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Welcome to The Economy Update, CED's collection of original and aggregated news stories, podcasts and videos with relevant news about the Phoenix economy. News stories can be filtered by topic when clicking on one  of the blue buttons. 

Media contacts:

Eric Jay Toll
Communications Manager 
Mobile:  602-617-3797​

Submit news stories for publication with at least one high resolution, full size JPG or PNG image, at least 2000 pixels wide; MP3 podcasts; or High Definition, 1080i MP4 video to Communications Manager Eric Jay Toll



Hotel planned for downtown Phoenix parking lot587Hotel planned for downtown Phoenix parking lot<div class="ExternalClass891C005F2AB64CB5915FDF6FBAA41369"><figure> <img src="/econdevsite/MediaAssets/EconomyUpdate/UPDATE-20190813-Hyatt-Place-City-Hall-Hotel.jpg" alt="Rendering of the 8-story Hyatt Place hotel" /> <center><figcaption><em>Mortenson plans an eight-story, 24o-key hotel across from City Hall and the Orpheum Theater at Second Avenue and Adams Street in Downtown Phoenix, Arizona U.S.</em><br><span style="font-size:11px;">Image: Mortenson</span></figcaption></center> </figure> <center><em>By Corina Vanek for Phoenix Business Journal</em><br></center><p><span style="font-size:15px;">A downtown Phoenix parking lot could soon be redeveloped into a hotel.</span></p><p><span style="font-size:15px;">Mortenson has plans to build an eight-story, 240-key hotel on the 0.6-acre parking lot on the northeast corner of Second Avenue and Adams Street, said Nick Wood, a partner at Snell & Wilmer who is the attorney for the developer. The hotel will be a Hyatt Place branded hotel.</span></p><p><span style="font-size:15px;">Wood said the project is already entitled for zoning for the hotel, and setback adjustments were recently approved. Now, the project needs site plan approval by Phoenix City Council before it can move forward.</span></p>​<br></div>8/13/2019 5:00:00 PM
Scottsdale developer wants to build state's tallest tower in Phoenix588Scottsdale developer wants to build state's tallest tower in Phoenix<div class="ExternalClassA5EE18E0C8E9487B99FD7EF21C41FAD9"><figure> <img src="/econdevsite/MediaAssets/EconomyUpdate/UPDATE-20190808-Empire-Group-Tallest-High-Rise.jpg" alt="Photo taken from nearby highrise of the building site" /> <center><figcaption><em>Empire Group proposes Arizona's tallest building, 525 feet, on a parking lot west of the Downtown TMCA.</em><br><span style="font-size:11px;">Image: Jim Poulin, Phoenix Business Journal</span></figcaption></center> </figure> <center><em>By Angela Gonzales for Phoenix Business Journal</em><br></center><p><span style="font-size:15px;">Geoffrey Jacobs wants to build the tallest building in Arizona — to the tune of $350 million.</span></p><p><span style="font-size:15px;">Jacobs, a partner with Aspirant Development LLC and principal of the Empire Group of Cos. in Scottsdale, is in preliminary talks with the city of Phoenix to build a $350 million project that will include a tower that could be 525 feet — taller than Chase tower, which sits at 483 feet.</span></p><p><span style="font-size:15px;">"We're going in for site plan approval later this year," said Jacobs, who just opened the $80 million apartment project The Stewart this spring and is about to break ground on Aspire Fillmore a few blocks away.</span></p>​<br></div>8/13/2019 4:00:00 PM
True North Studio Plans Seven-Story Parking Garage in Roosevelt Row589True North Studio Plans Seven-Story Parking Garage in Roosevelt Row<div class="ExternalClass66E4BDB3C6044A9A818CBDCEC2FD3FAA"><figure> <img src="/econdevsite/MediaAssets/EconomyUpdate/UPDATE-20190813-Lynn-Trimble-mural-kaylanewnamwip.jpg" alt="Partially complete mural on the side of the garage to be expanded" /> <center><figcaption><em>Kayla Newnam's mural in progress on the north side of Roosevelt Street east of Central Avenue.</em><br><span style="font-size:11px;">Image: Lynn Trimbe, Phoenix New Times</span></figcaption></center> </figure> <center><em>By Lynn Trimble for Phoenix New Times</em><br></center>True North Studio is hoping to build a seven-story parking garage on top of an existing parking lot at Third and Moreland streets, located inside the Roosevelt Row arts district. It's just the latest in a series of plans announced by True North Studio, a real estate development firm headed by Jonathon Vento.<p></p><p><span style="font-size:15px;">Several True North Studio representatives presented the firm's parking garage plans during the August meeting for Downtown Voice Coalition, a community group that typically meets monthly to discuss diverse aspects of downtown life from walkability to affordability. About two dozen people attended the presentation.</span></p><p><span style="font-size:15px;">The developer already owns one parking garage in the area, located just east of its Ten-O-One building at Central Avenue and Roosevelt Street. That's where Kayla Newnam recently invited community members to help her paint a mural anchored by a giant peacock.</span></p>​<br></div>8/13/2019 7:00:00 AM
Top Cities for Startups in the US – Chicago, Phoenix, San Antonio Among Best Large Cities for Early Stage Startups584Top Cities for Startups in the US – Chicago, Phoenix, San Antonio Among Best Large Cities for Early Stage Startups<div class="ExternalClass119AD1BC6602406BA3862017333F1D1D"><figure> <img src="/econdevsite/MediaAssets/DOWN-20180222-Downtown-from-Northwest-749.jpg" alt="Aerial photo of downtown phoenix" /> <center><figcaption><em>Phoenix is the #2 best city for startups in the U.S., says CommercialCafe CRE magazine.</em><br><span style="font-size:11px;">Image: City of Phoenix</span></figcaption></center> </figure> <center><i>Rankings by</i></center><p><span style="font-size:15px;">In order to bring you our list of top 20 best cities for startups and entrepreneurs, we analyzed relevant data of the country’s 50 most populous urban centers. Because scale is in itself a factor, we also grouped cities by population brackets. This week we bring you our findings for each separate group of top cities for startups in the U.S.:</span></p><ul> <span style="font-size:15px;"><li>Top 10 startup cities with population above 1 million,</li></span><p></p><p><span style="font-size:15px;"></span></p><li>Top 10 startup cities with population between 500,000 and 1 million,</li><p></p><p><span style="font-size:15px;"></span></p><li>Top 10 startup cities with population below 500,000.</li><p></p><p><span style="font-size:15px;"></span></p><li>Top Cities for Startups in the U.S. – Population Above 1M</li><p></p></ul><p><span style="font-size:15px;">Texas and California each have three entries in this group, almost all huddled together in the top spots. Among cities with population larger than 1 million, Dallas ranked best, followed by California’s San Diego, San Jose, and Los Angeles. Houston rounded out the top five, followed by Chicago in sixth place. San Antonio came in seventh, with Phoenix, Philly, and NYC filling in the final three spots.</span>​</p></div>8/9/2019 8:30:00 PM
How the City of Phoenix is striving to become one of the most sustainable desert cities in the world583How the City of Phoenix is striving to become one of the most sustainable desert cities in the world<div class="ExternalClassDC8FACD289EB49AEAF317D5046A1A0BF"><figure> <img src="/econdevsite/MediaAssets/EconomyUpdate/UPDATE-20190809-CSO-Sky-Harbor-Rental-Car-Facility.jpg" alt="Aerial photo of Sky Harbor rental car facility" /> <center><figcaption><em>Solar panels cover the Phoenix Sky Harbor International Airport rental car facility.</em><br><span style="font-size:11px;">Image: Tim Roberts Photography</span></figcaption></center> </figure> <center><em>By Daniel Brightmore for Chief Sustainability Officer magazine</em><br></center><p><span style="font-size:15px;">When the Chief Sustainability Officer for the City of Phoenix took up his post in 2014 the target was to become the most sustainable desert city in the world. Five years later, Mark Hartman and the very innovative department heads across the City are setting their sights on a sustainability roadmap for 2050 to ensure progress for future generations in Phoenix.</span></p><p><span style="font-size:15px;">“Back in 2016 when City departments adopted these goals we asked: ‘What kind of city do we want to be in 2050?’” explains Hartman. “Instead of thinking ‘How did we get here?’, we want to be able to say, ‘We planned to get to this place’ and this is what the perfect city looks like — our 2050 environmental goals aim to articulate those long term desired outcomes. Setting out the long-term environmental goals of zero carbon, zero waste, clean air, a 100-year supply of water, and parks and transit in every neighbourhood will drive us towards what we’re trying to achieve as a sustainable desert city.”</span></p><p><span style="font-size:15px;">A big part of that sustainability journey is a series of major projects including the 91st Avenue wastewater biogas project (the largest facility of its kind in the US). “Our water department is capturing methane from our wastewater, putting it in a pipeline and generating revenue by selling it to the California green energy market. It’s a great example of finding a use for the methane from wastewater treatment. In addition to the biogas, we actually reuse nearly all of the wastewater. We’re ahead of the curve, which encompasses how we focus our approach in the desert.” Along with the biogas production, reclaimed water is also being diverted into irrigation for farming and agriculture and for cooling at the Palo Verde Nuclear Generating Station. Meanwhile, the final by-products, the bio-solids which amount to 10% of total waste, become fertilisers for non-food crops.</span></p>​<br></div>8/9/2019 8:00:00 PM



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