Today’s News 9-12-2025

The government’s latest annual job revision landed with a thud, wiping out 911,000 positions from the previous count—a 0.6% drop that marks the steepest adjustment in a decade. The sheer size of the revision is rattling economists, raising fresh questions for commercial real estate and the broader economy, even if the full impact remains difficult to pin down. “This is the biggest one in 10…»

Christine Mackay could never have predicted how her home metro would change when she started her first job in economic development decades ago. When she got hired in Chandler, one of her first big projects was landing a new call center in the city. It’s a far cry from companies she’s since shepherded to build or expand in the Phoenix area — a roster that includes Taiwan Semiconductor Manufacturing Co…»

Location: 7550 E. Legacy Blvd., along the northern block just east of Scottsdale Road in Scottsdale. Description: Construction of a large multifamily project called Legacy North Apartments at Crossroads is underway. The Dinerstein Companies, a Texas-based developer, is building the nearly 19-acre community in north Scottsdale’s burgeoning Loop 101 corridor, where the 120-acre master-planned…»

A looming cluster of commercial real estate maturities is shaping up to be one of the biggest tests for U.S. banks in recent memory. Recent analysis from Moody’s reveals that almost 63% of banks’ CRE loans are set to mature by the end of 2025—a figure that matches the “tangible common equity” held by these institutions. With refinancing pipelines already under strain from higher interest rates and ongoing…»

Arizona’s economy lost steam last year, with very slow job gains. That weakness has continued into 2025, according to the preliminary data. This has been matched by modestly rising unemployment and rapidly falling hire rates. Overall, the labor market appears to be on a knife-edge, if the preliminary data are correct. Income growth was also slow to start the year, but taxable retail sales growth has firmed…»