Author: BEX Staff

Experts from around the Valley – including BEX Companies’ own President and Founder Rebekah Morris – took part in a discussion during WESTMARC’s Economic Development Summit in May to discuss the ongoing labor shortage, its impacts and how the West Valley in particular has taken steps to build the labor pool necessary for growth. David Hickey of Hickey & Associates said countless projects have not executed because there have not been people to build them and that the current environment is more competitive than ever. Morris, who has long supplied data on industry workforce changes and its impacts on projects,…

Housing advocacy group Up for Growth has reported Arizona’s housing underproduction totals 122,683 homes, an increase of 1,377% in the last 10 years. Up for Growth claims its 2022 Housing Underproduction in the United States report is the most detailed analysis of local housing underproduction ever produced. According to the report, housing deficits exist in 47 states and the District of Columbia. In addition to building more housing across the board – both in Arizona and nationwide – the report and an associated publication offer a housing policy framework Up for Growth claims can help policymakers develop tailored solutions for…

Groundbreakings 1. The Arizona Department of Transportation started a $7.2M pavement preservation project on SR 264 near Window Rock on July 18th. Plans include removing the existing surface pavement and replacing it with new asphalt, making spot pavement repairs and restriping the roadway. The work will cover an 11-mile stretch of SR 264 from mileposts 465 to 476 at the New Mexico state line. 2. 55 Resort at McCormick Ranch – a 102-unit 55-plus multifamily property in Scottsdale – broke ground this week. The project is being developed by Edison Equity Management Corp., designed by Synectic Design, and built by W.E.…

Four land purchases over the last year in southeast Mesa suggest Project PIRATE – The Pecos Industrial Rail Access and Train Extension – rail spur may be progressing. PIRATE would connect industrial centers in far east Mesa with an existing Union Pacific line along Rittenhouse Road. Union Pacific paid $14.7M for 41 acres near Pecos and Ellsworth roads last month. In May, the railroad bought six acres near Pecos and Hawes. Late last year, Union Pacific bought approximately 30 acres in the area of Pecos and Sossaman roads. The rail company already had large holdings between Pecos and Rittenhouse. One…

By Associated Builders and Contractors Construction input prices increased 1.9% in June 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 increased 1.8% for the month. Construction input prices are up 20.1% from a year ago, while nonresidential construction input prices are 20.3% higher. On a monthly basis, input prices were down in four of 11 subcategories in June, with the largest decline registered in the softwood lumber category (-24.8%). All three energy subcategories experienced price increases, with natural gas prices rising…

By Roland Murphy and Rebekah Morris for AZBEX Spiraling inflation costs spurred, in part, by federal stimulus spending intended to boost a U.S. economy stalled by the pandemic and its after-effects is having the unintended consequence of diminishing – and for some projects, negating – the stimulus, itself. Of particular concern is the inflationary pressure those trillions of dollars have triggered – and the impacts of that inflation on long-planned and much-desired infrastructure projects. While some of the various COVID-related spending was focused on accelerating infrastructure project deployments, the hallmark of the Biden Administration’s efforts was the Infrastructure Investment and…

By Roland Murphy for AZBEX A May special report from Northmarq shows the U.S. Build-to-Rent market continues to mature. The paces of building and construction are increasing; performance at existing properties is growing stronger, and there are now more than 500 BTR projects spanning more than 20 states. Completions of single-family rental homes were up 5% in 2021, and starts increased by 20%. “Renters by Choice” continue to be a key demographic, particularly after the market saw increased publicity during the pandemic and its associated drive for less-dense living accommodations. As home prices maintain historically high levels and interest rates…

Now that improvements are underway at Inland Port Arizona, three companies have plans in the works to develop projects on the 2,700-acre site. Earlier this month, the Coolidge Planning and Zoning Commission reviewed three site plan applications at IPAZ. The first plan discussed was from NRS Logistics, a petrochemical and pharmaceutical products distributor focused on semiconductor and elective vehicle production. The company has requested a site plan review and conditional use permit for on-site chemical storage. After extensive questioning and discussion, the Commission approved the requests. Crest Park Ventures has proposed a four-building, 1.5MSF speculative industrial project on 128 acres…

Crediting better-than-expected 2021 revenues, Tempe’s new budget features $120M in extra funding compared to last year. Construction and infrastructure make up 40% of total spending, which City officials say reflect Tempe’s long-term goals. Almost $400M worth of infrastructure improvements are planned, and another $61M has been set aside for projects from last year that were delayed by supply chain shortages and other issues. The $461M capital improvements total is roughly $125M more than Tempe spent on construction last year. Of that $125M, roughly $64M is carried over from last year because of delays in planned projects. Even though they do…

Giving Back 1. The Terracon Foundation announces it has awarded a $4,900 community grant to the Southern Arizona Research, Science and Engineering Foundation. The funds will be used to support SARSEF’s Creating an Equitable AZ STEM Pipeline. Since 2018, SARSEF has won three grants totaling $12,400 from the Terracon Foundation.  Awards & Accolades 2. The National Apartment Association has announced the Arizona Multihousing Association as a 2022 NAA Excellence Awards winner. AMA won the 2022 NAA Excellence Award in the Affiliate of the Year (State/Metro-32 category). NAA’s annual Excellence Awards program recognizes outstanding performance and leadership across the rental housing industry – celebrating…