Commercial Real Estate & Business News – June 25, 2014

Not Enough New Homes Being Built In The Us, Especially At First Time Buyer Level

New home construction activity is currently insufficient in most of the United States and some states could face persistent housing shortages and affordability issues unless housing starts increase to match up with local job creation. In a new analysis the National Association of Realtors measured whether new home construction has kept up with job creation to determine the impact of construction on housing supply… Read more

Walmart Supercenter To Open At Phoenix Metrocenter Mall

Walmart plans to open one of its Supercenters at northwest Phoenix’s Metrocenter mall, which has struggled to stay afloat for two decades. Walmart will demolish and rebuild a former department store’s space at the south end of the mall. Officials said Walmart will bring 250 jobs to the area. The store is expected to open in 2016… Read more

South Scottsdale’s Papago Plaza Could Undergo Dramatic Makeover

A south Scottsdale shopping center known for its characteristic pueblo-inspired architecture could be undergoing a major makeover that would add more retail space and give it a more modern look, as well as boosting efforts to revitalize the McDowell Road corridor. Papago Plaza shopping center is on the southwestern corner of Scottsdale and McDowell roads… Read more

Consumer Confidence, New Home Sales Return To 2008 Levels

Good news for the economy: We’re back to where we were in 2008, at least as far when it comes to consumer confidence and new home sales. The Conference Board Consumer Confidence Index hit 85.2 in June, its highest level since January 2008. “June’s increase was driven primarily by improving current conditions, particularly consumers’ assessment of business conditions,”… Read more

Construction Job Loss Slows in May; Unemployment Steady

The construction sector lost only 200 jobs in May, compared to the 1,100 lost in April. This marks the third month in row the sector shed jobs during the normally busiest time of the year. Across the state, unemployment showed 0.1 percent decline in the state’s rate from 6.9 percent to 6.8 percent. However, the state lost 15,000 jobs in May… Read more