdale and Paradise Valley, with 29 spec homes planned and six currently under construction. The homes, ranging from approximately 6,800 to 7,400 square feet and priced between $5.8 million and $6.4 million, reflect continued confidence in the Valley’s high-end housing market and sustained demand for newly built luxury product. The company's growing pipeline highlights ongoing redevelopment activity in premier neighborhoods such as the Cactus Corridor, where older homes are being replaced with modern residences featuring expansive layouts, resort-style amenities, and architectural designs tailored to affluent buyers.

Refinancing Drives Strong Fourth Quarter for Home Lending (Attomdata.com)

U.S. mortgage lending remained resilient in the fourth quarter of 2025, with $627.3 billion in loan originations, up 1% from the prior quarter and 4% year-over-year. Falling mortgage rates fueled a strong refinancing rebound, with refinances accounting for 42.6% of all loans, surpassing purchase mortgages for the first time since early 2022 and signaling improved consumer confidence. While home purchase lending slowed seasonally, the surge in refinancing activity, steady HELOC demand, and continued support from FHA and VA programs suggest the housing market is gradually strengthening as lower borrowing costs encourage homeowners and buyers to reengage.

Harvard Investments wins West Valley state land auction near Estrella (Bizjournals.com)

Harvard Investments expanded its West Valley footprint by acquiring 78.7 acres of state land in Goodyear for $832,000, adding to its planned 1,940-acre Rio 1900 master-planned community adjacent to Estrella. The project is entitled for up to 5,800 homes and is expected to begin development in late 2027, reinforcing the long-term growth trajectory of the Southwest Valley. While water availability may ultimately limit total buildout, the acquisition reflects continued confidence among major developers in Goodyear’s future residential growth and demand.

Billionaire's Row compound resurfaces with $35M listing (Bizjournals.com)

A prominent 9-acre Paradise Valley compound on Billionaire’s Row has returned to the market for $35 million, less than a year after selling for $30 million, highlighting continued strength in Arizona’s ultra-luxury segment. J. Andrew Turley, president of Phoenix Valuations, described the property as one of the premier residential sites in Arizona and noted that the ultra-luxury market above $12 million is experiencing a “watershed moment” fueled by accelerating migration of high-net-worth individuals. Growing demand for large estate properties in Paradise Valley and Scottsdale continues to support record land values, strong buyer activity, and optimism for the luxury market entering 2026.

Hadrian opens huge automated military, aerospace products factory in East Valley (Bizjournals.com)

Hadrian opened a $200 million, 290,000-square-foot advanced manufacturing facility in Mesa, strengthening Arizona’s rapidly expanding aerospace and defense sector. The AI- and robotics-driven plant will create 350 high-quality jobs and produce critical components for missiles, rockets, satellites, and military aircraft, reinforcing the region’s role in advanced manufacturing. The investment highlights continued momentum in Arizona’s defense, technology, and industrial economy, with Mesa emerging as a major hub for next-generation production and innovation.

Defense, aerospace companies eye Arizona expansion as state's project pipeline widens (Bizjournals.com)

Arizona’s economic development pipeline remains exceptionally strong, with the Arizona Commerce Authority tracking 469 active projects representing $192.6 billion in potential capital investment and nearly 123,000 projected jobs. Aerospace, defense, semiconductor, battery technology, and advanced manufacturing companies continue to target the state, with 69 defense and aerospace projects currently under negotiation, reflecting Arizona’s growing national prominence in these sectors. The momentum underscores Arizona’s emergence as a leading destination for high-wage employment, innovation, and large-scale industrial investment, supported by continued expansion from companies such as TSMC, Hadrian, Raytheon, and other advanced technology manufacturers.

Nearly a Third of Opportunity Zones See Double Digit Home Price Increases (Attomdata.com)

ATTOM reported that Opportunity Zones continued to post solid housing appreciation in 2025, with nearly 31% of designated redevelopment areas recording double-digit home price growth year-over-year. Home values increased in roughly 46% of Opportunity Zone census tracts, demonstrating that investment and redevelopment activity remain active while maintaining affordability compared to surrounding markets. The report suggests that Opportunity Zones are benefiting from broader housing market strength, creating attractive opportunities for investors, developers, and communities targeted for long-term economic revitalization.

Cash buyer snags Paradise Valley lot for highest price paid in Arizona this year (Bizjournals.com)

A 4.75-acre Paradise Valley estate parcel sold for $14.3 million cash, establishing the highest-priced land transaction in Arizona so far in 2026 at approximately $3.01 million per acre. J. Andrew Turley, president of Phoenix Valuations, noted the property is located within one of Paradise Valley’s most coveted luxury enclaves, featuring exceptional Camelback Mountain views and surrounded by numerous estates valued above $35 million. The sale highlights continued strength in the ultra-luxury land market, where affluent buyers remain willing to pay record prices for premier locations with long-term redevelopment potential.

Stockdale Capital drops $110M on Valley apartments in largest deal of 2026 (Bizjournals.com)

Los Angeles-based Stockdale Capital Partners acquired the 335-unit Avant at Fashion Center in Chandler for $110.25 million, marking the largest multifamily transaction in Metro Phoenix so far in 2026. The sale reflects continued institutional confidence in the Valley’s apartment sector, following approximately $4.5 billion in multifamily investment volume during 2025, a 15% increase from the prior year. Despite recent supply additions, investors remain attracted to Phoenix’s strong population growth, employment expansion, and long-term housing demand fundamentals, supporting expectations for an increasingly active investment market in 2026.

Mitsubishi invests $600M in Arizona copper mine project set to become third largest in US (Bizjournals.com)

Mitsubishi Corporation committed $600 million to Arizona’s Copper World project near Tucson, positioning the mine to become the third-largest copper cathode producer in the United States when operations begin in 2029. The project is expected to generate more than 400 direct jobs and 3,000 indirect jobs, while strengthening domestic supply chains for critical industries including artificial intelligence, data centers, semiconductors, electric vehicles, and advanced manufacturing. The investment further reinforces Arizona’s growing role as a strategic hub for critical minerals production, supporting the state's expanding technology, energy, and industrial sectors.

Phoenix to open more new hotel rooms in 2026 than nearly any other major US city (Bizjournals.com)

Phoenix is projected to add 3,650 new hotel rooms across 22 properties in 2026, ranking second nationally behind only New York and ahead of major markets such as Dallas, Orlando, and Miami. The strong development pipeline reflects continued confidence in the Valley’s tourism, convention, semiconductor, and business travel sectors, with notable projects including the Denū Hotel in downtown Phoenix, AC Hotel Scottsdale Old Town, and Scottsdale Golf Retreat at Troon North. The expansion represents a 117% increase in new room deliveries compared to 2025, reinforcing Phoenix’s position as one of the nation’s fastest-growing hospitality markets and supporting long-term economic growth fueled by population gains, corporate investment, and major national events.

Closings rise in Maricopa County, surpass 2024 volume (Phoenix Agent magazine)

Maricopa County closed 2025 on a strong note, with December home sales increasing 11.9% year-over-year and annual sales volume rising 4.9% to 47,863 transactions. Median home prices remained stable at $515,000 countywide, while improving affordability and rising household incomes helped support buyer activity despite higher inventory levels. The data reflects a healthier and more balanced housing market, with increased transaction volume, modest price appreciation, and greater opportunities for both buyers and sellers heading into 2026.

Starlux Airlines launches nonstop service between Phoenix and Taiwan (Bizjournals.com)

Starlux Airlines launched new nonstop service between Phoenix and Taipei, becoming the second carrier to establish a direct Taiwan connection in less than two months and further strengthening Arizona’s ties to the global semiconductor industry. The route is expected to generate approximately $170 million in annual economic impact while improving travel and cargo efficiency for TSMC and its growing network of suppliers throughout the Valley. The addition of another trans-Pacific connection enhances Phoenix’s status as an international business gateway and supports continued growth in tourism, trade, technology investment, and foreign direct investment.

Cup of joe with a pro: Where this Phoenix appraiser and developer sees value-add opportunities (Homes.com)

J. Andrew Turley, President of Phoenix Valuations and owner of Turley Fervor LLC, highlighted the continued strength of Greater Phoenix’s luxury housing market, emphasizing that premium land, architectural quality, and irreplaceable locations remain the primary drivers of value. Turley noted increasing activity in the $6 million to $16 million segment, supported by growing buyer confidence, lower borrowing costs, and continued wealth migration into Arizona’s premier luxury enclaves. He also observed evolving design preferences, with affluent buyers increasingly favoring warm, timeless architectural styles over the ultra-modern aesthetic that dominated the market during the previous cycle.

TSMC shares surge after chipmaker reveals Arizona expansion timeline (Bizjournals.com)

Taiwan Semiconductor Manufacturing Co. (TSMC) reported record fourth-quarter profits and projected approximately 30% revenue growth in 2026, driven by surging global demand for artificial intelligence and advanced computing chips. The company confirmed an accelerated Arizona expansion timeline, with its second fab expected to begin production in 2027 while permitting is already underway for a fourth fab and its first advanced packaging facility. Combined with a newly announced U.S.-Taiwan trade agreement and TSMC’s recent 900-acre land acquisition in north Phoenix, the expansion further solidifies Greater Phoenix as one of the world's most important semiconductor and technology manufacturing hubs.

U.S. Foreclosure Activity Increases in 2025 (Attomdata.com)

U.S. foreclosure activity increased in 2025, with 367,460 properties receiving foreclosure filings, up 14% from 2024, reflecting a continued normalization of the housing market after years of historically low activity. Despite the increase, foreclosure levels remain 25% below pre-pandemic 2019 levels and nearly 87% below the peak reached during the Great Recession, underscoring the strength of homeowner equity and lending standards. Industry analysts view the trend as a market recalibration rather than widespread financial distress, with overall housing fundamentals remaining considerably healthier than past downturns.

Homes.com economist Brad Case says housing recovery is taking shape (Homes.com)

Homes.com Chief Economist Brad Case believes a gradual housing recovery is underway, citing a 5.1% increase in December existing-home sales and improving buyer confidence as key indicators. Mortgage rates have eased to approximately 6.2%, inventory has improved, and market conditions have become more balanced, giving buyers greater comfort in moving forward with transactions. Case expects the recovery to continue through 2026 as consumer confidence strengthens, supporting both resale and new-home activity despite elevated housing supply in some markets.

TSMC may build several new fabs in Arizona as part of proposed US-Taiwan trade deal (Bizjournals.com)

Jan 13, 2026 — Taiwan Semiconductor Manufacturing Co. (TSMC) may significantly expand its Arizona footprint under a proposed U.S.-Taiwan trade agreement, with reports suggesting the company could ultimately build nearly a dozen fabs in north Phoenix. The potential expansion builds upon TSMC’s existing $165 billion commitment and recent acquisition of 900 additional acres, reinforcing Arizona’s position as one of the nation’s most important semiconductor and AI manufacturing centers. If realized, the investment would generate thousands of high-paying jobs, attract additional suppliers and technology companies, and further strengthen Greater Phoenix’s long-term economic growth trajectory.

TSMC wins state land auction for campus expansion site (Bizjournals.com)

Jan 7, 2026 — Taiwan Semiconductor Manufacturing Co. acquired approximately 900 acres of Arizona state trust land in north Phoenix for $197.25 million, securing the next phase of expansion for its rapidly growing semiconductor campus. The acquisition supports TSMC’s long-term plan to develop a full AI-focused semiconductor manufacturing cluster in Arizona, complementing its existing $165 billion investment that includes six planned fabs, advanced packaging facilities, and research operations. The purchase further solidifies Greater Phoenix as one of the most important semiconductor hubs in North America, while reinforcing the region’s ability to attract billions in follow-on investment from suppliers, advanced manufacturers, data centers, and technology companies responding to accelerating AI-related demand.

Arizona lands AI venture studio backed by LG Electronics' investment arm (Bizjournals.com)

NovaWave Capital, in partnership with Arizona Commerce Authority and LG Electronics’ innovation arm, announced plans to launch the WaveX AI Venture Studio in Arizona. The initiative will support artificial intelligence startups focused on health care, energy, sports, and media, further strengthening Arizona’s emergence as a national hub for advanced technology and innovation. Backed by a venture platform that has reportedly raised hundreds of millions of dollars, the announcement reinforces the state's growing appeal to AI, semiconductor, and next-generation technology companies seeking access to talent, capital, and commercialization opportunities.

Phoenix developer buys former KORE Power battery plant site in Buckeye (Bizjournals.com)

Phoenix-based Tratt Properties acquired the 214-acre former KORE Power site in Buckeye for $32.5 million, positioning the property for a future advanced manufacturing or industrial user. The site was originally planned as KORE Power’s $1 billion battery manufacturing campus, a project expected to create 3,000 jobs before being canceled in early 2025. The acquisition highlights continued investor confidence in Buckeye’s long-term growth prospects, supported by expanding infrastructure, proximity to major transportation corridors, and the West Valley’s emergence as a manufacturing and logistics hub.

Arizona sees surge in ultra-luxury home sales above $18 million (Bizjournals.com)

Arizona’s ultra-luxury housing market has entered rarefied territory, with six homes selling above $18 million in the past 12 months, despite only 20 such sales occurring statewide in history. J. Andrew Turley, president of Phoenix Valuations, attributes the surge to accelerated wealth migration and a growing preference for resort-caliber architecture, privacy, and lifestyle amenities in Paradise Valley and Silverleaf. Turley emphasized that these properties are selling faster than historical norms because they combine elite design, irreplaceable view corridors, and best-in-class execution. He characterized the trend as a structural shift in Arizona’s luxury market rather than a short-term anomaly.

Boeing's Mesa operation lands $2.7B Army contract for Apache helicopter support services (Bizjournals.com)

Boeing secured a $2.73 billion U.S. Army contract to provide long-term post-production support services for the AH-64 Apache helicopter fleet, work that will be performed at its Mesa facility through 2032. The award follows another $4.7 billion Apache production contract announced in November, reinforcing Mesa’s role as the global center of Apache manufacturing and sustainment. Together, the deals further anchor Arizona’s position as a major hub for aerospace and defense employment and investment.

2025 Land & Housing Forecast (Land Advisors Organization)

According to Greg Vogel, Founder and Chairman of Land Advisors Organization, Phoenix remains one of the nation’s leading growth markets, fueled by strong population gains, sustained in-migration, job creation, and significant investment in semiconductor, technology, manufacturing, and industrial development. Metro Phoenix is projected to add approximately 810,000 residents over the next decade, supporting demand for roughly 290,000 new housing units and substantial additional land development. Major investments by TSMC, Intel, Amkor, LG, and numerous technology and industrial employers continue to strengthen the region’s economic foundation. Employment growth remains positive, incomes are rising, and Arizona is expected to benefit from continued economic expansion through 2026. While housing affordability remains a challenge, low foreclosure activity, significant homeowner equity, and increasing inventory levels contribute to a stable and resilient housing market. Overall, the outlook for Phoenix remains highly positive, supported by strong demographic trends, economic growth, and ongoing investment across the region.

U-Haul Growth Metros and Cities of 2024: Dallas Top Metro for In-Migration (Uhaul.com)

Dallas-Fort Worth was the top U-Haul Growth Metro of 2024, followed by Charlotte, Phoenix, Lakeland, and Austin, based on net gains in one-way U-Haul moves. Ocala, Florida, topped the list of growth cities for the second time in three years, driven by affordable living and job market strength. The rankings reflect migration trends from over 2.5 million U-Haul transactions, showing strong population shifts toward Sun Belt metros. Florida and Texas dominated the lists, highlighting their ongoing appeal for relocators seeking cost-effective, opportunity-rich communities.

Arizona, ASU score CHIPS for America flagship semiconductor facility (Bizjournals.com)

Arizona will host one of the nation's three CHIPS for America flagship R&D facilities, boosting its semiconductor leadership. The new Natcast-operated facility at ASU’s Research Park in Tempe will focus on 300mm silicon wafer prototyping and advanced packaging, with full operations set for 2028. Backed by ASU, Intel, and Deca Technologies, the site aims to advance chip innovation and workforce development, aligning with Arizona’s $102 billion semiconductor investment surge. It complements national R&D hubs in New York and California, with Arizona positioned as a central tech hub for U.S. semiconductor progress.

Scottsdale's job market ranks first in the nation in new report (Bizjournals.com)

Scottsdale ranks No. 1 in WalletHub’s 2025 Best U.S. Cities for Jobs report, leading 182 cities based on job opportunities, quality of life, and income. With one of the lowest unemployment rates and highest median household incomes adjusted for cost of living, the city also offers the most paid internships and strong scores in safety, recreation, and family-friendliness. Chandler and Tempe placed in the top 10, while Gilbert came in at No. 20. Arizona landed 10 cities in the ranking overall, highlighting the Valley’s thriving job market and livability.

Gulfstream opens $130M Mesa facility, eyes expansion options (Bizjournals.com)

Gulfstream Aerospace has officially opened its $130 million, 225,000-square-foot service center at Mesa Gateway Airport, marking the airport’s largest private investment to date. The facility can service 13 jets simultaneously and was designed with future expansion in mind. Gulfstream already employs over 250 people in Mesa with plans to reach 400. The center supports global maintenance needs for Gulfstream’s 3,200+ aircraft and will bring a steady flow of high-net-worth visitors to the Phoenix area.

Homebuilder Lennar buys more lots at giant Blossom Rock community; more builders on tap (Bizjournals.com)

Lennar Corp. has expanded its footprint at Blossom Rock in Apache Junction’s Superstition Vistas, acquiring 121.88 acres and 120 lots for $49 million from Brookfield Residential. The deal boosts Lennar’s home count to 851 in the 1,400-acre master-planned community, where it builds three home lines ranging from 1,200 to 2,500 square feet. This comes as Brookfield and D.R. Horton advance the broader Superstition Vistas project with infrastructure, parks, and water systems. So far, 171 homes have sold at Blossom Rock, with 80 closed and occupied.

Holualoa Companies, LaPour close on land deal for new Phoenix hotel (Bizjournals.com)

Holualoa Companies and LaPour Partners have purchased 3.58 acres at CityNorth in north Phoenix for $5.94 million to build a dual-branded AC Hotel by Marriott and Element by Westin. The $240-room, eight-story hotel, set to break ground in summer 2025 and open by January 2027, will support nearby corporate expansion including Republic Services’ new HQ. The broader CityNorth project includes 3,400 housing units, 1.8M sq. ft. of offices, and 1,000 hotel rooms. Separately, Holualoa named Steve Lindley as COO, succeeding Stanton Shafer.

TSMC shares soar; company updates Phoenix chip production (Bizjournals.com)

Taiwan Semiconductor Manufacturing Co. reported record Q4 2024 profits of $26.88 billion, fueled by booming demand for AI chips, and projected up to $25.8 billion in Q1 revenue. CEO CC Wei confirmed that TSMC's Arizona fab began high-volume N4 production in Q4 ahead of schedule, with quality on par with Taiwan operations. The second Phoenix fab remains on track for 2028, and a third is planned with even more advanced technologies. AI-related chip revenue is expected to double in 2025, though new U.S. export restrictions and potential China tariffs under the Trump administration could pose challenges.

2025 Projects to Watch (Bizjournals.com)

Phoenix is booming with transformational projects across industries, solidifying its role as a national growth leader heading into 2025. Key developments include the $7B Halo Vista near TSMC’s $65B chip campus, Intel’s $32B expansion, and the Peoria Innovation Core’s 8,300-acre employment zone. Advanced semiconductor manufacturing is accelerating with Amkor’s $2B plant, Hyperion’s $1.5B facility, and Tempe’s $1.1B federal R&D investment. Massive mixed-use hubs like CityNorth, South Pier, and Discovery Oasis are rising, alongside redeveloped malls such as Metrocenter, PV, and Fiesta. High-stakes office campuses, including those for Axon, Republic Services, and Discount Tire, reflect business confidence, while entertainment landmarks like VAI Resort and local retail projects from Vestar fuel regional appeal. Despite some project delays, Phoenix’s mix of innovation, infrastructure, and real estate momentum makes 2025 a watershed year for the Valley’s future.

Arizona ranks among best states for entrepreneurs in 2025 (Bizjournals.com)

Arizona surged to No. 14 on SimplifyLLC’s list of best states for entrepreneurs in 2025, jumping 11 spots from the prior year. The state ranks highly in job creation (No. 4) and new business growth (No. 8), with gains in consumer spending and sustained educated worker mobility. Despite a dip in venture capital deals, Arizona’s entrepreneurial ecosystem remains robust, employing over 40% of the workforce and benefiting from remote work trends and AI-driven innovation. Retail, professional services, and construction are among the state’s top growth sectors.

Nestle opens $675 million coffee products plant in Glendale (Bizjournals.com)

Nestle USA has officially opened its $675 million, 630,000-square-foot coffee creamer manufacturing plant in Glendale, Arizona, creating 300 new jobs. The facility produces Coffee Mate, Natural Bliss, and Starbucks creamers and features sustainable tech that recycles up to 75% of treated water. Chosen for its infrastructure and workforce, the site adds to Nestle’s $3 billion nationwide investment and strengthens the West Valley’s growing food and beverage hub alongside brands like Red Bull and White Claw.

Luxury apartments sell for $126 million cash in fast-growing area of north Phoenix (Bizjournals.com)

Two major Phoenix apartment properties sold for over $100 million this month, with IMT Desert Ridge Apartments fetching $126 million on Jan. 23 and Spire Deer Valley Apartments leading at $131.1 million on Jan. 15. Spire, built in 2022, sold for $337,886 per unit, while IMT, built in 2013, achieved a higher $340,541 per unit due to its prime location. These deals highlight sustained demand for newer multifamily assets, following a 2024 trend where the top 10 apartment sales totaled $1.3 billion and unit deliveries reached 22,433 across metro Phoenix.

First phase of Meta’s Mesa data center project open; more under construction (Bizjournals.com)

Meta has officially launched operations at the first two buildings of its $1 billion Mesa Data Center, part of its planned $60–$65 billion global investment in 2025. Located on a 396-acre site, the full five-building campus will total 2.5 million square feet by 2026 and support Meta’s platforms including Facebook, Instagram, and Meta AI. Despite limited job growth, the company has hired 200 local staff and bolstered regional support through school donations, water restoration efforts, and solar projects with SRP.

$3 billion Mesa data center campus gets green light (Bizjournals.com)

Novva Data Centers has received approval to develop a $3 billion data center campus in Mesa, featuring five data halls, a 150,000-square-foot office, warehouse, and retail space across 159 acres near East Warner and South Ellsworth roads. Construction is expected to start this summer with the first building completed by late 2026. The project adds to Mesa’s growing tech footprint, joining other major players like Meta, Amazon, and Google, though city officials say further expansion beyond the current 14.8 million square feet planned or underway is unlikely.

Phoenix luxury home Realtors see opportunity as spring season rolls in (Bizjournals.com)

As spring arrives, Phoenix’s luxury housing market is gaining momentum with increased showings, open houses, and a stronger presence of out-of-state buyers, especially from California. Properties are staying on the market longer but still holding strong on price, offering buyers more room for negotiation. New high-end listings are hitting the market, including a $3.7 million Sky House in Phoenix and a $2.75 million French Country estate in Mesa, the latter leading a notably tighter luxury inventory compared to Scottsdale. Meanwhile, ultra-wealthy buyers are pushing boundaries, with developers like Joshua Peters planning spec homes expected to surpass previous price records.

Phoenix named a top 10 market for commercial real estate investment (Bizjournals.com)

Phoenix has once again cracked the top 10 list of markets most favored by commercial real estate investors, ranking No. 10 in CBRE’s 2025 U.S. Investor Intentions Survey. Despite dropping three spots from last year, the Valley remains a hotbed for growth, driven by strong fundamentals like population gains, employer investments, and a solid business climate. Investors continue to see Phoenix as a stable, high-potential market, particularly for multifamily and industrial sectors, with a rising interest in upgrading older office assets amid limited new development.

Downtown parking garage redevelopment takes another step (Bizjournals.com)

Phoenix City Council has voted unanimously to move forward with redeveloping the Regency parking garage into a new 400-room hotel, aiming to boost downtown’s hospitality capacity. This move is part of a broader strategy to add 800 to 1,200 hotel rooms near the Phoenix Convention Center, keeping the city competitive with event-heavy markets like Atlanta and Seattle. While parking loss is a concern, a study found off-street capacity is sufficient, and new curb management strategies are recommended to ease on-street demand. The city sees this redevelopment as key to sustaining record-breaking convention growth.

Nikola electric truck maker files for Chapter 11 bankruptcy (Bizjournals.com)

Nikola Corp. has filed for Chapter 11 bankruptcy in Delaware, seeking to auction or sell its assets after failing to secure sufficient capital. With $47 million in cash and over $850 million in assets, the Phoenix-based electric truck maker is continuing limited operations while in active talks with potential buyers. The filing lists over $1 billion in liabilities, with more than $173 million in unsecured claims. Despite past hype, leadership changes, fraud scandals, and a failed pivot to hydrogen fuel cell trucks ultimately led to its downfall. A sale decision is expected by April 11.

Canadian wearable tech company to establish US headquarters in Valley (Bizjournals.com)

Montreal-based Hexoskin, known for its smart biometric garments, plans to establish its U.S. headquarters in metro Phoenix by early 2026 following a major Canadian Space Agency contract to adapt its wearable system for NASA’s lunar Gateway station. Founder Pierre-Alexandre Fournier said the Valley office will drive nationwide commercialization and potential Arizona-based manufacturing. The company’s Astroskin technology, already used on the ISS, tracks astronauts’ vital signs, and Hexoskin now aims to expand into FDA-approved medical diagnostics and wearable tools for sports and clinical health.

Apple to invest $500 billion in U.S. manufacturing, including new TSMC plant in Phoenix (Bizjournals.com)

Apple commits to over $500 billion in U.S. investments, including chip production in Phoenix with TSMC, amid tariff threats and AI expansion. Apple will significantly boost its American footprint with a $500 billion investment over four years, doubling down on domestic manufacturing with a spotlight on TSMC’s Arizona chip plant, where Apple began producing silicon chips in January. The tech giant, already TSMC’s largest customer, also announced a new Houston factory for AI server production by 2026, creating thousands of jobs. This move aligns with political pressure to reduce overseas manufacturing and coincides with TSMC’s $65 billion Arizona expansion—expected to yield three fabs and tens of thousands of jobs by decade’s end.

Phoenix remains No. 1 industrial market, vacancies hold steady (Bizjournals.com)

Phoenix led the nation’s industrial markets in Q4 2024, ranking No. 1 among 30 metros in a Commercial Cafe report, outperforming key California hubs. The region added 7.16 million square feet of industrial space, expanding stock by 1.88%, even as overall construction tapered. While vacancies held steady at 11.2%, robust absorption — a record 36 million square feet in 2024 — reflects continued growth driven by megaprojects like TSMC and LG. The Northwest and Northeast Valleys posted the tightest vacancy rates, signaling targeted strength in infill and manufacturing-supported demand.

Paradise Valley mansion with secret gun range sold for record-setting price (Bizjournals.com)

A newly built Paradise Valley mansion sells for $33.5 million, setting a new Arizona real estate record and signaling renewed momentum in the luxury market. A 23,417-square-foot estate at 5738 N. Casa Blanca Drive shattered Arizona’s luxury home sales record with a $33.5 million deal, topping the $32.39 million sale set just months earlier. The ultra-modern home features a hidden shooting range and lounge beneath a secure safe room and was originally listed for $40 million. Listing agent Katrina Barrett, who now holds the state record, has another spec home listed for $50 million, hinting at more high-end transactions to come as luxury demand surges across the Valley.

Mayo Clinic to invest nearly $2 billion in Valley hospital campus, hire thousands (Bizjournals.com)

Mayo Clinic announced a historic $1.9 billion expansion of its north Phoenix campus, aiming to add 1.2 million square feet of clinical space and 3,500 new jobs by 2031. The project, Mayo’s largest-ever Arizona investment, includes a new 360,000-square-foot building, major upgrades to existing structures, and enhanced tech integration to unify inpatient, outpatient, and digital care. This move complements its growing biotech hub, Discovery Oasis, and aligns with its national "Bold. Forward. Unbound." vision to modernize health care delivery across campuses in Arizona, Minnesota, and Florida.

TSMC to invest $100 billion in new Arizona fabs (Bizjournals.com)

TSMC will invest an additional $100 billion to expand its semiconductor operations in Arizona, building on a previous $65 billion commitment. The new investment includes three chip factories, two packaging centers, and an R&D hub, expected to generate 40,000 construction jobs and tens of thousands of permanent high-tech roles. This expansion aims to solidify U.S. dominance in AI and chip manufacturing, with support from the CHIPS Act and partners like Apple. With the second fab set to open in 2028, the initiative enhances economic security, reduces foreign reliance, and positions Arizona as a global semiconductor leader.

Mayo Clinic to invest nearly $2 billion in Valley hospital campus, hire thousands (Bizjournals.com)

Mayo Clinic will invest $1.9 billion to expand its north Phoenix campus, adding 1.2 million square feet and 3,500 high-wage jobs by 2031. The expansion includes more hospital rooms, imaging equipment, a central entry point, and climate-controlled patient corridors, significantly increasing clinical capacity. This initiative integrates advanced technology and AI to enhance patient care and supports Mayo's broader goal of reshaping health care under its “Bold. Forward. Unbound.” strategy. The investment complements ongoing national expansions and is expected to bolster Phoenix’s role as a health innovation hub.

ASU to break ground on $200M health campus HQ with medical school (Bizjournals.com)

Arizona State University has announced its ASU Health headquarters will be built in downtown Phoenix's Bioscience Core, featuring a 200,000-square-foot facility to house its new medical school and health colleges. The $200–$230 million project will begin construction in 2026 and open by fall 2028, aiming to tackle health workforce shortages and improve community care. ASU is partnering with HonorHealth for clinical training, and the new hub will integrate cutting-edge technology, including AI and simulation labs, for advanced medical education. The initiative is projected to generate up to 200,000 jobs and $19 billion in state GDP.

Eternity Technologies battery maker eyes Phoenix for North America HQ (Bizjournals.com)

Eternity Technologies Inc. will establish its North American headquarters in Phoenix's Deer Valley with a $20 million investment, creating 50 jobs at a 50,000-square-foot facility. The plant will manufacture batteries for industrial equipment and renewable energy systems, introducing the advanced QUASAR VRLA series. This marks one of Eternity’s first major expansions beyond its UAE base, strategically positioned near key markets and future rail infrastructure. The move highlights Arizona’s growing battery tech sector and industrial strength, particularly in the Deer Valley area.

Project plans submitted for $1 billion redevelopment of former CrackerJax site in Scottsdale (Bizjournals.com)

The $1 billion redevelopment of Scottsdale’s former CrackerJax site, dubbed The Parque, is nearing final approval with site plans submitted for city review. Phase one includes multifamily housing atop retail, four restaurant spaces, and a central 1.7-acre park. The 30-acre project will ultimately feature over 1,200 residences, a hotel, and office space totaling more than 2 million square feet. Developed by CrowdStrike CEO George Kurtz, The Parque joins other major mixed-use developments reshaping North Scottsdale’s landscape.

Taiwan president: Arizona a 'shining example' of high-tech collaboration (Bizjournals.com)

Taiwan President Lai Ching-te met with Arizona Gov. Katie Hobbs to strengthen high-tech and economic ties, highlighting TSMC’s $165 billion investment in Phoenix and the growing Taiwanese community in Arizona. Lai emphasized the need for a U.S.-Taiwan double-taxation agreement to bolster business and supply chain expansion. Gov. Hobbs' Taiwan visit, her second since taking office, aimed to deepen partnerships and secure future investments. Despite political tensions in Taiwan, leaders assured that the nation’s most advanced chip technology would remain domestic while building a "non-red" supply chain with Arizona.

Here are the Phoenix area's largest recent construction projects (Bizjournals.com)

The Phoenix area's top 2024 construction projects, ranked by total budget, reflect major public infrastructure, health, education, and tech investments. Leading the list is the Cave Creek Water Reclamation Plant Rehabilitation at nearly $299 million, followed by Verrado Marketplace and the University of Arizona CAMI facility, at $275 million and $231 million respectively. Other large-scale developments include data centers, hospitals, and mixed-use complexes, signaling strong regional growth and diversification. The comprehensive list showcases 78 projects, underscoring the Valley’s expanding construction and innovation landscape.

Phoenix home sales rise year over year in February (Phoenix Agent Magazine)

Phoenix home sales rose 2.1% year over year in February to 5,506, with a strong 25% month-over-month surge, outpacing national trends where sales dipped annually but grew monthly. Median U.S. prices climbed to $423,000, with homes selling at 99% of list and average market time dropping to 51 days. Inventory in Phoenix jumped nearly 34% from last year, pushing supply to 2.7 months, which RE/MAX CEO Erik Carlson said positions the market well for the spring selling season.

Luxury builder eyes new market for completely furnished Valley homes (Bizjournals.com)

Luxury homebroker Scott Grigg has sold four fully furnished Cullum Homes properties in under 30 days, with strong buyer demand despite a national slowdown in home sales. Ranging from $4 million to $7 million, the homes come turnkey with designer furniture, art, and even bedding — eliminating the usual post-sale furnishing delays. Grigg and builder Rod Cullum say the model fixes a “broken process,” offering a seamless move-in experience that’s reshaping expectations in the luxury market. The Village at Mountain Shadows and Paradise Reserve are now fully sold out.

BB Living opens Phoenix build-to-rent community, has more projects under development (Bizjournals.com)

Scottsdale-based BB Living has opened a new 108-unit build-to-rent community in north Phoenix’s Desert Ridge area, with five more developments slated for 2025 across Arizona, Texas, Colorado, and Florida. The Desert Ridge homes, priced from $3,200 to $4,200 per month, feature private yards, smart tech, and modern finishes, and were built by D.R. Horton. BB Living, now operating 3,200 homes across 18 communities, plans further expansion into emerging markets like Salt Lake City, Charlotte, and Northern Virginia. The company continues to scale amid rising demand for luxury rental housing.

Global data center giant pays $300 million for land in East Valley (Bizjournals.com)

Japan-based NTT Data Group has purchased 173 acres in east Mesa for $300 million to build a major data center campus, marking a record land deal in the area. The site, part of the former GM Proving Grounds, could support up to 1.7 million square feet of data halls, plus office and warehouse space. This adds to NTT's existing Mesa campus and reflects surging demand for data center capacity in Phoenix, a market attracting global investment due to its low costs, tax incentives, and favorable geography.

Monthly Housing Payments Hit All-Time High (BRedfin)

The median U.S. monthly mortgage payment hit a record $2,807 in March, driven by rising home prices and persistently high interest rates at 6.67%. This affordability squeeze has led to a 4.6% drop in pending sales year-over-year, though buyer interest is slowly returning as mortgage applications and home tours tick up. Meanwhile, sellers are entering the market more rapidly, with new listings up 7.5%, the highest gain in 2025. Despite cautious buyers, some are successfully negotiating below asking prices as competition remains muted.

Luxury home with 'man cave,' mountain views among 5 Valley spec projects in works (Bizjournals.com)

A $15 million spec estate in Paradise Valley with a wellness center, collector car “man cave,” and Mummy Mountain views is one of five luxury projects underway by appraiser-developer J. Andrew Turley. Turley, overseeing his largest slate yet, says Arizona is experiencing a “watershed moment” driven by wealthy migration, top-tier amenities, and architectural growth. Backed by trusted partners, he sees the 2020s as the decade Arizona matured into a national luxury real estate leader.

Solar-powered Valley estate with NBA-grade basketball court sold for $15M cash (Bizjournals.com)

A newly built 10,051-square-foot solar-powered estate in Paradise Valley sold for $15 million cash, featuring an NBA-grade basketball court, two guest houses, RV garages, and expansive entertaining space. Represented by Joan Levinson for the sellers and Eric P. Heil for the buyers, the property drew quick interest for its unique amenities and custom design. Multifamily investors Cristian and Magdalena Covaciu, who built the home in 2022, plan to build again after enjoying the process. Andrew Turley, President of Phoenix Valuations, noted that while ultra-luxury inventory has risen, demand remains strong thanks to high net worth migration and Phoenix’s robust economy, positioning the luxury market for continued stability

PhoenixNAP set to build its second Valley data center (Bizjournals.com)

PhoenixNAP Global IT Services is expanding its Valley footprint with PHX02, a 530,000-square-foot, 30–50 megawatt multi-tenant data center set to break ground in four months in south Phoenix. The facility, more than triple the size of its flagship site, will offer 15,000 racks and advanced power density, catering to smaller users in a tight 2% vacancy market. Backed by JLL brokers, this expansion underscores Phoenix’s rising status as a global data center hub, now ranked No. 4 worldwide in capacity.

Phoenix estate of former US Senator Barry Goldwater listed for $2M (Bizjournals.com)

A historic Phoenix estate once owned by U.S. Sen. Barry Goldwater is listed for $2.05 million, while a nearby luxury condo formerly linked to Sen. John McCain is listed for $1.6 million. The 1931 Palmcroft Drive residence, recently renovated, spans over 4,100 square feet and also housed former Arizona Sen. Steve Pierce. The Camelback Road condo, owned by Red Cedar Steel’s Pete Hayes, is located in a full-service high-rise favored by high-profile residents. Luxury appraiser J. Andrew Turley emphasized that Arizona continues to attract elite buyers due to its low taxes, premier schools like Basis, and resort-style amenities that make it a top-tier lifestyle destination.

Arizona adds more billionaires to growing Forbes global list (Bizjournals.com)

Arizona now counts 15 billionaires on Forbes’ 2025 global list, up two from last year, reflecting the state’s growing wealth class. Carvana shareholder Ernest Garcia II remains the richest Arizonan at $14.9 billion, while big gains came from CrowdStrike’s George Kurtz ($6.3B) and Carvana CEO Ernest Garcia III ($5.7B). Newcomers include Axon’s Rick Smith and investor George Christ, underscoring Arizona’s expanding billionaire roster as global fortunes hit a record $16.1 trillion.

Phoenix estate of former US Senator Barry Goldwater listed for $2M (Bizjournals.com)

A 1931 Spanish colonial revival home in Phoenix once owned by U.S. Sen. Barry Goldwater has hit the market for $2.05 million, alongside a $1.6 million Camelback condo where Sen. John McCain once lived. The listings highlight the Valley’s appeal for historic and luxury buyers, with Russ Lyon Sotheby’s marketing Goldwater’s former estate and Coldwell Banker listing the condo. J. Andrew Turley of Phoenix Valuations noted that Arizona’s pro-business climate, strong schools, and resort-style living continue to attract athletes, executives, and high-net-worth individuals to the Valley’s luxury market.

The housing market just hit a milestone — and it spotlights a generational change (Bizjournals.com)

First-time buyers fell to a record low 24% of the U.S. homebuying market, while baby boomers dominated at 42%, underscoring deep affordability challenges. Rising prices, high rates, and competition from cash buyers have pushed more families toward multigenerational living, which reached an all-time high at 17% of purchases, driven by cost savings and caregiving needs. NAR data shows debt burdens, especially student loans, further hinder younger buyers, marking a generational shift in homeownership dynamics.

Paradise Valley estate with koi pond, athletic field lists for nearly $26M (Bizjournals.com)

A newly renovated 15,374-square-foot Paradise Valley estate featuring a koi pond and athletic field has hit the market for $25.89 million, continuing Arizona’s ultra-luxury sales streak. Previously sold for $21 million in 2024, the property underwent extensive seven-figure renovations by Amanda and Vance Williams, who later set a state record with another $32.34 million sale. Luxury appraiser J. Andrew Turley confirmed the market's momentum, noting nine of Arizona’s 30 highest sales occurred in the past year, with Paradise Valley dominating the ultra-luxury segment. The estate exemplifies why high-profile buyers continue flocking to Arizona for its lifestyle, tax advantages, and elite real estate offerings.

Paradise Valley estate with koi pond, athletic field lists for nearly $26M (Bizjournals.com)

A newly renovated 15,374-square-foot Paradise Valley estate at 5901 E. Edward Lane has been listed for $25.89 million, after its owners bought it last fall for $21 million in what was then Arizona’s highest-priced sale of 2024. The listing underscores the momentum in the ultra-luxury market, which J. Andrew Turley of Phoenix Valuations noted has seen nine of Arizona’s 30 highest home sales occur in just the past 12 months, with Paradise Valley and Scottsdale dominating record-setting transactions. Fueled by lifestyle appeal, tax advantages, and high-profile buyers, Arizona’s top-tier luxury segment remains one of the hottest in the nation.

Taylor Morrison buys 156-acre vacant parcel in north Phoenix for new master-planned community (Bizjournals.com)

Taylor Morrison purchased a 156-acre parcel in north Phoenix for $32.2 million to develop Verdin, a 1,225-home master-planned community set to launch sales this summer near TSMC’s $165 billion semiconductor plant. The deal highlights the north Phoenix corridor’s surge in housing demand fueled by major tech and industrial investments, with developers rapidly acquiring land for large-scale and boutique projects across the Valley. This expansion underscores the region’s growing role as a hub for housing, technology, and economic development.

Zillow prohibits privately-marketed listings, eXp commits to sharing within 24 hours (South Florida Agent Magazine)

Zillow announced it will ban privately marketed listings starting in May to boost transparency and consumer trust, ensuring equal access to inventory. eXp Realty became the first brokerage to commit, pledging to post all listings on Zillow within 24 hours, followed by NextHome. Zillow urged other industry leaders to adopt the same open-market practices, framing the move as essential to fairness and efficiency in real estate.

Gilbert estate with go-kart track, underground shooting range lists, again, for $20M (Bizjournals.com)

A 9,326-square-foot Gilbert estate featuring a spa, go-kart track, underground shooting range, and entertainment facility has been relisted for $19.995 million, the town’s highest-ever listing. Originally built for MLB All-Star Andre Ethier and later expanded by Jeffry Sawyer, the property’s ultra-luxury scale makes it rare for the East Valley, where such estates take longer to sell. J. Andrew Turley of Phoenix Valuations noted that with only six sales above $5 million in the past decade, secondary markets like Gilbert face slower absorption compared to top-tier luxury hubs such as Paradise Valley and Scottsdale.

Gov. Hobbs signs bill that paves way for Axon HQ campus (Bizjournals.com)

Gov. Katie Hobbs signed Senate Bill 1543, clearing the way for Axon’s $1.3 billion Scottsdale headquarters campus after months of legislative battles and local opposition. The new law permits Axon to build nearly 1,900 residential units and a 435-room hotel on its 70-acre site under expanded light industrial zoning, bypassing the need for public hearings or rezoning. Axon CEO Rick Smith hailed the move as a defining moment, while opponents like TAAAZE vowed to continue fighting the project in court.

Valley build-to-rent competitors forge deal as BTR sector reaches historic high (Bizjournals.com)

Mesa-based Christopher Todd Capital acquired two Dallas-Fort Worth build-to-rent (BTR) communities from Phoenix-based NexMetro Communities, marking a major deal between two of the sector’s pioneers. The transaction underscores Phoenix’s dominance in the BTR industry, with the metro leading the nation in total inventory and deliveries, having added 4,460 units last year and over 12,700 since 2020. With more than 13,000 additional homes planned locally and 110,000 nationally in the pipeline, the BTR market has hit historic highs, attracting both traditional homebuilders and multifamily developers.

Canadian company opens East Valley manufacturing facility; plus more deals to know (Bizjournals.com)

Montreal-based Xnrgy Climate Systems opened its new 275,000-square-foot U.S. headquarters and manufacturing facility at Mesa’s Gateway East, the first phase of a $300 million plan that could expand to 1 million square feet and 2,000 jobs. Initially staffing 130 workers, Xnrgy will begin production May 1, focusing on sustainable cooling solutions for the Valley’s booming data center market. Other recent Valley deals include Scenthound launching three dog wellness centers in Scottsdale and Rally House opening at Tanger Outlets Phoenix, signaling ongoing growth across multiple sectors.

Taylor Morrison buys 131 acres in fast-growing area of Queen Creek (Bizjournals.com)

Taylor Morrison bought 131 acres in Queen Creek for $21 million, with plans to build 218 homes in Phase II of the Borgata at San Tan Heights community, following its recent north Phoenix land acquisition. Homes, expected to range from the low 2,000s to upper 3,000s square feet with styles like Santa Barbara, Prairie, and Farm House, are slated for sales in late 2026. The deal reflects strong housing demand in Queen Creek, fueled by rapid growth, State Route 24 expansion, and major employers like LG Energy Solution’s $5.5 billion battery plant coming to the area.

TSMC finishes construction of second chip factory ahead of schedule (Bizjournals.com)

TSMC finished construction of its second Phoenix fab ahead of schedule to meet surging AI chip demand and confirmed plans to break ground on a third fab later this year. The new facility will produce 3-nanometer chips, while the third will target 2-nanometer and A16 technologies, with about 30% of that capacity based in Arizona. Backed by major U.S. customers like Apple, Nvidia, and AMD, TSMC’s Arizona expansion now totals up to $165 billion, the largest foreign investment in U.S. history, positioning the state as a global hub for advanced semiconductor manufacturing.

Gen Digital acquires MoneyLion for $1B to expand financial wellness capabilities (Bizjournals.com)

Gen Digital, the Tempe- and Prague-based cybersecurity giant, completed its $1 billion all-cash acquisition of MoneyLion, expanding its platform into financial wellness and AI-driven financial recommendations. MoneyLion shareholders received $82 per share plus contingent value rights worth up to $23 if performance targets are met. With over 20 million users and $546 million in 2024 revenue, MoneyLion strengthens Gen Digital’s consumer ecosystem alongside brands like Norton, LifeLock, and Avast, positioning the company to deliver integrated cyber safety and financial well-being solutions.

'TSMC effect' takes hold (Bizjournals.com)

Between June 2021 and January 2025, Arizona saw a surge of semiconductor supplier expansions across the metro and beyond, reinforcing the state’s role as a U.S. hub for advanced manufacturing. Phoenix led with multiple projects from firms like Marketech, ASM America, and Modern Industries, while Chandler added critical suppliers such as EMD Electronics, Edwards Vacuum, and NXP. Major investments also landed in Casa Grande (Chang Chun, Solvay), Mesa (Fujifilm, Mitsubishi Chemical), and Peoria (Amkor Technology, Hyperion), with additional sites in Tempe, Scottsdale, Surprise, Sahuarita, Tolleson, and Prescott. This widespread growth mirrors the unprecedented scale of TSMC and Intel’s Arizona fabs, fueling a deep and geographically diverse semiconductor ecosystem.

New leader takes helm of Halo Vista megaproject near TSMC campus (Bizjournals.com)

Chris Janson has been named president of Mack Halo Vista LLC to lead the $7 billion, 2,300-acre Halo Vista megaproject surrounding TSMC’s $165 billion north Phoenix campus. Expected to generate 70,000 jobs, the master-planned community will feature residential, commercial, and industrial space, anchored by The Forge manufacturing hub and Sonoran Oasis Research Park. Janson, a Valley native with decades of large-scale development experience, said the team is advancing entitlements and infrastructure with hopes of breaking ground on phase one vertical construction in 2026.

Arizona bioscience industry outpaces nation in job gains, research funding (Bizjournals.com)

Arizona’s bioscience industry grew jobs 8.1% from 2020 to 2023, outpacing the nation’s 6.7% rate, with nonhospital roles climbing 19% and average salaries hitting $87,000. University R&D spending topped $800 million in 2023, a 30% jump versus 25% nationally, while NIH grants reached a record $368 million. Though venture capital deals slowed, Arizona remains a rising hub with major expansions from Mayo Clinic, ASU’s new health campus, and Nikon’s advanced imaging center in Tucson, reinforcing its long-term strength as a bioscience leader.

TSMC's $165B Phoenix campus fuels industrial demand in Northwest Valley (Bizjournals.com)

TSMC’s $165 billion north Phoenix campus is fueling surging demand in the Northwest Valley’s Deer Valley industrial submarket, where vacancy rates are tightening even as metro-wide rates climb. With more than 50 semiconductor-related firms in Arizona’s pipeline and millions of square feet of logistics and flex space projected by 2028, landlords near TSMC are benefiting from strong interest, while other West Valley landlords are beginning to cut deals to stay competitive. Industry leaders say TSMC’s decision has made Arizona a global semiconductor hub, reshaping industrial real estate dynamics across the region.

Amkor explores ways to speed up work on $2 billion Peoria facility (Bizjournals.com)

Amkor Technology is exploring ways to speed up construction of its $2 billion advanced semiconductor packaging facility in Peoria, set to become the largest outsourced packaging plant in the U.S. The company, which secured $400 million in CHIPS Act grants, expects phase one production within two to three years, supporting key customers like TSMC, GlobalFoundries, and Apple. While residents have raised environmental concerns, Peoria officials continue to back the project, which Amkor says is vital to meeting growing AI and high-performance chip demand and bolstering the U.S. semiconductor supply chain.

Phoenix housing market softens as spring selling season fails to ignite (Bizjournals.com)

Metro Phoenix’s housing market is cooling, with median prices slipping 4% in just over a month to $446,000 and inventory hitting a 10-year high. Buyers are gaining leverage as nearly half of sellers now offer concessions, while luxury markets in Paradise Valley and Arcadia show slowing absorption with elevated supply. Industry leaders cite high mortgage rates, tariff-related economic uncertainty, and waning buyer confidence as key pressures, though they note Arizona’s long-term appeal and population growth remain strong supports for the market.

March’s interest-rate slide prompts jump in pending home sales (Bizjournals.com)

Pending home sales surged 6.9% in March, far above expectations, as mortgage rates dipped to an average of 6.65%, their lowest in months. Though still down 0.6% year over year, the jump signals renewed buyer activity supported by job growth and rising inventory, according to NAR’s Lawrence Yun and First American’s Odeta Kushi. The data points to a potential rebound in future existing-home sales as rate-sensitive buyers re-enter the market.

Intel confirms advanced silicon wafer tests underway in Arizona (Bizjournals.com)

Intel confirmed it has begun test runs of its most advanced 18A wafers at its Chandler Ocotillo campus, marking a milestone in U.S. semiconductor manufacturing with plans for full volume production later this year. The 18A node introduces industry-first features including gate-all-around technology and backside power, while Intel also readies future 14A and 18A-P variants. The development comes as Intel completes a $32 billion Chandler expansion, underscoring Arizona’s growing role in advanced chip production despite broader cost-cutting and workforce restructuring at the company.

Phoenix's tech momentum fuels Arizona's strong business attraction ranking (Bizjournals.com)

Arizona ranked No. 1 in the Mountain Region for business investment attraction for the second year in a row, driven by Phoenix’s surging tech ecosystem highlighted by TSMC’s $165 billion semiconductor campus and Amkor’s $2 billion facility in Peoria. Site Selection magazine called Phoenix “the region redefining the future of tech,” citing affordability, infrastructure, and talent as key drivers. With 482 active projects in the Arizona Commerce Authority pipeline — over half in advanced manufacturing — and record $32.2 billion in exports last year, the state is cementing itself as a magnet for global investment.

YAM Management plans 148,000-square-foot hangar development at Scottsdale Airport (Bizjournals.com)

YAM Management, part of Bob Parsons’ YAM Worldwide, plans to develop six hangars totaling 148,000 square feet at Scottsdale Airport on land it acquired for $31 million in 2022. The project, called YAM Hangars, will include office and storage space along with two fuel farms, with design led by Gensler and support from SEG and Coffman Associates. The proposal adds to a wave of East Valley aviation growth, including Davcon Aviation’s Falcon Field expansion and Gulfstream’s new $130 million Mesa Gateway facility.

Teravalis development to accelerate as Howard Hughes secures major funding boost (Bizjournals.com)

Howard Hughes Holdings secured a $900 million investment from Pershing Square, led by Bill Ackman, to accelerate its 37,000-acre Teravalis master-planned community in Buckeye. Slated to include 100,000 homes, 300,000 residents, and 55 million square feet of commercial space, Teravalis launches this fall with its first village, Floreo, where seven builders are already preparing models. CEO David O’Reilly said the funding not only strengthens Teravalis but also supports Howard Hughes’ shift toward a diversified holding company, while leveraging its desert development expertise from Las Vegas’ Summerlin to address Arizona’s water challenges.

Online car retailer Carvana reports all-time high sales and profits, surprising investors (Bizjournals.com)

Carvana posted record-breaking Q1 results with $4.2 billion in revenue, $488 million in adjusted EBITDA, and 133,898 units sold — all company highs — far surpassing Wall Street expectations. Shares briefly dipped before rallying to a 52-week high as investors absorbed the strong performance, which CFO Mark Jenkins called “incredible.” CEO Ernie Garcia outlined ambitions to scale to 3 million annual unit sales within a decade, supported by expanded reconditioning capacity and adaptive systems to navigate tariffs and shifting consumer demand.

$120 million Switchyard development to transform Queen Creek's downtown (Bizjournals.com)

A $120 million mixed-use project called The Switchyard is set to transform downtown Queen Creek with restaurants like Postino, Shake Shack, and Snooze, plus 54,000 square feet of retail and office space and 215 luxury apartments. Developed by Phoenix-based Creation on 10 acres of town-owned land, the project emphasizes a walkable, destination-style design rather than standalone buildings. With its first phase opening in summer 2026, The Switchyard marks Queen Creek’s first new office development in more than a decade, aiming to anchor a vibrant town core.

Wisconsin private jet company picks Scottsdale for third US base (Bizjournals.com)

Wisconsin-based Jet Out has opened its third U.S. base at Scottsdale Airport as its flight volume surged 190% over the past year. The private jet co-ownership company will station two new Citation CJ4 Gen2 aircraft and 15 local staff in Scottsdale, operating under its “local national fleet model” that keeps pilots home nightly. With Scottsdale ranking among the nation’s top private jet hubs, Jet Out plans further growth with additional aircraft and a fourth market expansion by year-end.

Zillow: Price Cuts Hit Record as Inventory Floods Back (May 2025) (BiggerPockets)

Zillow reported record-high home price cuts as inventory rebounds, signaling a healthier housing market where buyers gain leverage and the gap with sellers narrows. Senior Economist Orphe Divounguy emphasized that rising supply is bringing more realistic pricing, which benefits buyers, agents, and lenders. While trade wars, tariffs, and economic uncertainty pose risks, Zillow remains cautiously optimistic, projecting that softer prices combined with potential mortgage rate declines could improve affordability and keep the market active through 2025.

NAR: GOP tax plan passed by House is big win for real estate (Phoenix Agent Magazine)

The National Association of REALTORS® hailed the House’s passage of the GOP’s One Big Beautiful Bill Act as a major win for real estate, highlighting provisions that expand the qualified business income deduction to 23%, quadruple the SALT cap to $40,000, preserve the mortgage interest deduction, and protect 1031 like-kind exchanges. The bill also makes Trump-era tax cuts permanent, boosts the child tax credit, and incorporates LIHTC improvements. While changes may come in the Senate, NAR praised the package as strengthening communities, supporting homeownership, and providing meaningful relief to Realtors and families nationwide.

The pay raise picture is shifting. Here's how Arizona compares (Bizjournals.com)

Phoenix wages climbed 9.3% year over year to $1,298 weekly, the 12th-fastest growth among the nation’s 100 largest metros, while Tucson saw a modest 2.7% rise to $1,028, ranking near the bottom. Nationally, wages rose in 91 metros, led by Augusta, Georgia, with a 21.8% jump, though nine markets posted declines. Despite tariff-related uncertainty, surveys show employers are largely holding to 2025 pay-raise plans, with merit increases averaging 3.2% and total compensation up 3.5%, though employees increasingly look to promotions — averaging 8.5% raises — for more meaningful pay growth.

Phoenix solidifies spot as 5th largest US city; other AZ cities show population surges (Bizjournals.com)

Newly released Census data confirms Phoenix remains the fifth-largest U.S. city, adding 16,933 residents in a year to reach 1.67 million, though its 1% growth rate lagged smaller Valley communities. Queen Creek led Arizona with an 8.1% jump and a 40.8% four-year surge, while Casa Grande, Maricopa, Apache Junction, Goodyear, Surprise, Buckeye and Marana also ranked among the nation’s fastest-growing cities. While most of Arizona’s metro periphery boomed, some areas including Fountain Hills, Chandler, Tempe, and Florence saw modest declines, underscoring the continued suburban expansion driving the state’s demographic momentum.

NAR: Affordability gap persists despite improvements in housing supply (Atlanta Agent Magazine)

The National Association of REALTORS® and Realtor.com® report shows housing supply is finally improving, especially in the South and Midwest, but affordability remains a major barrier for most Americans. While middle-income households earning around $75,000 can now access just over 21% of listings — still far below pre-pandemic levels — low-income buyers earning under $50,000 can afford fewer than 9%. High-income buyers face few obstacles, underscoring a widening gap that experts say will persist without zoning reform, more entry-level construction, and expanded assistance programs.

Scottsdale's millionaire population soars, outpacing global wealth hubs (Bizjournals.com)

Scottsdale’s millionaire population surged 125% over the past decade to 14,800, the second-fastest growth globally behind Shenzhen, according to Henley & Partners’ 2025 wealth report. The city now counts 64 centimillionaires and five billionaires, underscoring a robust luxury market and drawing more wealth management activity—even though Scottsdale still sits outside the world’s top 50 by total millionaires. Its acceleration outpaced U.S. peers like West Palm Beach, the Bay Area, Miami, Washington, D.C., Austin, Dallas and Houston, while New York remains the world’s wealthiest city.

RE/MAX: Phoenix home sales rise year over year in April (Phoenix Agent Magazine)

Phoenix home sales rose 4.5% year over year in April to 6,933 closings, outpacing the national decline of 1.4%, while also climbing 4.7% month over month, according to RE/MAX. The median price hit $440,000, up 2.3% annually, with homes selling faster at an average of 40 days on market and closing near list price at 99%. Inventory expanded nearly 34% year over year, pushing supply to 2.3 months, as RE/MAX CEO Erik Carlson highlighted growing sales momentum but emphasized the need for more buyer activity to match robust seller readiness.

GTI Energy to invest $20 million in Goodyear battery casing facility, boosting robotics and production (Bizjournals.com)

GTI Energy is expanding its footprint in the Valley with a $20 million investment to upgrade its new 530,000-square-foot Goodyear battery casing plant, adding robotics and advanced production features. The facility, expected to be fully operational within weeks, will become GTI’s largest and primary high-volume site, eventually creating 600 new jobs across technical and engineering roles. Driven by surging demand from the renewable energy and data center sectors, the project strengthens Phoenix’s clean energy manufacturing base, alongside Apex Power Conversion’s recent $60 million Mesa expansion.

Norwegian software firm moves ‘full steam ahead’ on global HQ in Tempe (Bizjournals.com)

Cognite, a fast-growing Norwegian industrial software firm, is relocating its global headquarters from Oslo to Tempe, taking 30,000 square feet at Hayden Ferry Lakeside III and planning to hire 150 employees. The company has already added 35 Arizona workers with goals to reach 50 by year-end and is actively recruiting engineers, project managers, and financial leaders. Cognite is also strengthening its leadership team with key executive hires, including cofounder Geir Engdahl as CTO of AI and James Sirota as global head of engineering, positioning its Tempe base as the hub for management, finance, HR, IT, and consulting while continuing to expand its AI-powered industrial data platforms worldwide.

Luxury condo complex to replace office park near Arizona Biltmore (Bizjournals.com)

JDM Partners, led by Jerry Colangelo, plans to redevelop a 6.26-acre 1980s office park near the Arizona Biltmore into 2400 Biltmore Residential, a 203-unit luxury condo complex with restaurant and office space. The project targets downsizers and second-homeowners drawn to the prime central Phoenix location and will require rezoning and demolition of the existing buildings. This is JDM’s second major office-to-residential conversion, following its ongoing Chase Tower reboot, highlighting Phoenix’s broader trend of costly but high-demand adaptive reuse projects.

Phoenix home prices show modest growth as market returns to normal conditions (Bizjournals.com)

Phoenix home prices rose 1.92% annually in March, signaling a “return to normal” market conditions with steady sales of well-priced homes and elevated land values, particularly in Paradise Valley. J. Andrew Turley of Phoenix Valuations noted improved stability after early-spring economic uncertainty, projecting values could shift between ±4% over the next year, supported by a strong economy and wealthy in-migration. Luxury demand remains resilient, with consistent $3M–$6M activity, rising cash purchases, and agents calling today’s climate a healthy recalibration where professionalism and pricing strategy drive outcomes.

Arizona Land Consulting plans Valley data center with tech investors (Bizjournals.com)

Arizona Land Consulting, led by Anita Verma-Lallian, acquired 2,000 acres west of Phoenix for $51 million to launch the $25 billion Hassayampa Ranch mega data center in partnership with investors including Chamath Palihapitiya. Positioned near Howard Hughes’ Teravalis community and Bill Gates’ land holdings, the project underscores Arizona’s rise as a hub for AI and advanced computing despite growing pushback from Phoenix officials over tax incentives and resource concerns. Verma-Lallian emphasized strong investor demand, favorable West Valley zoning, and the site’s strategic fit for massive power capacity, framing it as a natural extension of her firm’s high-profile land deals.

Luxury home with 'man cave,' mountain views among 5 Valley spec projects in works (Bizjournals.com)

Luxury appraiser J. Andrew Turley and his wife are spearheading five major Valley spec projects, including an $15 million, 8,600-square-foot Paradise Valley estate with a wellness center, collector-car “man cave,” and mountain views. Additional projects range from $6 million to $10 million in Paradise Valley and Phoenix, including a redevelopment of former Suns star Deandre Ayton’s property. Turley called this surge a “watershed moment” for Arizona’s luxury market, fueled by wealthy migration, lifestyle amenities, and bold investor partnerships, positioning the region as a premier U.S. destination for design and high-end living.

Nine Arizona companies make Fortune 500 list, with mining giant taking top spot (Bizjournals.com)

Nine Arizona companies made the 2025 Fortune 500 list, led by Phoenix-based Freeport-McMoRan at No. 169 with $25.5 billion in revenue, up 11.4% thanks to strong copper demand. Avnet slipped to No. 181 after a revenue decline, while Republic Services climbed to No. 266 and Reliance fell to No. 309. Carvana posted the state’s biggest leap, rising 63 spots to No. 314 on surging revenue, while Insight, Taylor Morrison, Sprouts (a newcomer), and Microchip rounded out the list, underscoring Arizona’s diverse corporate strength across mining, tech, housing, retail, and automotive.

Arizona officials court hypersonic missile startup Castelion for Tucson expansion (Bizjournals.com)

Arizona officials, led by Sen. Mark Kelly, are courting California-based hypersonic missile startup Castelion Corp. to expand into Tucson, highlighting the state’s 1,200 aerospace firms, 62,000 direct jobs, and strong military-industrial ecosystem. Founded by former SpaceX executives, Castelion recently raised $100 million to accelerate hypersonic weapons development and mass manufacturing. Kelly emphasized Arizona’s pro-business climate, skilled workforce, and major semiconductor and defense investments, positioning the state as a prime candidate for Castelion’s next phase of growth.

Phoenix ranks among top US markets for office conversions (Bizjournals.com)

Phoenix ranks ninth nationally for office conversions, with 15 projects totaling 3 million square feet underway as developers pivot aging office stock toward multifamily and industrial uses, according to CBRE. About 37% of Valley conversions target apartments and 30% are slated for industrial, reflecting strong demand in both sectors amid persistently high office vacancies. Notable projects include JDM Partners’ 2400 Biltmore Residential condo redevelopment and Ryan Cos.’ Innovate48 industrial conversion, underscoring how Phoenix developers are adapting creatively to evolving market dynamics.

Electronics giant Avnet buys office for new global HQ in Tempe (Bizjournals.com)

Avnet Inc. purchased a 150,000-square-foot Class A office at Arizona State University Research Park in Tempe for its new global headquarters, with plans to move in by mid-2026. The $55–$65 million capital investment follows the sale-leaseback of its Chandler solutions center and underscores Avnet’s long-term commitment to Arizona’s tech economy. Despite Q3 revenue dipping 6% year over year to $5.3 billion, CEO Phil Gallagher emphasized the move as both a strategic investment in Phoenix’s growth and a continuation of Avnet’s nearly three-decade Arizona presence.

Dutch Bros to relocate headquarters to Tempe from Oregon (Bizjournals.com)

Dutch Bros confirmed it will relocate its corporate headquarters from Oregon to Tempe, solidifying its growing Valley presence after leasing 136,426 square feet at Liberty Center. CEO Christine Barone, an Arizona native, has overseen the move as the company expands rapidly, reporting $1.3 billion in 2024 revenue and a 29% year-over-year jump in Q1 2025. The relocation adds another major national brand to Phoenix’s roster of HQs, boosting the region’s reputation as a top U.S. hub for corporate headquarters growth.

Massive industrial lease inked in Goodyear, second largest of 2025 (Bizjournals.com)

A 521,302-square-foot lease at Goodyear’s Litchfield Palms Logistics Park marks the Valley’s second-largest industrial deal of 2025, with an unnamed warehousing and distribution tenant set to begin operations this fall. The project highlights the explosive growth of the Loop 303 corridor, which could eventually hold 100 million square feet of warehouse space, bolstered by freeway expansions and BNSF’s planned $3.2 billion rail hub. Despite elevated vacancy from new deliveries, Phoenix’s industrial market continues to show strength, with more than 2 million square feet absorbed in Q2 alone.

Inventory jumps nearly 50% in Maricopa County (Phoenix Agent Magazine)

Maricopa County housing inventory surged nearly 50% year over year in May, topping 17,000 active listings despite fewer new homes hitting the market, Phoenix REALTORS® reported. Pending sales fell 33.2% and closings slipped 5.1%, while the median price edged down 1.9% to $510,000 and the average rose 1.5% to $710,222. With 4.6 months of supply now available, buyers have significantly more options, signaling a cooler but more balanced market.

Super Radiator Coils opens new Mesa facility, plans hiring spree (Bizjournals.com)

Super Radiator Coils has opened a 150,000-square-foot facility in southeast Mesa, marking a major expansion for the Minnesota-based manufacturer of industrial heat exchangers and nuclear products. The plant, designed for future growth with solar-ready infrastructure and specialized machinery, will add 125 new jobs, boosting the Arizona workforce to about 350 employees. Vice President Tyler Johnson said Mesa was chosen for its strong workforce, infrastructure, and cultural fit, reinforcing the East Valley’s reputation as a fast-growing industrial hub.

High-rise apartment boom reshapes Phoenix's urban core (Bizjournals.com)

Downtown Phoenix is undergoing a high-rise apartment boom, with 1,581 new units delivered since 2023, nearly 3,000 under construction, and more than 3,300 in predevelopment. Projects like PALMtower, Skye on 6th, Moontower Phoenix, and Ave Phoenix Sky are reshaping the skyline, while massive mixed-use developments such as Central Station and Sol Modern add thousands more units with retail and transit connections. Driven by demand for transit-oriented, walkable communities, the surge reflects a broader transformation of Phoenix’s urban core into a vibrant hub for housing, education, culture, and entertainment.

Semiconductor supplier opens manufacturing, R&D facility in Mesa (Bizjournals.com)

Moses Lake Industries, a Washington-based semiconductor chemical supplier and subsidiary of Japan’s Tama Chemicals, opened a $100 million, 50,000-square-foot manufacturing and R&D facility in Mesa, creating up to 40 jobs. The site strengthens ties with major customers like Intel and Samsung while boosting Arizona’s fast-growing semiconductor ecosystem, which has attracted over $200 billion in investments since 2020. Company leaders cited Mesa’s infrastructure, workforce, and central location as key factors, with Mayor Mark Freeman highlighting the project as a milestone in advancing innovation and economic growth.

Cullum Homes sells out two Paradise Valley communities amid luxury market boom (Bizjournals.com)

Scottsdale-based Cullum Homes has sold out its two original Paradise Valley communities, Paradise Reserve and The Village at Mountain Shadows, marking a milestone for the luxury builder amid a booming high-end market. Founded by Rod and Kim Cullum, the family-owned firm pioneered “lock and leave” luxury living in the Valley and has since seen demand push prices from $3–$4 million a decade ago to more than double today. With new projects underway at The Phoenician, Ironwood Golf Villas, and Seven Desert Mountain, Cullum continues to expand its portfolio while now offering fully furnished, move-in ready estates that reflect Arizona’s surging luxury momentum.

Phoenix among hottest US new-build home markets despite resale market warning signs (Bizjournals.com)

Phoenix ranked No. 3 nationally for new-home markets in 2025, with builders like D.R. Horton, Lennar, and Taylor Morrison leading thousands of closings as demand for fresh inventory drives activity across master-planned communities like Teravalis. Maricopa County led the nation with 38,310 new units built in 2024, underscoring strong in-migration and lifestyle demand despite challenges from interest rates, supply chains, and labor shortages. Yet resale warning signs are mounting, with Phoenix prices falling for three straight months and experts like 72Sold’s Greg Hague cautioning that high rates could trigger a broader housing downturn if not addressed.

Intel considers shift from key chip process to pursue cutting-edge technology (Bizjournals.com)

Intel CEO Lip-Bu Tan is weighing a major strategic shift that could end marketing its 18A chip process to new foundry customers, redirecting focus toward its cutting-edge 14A technology under development in Arizona. While the move could mean billions lost in 18A investments, Intel aims to position 14A against TSMC’s forthcoming A14 node and attract marquee clients like Apple and Nvidia. The board is set to debate the plan this year as Intel navigates ongoing layoffs and a $32 billion Chandler expansion, underscoring both the risks and urgency of its technology race.

Developer buys prime Paradise Valley land, aims to build $25M luxury estate (Bizjournals.com)

A partnership led by Frank DiMaggio of MDF Development acquired a 1.26-acre Paradise Valley lot for $5.1 million, with plans to build a 9,000–10,000-square-foot spec estate priced at $25 million. The property boasts rare, unobstructed views of Camelback Mountain’s north face from a flat yet elevated site, which J. Andrew Turley, president of Phoenix Valuations, called one of the most iconic and valuable vantage points in Arizona. Featuring luxury amenities such as a wine room, wellness center, negative-edge pool, and detached casita, the estate is positioned to command a premium in the Valley’s booming ultra-luxury market.

Peoria aims to buy 834 acres for ambitious Innovation Core project (Bizjournals.com)

The city of Peoria plans to bid $46.7 million at an August auction for 834.5 acres near the Loop 303 as the first step in its ambitious 6,700-acre Peoria Innovation Core. Acting as master planner, the city aims to invest $140 million in infrastructure to attract semiconductor firms and advanced manufacturers, leveraging nearby megaprojects like TSMC’s $165 billion campus and BNSF’s $3.2 billion rail hub. Officials project the effort could reimburse Peoria up to $500 million in infrastructure costs and generate at least $1 billion for Arizona’s state trust over two decades.

Phoenix home sellers' profits dip, but fare better than many markets (Bizjournals.com)

Phoenix home sellers’ profit margins dipped to 52.4% in Q1 2025, down from 58.2% a year earlier and the lowest since 2020, according to Attom. Still, the Valley outperformed many U.S. markets, with raw profits holding at $156,500 and declines slowing compared to late 2024. While national margins have fallen sharply since 2022, Attom CEO Rob Barber noted profits remain historically strong, and seasonal trends could bring improvement later this year.

Coolidge, Queen Queek help pace Arizona to 5.9% growth over four years (Bizjournals.com)

Arizona’s population grew 5.9% from 2020 to 2024, reaching 7.58 million residents, with Coolidge (up 46.5%), Queen Creek (37.6%), and Maricopa (30.2%) leading the surge, according to new Census estimates. The West Valley also boomed, as Buckeye, Goodyear, and Surprise each topped 15% growth, underscoring the region’s role as a magnet for new residents. Overall, 25 of 33 cities in Maricopa and Pinal counties gained population, cementing Arizona’s position as the nation’s 14th most populous state amid continued Sun Belt migration.

Silicon in the Spotlight (Bizjournals.com)

Phoenix will host SEMICON West for the first time this October, breaking San Francisco’s 55-year hold on the nation’s largest semiconductor conference. The move, secured after years of lobbying by Arizona officials, reflects the state’s booming chip ecosystem, which has attracted $205 billion in investments and 16,000 jobs since 2020. Expected to draw up to 40,000 attendees, the event will showcase global semiconductor leaders, elevate local companies, and further cement Arizona’s position as a premier hub for advanced manufacturing and innovation.

Home mortgage delinquencies rise nationwide, including in Arizona (Bizjournals.com)

Mortgage delinquencies are rising nationwide, including in Arizona, where rates are up 0.12% year over year, according to Cotality. In Maricopa County, trustee sale notices climbed 38% from last year, with recent peak buyers and flip investors most at risk as prices remain 7% below 2022 highs and homes take longer to sell. While Arizona avoids the disaster-driven spikes seen in Florida and Mississippi, higher taxes, insurance, and 6.72% mortgage rates are straining affordability, signaling growing pressure on both homeowners and investors.

Real estate commissions are taking a surprising turn after landmark settlement (Bizjournals.com)

Despite fears following the $418 million National Association of Realtors settlement, U.S. real estate commissions have held steady, averaging 5.44% as of June, with sellers often still offering buyer-agent compensation to secure deals. The bigger shift has been in transparency, with clients pressing for clarity on who pays whom and why, while agents report working harder, defending their value, and facing shrinking ranks as full-time agent numbers fell below 400,000 in 2024. Industry insiders warn that although commissions haven’t collapsed, pressure on income models is intensifying, reshaping the profession’s future.

After upgrades, Galleria Corporate Centre lands four more office tenants (Bizjournals.com)

Scottsdale’s Galleria Corporate Centre secured four new tenants — Independence Home Loans, AmTrust North America, Mark-Taylor Residential, and Illuminarium Experiences — totaling 120,000 square feet of leases. The deals follow recent upgrades, including a new fitness center and high-tech conference room, which helped attract a broader mix of finance, insurance, real estate, and creative tenants beyond its tech base. With Northeast Valley vacancies at just 16.5%, among the lowest in metro Phoenix, Galleria’s Old Town location and amenities reinforce its appeal in a challenging office market.

Real estate commissions are taking a surprising turn after landmark settlement (Bizjournals.com)

U.S. real estate commissions have remained surprisingly stable following the landmark $418 million settlement involving the National Association of Realtors, with national averages holding near 5.44% despite widespread expectations of a decline. Data from Clever Real Estate and Redfin show little movement in commission rates, but agents report working harder, facing greater scrutiny from clients, and navigating heightened transparency around compensation. At the same time, the industry is contracting, as the number of full-time agents fell to its lowest level in more than a decade, signaling mounting pressure on the traditional commission-based model even as pricing holds steady.

TSMC to accelerate production at Arizona fabs amid surging AI demand (Bizjournals.com)

TSMC will accelerate production at its second and third north Phoenix fabs to meet surging AI-related chip demand, CEO C.C. Wei told investors, noting future fabs will also be sped up as needed. The company has committed $100 billion to expand its Arizona site with multiple factories, advanced packaging centers, and R&D facilities, aiming for 30% of its most advanced capacity to be U.S.-based. TSMC’s Q2 profit soared 60.7% year-over-year to $13.5 billion on record AI and high-performance computing demand, reinforcing its central role in powering the next wave of U.S. semiconductor growth.

Buckeye, Queen Creek spend millions to import groundwater for development (Bizjournals.com)

Arizona approved a landmark groundwater deal allowing Buckeye and Queen Creek to import water from the Harquahala Basin for 110 years, securing 5,926 and 5,000 acre-feet annually to support rapid growth. The cities spent a combined $110 million on rights, easing pressure on builders needing assured supplies for major projects like Buckeye’s 100,000-home Teravalis community. While leaders hailed the deal as vital for long-term sustainability, experts like ASU’s Sarah Porter cautioned that infrastructure, financing, and regulatory hurdles remain before the water can fully fuel development.

The housing market just hit a key milestone. But 'buyer's market' may be a stretch. (Bizjournals.com)

U.S. housing inventory hit 1.36 million homes in June, the highest since 2019, slowly shifting conditions toward buyers but still short of a true buyer’s market. Months’ supply reached 4.6, below the six months considered balanced, while mortgage rates remain stuck near 6.75% and home prices stay elevated despite modest recent declines. Experts say affordability hurdles, tariffs, and economic uncertainty are keeping many sidelined, though buyers in stronger financial positions are gaining more negotiating power as listings linger longer and sellers adjust expectations.

Phoenix bucks national trend with increase in hotel rooms under construction (Bizjournals.com)

Phoenix is defying national trends with a 22.4% year-over-year increase in hotel rooms under construction, totaling 4,079 as of June, even as U.S. hotel building slows. Major projects include the 1,100-room Vai Resort in Glendale and the $92M dual-branded AC/Element City North hotel, with an additional 6,667 rooms in final planning. Despite overnight visitors dipping to 19.2 million in 2024, the Valley’s hospitality sector remains active, with more than 3,100 rooms under renovation or conversion to keep pace with new supply.

Biggest apartment portfolio deal in AZ history: Here's who scooped it up (Bizjournals.com)

Fairfield Residential set a new record with Arizona’s largest multifamily portfolio acquisition, spending $462.38 million on five Phoenix-area apartment communities totaling more than 1,300 units. The deal, surpassing the previous $414.5 million record in 2021, brings Phoenix’s 2025 apartment sales volume above $2.4 billion, up 4% year-over-year and 40% higher than 2023. While sales remain below the 2021–22 peak, strong absorption of 9,000 units in the first half of 2025 and stable 7.1% vacancy rates highlight continued multifamily demand despite headwinds in the resale housing market.

US housing market sees rising inventory, slower price growth and more negotiation room (DFW Agent Magazine)

The U.S. housing market is showing clear signs of cooling as inventory climbs to multiyear highs, price growth flattens, and buyers regain negotiating leverage. June 2025 data from Realtor.com, Zillow and RE/MAX indicate active listings are up roughly 17%–30% year over year, days on market are lengthening toward pre-pandemic norms, and price reductions have become commonplace—exceeding 20% of listings nationally. While median prices remain largely stable rather than declining, the balance of power is shifting: buyers now face less urgency and more choice, while sellers must compete on price, presentation, and flexibility in a market that is steadily normalizing after years of extreme imbalance.

Tempe's priciest listing: $10M luxury estate combines rural charm, urban vibe (Bizjournals.com)

Tempe has hit a milestone with its priciest residential listing ever: a newly built $10 million luxury estate in Tally Ho Farms. The 8,500-square-foot home sits on 1.65 irrigated acres with four bedrooms, seven bathrooms, a 1,000-bottle wine cellar, observatory-style flex space, and approved plans for a guest house. J. Andrew Turley, president of Phoenix Valuations, noted the $1,176 per-square-foot ask rivals pricing in Arcadia, North Scottsdale, and Paradise Valley, far above Tempe’s historic record of $4.3 million.

The Ranch mixed-use project in Gilbert gets green light, work to start in Q4 (Bizjournals.com)

Gilbert’s $1 billion mixed-use project, The Ranch, has received final approval and will break ground in Q4. Spanning 311 acres at Elliot and Power roads, the development will include 221 acres of industrial space, 34 acres of retail, and 729 multifamily units. Phase one features a 130,000-square-foot retail hub plus an 18-acre green space serving as both a community amenity and a buffer to nearby neighborhoods, with future phases delivering more than 3 million square feet of industrial capacity.

Lender moves to foreclose on $2B Ritz-Carlton Paradise Valley project amid legal battle (Bizjournals.com)

The $2 billion Ritz-Carlton Paradise Valley and The Palmeraie project faces foreclosure as Madison Realty Capital filed a trustee’s sale, escalating a heated legal battle with developer Five Star Development. Five Star has sued Madison, alleging the lender deliberately stalled funding to seize control, while Madison claims Five Star defaulted on its $585 million loan. With construction halted, the unfinished hotel and paused sales now hang in limbo, leaving Paradise Valley awaiting resolution on a development once touted as a world-class economic driver.

Inc. 5000: Arizona's fastest-growing firms span 24 industries, employ over 17,000 (Bizjournals.com)

Arizona secured 137 spots on the 2025 Inc. 5000 list, with companies spanning 24 industries, generating $7.7 billion in revenue, and employing nearly 18,000 people. Phoenix-based Skylab Digital led the state with 3,313% growth, followed closely by Tempe’s Cazvid and Scottsdale’s TopDog Law. While overall growth cooled compared to 2024’s record-setting pace, Arizona firms continue to make a strong national impact, with standout performers in software, retail, health care, and construction driving innovation and high job creation.

Just how expensive is Arizona's most sought-after residential dirt? (Homes.com)

Paradise Valley is seeing record-breaking land deals as affluent buyers and developers drive Arizona’s luxury dirt prices to rival Beverly Hills and Aspen. A 1.3-acre Silver Sky parcel sold in just two days for $5 million, fueling demand for ultra high-end custom builds and spec homes. Andrew Turley of Phoenix Valuations reported $100 million in Phoenix lot sales over the past year, with average deals surpassing $3.3 million, underscoring that wealth creation and scarcity of true vacant land are pushing values and urgency to historic levels.

NAR: High inventory puts homebuyers in their ‘best position’ since pandemic lockdown (Bizjournals.com)

U.S. homebuyers are in their strongest negotiating position since the COVID lockdown as inventory reaches a five-year high and price growth stalls, according to the National Association of REALTORS®. Existing-home sales edged higher in July as median prices rose just 0.2% year over year to $422,400, while inventory jumped nearly 16% annually, giving buyers more leverage amid moderating mortgage rates reported by Freddie Mac. NAR economists and industry leaders note that wage growth outpacing home prices and ample supply are reshaping market dynamics, signaling a more balanced environment heading into late 2025.

US reaches deal with Intel to acquire 9.9% of company (Bizjournals.com)

The U.S. government struck a landmark deal to acquire a 9.9% equity stake in Intel for $8.9 billion, combining CHIPS Act funds with Secure Enclave program awards to reinforce domestic chipmaking and national security. Intel CEO Lip-Bu Tan emphasized the company’s commitment to U.S.-based advanced manufacturing, with its Chandler, Arizona fab among the key beneficiaries. While the federal investment is passive with no board role, Commerce Secretary Howard Lutnick hailed the agreement as historic, strengthening America’s semiconductor dominance and AI leadership amid Intel’s $100 billion U.S. expansion push.

TSMC breaks ground on water recycling plant to boost sustainability at Phoenix fab site (Bizjournals.com)

Taiwan Semiconductor Manufacturing Co. broke ground on a 15-acre industrial water reclamation plant at its north Phoenix fab site, a major sustainability milestone that will boost wastewater recycling to as much as 90% by 2028. The facility is designed to achieve near zero liquid discharge, sharply reducing freshwater demand even as three fabs ramp toward combined usage of 17.2 million gallons per day, and reinforcing Phoenix’s long-term water security strategy. The project underscores how large-scale semiconductor investment can align advanced manufacturing growth with aggressive conservation, drought resilience, and regional infrastructure planning.

Amkor to relocate $2 billion Peoria factory out of Vistancia (Bizjournals.com)

Amkor Technology Inc. will relocate its planned $2 billion, 2 million-square-foot semiconductor packaging and testing facility in Peoria from the Vistancia area to the city’s newly established Peoria Innovation Core following a successful state land auction. The move clears community opposition concerns while positioning the project on a larger, shovel-ready site aligned with Peoria’s long-term advanced manufacturing strategy, with the facility expected to create 2,000 jobs and serve as a critical supply-chain partner to Taiwan Semiconductor Manufacturing Co.’s north Phoenix fabs.

Amkor to quadruple footprint at new Peoria chip packaging factory (Bizjournals.com)

Amkor Technology Inc. will quadruple the size of its planned Peoria semiconductor packaging and testing facility to roughly 2 million square feet after relocating the $2 billion project to the city’s Peoria Innovation Core. Following unanimous City Council approval of a land swap and development agreement, Amkor will break ground immediately with temporary easements, positioning the site to begin production in 2028 and strengthening the West Valley’s role as a critical supply-chain hub alongside nearby Taiwan Semiconductor Manufacturing Co. operations.

West Valley industrial buildings sold for $117M as Phoenix market shows signs of recovery (Bizjournals.com)

The West Valley industrial market delivered a $116.7 million transaction as an affiliate of INDUS Realty Trust acquired three fully leased properties from Link Logistics, signaling renewed momentum in Phoenix’s industrial sector. Rising asking rents, which climbed to $1.08 per square foot in the second quarter, alongside declining vacancy rates, point to improving fundamentals and growing investor confidence. Market data from CBRE reinforces that Phoenix is regaining traction as a long-term hub for manufacturing and distribution activity.

These are the wealthiest ZIP codes in the Phoenix metro (Bizjournals.com)

Scottsdale ZIP codes now dominate the Phoenix metro’s wealth rankings, with 85251 and 85254 claiming the top two spots under a new, more sophisticated wealth index that emphasizes income, home values, equity, and population density. Data compiled by the Phoenix Business Journal using U.S. Census, American Community Survey, and Zillow Group Inc. metrics shows wealth increasingly concentrating in suburban and inner-ring areas as post-pandemic migration reshapes the region. This “donut effect” has fueled sharp home-price appreciation, diversified where wealth is located across the Valley, and intensified development pressure in high-demand Scottsdale, Paradise Valley, and select Phoenix ZIP codes.

Arizona billionaires see wealth surge, with 7 on Forbes 400 list (Bizjournals.com)

Arizona’s billionaire ranks surged in 2025, with seven residents landing on the Forbes 400 list as statewide wealth climbed alongside a broader national boom. Leading the state is Ernest Garcia II of Carvana at $23.1 billion, followed by Ernest Garcia III and five other Arizona-based billionaires, as the Forbes 400’s collective net worth rose to $6.6 trillion. Nationally, Elon Musk topped the rankings at $428 billion, underscoring the accelerating concentration of wealth in the U.S.

'Housing market just went on sale' as mortgage rates hit 11-month low (Bizjournals.com)

Mortgage rates dropped to an 11-month low as the 30-year fixed fell to 6.35%, creating what analysts describe as a rare “on-sale” moment for the housing market. Data from Freddie Mac and local analysts show that lower borrowing costs, combined with 2%–3% declines in asking prices and sharply higher inventory, are shifting leverage back to buyers, particularly in the Phoenix metro. While affordability challenges remain for first-time buyers, falling rates and increased negotiation room are improving conditions more than at any point in the past two years.

Hermès arrives in Scottsdale: French brand's long-awaited Arizona expansion finally realized (Bizjournals.com)

Hermès officially opened its first Arizona store at Scottsdale Fashion Square, marking the culmination of nearly two decades of planning for the French luxury brand’s entry into the market. The 11,000-square-foot boutique reinforces Scottsdale’s emergence as a premier luxury retail hub, aligning with ongoing high-end reinvestment by mall owner Macerich and reflecting the region’s expanding concentration of affluent consumers.

Mixed-use development proposed near TSMC complex in Phoenix's North Gateway (Bizjournals.com)

Developer Vestar has proposed the Dove Valley Towne Center, a large mixed-use project near Phoenix’s North Gateway that would include a 544-room hotel, an 86,000-square-foot fitness center, and more than 437,000 square feet of retail. The site sits directly across I-17 from other major planned developments near Taiwan Semiconductor Manufacturing Co.’s $165 billion north Phoenix complex, underscoring how semiconductor-driven growth is accelerating demand for retail, hospitality, and services in the area. If approved and advanced through state land processes, the project would further cement North Gateway as a key mixed-use and employment corridor tied to advanced manufacturing expansion.

Black Rock Coffee Bar’s valuation soars above $1 billion in stock market debut (Bizjournals.com)

Scottsdale-based Black Rock Coffee Bar vaulted to a post-IPO valuation of roughly $1.3 billion after its stock surged in its debut on Nasdaq, signaling strong investor appetite for the fast-growing brand. The company raised $294.1 million, operates 150 locations across seven states, and is pursuing aggressive expansion toward 1,000 stores, even as it continues to report net losses amid rapid growth. The milestone underscores Phoenix metro’s rising profile as a launchpad for nationally scaled consumer brands.

Closings rise 5% in Maricopa County, but pending listings plummet (Bizjournals.com)

Home sales momentum in Maricopa County showed mixed signals in August as closings rose 5% year over year, even while pending listings plunged more than 25%, according to Phoenix REALTORS®. Rising active inventory, longer market times, and modest price declines point to increasing buyer leverage, though Phoenix continues to outperform national trends. Local leaders note that while concessions may grow, meaningful price flexibility remains limited to highly motivated sellers.

TSMC joins effort to develop 6,000-acre NorthPark project south of its Arizona facility (Bizjournals.com)

Taiwan Semiconductor Manufacturing Co. has joined Pulte Group in advancing the proposed 6,000-acre NorthPark master-planned community directly south of its $165 billion north Phoenix campus. The mixed-use project would allow up to 15,150 residential units alongside commercial, employment, and a 900-acre innovation corridor that could support future TSMC expansion, reinforcing how semiconductor investment is reshaping large-scale land use and growth patterns across Phoenix’s North Gateway.

BKM Capital Partners acquires $168M Valley industrial portfolio (Bizjournals.com)

BKM Capital Partners, alongside Kayne Anderson Real Estate, acquired a $168 million portfolio totaling nearly 900,000 square feet of small-bay industrial space across Phoenix and Tempe, signaling renewed investor confidence in the Valley. The deal reflects tightening fundamentals—small-bay vacancy at just 4.1%—and a sharp slowdown in new construction, as Phoenix’s evolution into a high-tech manufacturing and logistics hub drives demand for infill industrial assets.

San Tan Valley to form inaugural city council, becoming Pinal County's largest city (Bizjournals.com)

San Tan Valley is set to form its inaugural seven-member city council, completing the largest municipal incorporation by population in Arizona history and immediately becoming Pinal County’s largest city. With more than 120,000 residents, the new city is expected to receive upward of $51 million in state-shared revenues, providing critical funding to establish core services and governance. Leaders say the move will deliver long-sought local representation and position San Tan Valley to manage its rapid growth and long-term infrastructure needs more effectively.

West Valley dominates Phoenix metro land transactions, study reveals $3.2B in sales (Bizjournals.com)

The West Valley has emerged as metro Phoenix’s dominant land market, accounting for $3.234 billion, or 53%, of all land transactions over the past year, according to a new study by Land Advisors Organization. Residential uses led activity, alongside major data center and industrial deals, as growth continues pushing farther west and northwest, highlighted by large-scale master-planned communities such as Teravalis from Howard Hughes Holdings Inc.. Analysts say builder incentives, easing mortgage rates, and strong contract activity are positioning the West Valley as the epicenter of the region’s next development cycle.

K. Hovnanian Homes wins prime Desert Ridge land in auction bidding war (Bizjournals.com)

K. Hovnanian Homes won a competitive Arizona State Land Department auction, paying $71.1 million for 52.9 prime acres in Desert Ridge after outbidding several national builders. The high-stakes sale, adjacent to the JW Marriott Desert Ridge Resort & Spa, underscores renewed developer confidence in northeast Phoenix as major commercial, hospitality, and medical investments accelerate across the corridor.

Nonstop flights to Taipei heat up, China Airlines enters Phoenix market ahead of rival (Bizjournals.com)

China Airlines will launch nonstop Phoenix–Taipei service on Dec. 3, becoming the first airline to connect Phoenix Sky Harbor International Airport directly with Taiwan and beating rival Starlux Airlines to market. The move reflects intensifying demand driven by Taiwan Semiconductor Manufacturing Co.’s expanding north Phoenix operations and growing passenger and cargo flows, with city leaders noting the competitive routes should boost options, pricing, and economic impact. Phoenix officials, including Mayor Kate Gallego, say the twin announcements underscore the Valley’s rising global business profile and Sky Harbor’s readiness as an international gateway

$7.25M Bali-inspired mansion hits market in exclusive Tempe enclave (Bizjournals.com)

A newly built, Bali-inspired estate in Tempe’s exclusive Circle G Ranches has hit the market for $7.25 million, signaling a new pricing frontier for the city’s luxury segment. J. Andrew Turley, president of Phoenix Valuations, notes that Circle G Ranches has long been the East Valley’s premier enclave, with top-tier design and engineering typically commanding $500–$750 per square foot as luxury demand in southeast Phoenix gains momentum. The listing underscores Tempe’s emergence as a viable alternative to Paradise Valley and Scottsdale for ultra-high-end buyers.

Arizona Cardinals to build $200M HQ, practice facility in north Phoenix (Bizjournals.com)

The Arizona Cardinals unveiled plans for a $200 million-plus headquarters and training facility in north Phoenix, relocating operations from Tempe to a 30-acre site near Loop 101 and Scottsdale Road. Developed in partnership with Mortenson, the project will deliver a 250,000-square-foot campus with multiple practice fields and state-of-the-art team facilities, anchoring a broader 217-acre mixed-use district slated for corporate, retail, medical, and residential uses. Construction is expected to begin in 2026 and be completed ahead of the 2028 NFL season, positioning the site as a major catalyst for economic development in Phoenix’s emerging “Headquarters Alley.”

Phoenix home prices dip as national growth slows amid buyer's market, new data shows (Bizjournals.com)

Metro Phoenix home prices edged lower as the national housing market slowed further, reinforcing a buyer-friendly environment marked by rising inventory and increased seller competition. New data from S&P Dow Jones Indices’ Case-Shiller Index and Homes.com show Phoenix prices down modestly year over year while national growth cooled to one of the weakest paces in a decade. Analysts say declining mortgage rates and aggressive builder incentives are improving affordability and negotiation leverage, even as turnkey and high-end homes continue to attract resilient demand.

Raytheon lands $5 billion Army contract for Coyote missile system, its largest deal of the year (Bizjournals.com)

Raytheon secured its largest contract of the year, a $5.039 billion award from the U.S. Army to produce and expand the Coyote Missile System, a versatile anti-drone platform capable of kinetic, nonkinetic, and electronic warfare missions. The deal, part of parent RTX Corp.’s growing defense portfolio, reinforces Arizona’s role as a major hub for advanced missile development, with work extending through 2033 and adding to Raytheon’s string of billion-dollar awards in 2025.

Dollar Tree purchases Glendale mega warehouse (Bizjournals.com)

Dollar Tree purchased a 1.25 million–square-foot building at Park303 in Glendale for $147.1 million, establishing its first regional distribution center in metro Phoenix. The deal underscores accelerating West Valley logistics momentum as national retailers expand owner-user footprints near Loop 303, alongside major tenants such as Walmart. Brokers cite rising interest in owned facilities, aided by favorable tax incentives, as a key driver of recent industrial investment.

Renewable energy firm to develop 2,000-acre solar project near Phoenix, powering 70,000 homes (Bizjournals.com)

A subsidiary of Avantus Clean Energy plans to develop the 2,000-acre Pinyon Solar Project near Phoenix, a utility-scale solar and battery storage facility capable of powering roughly 70,000 Arizona homes. Construction is expected to begin in fall 2026 and wrap up in early 2028, with the project generating up to 300 megawatts of electricity and more than $100 million in long-term tax revenue for local services. The development highlights Arizona’s accelerating push to meet rising power demand driven by population growth, data centers, and extreme heat while leveraging the region’s solar advantages.

California deep tech startup to relocate HQ to the Valley (Bizjournals.com)

X-Silicon is relocating its headquarters from San Diego to Phoenix, citing the Valley’s expanding semiconductor ecosystem, proximity to customers, and deep engineering talent pipeline from Arizona State University and University of Arizona. The company, which is developing next-generation GPU chips for AI and advanced graphics, plans to create more than 75 high-skilled jobs by the end of 2026 as it scales R&D and prepares for chip fabrication in 2027. The move further reinforces Phoenix’s emergence as a national hub for advanced semiconductor and AI innovation.

How the housing market shift is giving buyers the edge (South Florida Agent Magazine)

The U.S. housing market shifted decisively toward buyers in 2025 as inventory increased, homes stayed on the market longer, and sellers became more willing to negotiate on price and concessions. Strong demand for lower-cost fixer-uppers, rising price reductions, and slower buyer activity reflect a more balanced market that is creating improved affordability and greater opportunities for homebuyers heading into the fall.

Amkor boosts Peoria semiconductor facility investment to $7 billion, adds thousands of jobs (Bizjournals.com)

Amkor Technology significantly expanded its Peoria semiconductor project, raising its planned investment from $2 billion to $7 billion and solidifying the facility as a cornerstone of the Valley’s fast-growing chip ecosystem. The two-phase plant in the Peoria Innovation Core will become the largest outsourced advanced semiconductor packaging and testing facility in the U.S., ultimately delivering more than 750,000 square feet of cleanroom space and up to 3,000 jobs, with production beginning in early 2028. The expansion is closely tied to nearby Taiwan Semiconductor Manufacturing Co. operations and supported by federal CHIPS incentives, with chips serving major customers including Apple and Nvidia, further reinforcing Peoria’s emergence as a national semiconductor hub.

Epcor secures 100-year water designation to jump start West Valley home development (Bizjournals.com)

Epcor USA secured Arizona’s first Alternative Designation of Assured Water Supply, a 100-year approval that unlocks water capacity for up to 60,000 new homes across the West Valley. Signed by Gov. Katie Hobbs, the designation is the first new 100-year water approval in the Phoenix Active Management Area in 25 years and extends assured supply protections to more than 140,000 residents. The move is expected to immediately jump-start homebuilding along the Loop 303 corridor by blending groundwater, surface water, and large-scale wastewater recharge to support long-term growth.

New Rivian facility pitched for Mack Innovation Park in Scottsdale (Bizjournals.com)

Rivian is seeking to open a service and delivery facility at Mack Innovation Park in Scottsdale, marking another expansion of its Valley footprint. The proposal requires a targeted rezoning of roughly 5.5 acres to allow a clean, high-tech EV service operation within the 124-acre campus, with Rivian slated to occupy about 65,500 square feet in a nearly completed building. Developers emphasize the facility would generate minimal truck traffic and operate more like a lab than a traditional repair shop, aligning with community concerns and Scottsdale’s design standards as the project advances to City Council review.

All-Cash Buyers Dominate The Housing Market (Bizjournals.com)

All-cash buyers accounted for nearly 33% of U.S. home sales in the first half of 2025, underscoring how elevated mortgage rates and limited inventory continue to advantage high-wealth and equity-rich buyers. According to Realtor.com, cash purchases dominate both ends of the market, representing two-thirds of homes under $100,000 and more than half of transactions above $2 million. The report highlights a widening affordability gap, as mortgage-reliant and first-time buyers face increasing difficulty competing in bidding wars against cash-backed purchasers.

Chandler plant to produce Intel's most advanced US-made semiconductor technology (Bizjournals.com)

Intel Corp. confirmed that its Chandler Ocotillo campus will produce the most advanced logic chips ever manufactured in the U.S., marking a major milestone in domestic semiconductor production. The new Fab 52 will enter high-volume production of Intel’s Panther Lake processors later this year using the cutting-edge Intel 18A process, delivering roughly 50% performance gains over prior generations and positioning Arizona as the company’s primary U.S. manufacturing hub. The announcement underscores Intel’s more than $100 billion U.S. investment strategy and reinforces the Phoenix metro’s central role in advanced chip manufacturing as production gradually shifts from R&D centers to large-scale fabrication in Arizona.

Applied Materials, ASU open $270M East Valley chip research center (Bizjournals.com)

Applied Materials Inc. and Arizona State University officially opened a $270 million Materials-to-Fab Center in Tempe, strengthening the East Valley’s role in advanced semiconductor research and development. The 70,000-square-foot facility at ASU Research Park brings together Applied Materials and Arizona State University to accelerate next-generation chip technologies critical to AI and high-performance computing while training future talent. Backed by a combination of state, university and private investment, the center reinforces Arizona’s growing status as a national hub for semiconductor innovation and prototyping.

Arizona developer lists former home of NBA's Deandre Ayton after overhaul, seeks $8.2 million (Bizjournals.com)

The former Paradise Valley home of Deandre Ayton has been completely reimagined and relisted for $8.2 million following a near–ground-up redevelopment. The project was led by J. Andrew Turley, whose firm Turley Fervor LLC expanded the home from 6,074 to 7,660 square feet and repositioned it as a modern, resort-style estate. Turley emphasized disciplined pricing and execution, noting the strategy was to hit the market at a realistic level to ensure liquidity rather than chase aspirational pricing in a shifting luxury environment.

$1 billion Optima McDowell Mountain luxury community welcomes first residents (Bizjournals.com)

The $1 billion Optima McDowell Mountain luxury community has begun welcoming its first residents, marking a major milestone for one of Scottsdale’s most ambitious mixed-use residential developments. Developed by Optima Inc., the 22-acre project will deliver 1,330 high-end apartments and condominiums alongside retail and dining, with early leasing and sales exceeding expectations amid strong demand for customizable luxury living. Surrounded by large-scale investments from ASM America, Banner Health and Mayo Clinic, the community is positioned at the center of one of the Valley’s fastest-growing live-work-play corridors.

Ayton's old 'UFO house' gets luxurious makeover, hits market at $8.2M in Paradise Valley (Bizjournals.com)

A former Deandre Ayton-owned Paradise Valley home, once nicknamed the “UFO house,” has been completely rebuilt and is now listed for $8.2 million following an extensive luxury redevelopment. J. Andrew Turley and his team at Turley Fervor LLC acquired the property for $2.55 million in 2023, razed the outdated circular design, expanded the footprint by 1,600 square feet, and delivered a 7,660-square-foot modern estate with resort-style amenities. Priced deliberately at market, the project reflects both Turley’s appraisal expertise and continued strength in Paradise Valley’s ultra-luxury residential market.

Kestra Holdings expands to Arizona, plans 250 new jobs at Tempe secondary headquarters (Bizjournals.com)

Austin-based Kestra Holdings is expanding into Arizona with a secondary headquarters in Tempe, leasing nearly 39,000 square feet near Tempe Marketplace and planning to add 250 jobs over the next two years. The $82 billion wealth management firm cited the Valley’s deep talent pool and rapid growth as key drivers, positioning Tempe as a complementary operations and client-service hub alongside its Austin headquarters. The move reinforces Arizona’s momentum as a national destination for financial services and high-quality white-collar job growth.

TSMC accelerates Arizona expansion, eyes second land purchase for AI chip production (Bizjournals.com)

Taiwan Semiconductor Manufacturing Co. is accelerating its Arizona expansion as surging AI-driven demand pushes the company to upgrade advanced chip technologies and pursue a second major land acquisition near its north Phoenix fabs. Executives confirmed progress toward transforming the site into a gigafab cluster, with additional land providing flexibility for multi-year growth tied to AI, high-performance computing, and smartphone demand. The expansion comes as TSMC reported record quarterly revenue of $33.1 billion and raised its full-year growth outlook to the mid-30% range, reinforcing Arizona’s role as a critical hub in the global semiconductor supply chain.

TSMC Arizona now produces Nvidia's next-gen Blackwell chips for AI, supercomputers (Bizjournals.com)

TSMC’s Arizona facility has begun volume production of Nvidia’s next-generation Blackwell chips, marking a major milestone for U.S.-based manufacturing of advanced AI and supercomputing processors. Nvidia CEO Jensen Huang said millions of chips have been ordered, alongside a planned $500 billion investment in U.S. semiconductor infrastructure, while TSMC continues scaling its $165 billion north Phoenix campus toward six fabs. The development cements Arizona’s role as a global epicenter for leading-edge semiconductor production and the future of artificial intelligence.

Home foreclosure rates up 30% in metro Phoenix, yet analysts aren't concerned (Bizjournals.com)

Metro Phoenix foreclosure notices rose about 30% year over year, but analysts say the increase is coming off historically low levels and does not signal market distress. With roughly 1,300 active notices through September—still about 31% below the 2019 average—experts note foreclosure activity remains far below long-term norms and nowhere near crisis-era levels. Moderating mortgage rates, rising inventory, and stable homeowner equity continue to support a balanced housing market across the region.

Phillips 66 and Kinder Morgan to build 1,300-mile pipeline from Texas to Arizona (Bizjournals.com)

Phillips 66 and Kinder Morgan announced plans to build the 1,300-mile Western Gateway Pipeline, a major new energy corridor transporting up to 200,000 barrels per day of refined products from Texas to Arizona. Slated for completion in 2029, the project is designed to offset declining California refining capacity and strengthen fuel supply reliability across Arizona, Nevada, and Southern California. The pipeline represents Phillips 66’s largest newly built pipeline to date and underscores Arizona’s growing strategic importance in the Southwest’s energy infrastructure.

ASU medical school scores major gift from longtime physician entrepreneur (Bizjournals.com)

Arizona State University’s new medical school secured a transformative nine-figure naming gift from longtime physician and health care entrepreneur Dr. John Shufeldt, marking the second-largest donation in ASU history. The gift coincides with preliminary accreditation and enables recruitment of the inaugural 36-student class for the John Shufeldt School of Medicine and Medical Engineering, which will uniquely combine medical and engineering degrees in downtown Phoenix. University leaders and HonorHealth executives say the donation positions the school to become a national leader in physician innovation while strengthening Arizona’s long-term health care workforce.

Barclay Group plans four-building industrial project in Vistancia, filling void left by Amkor (Bizjournals.com)

Barclay Group plans to develop Vistancia Commerce Park, a four-building, 239,700-square-foot speculative industrial project on 18 acres in Peoria’s Vistancia community, replacing a site once slated for Amkor. Positioned along Loop 303 with proximity to TSMC’s north Phoenix fabs, the project targets advanced manufacturing, suppliers, and logistics users drawn by the region’s semiconductor-driven growth. Construction is expected to begin next year with delivery slated for 2027, reinforcing Peoria’s expanding industrial and employment base.

How a development duo is approaching high-end home renovations in Phoenix (Homes.com)

Andrew Turley and Mark Cox are debuting their first high-end renovation projects in Paradise Valley and Phoenix, targeting luxury buyers with design-forward upgrades and disciplined pricing strategies. Leveraging Turley’s appraisal expertise and Cox’s construction oversight, the duo expanded and modernized two dated properties with resort-style amenities, premium finishes, and market-driven features aimed at fast absorption. The projects underscore a broader trend of repositioning older luxury homes as land and entry costs surge across Phoenix’s top-tier neighborhoods.

Apple ships first US-made AI servers to Arizona, other markets (Bizjournals.com)

Apple has begun shipping its first U.S.-made AI servers from a new 250,000-square-foot manufacturing facility in Houston to Arizona and other markets nationwide. Built in partnership with Foxconn, the plant is part of Apple’s broader $600 billion U.S. investment plan and will supply servers for data centers, including sites in Mesa, Arizona. The milestone reinforces Arizona’s growing role in Apple’s domestic AI and semiconductor ecosystem, alongside the company’s multibillion-dollar commitments to TSMC’s Phoenix campus and Amkor’s Peoria facility.

Semiconductor giant TSMC targets state trust land for Arizona expansion (Bizjournals.com)

Taiwan Semiconductor Manufacturing Co. has applied to acquire 902 acres of Arizona state trust land south of its existing north Phoenix campus, signaling another major step in its $165 billion Arizona expansion. The parcel, part of the proposed 7,000-acre NorthPark Phoenix master-planned community, carries a starting bid of $197.25 million ahead of a January 2026 auction and is earmarked for heavy industrial use within an innovation corridor. If secured and rezoned, the land would further cement north Phoenix as a premier U.S. semiconductor hub, though the proposal has sparked local opposition over expanded industrial zoning.

Avnet reports strong Q1 results; CEO optimistic about market recovery signs (Bizjournals.com)

Avnet reported solid fiscal Q1 2026 results, posting $5.9 billion in revenue, up 5% year over year, driven by strong performance in Asia Pacific and growth at its Farnell subsidiary. CEO Phil Gallagher pointed to improving order patterns and stable cancellations as early signs of market recovery, particularly across Asia and the Americas. The results come as Avnet advances plans to open a new global headquarters in Tempe next year, reinforcing its long-term commitment to the Phoenix metro and positioning the company for continued growth.

Castelion eyes Pinal County site for missile testing, manufacturing (Bizjournals.com)

California-based defense startup Castelion Corp. is targeting a 1,095-acre site in unincorporated Pinal County for a hypersonic missile testing and manufacturing facility known as “Project Ranger.” The proposed development, which recently received rezoning approval for industrial use, could create roughly 300 high-paying jobs in its initial phase and begin production by 2027 if the land is secured through a state trust auction. The project highlights Arizona’s growing role as a hub for aerospace and defense manufacturing, while also drawing scrutiny over land use, environmental impacts, and the handling of hazardous materials.

Housing starts decline in Phoenix (Phoenix Agent Magazine)

Phoenix housing starts fell sharply year over year, dropping from 3,756 to 1,809 as builders pulled back amid weaker confidence. Builder sentiment declined from 43 to 37 despite slightly lower mortgage rates and improved pending sales. At the same time, higher inventory and longer days on market signal a market recalibrating toward balance rather than distress.

$2B Ritz-Carlton Paradise Valley developer files for bankruptcy (Bizjournals.com)

Five Star Development, the developer behind the $2 billion Ritz-Carlton Paradise Valley and The Palmeraie project, has filed for Chapter 11 bankruptcy protection just days before a scheduled foreclosure sale. The filing temporarily halts foreclosure efforts by lender Madison Realty Capital and pauses ongoing litigation tied to an alleged default on a $585 million construction loan. While the move clouds the near-term future of the long-delayed luxury project, Five Star says the restructuring is intended to stabilize finances and ultimately complete one of Arizona’s most high-profile developments.

BNSF weighs in after Maricopa County rejects new land use for $3.2B rail hub (Bizjournals.com)

Maricopa County’s Board of Supervisors unanimously denied BNSF Railway’s request to amend land-use designations tied to its proposed $3.2 billion rail and logistics hub northwest of Phoenix, citing inadequate infrastructure and service capacity to support the масштаб development. While BNSF argued the request was merely to correct a county mapping error, local officials and residents raised concerns over truck traffic, roads, and public services. Business leaders, including the Arizona Chamber of Commerce, warned the decision sends a negative signal to employers and investors, though BNSF maintains the project remains viable through alternative paths forward.

Fastest Growing Wealth Hubs in USA (Henleyglobal.com)

Scottsdale ranks as the fastest-growing wealth hub in the U.S., posting 125% millionaire growth from 2014 to 2024, outpacing traditional centers like the Bay Area and Miami. The city is now home to approximately 14,800 millionaires, 64 centi-millionaires, and five billionaires, underscoring its rapid rise as a destination for high-net-worth residents. The data highlights a broader shift toward Sun Belt wealth concentration driven by migration, lifestyle preferences, and favorable tax and business climates.

Semiconductor supplier Fujifilm seeks to grow Mesa site (Bizjournals.com)

Fujifilm Electronic Materials U.S.A. is seeking to expand its Mesa campus with an 86,455-square-foot, five-building addition to meet surging demand from Arizona’s fast-growing semiconductor sector. The proposed two-phase project, recently recommended for approval by Mesa’s Planning and Zoning Board, would support specialty chemical production tied to chipmakers such as TSMC and Intel. The expansion reinforces Mesa’s emergence as a key supplier hub within the U.S. semiconductor supply chain.

Arizona's job growth has sputtered this year. Blame economic uncertainty, says economist (Bizjournals.com)

Arizona’s job growth has slowed sharply in 2025, ranking 45th nationally through August after years of outperforming most states. ASU economist Dennis Hoffman attributes the slowdown largely to economic uncertainty tied to volatile tariffs, immigration disruptions, and delayed federal data, which have caused businesses to pause hiring and investment. Despite the soft patch, economists say Arizona’s long-term outlook remains strong, with major manufacturing and health care expansions expected to drive future job growth.

Phoenix Sheraton Downtown, Arizona's largest hotel, sells to New York investment firm (Bizjournals.com)

The Sheraton Phoenix Downtown, Arizona’s largest hotel with 1,003 rooms, has been acquired by New York–based Brookfield Asset Management from Blackstone Group in an undisclosed transaction. The convention-center hotel, which operates on city-owned land under a ground lease, last traded in 2020 for $268 million and underwent a $45 million renovation that same year. The deal underscores continued institutional interest in high-quality hospitality assets tied to Phoenix’s long-term growth and convention-driven demand.

$1 billion Scottsdale development on former CrackerJax site gets key approval (Bizjournals.com)

A key approval has cleared the way for The Parque, a $1 billion mixed-use redevelopment of the former CrackerJax amusement park site in Scottsdale. The city’s Development Review Board unanimously approved first-phase plans covering nearly 691,000 square feet of retail, dining, fitness, and residential space on the 28-acre site. The decision allows developers to begin permitting and move toward construction, advancing one of Scottsdale’s most significant redevelopment projects in decades.

ASML opens North America's only semiconductor engineer training facility in Phoenix (Bizjournals.com)

ASML opened North America’s only semiconductor engineer training facility in Phoenix, a $15 million investment capable of training 1,000 engineers annually to support the region’s rapidly expanding semiconductor industry. The academy strengthens Arizona’s position as a national chipmaking hub by supplying highly skilled talent for major employers including TSMC and Intel, with trainees earning more than $100,000 annually while completing the two-year program.

Tesla gets approved to launch ride-hailing service in Arizona (Business Insider)

Tesla has received approval from the Arizona Department of Transportation to operate a ride-hailing service statewide after securing a Transportation Network Company permit. The approval also allows Tesla to test autonomous vehicles with safety drivers under Arizona’s relatively flexible regulatory framework. The move positions Arizona as a key expansion market for Tesla’s robotaxi ambitions as the company eyes launches in multiple U.S. cities by year-end.

Here's where Paradise Valley's 85253 ZIP code ranks among nation's most expensive (Bizjournals.com)

Paradise Valley’s 85253 ZIP code ranks No. 23 among the most expensive residential ZIP codes in the United States, according to PropertyShark’s latest national report. The area is the only Arizona ZIP to make the top 25, with a record median sale price of $3.5 million, up 8% year over year. The ranking reinforces Paradise Valley’s status as one of the country’s premier luxury housing markets amid sustained high-end demand.

Boeing's Mesa plant lands $4.7B military contract for Apache helicopter production (Bizjournals.com)

Boeing’s Mesa plant has secured a $4.7 billion U.S. Army contract to produce Apache AH-64E helicopters and related systems through 2032, reinforcing Arizona’s role in global defense manufacturing. Nearly half of the funding comes from Foreign Military Sales customers, led by Poland’s record order of 96 Apaches. The award strengthens Boeing’s long-standing Mesa operations and adds momentum to Arizona’s rapidly expanding aerospace and defense sector.

ATTOM™ Home Flipping Profit Trends (Attomdata.com)

While home-flipping profits remain positive in dollar terms, returns on invested capital have compressed significantly. According to ATTOM's Q3 2025 U.S. Home Flipping Report, average gross profits remained near historical highs at approximately $60,000 per transaction; however, average gross ROI declined to roughly 22%, one of the lowest levels observed since the mid-2000s. The divergence reflects rapidly rising acquisition costs, renovation expenses, financing rates, and carrying costs, which have outpaced home price appreciation. As a result, investors continue to generate meaningful dollar profits, but those profits require substantially greater capital investment, resulting in lower percentage returns than were commonly achieved during much of the prior decade.

Phoenix luxury real estate shifts with unprecedented price reductions (Bizjournals.com)

Metro Phoenix’s luxury housing market is resetting, with a record 33.6% of homes priced above $5 million taking price reductions as buyer scrutiny intensifies. J. Andrew Turley, president of Phoenix Valuations, notes that while luxury fundamentals remain strong, the era of effortless $1,400–$2,000 per-square-foot pricing has ended, especially outside the most premier streets and designs. The shift reflects a move toward disciplined pricing and a more balanced, buyer-aware luxury market.

TSMC's Phoenix campus expansion clears planning hurdle as residents intensify opposition (Bizjournals.com)

TSMC’s planned expansion of its north Phoenix campus cleared a major hurdle after the Phoenix Planning Commission recommended approval of rezoning tied to the NorthPark development. The decision advances TSMC’s bid to acquire 902 acres of state trust land for roughly $197 million, though organized resident opposition has intensified over environmental and process concerns. The Phoenix City Council is set to make the final rezoning decision later this month.

The 10 most expensive new listings in Arizona (Bizjournals.com)

Arizona’s most expensive new residential listings in November were dominated by ultra-luxury homes in Scottsdale and Paradise Valley, with asking prices ranging from roughly $10.8 million to nearly $14 million. The top 10 list underscores continued high-end inventory concentration in these two markets, even as the broader luxury segment shows signs of price recalibration. The data highlights where premium sellers are still testing the upper bounds of buyer demand.

Average buyer’s agent commission jumps in Q3 (Bizjournals.com)

According to Redfin, the average U.S. buyer’s agent commission rose to 2.42% in Q3 2025, up from a post-settlement low of 2.36% a year earlier following rule changes tied to the National Association of REALTORS settlement. The feared collapse in buyer-agent compensation did not materialize, as slower home sales and increased buyer leverage helped commissions rebound near pre-settlement levels. Lower-priced homes saw the largest percentage gains, with commissions on transactions under $500,000 climbing to 2.52%, while commissions on $1 million-plus homes edged slightly lower.

Texas developer breaks ground on $100M Phoenix apartment project as supply wave slows (Bizjournals.com)

Embrey Development broke ground on a $100 million, 340-unit apartment project near 12th Street and Greenway Parkway in Phoenix, betting on a tightening supply cycle. The start comes as metro Phoenix multifamily permits are down 45% year over year and units under construction have fallen to the lowest level since 2021, signaling the supply wave is cresting. Embrey expects the project to deliver in 2027, aligning with a forecast drop in new deliveries and a more favorable rent-growth environment driven by sustained job and population growth.

Maricopa County cuts 53 pages from zoning rules to speed up housing development (Bizjournals.com)

Maricopa County Board of Supervisors unanimously approved sweeping zoning reforms that cut 53 pages from the county’s ordinance to accelerate housing development. The changes remove the costly “plan of development” requirement for smaller multifamily projects, allowing them to move directly to building permits, and expand allowances for ADUs such as casitas and tiny homes. Land-use attorneys and homebuilders say the streamlined rules reduce regulatory friction, lower development costs, and could become a national model for pro-housing reform.

Forbes 30 Under 30 Summit coming to Phoenix in 2026 (Bizjournals.com)

Forbes selected Phoenix to host its annual 30 Under 30 Summit for a three-year run from 2026 through 2028. The four-day April event is expected to draw 5,000 to 10,000 young entrepreneurs, founders, and innovators each year, with programming spread across the city rather than a single convention center. Forbes cited Phoenix’s rapidly growing tech ecosystem, entrepreneurial civic leadership, and momentum from recent national conferences as key factors in the decision.

Phoenix ranks No. 1 large city for startups, Arizona dominates national report (Bizjournals.com)

Phoenix ranked No. 1 among large U.S. cities for supporting startups, according to a national report by CommercialCafe, while Tucson and Mesa placed fourth and fifth among smaller cities. Phoenix led the nation in startup density, with 11% of businesses less than a year old, and posted a 27% increase in new businesses over five years. The report highlights Arizona’s combination of entrepreneurial momentum, workforce growth, and relatively manageable business costs as key drivers, reinforcing why Forbes selected Phoenix to host its 30 Under 30 Summit starting in 2026.

Phoenix Sky Harbor’s new terminal project accelerated by several years after FAA decision (KTAR News)

Phoenix Sky Harbor International Airport will accelerate development of its planned West Terminal by several years after updated guidance from the Federal Aviation Administration allowed the project to rely on an environmental review approved in 2006. The decision enables the Phoenix Aviation Department to bypass three to five years of additional environmental review typically required for a multibillion-dollar terminal project. Airport officials have now formally launched the planning phase, significantly advancing one of Sky Harbor’s largest future infrastructure investments.

Nvidia finalizes $5B Intel investment to jointly develop AI data center products (Bizjournals.com)

Nvidia finalized a $5 billion investment in Intel, acquiring a 4% stake and cementing a partnership to jointly develop AI-focused data center and computing products. Under the deal, Intel will build custom x86 CPUs and system-on-chips that integrate directly with Nvidia’s AI platforms, targeting an estimated $25 billion to $50 billion annual market opportunity. The collaboration underscores deepening ties between two of the industry’s largest players as demand for advanced AI infrastructure continues to accelerate, with potential implications for Intel’s Arizona manufacturing operations.

Norwegian software company to establish global HQ in Tempe (Bizjournals.com)

Norwegian software firm Cognite is relocating its global headquarters from Oslo to Tempe, Arizona, with plans to create 150 jobs, 80% of which will be new hires. The move, driven by the Valley’s strong tech and AI ecosystem and proximity to key academic institutions, marks a strategic shift to the U.S. for the industrial AI platform provider. Cognite has leased 30,000 square feet at Hayden Ferry Lakeside III, with the new HQ set to house its executive team, R&D, product, finance, and innovation functions. CEO Girish Rishi called Tempe the company’s new “center of gravity.

Group led by Suns minority owner buys nearly 1,000 acres for residential development (Bizjournals.com)

A group led by Phoenix Suns minority owner Scott Seldin has purchased nearly 1,000 acres in Surprise for $47.2 million in cash, positioning the area for major residential development. The land is part of the 2,200-acre Sunhaven master-planned community, and a key 52-acre piece will house water and sewer infrastructure critical for future housing. Backed by growth drivers like the TSMC chip plant and a proposed $3.2 billion BNSF rail hub, Sunhaven could add 2,500 homes on Seldin’s portion alone. Builders are already showing interest as utilities and access unlock development potential.

November pending home sales top expectations, hitting highest level since February 2023 (Atlanta Agent Magazine )

November pending home sales rose 2.2%, surpassing economists’ expectations and reaching their highest level since February 2023, according to the National Association of REALTORS®. Buyers appear to have adjusted to mortgage rates above 6%, capitalizing on improved inventory and greater negotiating power. Year-over-year pending sales were up 6.9%, with the South and West seeing the biggest regional gains, indicating unlocked pent-up demand and a potentially stronger housing market heading into 2025.

Census: Arizona's population keeps swelling (Bizjournals.com)

Arizona remains one of the nation’s fastest-growing states, adding 109,357 residents over the past year for a total population nearing 7.6 million. Ranking No. 8 in total growth and No. 10 in percentage increase (1.5%), the state continues to benefit from migration trends, especially from California. Maricopa County led the way, seeing rising household incomes alongside the influx. While Arizona thrives, the South overall saw the most growth, with Texas leading all states in raw numbers.

Peoria kickstarts plans for major development corridor near TSMC (Bizjournals.com)

Peoria City Council approved a groundbreaking partnership with the Arizona State Land Department to master plan and invest $140 million in infrastructure for the 6,700-acre Peoria Innovation Core. Designed to attract major employers and residential developers, the project will be built out over 20 years with phased land auctions, beginning in 2025. The city will recoup infrastructure costs—potentially up to $500 million—through developer reimbursements tied to land sales and permitting milestones. Positioned near TSMC and Halo Vista, the site is expected to become a major tech and employment hub, with strong early interest from businesses and residential developers.

Phoenix metro named to 10 Top Housing Hot Spots for 2025, Realtors say (Bizjournals.com)

Metro Phoenix was named one of the Top 10 Housing Hot Spots for 2025 by the National Association of Realtors, the only Western U.S. metro to earn the distinction. Luxury appraiser J. Andrew Turley attributed Phoenix’s surge to strong job growth, high migration, and booming commercial sectors, predicting 2025 will rival 2021 in market intensity. With inventory building, interest rates moderating, and continued demand from affluent transplants, the region is poised for significant appreciation, especially in the luxury segment.

National Association of Realtors® Unveils 10 Top Housing Hot Spots for 2025 (National Association of Realtors )

The National Association of Realtors® named Phoenix-Mesa-Chandler among the 10 U.S. housing hot spots for 2025, citing strong demographics, job growth, and improving affordability conditions. NAR expects mortgage rates to stabilize near 6%, helping boost existing-home sales to 4.5 million next year and pushing home prices up by 2% to a median of $410,700. Inventory levels are projected to improve thanks to new construction and more listings, supporting a more accessible housing market. Phoenix joins cities like Charlotte, Boston, and San Antonio as key growth markets poised for a rebound.

Newly built estate on Verrado golf course sells for highest price in Buckeye (Bizjournals.com)

A newly built 7,215-square-foot estate on Verrado Founder's Golf Club sold for $4.2 million, the highest residential sale ever in Buckeye. J. Andrew Turley, president of Phoenix Valuations, called it “a marvel for the west side,” noting the home’s elevated site and commercial-grade construction. Turley said the engineering and planning took over 2.5 years, reflecting the home’s rare quality and view orientation.

Development agreement for $7 billion project clears first hurdle (Bizjournals.com)

Phoenix City Council unanimously approved a development agreement for the $7 billion Halo Vista mixed-use project, enabling reimbursement of public infrastructure costs to developers Mack Real Estate Group and McCourt Partners. The 25-year agreement covers roads, utilities, public art, and more, with reimbursements funded solely by sales tax revenue generated within Halo Vista itself. The 2,300-acre project, adjacent to TSMC’s $65 billion complex, is part of a larger 3,500-acre tech hub expected to deliver nearly 30 million square feet of development and up to 70,000 jobs. Groundbreaking for phase one is set for 2025.

New tech company wants to complete Arizona's semiconductor ecosystem (Bizjournals.com)

Arizona-based Hyperion Technologies plans to invest $1.5 billion to build a 600,000-square-foot advanced semiconductor manufacturing plant in metro Phoenix, creating 1,500 jobs and becoming the first U.S. producer of high-density interconnect substrates at scale. Targeting AI and high-performance computing, the facility is expected to break ground in 2025, with backing from global equity partners and support from local and federal agencies. Led by former Intel executive Sam Salama, Hyperion aims to anchor Arizona’s growing end-to-end semiconductor ecosystem, contribute $6.6 billion in economic output over a decade, and invest $25 million in workforce development.

Canadian homebuilder buys hundreds of San Tan Valley lots (Bizjournals.com)

Mattamy Homes has acquired 118 acres in San Tan Valley for $18 million in cash, with plans to build 443 homes starting in late 2025. The land, formerly owned by Everest Holdings and originally inaccessible, now benefits from crucial water and sewer access via Epcor, resolving long-standing infrastructure challenges. Homes will range from 1,500 to 3,500 square feet and be priced from the $360,000s to high $500,000s, featuring amenities like a pool, clubhouse, trails, and pickleball courts. The purchase supports Mattamy’s expansion as inventory tightens in neighboring Queen Creek and Gilbert.

Greystar invests $550M to bring 1,400 rental units to metro Phoenix (Bizjournals.com)

Greystar is investing over $550 million to develop 1,400 multifamily units across metro Phoenix, with an additional 500 units in predevelopment. Projects include Album Surprise, a $52 million, 161-unit 55+ community opening in 2026, and Peoria Place, a 90-acre mixed-use development featuring apartments, build-to-rent homes, retail, and industrial space. The company also launched Summerwell Peoria Place, its first build-to-rent project in Arizona, and continues to expand its footprint under the leadership of former NFL kicker Billy Cundiff, now heading Greystar’s Phoenix operations.

Zoning approved for Vestar's north Phoenix retail center (Bizjournals.com)

Phoenix-based Vestar received city approval to develop Black Mountain Village, a 160,000-square-foot grocery-anchored retail center in north Phoenix. Set for a 20-acre site at Deer Valley Drive and Black Mountain Boulevard, the project includes a 65,000-square-foot grocery store and surrounding retail, with construction expected to begin in early 2026 following a state land auction. Vestar revised its plans after community feedback, reducing the grocery footprint and banning a gas station, leading to broad support and over 30 city stipulations. The center will serve the Desert Ridge area with shops, dining, and neighborhood services.

Phoenix, Tempe deal could bring apartments to land once sought for Coyotes arena (Bizjournals.com)

Phoenix and Tempe have reached a compromise allowing apartments on the former Arizona Coyotes arena site, resolving a long-standing dispute near Sky Harbor Airport. Both city councils unanimously approved a new agreement permitting rental apartments — not single-family homes — with mandatory noise insulation on the 46-acre site. In exchange, Phoenix dropped its lawsuit, easing tensions over airport noise concerns and clearing the path for future development. While no formal plans have been announced, Tempe aims to repurpose the city-owned land for higher-value use.

Here's where Ryan Cos. is set to develop 2 million square feet (Bizjournals.com)

Ryan Cos. is investing over $340 million in five industrial projects totaling 2 million square feet across Phoenix’s central corridor to counter oversupply in outer submarkets. With vacancies below 5% near Sky Harbor and the northeast, the developer is focusing on high-demand areas, including converting underused office buildings like Innovate48 into warehouses. Projects stretch from Deer Valley to Mesa and include new developments and adaptive reuse efforts, such as a Chandler office-to-industrial conversion and a business park in Mesa already attracting major tenants. This strategy aims to capitalize on stronger labor access and rising industrial demand in core urban zones.

Amkor gets 50 acres of donated land for $2 billion Peoria chip factory (Bizjournals.com)

Amkor Technology is moving ahead with its $2 billion semiconductor facility in Peoria, securing 56 acres in Vistancia's Five North area—50 of them donated by the city as part of a strategic economic incentive. The advanced packaging and testing plant, set to break ground in September 2025, will span 500,000 square feet and create 2,000 jobs, making Amkor Peoria’s largest employer. The city approved infrastructure reimbursements and foreign trade zone status, while Amkor has already received $600 million in CHIPS Act subsidies. The project is expected to support chipmakers like TSMC, GlobalFoundries, and Apple.

2025 could bring some relief to one major housing challenge. Here's what to expect in the new year (Bizjournals.com)

The 2025 U.S. housing market is expected to see modest relief in inventory but continued affordability struggles. Housing economists forecast a slight increase in home sales and inventory due to life events and growing acceptance of higher mortgage rates. New construction and existing home listings will help boost supply. Mortgage rates are expected to hover between 5.5% and 6.5%, while home prices are projected to grow 2.6% to 4%. Despite incremental improvements, affordability will remain a key barrier, especially for first-time buyers.

Amkor gets 50 acres of donated land for $2 billion Peoria chip factory (Bizjournals.com)

Amkor Technology Inc. has secured 56 acres in Peoria’s Vistancia development, including 50 acres donated by the city, to build its $2 billion semiconductor packaging and testing facility. The project, located near Loop 303 and TSMC's site, will span 500,000 square feet and create 2,000 jobs, potentially making Amkor Peoria’s largest employer. Groundbreaking is expected in September 2025, with operations starting by 2027. Amkor has received $600 million in CHIPS Act funding and aims to serve top-tier clients like TSMC, Apple, and GlobalFoundries.

Nation's largest residential real estate agency looks to acquire luxury brokerage (Bizjournals.com)

Dec 3, 2024 - Compass Inc. will acquire Christie's International Real Estate and its @properties brand for $444 million in a move to strengthen its luxury real estate presence. The deal, made up of $150 million in cash and $294 million in stock, is expected to close in 2025 and will keep Christie's brands independent. Already dominant in Arizona after acquiring Launch Real Estate and North & Co., Compass now handles nearly $4 billion in luxury sales locally. The company posted a Q3 net loss of $1.9 million on $1.5 billion in revenue and reported rising market share, strong agent retention, and increased transactions despite a cooling market.

Microchip to close Arizona facility amid cost concerns (Bizjournals.com)

Microchip Technology will close its Tempe chip factory by late 2025 to cut costs amid slowing demand and elevated inventory. The move, expected to save $90 million annually, will impact about 500 workers and shift production to other facilities in Oregon and Colorado. CEO Steve Sanghi, newly reinstated, called the closure a major step in right-sizing operations, as the company grapples with a 48.4% year-over-year revenue decline despite beating Q2 expectations with $1.16 billion in sales. The closure’s effect on Microchip’s pending $162 million in CHIPS Act funding remains unclear.

Three major homebuilders acquire land near TSMC (Bizjournals.com)

Three major homebuilders—Shea Homes, Lennar Corp., and Toll Brothers—teamed up to acquire nearly 300 acres of state land in Peoria for $46.89 million, planning a 700-home master-planned community. Located near Vistancia and just 15 minutes from TSMC's $65 billion plant, the land was acquired via a certificate of purchase option, giving time for entitlements before closing. Lennar will build over 300 homes, including its 4,000-square-foot NextGen models, while Shea and Toll will split the remaining sites. Home sales are expected to begin by late 2027, as Peoria sees rapid growth fueled by major nearby job creation.

2025 World’s Best Cities Report (Worldsbestcities.com)

Phoenix landed at No. 89 in the 2025 World’s Best Cities rankings, highlighting its evolution into a dynamic Sun Belt powerhouse. With year-round sunshine, a booming tech and advanced manufacturing scene, and affordable cost of living compared to coastal metros, Phoenix continues to attract talent, businesses, and investors alike. Its ranking reflects strength in economic momentum, outdoor lifestyle, and population growth, though challenges remain in global brand awareness and cultural depth compared to larger cities. Still, with developments like TSMC’s $65 billion semiconductor campus and a fast-growing downtown core, Phoenix is solidifying its position as a rising global city.

Glendale pushes VAI Resort zoning case past finish line (Bizjournals.com)

Glendale City Council has unanimously approved rezoning and a general plan amendment for the $1 billion VAI Resort, clearing the way for its anticipated late-2025 debut. The nearly 70-acre development will feature Mattel Adventure Park, 1,100 hotel rooms across four towers, retail, dining, a $50 million amphitheater, and a 2,000-seat theater. In return for 10 annual city-use days, Glendale waived $6 million in fees, while removing previously approved GPLET incentives. The project is being developed by Fisher Sand & Gravel Co.’s owners and has secured partners including José Andrés Group, Live Nation, and C3 Presents.

White House finalizes CHIPS Act grant for Intel’s Ocotillo plant (Bizjournals.com)

Intel Corp. has finalized a $7.8 billion CHIPS Act grant with the U.S. Department of Commerce to support its semiconductor manufacturing and packaging expansions in Arizona, Oregon, Ohio and New Mexico, with $1 billion expected by year-end. The award, down from an initial $8.5 billion due to Intel's separate Secure Enclave military contract, includes $3.9 billion for its Chandler campus, where two new fabs and a $32 billion project are underway. Intel declined a previously offered $11 billion loan but will pursue a federal tax credit, contributing to its anticipated $90 billion domestic investment.

Rivian secures batteries from LG Energy Solution in Arizona (Bizjournals.com)

LG Energy Solution’s Arizona plant will supply 67 GWh of advanced 4695 cylindrical batteries to Rivian over five years, powering its R2 electric vehicles built in Illinois. The $5.5 billion Queen Creek facility is set to begin production in 2026. This deal enhances LG’s foothold in the U.S. EV battery market while supporting Rivian’s scaled-up manufacturing plans amid its paused Georgia project and growing Arizona presence.

More spec builders add to glut in oversupplied Paradise Valley (Bizjournals.com)

Paradise Valley’s luxury housing market is cooling, with a 26-month supply of homes over $8 million and Q3 sales volume down nearly 50% from Q2. Builders continue razing older homes for spec builds, but many listings are lingering as buyers negotiate harder — Q3 homes sold at 93% of original prices. The slowdown is attributed to buyer election jitters and a scorching summer, though Q4 shows early signs of a rebound. Listings like a $6M energy-certified home aim to reenergize market interest.

Scottsdale City Council approves Axon headquarters plans (Bizjournals.com)

Scottsdale City Council approved Axon’s $1.3 billion mixed-use headquarters campus in a 5-2 vote, clearing the way for nearly 1,900 residential units, a 250,000-square-foot HQ, a 435-key hotel, and more. The plan overcame community pushback following major design revisions, including fewer units and better neighborhood buffering. Axon estimates the project will generate $38 billion in total economic impact over 10 years and 650 new jobs. Construction must begin within five years, with $130 million in payroll and key infrastructure targets included in the development agreement

CityNorth sees momentum with new Phoenix hotel, housing and corporate campus (Bizjournals.com)

CityNorth in north Phoenix is undergoing a $2 billion transformation into a mixed-use urban hub with 3,400 housing units, 1.8 million square feet of office space, retail, and 1,000 hotel rooms. Developer Crown Realty is leading the project, which includes Republic Services’ new HQ, Greystar apartments, and a dual-branded Marriott-Westin hotel breaking ground in 2025. The development is strategically positioned near Desert Ridge, Mayo Clinic’s expanding campus, and the emerging Halo Vista tech corridor, with plans unfolding over the next decade.

Demolition of Metrocenter ignites new vision for iconic Valley mall (Bizjournals.com)

Demolition has begun on Phoenix’s iconic Metrocenter mall to make way for The Metropolitan, an $850 million mixed-use, transit-oriented development. The project will feature 1,200 townhomes across three neighborhoods, a 140,000-square-foot retail core dubbed The Loop, a hotel-style amenity rooftop, and a walkable plaza connected to light rail. Plans shifted from a dense apartment model due to market saturation and rental tax law changes, with an emphasis now on for-sale housing. The multi-phase redevelopment marks a major milestone for revitalizing north Phoenix and reconnecting the site’s historic significance with future growth.

The ballooning cost of homebuilder rate buy-down incentives (Bizjournals.com)

Homebuilders are spending up to $60,000 per $500,000 home to buy down mortgage rates and keep buyers engaged amid 7% interest rates. These incentives, though costly and margin-cutting, have become essential to maintaining market share, with some builders offering rates as low as 1.99% in initial years. Around 75–90% of buyers are taking advantage of the buy-downs, and despite the financial strain, builders remain optimistic about Phoenix’s long-term housing market due to strong economic fundamentals.

Buyers return to market post presidential election (Phoenix Agent Magazine)

Buyer demand surged following the presidential election, with Redfin reporting a 15% increase in tour and service requests — the highest in nearly 18 months — and mortgage-rate locks more than doubling. This rebound is attributed to post-election clarity and lingering pent-up demand. Pending sales rose 4.7% year-over-year during the four weeks ending Nov. 10, while new listings stayed flat, signaling stabilized supply. Despite 7% mortgage rates, buyers are reentering the market as expectations for rate drops remain modest.

Pure Wafer plans Arizona expansion after private equity deal (Bizjournals.com)

Pure Wafer will triple its 300mm wafer output and expand operations at its Prescott facility following a majority stake acquisition by private equity firm ZMC. The $30 million investment will upgrade equipment, expand facilities, and boost headcount by 30% over two years. Serving major semiconductor clients like TSMC and Intel, Pure Wafer is scaling to meet booming demand for wafer reclamation in the U.S., with plans for further expansion on adjacent leased land.

Procter & Gamble lands major site plan approval for manufacturing plant (Bizjournals.com)

Procter & Gamble is advancing infrastructure work for its $500 million fabric care manufacturing campus in Coolidge, Arizona, but has not set a construction timeline. The first phase — a 359,000-square-foot facility for products like Tide PODS and Downy — received site plan approval, with the company focusing on utilities and sustainability planning before beginning full buildout. The broader 2 million-square-foot project spans 430 acres and will ultimately bring 500 jobs to the Inland Port Arizona near Nikola's EV plant.

Creighton University eyes Phoenix expansion at Park Central campus (Bizjournals.com)

Creighton eyes expansion in Phoenix to help address looming healthcare workforce shortages. With enrollment at its 200,000-square-foot midtown Phoenix health sciences building nearing its 1,000-student capacity, Creighton University is considering expanding onto a neighboring 2.5-acre parcel. The move comes as metro Phoenix faces projected shortages of 80,000 nurses and over 8,000 doctors by 2030, highlighting the region's urgent need for more healthcare professionals.

Axon's HQ plan clears hurdle with Scottsdale planners (Bizjournals.com)

Axon Enterprise’s revised vision for its north Scottsdale headquarters campus cleared a major hurdle as the Planning Commission unanimously recommended approval of land use and zoning changes. The updated plan includes 1,965 residential units — down from 2,552 — and a larger 435-room hotel, plus retail, recreation, and green space to create a walkable, mixed-use innovation hub. CEO Rick Smith emphasized the project’s long-term importance, projecting a significant economic boost and 1,500 future jobs. Despite lingering concerns from neighbors about density and building height, city officials praised Axon's responsiveness and improvements ahead of a final City Council vote on Nov. 19.

Top 20 U.S. Metros for Distribution & Warehousing: Dallas Adds 110MSF Since 2019, Phoenix Leads Pipeline With 18.9MSF Underway (CommercialSearch.com)

Despite post-pandemic shifts and economic headwinds, the U.S. distribution and warehousing sector remains resilient, with Dallas-Fort Worth leading the top 20 metros based on total space, growth, and infrastructure. Phoenix ranks second, driven by rapid inventory expansion and proximity to West Coast ports, while Savannah follows with record-setting growth tied to its booming port. Other high-performing metros like Riverside, Chicago, and Houston continue to see robust development, supported by geographic advantages, affordability, and logistics infrastructure. Overall, demand remains strong as metros across the U.S. scale to meet evolving supply chain needs.

Valley leaders raise concerns over BNSF project as county recommends land use change (Bizjournals.com)

BNSF Railway’s $3.2 billion Logistics Park Phoenix cleared its first approval from Maricopa County’s planning commission for an 839-acre plan amendment, with a final vote set for Dec. 11. The 4,300-acre development near Surprise will include an intermodal hub and 18 million square feet of warehouse space, aiming for 2028 operations. However, Surprise officials raised alarms over traffic, infrastructure strain, and groundwater use, urging more collaboration and impact studies as rezoning advances into 2025.

This surprising ZIP code has Arizona's hottest housing market (Bizjournals.com)

Flagstaff’s 86005 ZIP code tops Arizona’s hottest housing markets for Q3 2024, driven by a 29% quarter-over-quarter spike and a 173% increase in average home sale prices since 2019. Luxury communities like Forest Highlands and Pine Canyon attract affluent buyers from Phoenix, California, and Nevada, fueling demand amid tight supply. At $1.18 million average sale price and 89 days on market, 86005 edged out Phoenix’s 85016 and Tucson’s 85704. Of 122 Arizona ZIPs on the national hot list, Phoenix led with 25, reflecting continued strength despite broader market headwinds.

California Exodus Spills Into Phoenix Metro And Arizona’s Western Counties (StorageCafe.com)

Over the past decade, more than 630,000 Californians have relocated to Arizona, driven by the state’s significantly lower cost of living, more affordable housing, and lighter tax burden. Maricopa County, especially Phoenix, is the top destination, with popular routes from LA, San Diego, and Orange County offering homebuyers savings of up to $1 million. Millennials lead the migration wave, with nearly half of newcomers buying homes in their first year. Arizona’s tech-driven job growth, expanding infrastructure, and rising demand for storage and housing continue to fuel this transformative trend across urban and rural areas alike.

Why home prices are holding steady despite higher rates (Housingwire.com)

Despite persistently high rates and historically low sales, home prices have remained steady over the past two months. Housing analyst Logan Mohtashami points to a notable shift in forward-looking data: mortgage rates edging down toward 6% have firmed up pending contracts, signaling a resilient base for home sales. Mohtashami argues that while ultra-low rates aren’t necessary, sustained 6% rates could support modest, stable sales growth — debunking crash predictions and emphasizing the market's capacity to adjust at this threshold.

Camelback office property fetches highest sale price so far this year (Bizjournals.com)

Nevada-based Solar Farms LLC acquired the 24th at Camelback II office tower in Phoenix for $97.9 million in an all-cash deal, marking the Valley’s highest office sale since 2022. The 11-story, 306,877-square-foot tower is 87.2% leased to major tenants like Blue Origin and Lucid and sold for nearly $320 per square foot. Located in the low-vacancy Camelback Corridor, the deal underscores continued demand for premium office properties and signals Phoenix's growing appeal to new and nontraditional commercial real estate investors.

Phoenix developer that ignited the build-to-rent phenomena has $1 billion in projects lined up (Bizjournals.com)

NexMetro Communities is pushing ahead with over $1 billion in new build-to-rent (BTR) developments nationwide, with 59 projects totaling more than 10,000 homes. In metro Phoenix alone, NexMetro has 4,100 homes completed or under construction, including its latest community, Avilla Palomino in Glendale, a 197-unit project honoring the site’s equestrian past. While offering resort-style amenities, the focus remains on in-home features like privacy, security, and enhanced storage. As rental demand remains strong, NexMetro is expanding into other growth markets, including Texas, Georgia, Florida, and Colorado.

Developers unveil Halo Vista, a 'city within a city' surrounding TSMC in Phoenix (Bizjournals.com)

Mack Real Estate Group and McCourt Partners unveiled “Halo Vista,” a $7 billion, 2,300-acre mixed-use megaproject set to rise around TSMC’s $65 billion semiconductor campus in north Phoenix. The plan includes 30 million square feet of commercial space, up to 9,000 homes, and aims to create a tech ecosystem akin to Taiwan’s Hsinchu Science Park. Anchored by research, manufacturing, and innovation hubs, the development could generate 70,000 jobs and transform the area into a global semiconductor and innovation corridor, with Phoenix leaders calling it a potential legacy project.

New-home sales post surprise gain in September (Phoenix Agent Magazine)

New single-family home sales jumped 4.1% in September to a seasonally adjusted annual rate of 738,000, easily beating Wall Street’s 710,000 estimate. This marks a 6.3% year-over-year increase. The median home price climbed to $426,300, while the months’ supply edged down to 7.6, signaling modest tightening in the market despite continued elevated inventory.

Why Amazon opened three large warehouses in Phoenix market (Bizjournals.com)

Amazon opened its new 1 million-square-foot inbound cross-dock facility in Glendale, Arizona, as part of a broader expansion of its logistics network in the West Valley. The new building — one of three launching this fall, including sites in Goodyear and Buckeye — will each process up to 1 million packages weekly and could bring 6,000 new jobs total. These hubs streamline third-party vendor shipments by consolidating incoming freight before sending it to regional fulfillment centers, boosting efficiency ahead of the holiday season and reinforcing Amazon's deepening Arizona footprint.

Number of electric vehicles in Arizona has tripled, outpacing charging station installation (Bizjournals.com)

Electric vehicle registrations in Arizona have surged to nearly 90,000—tripling in 18 months—while the state struggles to keep pace with charging infrastructure. With just 1,323 public charging stations and a high installation cost for fast chargers, range anxiety remains a hurdle for many potential EV buyers. Federal tax incentives and Arizona’s $76.5 million in federal funds for 18 highway fast-charging stations are helping, but experts say significant public-private collaboration is needed to meet growing demand.

What does it cost to live comfortably in Phoenix, Mesa or Tucson? (AZ Journal)

Amazon Data Services has acquired over 200 acres in Phoenix’s Laveen area for $277 million to support future data center development in the city’s emerging tech corridor. The land, purchased from IDM Companies, is near Loop 202 and was previously eyed for industrial use. This move reflects Amazon's continued expansion of its data infrastructure, having already invested $18.3 billion nationally between 2011 and 2022. A nearby SRP substation project hints at further large-scale tech investments to come in the area.

What does it cost to live comfortably in Phoenix, Mesa or Tucson? (Phoenix Agent Magazine)

A new GoBankingRates study finds that a household needs to earn $108,919 annually to live comfortably in Phoenix, placing it 20th among 50 major U.S. cities. With essential expenses totaling $54,460 and a median income of $72,092, most families fall short of the comfort benchmark based on the 50/30/20 budgeting rule. Mesa and Tucson require slightly higher and lower comfort salaries, respectively. San Jose tops the list with a staggering $265,926 needed to live comfortably, highlighting California’s continued dominance in high living costs.

Builder confidence rises again (Atlanta Agent Magazine)

Builder confidence ticked up in October for the second straight month, with the NAHB/Wells Fargo Housing Market Index rising two points to 43 amid easing inflation and rate-cut expectations. All index components saw gains, including a notable rise in future sales expectations to 57. Builders held price reductions steady at 32%, while incentives rose slightly to 62%. Though affordability challenges persist, optimism is growing for 2025, especially with supply constraints still dominating the housing landscape.

Developer moves forward with Pinal County master-planned community (Bizjournals.com)

Tempe-based W Holdings is moving forward with Rock Creek, a 98.8-acre master-planned community in Pinal County that will add 346 homes near Florence. With rezoning approved in August, the project will include community and neighborhood parks, and benefit from existing water access and utility service by Epcor. Positioned just south of the growing Magma Ranch development, Rock Creek taps into a high-demand corridor as Arizona works to address a housing shortage of 270,000 units. The area continues to attract major homebuilders, underscoring strong momentum in residential growth southeast of Phoenix.

Office-leasing demand starts to make a comeback nationally (Bizjournals.com)

After years of uncertainty, U.S. office markets are seeing renewed energy as companies gain confidence in long-term leasing. In New York, office tenant demand now tops 26 million square feet — exceeding pre-pandemic averages — with tech, media, and retail sectors making a strong return. Nationally, firms are still gravitating to premium Class A properties, but a lack of new construction is fueling demand for next-tier buildings. Despite record-high vacancies and looming debt, longer leases and early expansion clauses suggest tenants are feeling more secure about future space needs, signaling momentum in office market recovery.

Peoria approves major agreements for new growth corridor (Bizjournals.com)

The Peoria City Council approved key measures on Oct. 15 advancing two transformative projects: the 1,621-acre North Peoria Gateway master plan and Amkor Technology’s $2 billion semiconductor packaging facility. Council actions included annexation and rezoning for the Gateway, paving the way for up to 14,000 homes and a range of commercial uses, and a joint development agreement to support infrastructure for Amkor’s campus. These moves aim to bolster Peoria’s role in Arizona’s surging tech and manufacturing economy, strategically leveraging proximity to TSMC’s $65 billion Phoenix complex.

Battery casing manufacturer signs big lease in Goodyear (Bizjournals.com)

GTI Fabrication has signed a lease for a 530,000-square-foot facility in Goodyear’s Lakin Park to expand its clean energy manufacturing operations, particularly battery casing production. The move marks GTI’s second Phoenix-area site and aligns with rising regional demand driven by major players like LG Energy Solution and KORE Power. The ready-to-go building and strategic West Coast proximity sealed the deal. As Phoenix’s industrial vacancy nears 12%, deals like GTI’s highlight the region’s growing appeal for clean tech and manufacturing amid robust development activity.

Here are the Valley's highest-priced luxury home sales so far in 2024 (Bizjournals.com)

Metro Phoenix’s luxury home market surged through Q3 2024, with 21 homes selling above $10 million and a record $32.39 million estate topping Arizona’s all-time high. All top sales occurred in Paradise Valley and Scottsdale, underscoring the region’s dominance in ultra-luxury real estate. J. Andrew Turley credited the momentum to strong job growth, high-net-worth migration, and major tech investment, noting these fundamentals are driving unprecedented demand and price resilience in both luxury and rental sectors.

Builders snag hundreds of lots in West Valley master-planned community (Bizjournals.com)

Goodyear’s 20,000-acre Estrella community is rapidly rebounding under new ownership, with 508 lots recently sold to Lennar and Richmond American Homes, marking a wave of builder interest. Since acquiring the project in 2021, the new developer group has invested millions in upgrades, spurring excitement around its Montecito village, which will eventually total 5,000 homes. Lennar will re-enter the market with four product lines, including NextGen homes. With strong amenities, strategic location near job hubs, and over 5,000 developable acres under one owner, Estrella is poised to become one of the nation's most active master-planned communities.

One Scottsdale, ASM projects approved by development review board (Bizjournals.com)

Two major north Scottsdale developments cleared key hurdles as Atavia, an 88-unit luxury condo project by Belgravia Group, and ASM’s 400,000-square-foot semiconductor HQ and research facility both received site and design approvals. Atavia will rise within the $1 billion One Scottsdale development, while ASM’s project, set to create 500 new high-paying jobs, moves forward across the street. As surrounding developments like Optima McDowell Mountain Village and Cavasson take shape, north Scottsdale continues to solidify its role as a major residential and tech corridor.

The Great Migration's lasting billion-dollar impact on Arizona (Bizjournals.com)

Between 2021 and 2022, Maricopa County, AZ ranked among the top 10 U.S. counties for net migration, gaining 6,982 new tax returns according to IRS data. Florida dominated the list, with Polk and Pasco counties leading, while counties in Texas, Nevada, South Carolina, and Arizona also saw strong inflows. The trend highlights ongoing wealth and population shifts to Sun Belt metros, driven by affordability, climate, and economic opportunity.

Arizona's 1% earners' club: Here's what it takes to make it (Bizjournals.com)

To join Arizona's top 1% of earners, residents needed to make at least $611,353 in 2021—a 26% increase from the year prior, driven by post-pandemic salary spikes and workforce turnover. Nationwide, the threshold rose 25% to $699,008, while only 31,720 Arizonans reached the state’s top 1%. The income needed to be in Arizona's top 5% and 10% also surged, reflecting broader trends in wealth accumulation and inequality. Meanwhile, the Great Migration during the pandemic redistributed wealth across states, though that movement has now largely slowed.

New study ranks Realtor as the most desirable job in the U.S. (Phoenix Agent Magazine)

“Realtor” ranks as the most desired job in the U.S., according to BeamJobs’ analysis of Google search data, averaging nearly 53,000 monthly queries and leading in 49 states. Travel agent, firefighter, and nurse followed in popularity, with Georgia showing the highest per capita interest in becoming a Realtor. The study highlights that career appeal isn’t solely driven by salary, as roles like firefighter—often volunteer-based—still placed high. Wyoming had the highest job search rate overall, while Wisconsin had the lowest.

Fender starts work on Arizona flagship office (Bizjournals.com)

Fender Musical Instruments Corp. has broken ground on a custom 77,000-square-foot office at the $2 billion PV redevelopment in Phoenix, set to open in 2025. The new three-story facility will consolidate local operations, feature a model shop, professional studio, and workspace amenities, and create 100 new jobs with an average salary of $100,000. This move signals Fender’s commitment to long-term growth and boosts PV's profile as an emerging office and mixed-use hub. The Phoenix site will replace Fender’s Scottsdale co-headquarters, while its Hollywood flagship will remain.

Northrop Grumman chosen over Raytheon to pursue hypersonic missile interceptor (Bizjournals.com)

Northrop Grumman’s Chandler operation has been selected as the sole contractor by the U.S. Missile Defense Agency to advance development of the Glide Phase Interceptor (GPI), a missile designed to neutralize hypersonic threats midflight. The decision, made in partnership with Japan's Ministry of Defense, reflects Northrop's technological readiness and strategic design, including advanced tracking systems and dual-launch capability from land or sea. The project now moves toward design refinement, digital engineering, and system performance demonstrations, marking a pivotal milestone in U.S. hypersonic defense efforts.

California electric truck company to open engineering HQ in Phoenix (Bizjournals.com)

California-based electric truck startup Terraline is establishing its engineering headquarters in the Phoenix area, bringing 30 new jobs and making Arizona the hub for developing its Tangra LH1, a Class 8 electric truck with over 500 miles of range. Backed by top mobility investors and led by veterans from Tesla, Rivian, and Waymo, Terraline is expanding its pilot testing with major clients like Crowley ahead of a 2026 delivery. The move adds momentum to Arizona’s fast-growing EV ecosystem, joining players like Nikola and Lucid Motors in shaping the state’s clean transportation future.

Arizona leaders embark on semiconductor-focused visits globally (Bizjournals.com)

Arizona leaders recently traveled to Taiwan to promote the state as a top destination for international tech investment ahead of hosting SEMICON West in 2025. The delegation attended SEMICON Taiwan, met with 120+ local businesses, and signed a nonbinding agreement on technology and workforce collaboration. They also visited major innovation hubs and companies like Delta Electronics to highlight Arizona's strengths in microelectronics, bioscience, and workforce development. The Arizona Commerce Authority will continue this global outreach with a trip to the Netherlands in late September focused on semiconductors, bioscience, and aerospace.

Scottsdale approves development agreement for ASM's new flagship facility (Bizjournals.com)

ASM’s $400 million North American headquarters in north Scottsdale is moving forward after city council approval of a development agreement that includes up to $6.35 million in public infrastructure reimbursements. The 400,000-square-foot facility will house R&D labs, cleanrooms, and employee amenities, and must meet benchmarks such as adding 500 new jobs averaging $110,000 in salary within six years. The project, part of a broader tech boom in the Valley, will also return renewable water to Scottsdale and bring over 700 existing ASM employees from Phoenix. The headquarters is set to anchor the city's growing high-tech corridor.

What the Middle Class Makes in 30 Ultra-Wealthy American Towns(Gobankingrates.com )

According to GOBankingRates, a $250,000 income is still considered middle class in America’s wealthiest cities, with Hillsborough, CA topping the list where middle-class status starts at $359,967. The report ranks 30 cities based on mean household income, cost of living, and income thresholds, revealing that middle-class standards vary widely depending on location. Paradise Valley, AZ ranks sixth, requiring a minimum income of $257,095 to qualify, with a staggering monthly cost of living over $22,000. The study underscores how income inequality and geographic cost disparities are redefining what it means to be middle class in America.

Downtown Phoenix’s only independent four-star, four-diamond hotel opening in fall 2026 (PR Newswire)

Pacific Hospitality Group has broken ground on a 236-room, four-star, four-diamond hotel in downtown Phoenix under its Meritage Collection, with opening slated for Fall 2026. Located at Central and Adams, the luxury property will feature a rooftop pool and bar, upscale dining, spa, fitness center, and 23,000 square feet of event space. Developed in partnership with Berger Holdings and JWG Investments, the project supports Phoenix’s urban revitalization and is backed by Opportunity Zone incentives and First International Bank and Trust. Interior designs will reflect Arizona’s natural elements, positioning the hotel as a premier hospitality destination in the city.

Intel lands $3 billion grant to make semiconductors for U.S. military (Bizjournals.com)

Intel has received a $3 billion CHIPS Act grant through the Secure Enclave program to manufacture semiconductors for U.S. military and intelligence use, bolstering domestic chip supply and national security. Though details are classified, the effort builds on Intel’s history of defense partnerships and aligns with its upcoming 18A chip production in Arizona. The grant is separate from Intel’s $32 billion Chandler campus expansion and comes amid major corporate restructuring, including 15,000 layoffs. Despite recent financial losses, Intel’s stock rose 6.3% on the news.

Multibillion-dollar semiconductor project proposed in Peoria (Bizjournals.com)

Hyperion Technologies Inc. has unveiled plans for a $6.6 billion semiconductor substrate manufacturing plant in Peoria, Arizona, expected to create up to 1,500 jobs and significantly boost the region’s tech economy. The 600,000-square-foot facility would produce high-density interconnect substrates crucial for AI and high-performance computing, with construction targeted to begin in late 2025. Though still in early planning, the project reflects Peoria’s growing role in semiconductor expansion alongside companies like Amkor and TSMC. Hyperion's initiative aims to fill a critical gap in the U.S. semiconductor supply chain.

Pure Pickleball & Padel beefs up plans for flagship location near Scottsdale (Bizjournals.com)

Plans for a signature 186,000-square-foot pickleball and padel facility near Scottsdale have expanded dramatically, featuring 48 indoor pickleball courts, two padel courts, and extensive amenities including a pro shop, restaurant, rooftop bar, and dedicated spaces for major events. Located at CaliberCos Inc.'s Riverwalk development on Salt River Pima-Maricopa Indian Community land, the venue—backed by a $60 million investment and designed to host Arizona's pro pickleball team—aims to transform the Valley into the capital of pickleball by attracting large-scale tournaments and lifelong memberships

Investors raise caution flag for Phoenix apartment sector amid some softness (Bizjournals.com)

Investor interest in Arizona's apartment market remains cautious amid softening rents and elevated supply in some Phoenix submarkets, despite an improving economic outlook. Rent declines ranged from 4% to 7.5% in areas like Buckeye, Goodyear, and Downtown Phoenix, driven by oversupply and affordability factors. While the Federal Reserve is expected to cut rates soon, experts say meaningful relief for developers and investors will require sustained reductions. Still, the multifamily market shows resilience with stable demand and high occupancy, and transaction activity—especially for newly built properties—is beginning to rebound in anticipation of a stronger 2025.

TSMC's apprentices grow Arizona's semiconductor sector as demand for workers surges (Bizjournals.com)

TSMC’s $5 million apprenticeship program is helping build Arizona’s semiconductor workforce by offering paid training, education, and hands-on experience at its Phoenix fabs. Launched in April, the 18–24-month program trains apprentices across four key facility areas—water, mechanical, electrical and gas, and chemical—before they specialize and complete 2,000 hours of on-the-job training. Participants like Alejandro Munoz and Leon Ntwarabakiga are gaining industry-specific and transferable skills while earning above-average wages and receiving full benefits. With over 6,000 jobs projected and demand rising, TSMC’s program is a strategic move to grow and sustain its advanced manufacturing talent pipeline.

Phoenix slips in ranking of top 20 US tech job markets, report says (Bizjournals.com)

Phoenix dropped to No. 18 in CBRE's 2024 tech talent ranking, yet still shows strong tech growth, wage gains, and talent pipeline expansion. The Valley’s tech workforce grew 17.2% from 2018 to 2023, and average tech wages rose to nearly $98,000 in 2023. A surge in college-educated residents in their 20s and 30s, combined with relatively affordable office and housing costs, continues to attract companies. Though tech graduates outpaced job creation, Phoenix remains a promising market, while Tucson also gained recognition as an emerging tech hub.

Arizona has challenges, opportunities ahead to grow manufacturing job pipeline (Bizjournals.com)

Despite headline-grabbing layoffs and project delays, Arizona’s manufacturing sector remains on an upward trajectory driven by strategic investments and policy shifts. Arizona has led the nation in manufacturing growth since 2020, with 14 major projects announced and nearly 50,000 jobs added in the past decade. While recent layoffs and a slight job decline have occurred, the state remains resilient due to strength in high-wage sectors like semiconductors. Major investments from firms like TSMC, Intel, and LG promise long-term job creation, though Arizona faces workforce challenges, especially in the semiconductor industry. Leaders are prioritizing education and workforce development, but coordination is needed to avoid duplicative efforts and ensure sustainable growth.

Canadian buyers snap up even more Arizona residential real estate (Bizjournals.com)

Arizona ranks as a top destination for foreign real estate buyers, with Canadians making up 60% of this group. Arizona remains a highly ranked destination, currently 4th in the U.S. for international real estate investment. Notably, Canadians are drawn to Arizona for second homes and business opportunities, contributing significantly to the state's economy. Phoenix is also seeing strong demand for air travel from Canada, signaling a continued positive trend in cross-border connections.

BNSF rail, logistics megaproject adds up to $3.2 billion investment (Bizjournals.com)

BNSF is investing $3.2 billion in Logistics Park Phoenix, a 4,300-acre intermodal and logistics hub in northwest metro Phoenix. This project will enhance freight transport, create thousands of jobs, and generate $7.2 billion annually in economic activity. While some residents are concerned, it's set to boost Arizona's competitiveness and attract many new businesses, with construction starting in 2025.

London AI health care company establishes US HQ in Phoenix (Bizjournals.com)

London-based MiiHealth has chosen Phoenix for its U.S. headquarters, marking a key step in the AI healthcare company's expansion. Located in the Phoenix Bioscience Core, MiiHealth aims to drive innovation in senior care through its AI health monitoring system. MiiHealth's expansion highlights Phoenix's growing role as a hub for international healthcare innovation.

Sale of newly built Paradise Valley mansion sets new Arizona record (Bizjournals.com)

Joshua Peters of Stately Development has made waves in Arizona's luxury real estate market by setting new records with a $32.39 million sale of a Paradise Valley mansion—the most expensive residential property ever sold in the state. This follows two other significant sales in 2024, including a $20.975 million home, underscoring the growth and demand in Arizona’s high-end real estate market. Paradise Valley, in particular, has seen a 34% appreciation in recent years, with rising costs in materials and labor pushing new speculative construction prices up to as much as $2,000 per square foot. The area has become a top destination for national and international luxury buyers.

Major data center projects by Pacific Proving and Merit Partners projects receive approval (Bizjournals.com)

The Mesa City Council's approval of two major data center projects highlights Arizona's growing role as a leading hub for tech infrastructure. With Pacific Proving Technology Campus and Merit Legacy Technology Park adding nearly 2.7 million square feet of data center space, these developments contribute to the 14.8 million square feet planned or under construction in Mesa. This expansion reflects Arizona’s rise to No. 5 in the nation for data center development in 2023, attracting tech giants like Google, Meta, and Amazon, and driving economic growth, job creation, and technological advancement in the state.

DAS Technology moves into new penthouse office at Fashion Square (Bizjournals.com)

DAS Technology’s move to a new 16,292-square-foot penthouse in Scottsdale strengthens Arizona’s growing tech sector. With 90 employees in the Scottsdale office and over 170 company-wide, the expansion highlights Arizona's role as a hub for innovation. The company's recent growth, including a 120% rise in dealer and manufacturer subscriptions, further boosts the state’s reputation in the tech industry.

Matson Money CEO sells Paradise Valley mansion on billionaire's row for record $21 million (Bizjournals.com)

Mark Matson, CEO of Matson Money, has sold his Paradise Valley mansion for a record-breaking $20.975 million in an all-cash deal, the highest-priced residential sale in Arizona for 2024. President of Phoenix Valuations, Andrew Turley has appraised the $20.975 million Paradise Valley estate on multiple occasions and praised the property as a "Cape Cod/Contemporary masterpiece with epic finishes and amenities that Disney World would envy." Turley highlighted the home’s prime location in the exclusive "Billionaire’s Row," a top-tier area in Paradise Valley known for its luxury properties. He noted the rising value of real estate in the area, where land prices have roughly doubled since 2020, further elevating Paradise Valley’s status in the luxury residential market.

Data center developer Tract pays $136 million for massive West Valley site (Bizjournals.com)

Tract's $20 billion investment in a master-planned data center campus in Buckeye is a major win for Arizona, further solidifying the state's position as a top tech hub. The project, set to create 500 full-time jobs and 2,000 construction jobs, will significantly boost the local economy and support Arizona's growing data center industry. With Phoenix now ranking fourth in the nation for data center inventory, Tract’s campus will meet the increasing demand for AI and cloud services, attracting major tech players and reinforcing Arizona's reputation as a leader in technology and innovation.

Realtor survey points to expected increase in buyer traffic (PhoenixAgentMagazine.com)

The latest NAR Confidence Index Survey shows an uptick in buyer confidence, with 16% of Realtors expecting an increase in buyer traffic in the next three months, up from 13% a month ago. Seller traffic expectations remained flat at 17%. In July, 24% of homes sold above list price, down from 29% the previous month, and 62% of homes sold in under a month, a decrease from 65% in June. The average home received 2.7 offers, while 8% of buyers purchased based solely on virtual tours, reflecting ongoing inventory challenges and technology use. First-time buyers made up 29% of sales, while 27% of buyers paid in cash.

Magna's massive Mesa factory to assemble Waymo vehicles (Bizjournals.com)

Waymo's partnership with Magna International in Mesa marks a significant boost for Arizona's role in the autonomous vehicle industry. Magna's 230,000-square-foot facility will integrate Waymo's self-driving technology into electric Jaguar SUVs, further expanding Waymo's operations in the Phoenix area. This collaboration reinforces Phoenix's standing as a key market for Waymo, which now provides over 100,000 autonomous rides per week. Waymo's continued growth in Arizona, including airport service and expanding ride-hailing coverage, underscores the state's importance in the future of autonomous driving and mobility innovation.

Metro Phoenix achieves a balanced housing market, but buyers still have an advantage in 4 cities (Bizjournals.com)

The metro Phoenix housing market is balanced for the first time since 2014, with buyers and sellers having similar leverage. While some West Valley cities remain buyer's markets, areas like Phoenix and Glendale still favor sellers. The median home price rose to $445,000 in August, but price growth is slowing. Experts predict a surge in buyer activity as interest rates drop, offering a short opportunity to purchase before competition increases, though inventory remains tight due to low mortgage rates.

Land prices are soaring in the Valley's luxury market. Here's where values are headed (Bizjournals.com)

Andrew Turley, president of Phoenix Valuations, has been closely tracking the skyrocketing land prices in Arizona's luxury markets. His research reveals that land prices in areas like Paradise Valley and Arcadia have doubled over the past three years. This rise in land costs has significantly impacted home prices, with new homes in Paradise Valley starting at $10 million, compared to $5 million just a few years ago. Despite higher mortgage rates, the luxury market remains strong, with two-thirds of buyers paying in cash. Custom homebuilding is also thriving, with permits and home closings both up year over year.

Newly built Paradise Valley luxury estate sold for huge price (Bizjournals.com)

Phoenix Valuations President Andrew Turley noted that the recent $18.75 million sale of a Paradise Valley estate at $1,808 per square foot highlights the strength of Arizona's ultra-luxury market, which continues to see robust demand. The property, developed by Joshua Peters, founder of Stately Living at Realty One Group, is the most expensive spec home ever sold in Paradise Valley and the highest residential sale in Arizona this year. Sold in an all-cash deal, this transaction reflects the increasing momentum in the luxury home market, as Paradise Valley remains a hotspot for high-end real estate development.

Korean semiconductor company picks Mesa for largest US facility (Bizjournals.com)

KoMiCo’s new facility in Mesa will boost Arizona’s status as a major hub for the semiconductor industry, creating 200 new jobs and furthering the state's leadership in high-tech manufacturing. This facility will support innovation and drive further economic growth in the region. KoMiCo’s choice to expand in Mesa underscores Arizona’s growing influence in the global semiconductor ecosystem. With a $50 million investment, KoMiCo will enhance the local supply chain by offering advanced cleaning and coating services for semiconductor equipment. The expansion strengthens Arizona's growing relationship with South Korea and complements the state’s existing semiconductor giants like Taiwan Semiconductor and Intel.

Phoenix has top industrial leases in US in 2024 (Bizjournals.com)

Metro Phoenix's No. 6 ranking for the largest industrial leases and renewals in 2024 highlights the area's growing appeal for major businesses, with five deals totaling 4.6 million square feet. Companies like Amazon, Sub-Zero, and Logistics Plus are choosing Phoenix for its business-friendly environment, strategic location, and proximity to California’s ports. The region's industrial sector has expanded by 170 million square feet in the past decade, fueling job creation and economic growth. With demand expected to balance by 2025, Phoenix remains an attractive hub for continued investment and growth.

Phoenix among best in nation for real estate growth since 1980 (Bizjournals.com)

Phoenix ranks as the second-best U.S. city for real estate development from 1980 to 2023, according to a new StorageCafe study, trailing only Houston. The city leads in single-family housing permits with over 215,000 issued and ranks in the top 10 across all major sectors, including industrial, multifamily, retail, office, and self-storage. Phoenix is No. 3 for industrial development with 127 million square feet built, reinforcing its status as a top market for growth. The city's consistent performance highlights its long-standing appeal for real estate development.

Apartment construction surges nationwide and in Phoenix (PhoenixAgentMagazine.com)

Phoenix is poised to be a leader in the U.S. apartment construction boom, ranking No. 4 among major metro areas with over 20,000 new units expected to be completed in 2024, according to a study by RentCafe. This surge reflects a 9% national increase in apartment construction compared to last year, driven by rising demand and Phoenix’s growing reputation as a hub for environmentally conscious businesses and residents. Phoenix remains a key market with strong demand and job growth, making it an attractive location for future investment.

Utah data center firm gears up for first Arizona project (Bizjournals.com)

Novva Data Centers is planning a 1.4 million-square-foot campus in Mesa, its first Arizona project, featuring data halls, offices, and public spaces. The project, called "Project Borealis," is expected to complete its first data center by late 2026. Mesa is becoming a major data center hub, with companies like Google and Amazon contributing to 14.8 million square feet of planned or under-construction data center space.

RK Logistics Group expands to Tempe to work with semiconductor clients (Bizjournals.com)

RK Logistics Group's new Tempe facility will enhance the semiconductor supply chain in Phoenix, supporting the region's booming industry. The strategically located warehouse near Sky Harbor Airport will provide key logistics and transportation services. As RK Logistics expands its Arizona team, the facility is set to boost local economic growth in the coming months.

Michigan agents sue NAR, claim membership requirement to access MLS violates federal law (PhoenixAgentMagazine.com)

Three Michigan real estate agents filed a class-action lawsuit against NAR, claiming mandatory membership for MLS access violates federal law. This follows NAR’s new rules eliminating guaranteed broker commissions and requiring written buyer’s agent agreements.

Phoenix still tops the nation in industrial construction (Bizjournals.com)

Phoenix leads the nation in industrial construction, with nearly 40 million square feet of space underway, including major projects like Lucid Group’s EV factory expansion. This surge will expand the city's industrial supply by almost 10%, positioning Phoenix for continued growth. While a temporary slowdown is expected through 2025, build-to-suit developments are set to drive future expansion.

Housing inventory reaches post-pandemic high as market continues to balance (AtlantaAgentMagazine.com)

Housing inventory reached its highest post-pandemic level in July, providing a more buyer-friendly market, according to Realtor.com’s Monthly Housing Markets Trends Report. The number of homes for sale increased by 36.6% compared to last year. Homes are staying on the market longer, with the typical home spending 50 days on the market in July. As mortgage rates decline and more sellers list their homes, this trend is expected to continue, making the market more balanced for buyers.

Closed sales increase year over year in the Phoenix Valley (PhoenixAgentMagazine.com)

Closed sales in Phoenix increased by 7% in July compared to the same month last year, surpassing 5,000 transactions, according to Phoenix REALTORS®. Goodyear saw the largest jump with a 41.1% increase, while Phoenix and Mesa also experienced growth. The median sales price in Greater Phoenix rose 1.7% to $473,000, signaling a pause in dramatic price increases. Scottsdale's median price surged 22.2% to $1.2 million, and listings spent 8.6% fewer days on the market compared to last year.

City of Tempe looks to redevelop former Performing Arts Center into high-rise tower (Bizjournals.com)

Tempe is seeking a developer to create a new high-rise in the Mill Avenue district, replacing the former Tempe Performing Arts Center. The city envisions a mixed-use building with residential units for various income levels, office space, and commercial areas, enhancing the area’s appeal near Tempe Town Lake and Arizona State University. Tempe leaders view this as an exciting opportunity to boost economic development and provide much-needed affordable housing in one of the metro's most vibrant submarkets.

Dream Finders, one of nation's largest homebuilders, snatches up lots south of Phoenix (Bizjournals.com)

Dream Finders Homes has expanded its presence in Arizona, acquiring 123 lots in Maricopa for $13.84 million. The national homebuilder plans to break ground on new homes, priced from the mid-$300,000s, by September, aiming to meet growing housing demand fueled by local employment growth. With major industrial projects in the area, including Intel’s expansion, Dream Finders sees strong potential for the Phoenix metro and Maricopa markets.Phoenix AgentHere are the Valley's highest-priced luxury home sales so far in 2024