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Consumers boosted their spending in June, a move that contributed to the fifth consecutive month of retail sales gains. Retail sales increased 0.07% seasonally adjusted over May, and 4.2% unadjusted year-over-year, according to the National Retail Federation. The NRF numbers exclude automobiles, gasoline stations and restaurants. Overall June sales – including automobiles, gasoline and restaurants – were up 0.5% over May. Sales rose 6.6% year-over-year. The June results build on improvement seen in May, which was up 1% monthly, and up 6.1% year-over-year. “This is a healthy retail sales report and consistent with underlying economic momentum that has fueled a steady run of retail sales increases,” said NRF chief economist Jack Kleinhenz…» |
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A hotel, grocery store and residential development are all in the mix to replace the vacant Papago Plaza on McDowell and Scottsdale roads. Preliminary plans include a 116-room hotel and 247-unit apartment complex. Restaurant and retail pads will front Scottsdale Road. The existing Wells Fargo bank on the corner of Scottsdale and McDowell is not part of the development…» |
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Multifamily investment in Phoenix has never been hotter. With $3 billion worth of assets trading hands in the first half of 2018, this year’s annual sales volume is on pace to shatter the all-time high set in 2016. Fervent investor demand for Phoenix apartments has also propelled prices into uncharted territory…» |
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Socially responsible investing is hot. A report from global management consultant firm McKinsey & Co. finds that investment funds connected to some sort of environmental, social, or governance (ESG) screen now account for more than $22.89 trillion, or 26%, of assets under management globally. That’s up from 21.5% of assets in 2012, with ESG investing growing at more than 17% annually, according to the report…» |
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Home owners selling on the West Coast of the United States are experiencing the biggest gains with property selling for an average of 54% more than they paid, a new analysis shows…» |