Commercial Real Estate & Business News – July 15, 2020

Arizona’s Economy: The Recovery Begins?
There is still a huge amount of uncertainty about the future of the outbreak and the economic impacts associated with it. The baseline forecast assumes that the current surge in the spread of the coronavirus is contained quickly and that there is no major resurgence in the fall. As a result, the Arizona economy…»
Construction Backlog Indicator Up in June; Contractor Optimism Grows
Associated Builders and Contractors reported today that its Construction Backlog Indicator rose to 8.1 months in June, an increase of 0.2 months from May’s reading. CBI is down approximately 8% from its June 2019 level. Every region except the Middle States experienced an increase in backlog…»
Fitness Clubs Challenge Ducey’s Closure Order in Federal Court; Bars Join Fight With Separate Lawsuit
An attorney for a fitness chain argued in federal court on Monday that Gov. Doug Ducey’s order closing gyms through at least July 27 is not lawful because he didn’t rely on evidence gyms were spreading COVID-19 and hasn’t shown what they will need to do to reopen. Xponential Fitness, a California-based…»
Custom Home Lot Sales Going Strong in Metro Phoenix Despite Covid-19
More than 100 custom home lots priced above $1 million have been sold in metro Phoenix during the past 12 months, and Covid-19 doesn’t seem to be impacting sales so far, according to data compiled exclusively for Phoenix Business Journal. Research by RL Brown Housing Markets shows 101…»
‘We Want to Create More Than the Four Walls of a Home’: $100M Affordable Housing Fund Launched with Arizona’s Big Health Care Companies
A $100 million fund to spur more affordable housing for Arizona’s rapidly growing population of homeless and low-income residents launched this week with the help of Medicaid and other healthcare providers. The Home Matters Arizona Fund already has drawn $37 million…»