Author: BEX Staff

By Roland Murphy for AZBEX Arizona’s seasonally adjusted unemployment rate decreased to 4.0% in December, down from 4.1% in November, according to the latest report published by the Arizona Office of Economic Opportunity. The national rate decreased to 3.5% from 3.6%. In Dec. 2021, the state had a seasonally adjusted rate of 3.9%, and the national was also 3.9%. The state had a net gain of 400 non-farm jobs over the month. “Prior to the pandemic (2010-2019), NSA nonfarm employment gained 5,600 jobs on average in December” the report states. Government lost 10,800 jobs in December. The private sector gained…

By Associated Builders and Contractors Construction input prices fell 2.7% in December compared to the previous month, according to an Associated Builders and Contractors analysis of U.S. Bureau of Labor Statistics’ Producer Price Index data. Nonresidential construction input prices also declined by 2.7% for the month. Overall construction input prices are 7.9% higher than a year ago, while nonresidential construction input prices are 7.6% higher. Crude petroleum prices fell sharply in December, down 14.9%, while natural gas prices surged 45.3%. “This Producer Price Index data represents another positive development on the inflation front,” said ABC Chief Economist Anirban Basu. “However,…

By Roland Murphy for AZBEX While metro Phoenix and Tucson may get 99% of the attention, no part of the state is immune to the need for more housing units and greater density, as illustrated by two cases in Lake Havasu City this month. The first proposal would put 87 new units on 2.6 acres on South McCulloch Blvd., while the second would rezone five acres of an overall 22-acre site that was originally planned for resort development to now allow for multifamily at up to eight units per acre. Delta Apartments Project representative Iris Development Services, PLLC is requesting…

The Mesa Planning and Zoning Board has unanimously recommended approval to rezone nearly 11 acres for a hotel and retail master plan near Bell Bank Park. The Legacy Gateway Hotels plan calls for 7.6KSF of retail and restaurant space and three four-story limited-service hotels totaling 365 rooms. The development is to be the first phase and central space for a much larger 195-acre mixed-use retail, entertainment and employment master plan. The primary target market for the development is users of Phoenix-Mesa Gateway Airport and the beleaguered Bell Bank Park, which is dealing with a range of financial issues. (AZBEX, Sept.2,…

Arizona State University’s Morrison Institute for Public Policy recently issued a new report on housing in Arizona. “Housing Arizona: Meeting Development Challenges to Arizona’s Housing Shortage” includes interviews with 15 developers to get their insights on problems facing housing development and potential solutions to address the state’s shortage of an estimated 270,000 units. The primary challenges outlined in the report are zoning restrictions, resident opposition (NIMBYism), and funding difficulties. Because many Arizona municipalities have zoned approximately half their land for single-family residences, developers have to request a rezoning if they want to build any housing other than freestanding owner-occupied homes.…

By Rider Levett Bucknall and BEX Staff International property and construction consultancy firm Rider Levett Bucknall has released its Quarterly Cost Report providing an on-the-ground picture of construction activity in 14 key North American markets. The construction industry continues to face a variety of challenges. Labor remains in relatively short supply. Supply chain issues, while easing, remain. Costs continue to escalate, albeit at a slowing pace. The Federal Reserve’s efforts to crush pandemic-era inflation have started to work, resulting in a downturn for the housing industry and depressing starts in non-residential construction. “As we navigate through the many and varied…

Groundbreakings 1. Construction on the 114-mile Ten West Link power transmission line and supporting structures running from Riverside, Calif. to Tonopah are set to begin this week with an official groundbreaking. Vice President Kamala Harris, U.S. Interior Secretary Deb Haaland and Energy Secretary Jennifer Granholm are scheduled to attend. 2. Logistics Property Company broke ground last week on Palm Gateway Logistics Center, a four-building, 600KSF industrial project near Pecos and Sossaman roads in Mesa. Progress Reports 3. HCW Development LLC recently celebrated the topping out at the Caesars Republic Scottsdale hotel. Construction is ongoing, and the hotel is expected to…

By Roland Murphy Buckeye’s Planning and Commission has recommended rezoning for Turner 308, a 309.55-acre parcel on Turner Road between Baseline Road and Southern Avenue. According to the rezoning narrative, “The northern parcels are zoned RU-43 and located in unincorporated Maricopa County while the southern portion is within the City of Buckeye, zoned Planned Residential.” The current request is to rezone the site to Light Industrial. There is a concurrent annexation request for the RU-43 parcels. There is no specific project associated with the request yet. The narrative says, “A conceptual site plan is not included with this rezoning request.…

By Roland Murphy for AZBEX Aberrations, bubbles and anomalies don’t last forever. After more than two years of frenzied activity, it appears market gravity may have finally begun to exert its inexorable pull on the U.S. and Arizona multifamily markets. So, is the sky falling? Is this just a return to normal? Is it a combination of both or the entry into a whole new state of existence? In this column, we’ll take a look at some of the data and try to clarify the miasma of disparate reports and opinions currently swirling around the market and give you our…

By Roland Murphy for AZBEX The Goodyear Planning and Zoning Commission has recommended approval of a rezoning request for Urban District 10, a 680KSF, five-building park on approximately 44 acres on Bullard Avenue between I-10 and Van Buren Street. Planned uses include flex industrial, commerce and employment, according to the City staff analysis. Developer Urban Logistics Realty had requested a rezoning from the Preliminary Planned Area Development in place since 2007 to Final Planned Area Development. The preliminary building breakout is noted as: Building A: 93.6KSF, Building B: 83.8KSF, Building C: 100KSF, Building D: 222.7KSF, and Building E:189.5KSF Surrounding uses…