Commercial Real Estate & Business News – March 16, 2017

Don't look now, but nearly eight years after the Great Recession ended, it's finally starting to feel like a normal economy again, at least judging by the Federal Reserve's second interest rate hike in three months. The Fed on Wednesday raised its benchmark short-term rate by a quarter percentage point to a range of 0.75% to 1% and stuck to its forecast of two more such increases this year and three in 2018. Some economists had expected Fed policymakers to modestly step up the pace. Wall Street cheered the Fed's decision but reacted with restraint...»

Apartment building developers have a lot to worry about. So many new developments are under construction, they are likely to compete with each other-and not just for residents. Developers are also competing to find construction workers to build their projects...»

Construction spending in January fell 1 percent to $1.18 trillion compared to $1.19 trillion in December 2016, according to the U.S. Census Bureau. However, residential construction spending grew by 0.5 percent to $476.4 billion, the highest level since August 2007, according to statistics from Trading Economics...»

The retail and entertainment destination at Third and Van Buren Streets will receive site furnishings, shade structures, landscape, lighting, new materials, fixtures and finishes, wayfinding, and branded signage features from the renovations...»

 
The Phoenix metro area is expected to significantly outpace the rest of Arizona when it comes to job growth for the two year period ending in mid-2018. The Arizona Office of Economic Opportunity projects that employment will increase 2.8 percent each year in the metro area, that includes Maricopa and Pinal counties...»

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