Arizona Economic Outlook
SCOTTSDALE BUSINESS ACTIVITY UPDATE:
- The U.S. NAVY AWARDED GENERAL DYNAMICS C4 SYSTEMS A CONTRACT UP TO $83 MILLION for the development, qualification, production and support of Common Enterprise Display System (CEDS) display consoles. The CEDS consists of a series of display configurations based on standardized interchangeable components.
- THE STEEL FOR THE SECOND BUILDING AT SKYSONG IS IN PLACE. TicketMaster's data mining and web ticketing activities will occupy at least one floor of the second building. The first building will be occupied by 16 international companies, a variety of technology-based domestic companies, and technology-related non-academic functions of Arizona State University. Construction of the second building triggers the construction of the planned parking structure at Skysong.
- SCOTTSDALE'S WILDCHARGE had its wildcharger charging pad selected as one of TIME magazine's Best Inventions of the Year. The chargers allows the user to charge and power a mobile device wirelessly. Wildcharge's goal is to enable as many leading mobile devices as possible to receive wire-free power from the WildCharger.
- APTHERA, A PHARMACEUTICAL COMPANY BASED IN SCOTTSDALE, recently announced the completion of Phase II testing of the company's breast cancer therapy, NeuVax. NeuVax is aimed at preventing disease recurrence and prolonging survival in cancer patients that have tumors. Based on a meeting with the U.S. Food and Drug Administration (FDA), Apthera will submit a finalized clinical protocol to the FDA and expects to start a Phase II/III trial in the first half of 2008.
- SCOTTSDALE-BASED BAYWOOD INTERNATIONAL'S WHOLLY-OWNED SUBSIDIARY, Nutritional Specialties, is expanding their presence in the Turkish market with their LifeTime dietary and nutritional supplements. Vitamins and dietary supplements are becoming popular among urban Turkish consumers with increasing disposable incomes.
- The University of Michigan's American Customer Satisfaction Index showed while consumers are generally less satisfied with everyday products than they were earlier in the year, Scottsdale-based Dial Corp's customer satisfaction index rating rose by 4 percent. Other companies joining Dial on the list are Nike, Levi Strauss, Anheuser-Busch, Pepsi, Coca-Cola, and Heinz.
- The prestigious AAA Five Diamond awards were announced in early November. Included on the list were the following Scottsdale tourism market area properties: Fairmont Scottsdale Princess, Four Seasons Resort Scottsdale at Troon North, The Boulders Resort and Golden Door Spa, Camelback Inn, Canyon Suites at the Phoenician, The Phoenician.
ARIZONA BUSINESS CONDITIONS UPDATE.
The seasonally-adjusted Arizona Business Conditions Index fell to 48.2 in October from 55.3 in September, a 12.8 % decrease. An Index reading of over 50 indicates that the local economy is growing, while a reading below 50 suggests a slowdown in the overall level of economic activity in the near term. The Arizona Business Conditions Index has fallen for four consecutive months, from 65.1 in July to 48.2 in October.
"This is likely a ripple from the real estate problems currently plaguing the state," according to Dawn McLaren, research economist at the W. P. Carey School of Business.
"While the decline in the Arizona Business Conditions Index is a concern, it should also be noted that the overall index has shown some volatility over the last year as various sectors have had to deal with both minor and major economic shocks. The index must also be read in the context of the national economy, which has been weakening."