News Ticker

COVID-19 News Round-up for May 15

Credit: AZ Big Media

Policy & Stimulus News 

Work Ongoing to Resolve Trump, Congress Relief Divide 

President Donald Trump and congressional leaders have pitched a number of proposals they argue are essential to a new coronavirus relief plan to combat the effects of the pandemic. The result: A grab bag of ideas without a deal. Discussions are ongoing between the two sides. (Source: AZCentral) 

Economic News 

GPEC Shifts Focus to Navigate Downturn 

The pandemic has caused the Greater Phoenix Economic Council to shift some of its focus from pitching the Valley as an attractive place for businesses to working with its member organizations to create economic acceleration plans to work through the downturn, according to Chris Camacho, GPEC president and CEO. (Source: Phoenix Business Journal) 

Area GCs Collaborating on Best Practices 

Despite construction being named an essential business, there was no precedent to model best practices when it came to social distancing, cleanliness and keeping job sites free of the coronavirus. To find the best way to continue business, Phoenix-area general contractors are collaborating via on a weekly phone call to discuss what ideas they are putting in place and how things are working. (Source: Phoenix Business Journal) 

Plan for Increased Cleaning Costs, Timelines 

Professional cleaning has gone from sometimes being an afterthought in the building process to something companies are booking a year in advance, as worry over the COVID-19 pandemic has made people more aware of the potential effects of cleaning on employees’ health. (Source: Phoenix Business Journal) 

Landsea Homes to Close on 1,000 Homes in 2020 

Despite the pandemic, Landsea Homes has 40 communities in planning, including impending closings two West Valley parcels, and plans to close on 1,000 homes in the Phoenix area this year. (Source: Phoenix Business Journal) 

Glendale Expects Little General Fund Impact 

With many businesses closed and more than half a million Arizonans on unemployment, the coronavirus is impacting a lot of people’s wallets. City governments are not immune. But while Glendale projects a drop in some revenues, it has cut many expenditures and anticipates little-to-no hit to the city’s general fund. (Source: Independent Newsmedia 

CRE Sentiment Shows Concerns, Bright Spots 

A national index gauging the condition of commercial real estate has fallen into the unfavorable range due to the impact of COVID-19. But the NAIOP CRE Sentiment Index did see improved expectations when it comes to construction labor and material costs. (Source: Rose Law Group Reporter) 

Contractors Coping to Keep Doors Open 

Every industry has been hurt by the coronavirus pandemic, and residential contractors are no exception as states implement social distancing measures to stop the spread. However, some contractors in Arizona are keeping the doors open with a pragmatic approach to finding clients and a small but consistent demand for their services. (Source: AZ Big Media) 

Phoenix Office Slowed Before Crisis 

Even before the full effects of the coronavirus pandemic were felt, the Phoenix office market saw a bit of a slowdown in the first quarter, according to CoStar research. Supply started to outpace office space demand in the Valley, but vacancy rates were low before the pandemic hit. As a result, Phoenix may be insulated from some of the widespread vacancies the Valley saw during the Great Recession. (Source: Phoenix Business Journal) 

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