by Ethan Faverino | Aug 14, 2025 | Economy, News
By Ethan Faverino |
Intel Corporation is under fire following its receipt of significant funding from the CHIPS and Science Act, followed by recent job cuts nationwide and hiring a new CEO with ties to the Chinese Communist Party (CCP).
In November of 2024, the U.S. Department of Commerce finalized $7.86 billion of taxpayer dollars to Intel under the CHIPS and Science Act to support semiconductor manufacturing and advanced packaging projects in Arizona, New Mexico, Ohio, and Oregon.
This funding, part of a broader $100 billion investment plan by Intel, was intended to boost U.S. semiconductor production, create thousands of jobs, and enhance national security by reducing reliance on foreign supply chains.
In Arizona, the award was expected to support the construction of two new fabrication plants and the modernization of an existing facility at Intel’s Ocotillo campus in Chandler, creating 3,000 manufacturing jobs and over 6,000 construction jobs.
However, Intel’s announcement in August 2024 of a global workforce reduction of approximately 15,000 jobs, including 400 at its Chandler facility, has raised concerns about the alignment of these cuts with the CHIPS Act’s goal of fostering U.S. job growth.
The layoffs, part of a $10 billion cost-cutting plan prompted after a $1.6 billion net loss in Q2 2024, face criticism as Intel continues to benefit from taxpayer-funded incentives.
President Trump addressed these concerns about national job loss and a new CEO, saying, “The CEO of INTEL is highly CONFLICTED and must resign, immediately. There is no other solution to this problem. Thank you for your attention to this problem!”
This has gotten support from other GOP members across the country, with Senator Rick Scott following up, saying, “President Trump is right, Intel owes American taxpayers answers TODAY. Intel accepted tax dollars from the CHIPS Act, and instead of investing in America, they cut jobs in the U.S. and hired a CEO with a cozy relationship to the CCP. The CHIPS Act was intended to benefit America, not our adversaries. Intel should return every dime of this taxpayer funding IMMEDIATELY!”
Ethan Faverino is a reporter for AZ Free News. You can send him news tips using this link.
by Jonathan Eberle | Aug 12, 2025 | Economy, News
By Jonathan Eberle |
Lucid Group, the electric vehicle startup known for its luxury Air sedan, disappointed investors after missing second-quarter earnings expectations and trimming its production forecast for 2025.
The company reported $259.4 million in revenue for the quarter ending June 30, falling short of Bloomberg’s $262.4 million consensus estimate. While that figure marked an improvement over the $200.6 million recorded a year ago, Lucid posted a larger-than-expected adjusted loss of $0.24 per share and an adjusted EBITDA loss of $632.1 million.
Gross margins fell by 21%, which Lucid attributed to tariffs. The company ended the quarter with $4.86 billion in liquidity, a closely watched metric as it continues to burn cash. Production guidance for 2025 was revised to between 18,000 and 20,000 vehicles, down from the 20,000-target set earlier this year. In the April–June period, Lucid produced 3,863 vehicles and delivered 3,309, bringing its first-half totals to 6,075 units produced and 6,418 delivered.
For much of its short history, Lucid’s lineup consisted solely of the Air sedan. The automaker has recently begun ramping up production of the Gravity SUV, though early output has been modest. Fewer than 1,000 units were built in the first quarter, most of which went to Saudi Arabia, home to Lucid’s largest investor, the Saudi Public Investment Fund.
In 2016, the Arizona State government made a deal with Lucid to open operations in Arizona. At that time, the Arizona Republic reported that the company could receive as much as $46.5 million in taxpayer subsidies over time. The company’s primary manufacturing facility remains in Casa Grande, Arizona.
In July, Lucid announced a partnership with Uber to supply 20,000 battery-electric vehicles for a planned robotaxi service over the next five years.
Lucid’s near-term sales outlook also faces headwinds from the expected expiration of the U.S. federal $7,500 EV tax credit on Sept. 30. To bolster its stock price, the company plans a 1-for-10 reverse stock split, which would lift shares to roughly $10 based on current valuations and help avoid the risk of trading below $1. Shares of Lucid (LCID) fell nearly 2% following the earnings announcement.
Jonathan Eberle is a reporter for AZ Free News. You can send him news tips using this link.
by Jonathan Eberle | Aug 11, 2025 | Economy, News
By Jonathan Eberle |
The Greater Phoenix housing market continued its gradual reset in June 2025, signaling a clear shift in momentum from sellers to buyers according to a report from The Ravenscroft Group. Home prices dipped modestly, builders ramped up incentives, and buyers found themselves in the strongest negotiating position in years—marking a pivotal moment for one of the nation’s hottest real estate regions.
While not a repeat of the 2008 housing crash, market data shows a softening across key indicators, as elevated mortgage rates, seasonal slowdowns, and affordability pressures weigh on demand.
According to the group, the median sales price in Phoenix edged down to $449,500, a 0.3% dip from May’s $451,000. Phoenix’s Market Index—a measure of supply vs. demand—fell to 71, further cementing the area’s tilt toward a buyer’s market.
With 30-year fixed mortgage rates hovering around 6.89%, homebuilders are stepping in to maintain momentum. Many are offering interest rate buydowns into the mid-3% range, along with generous closing cost credits, appliance packages, and landscaping perks. This reality has made new construction homes particularly appealing to buyers, many of whom are priced out of the resale market due to borrowing costs.
Real estate trends varied across the Valley in June. Buckeye saw the steepest price shift at -8% while Fountain Hills and Phoenix proper each declined by -6%. Cave Creek transitioned into buyer’s market territory, and Avondale moved from a seller’s to a balanced market.
As of June, the groups says 2 cities are in seller’s markets, 7 cities are considered balanced, and 9 cities have shifted into buyer’s market territory. Outlying cities like Arizona City, Casa Grande, and Gold Canyon lean even more heavily toward buyers.
High recurring costs—such as HOA dues and special assessments—are driving buyers away from attached housing. The listing success rate for condos and townhomes dropped to 58% in May, the lowest since 2011. Manufactured homes fared worse, with fewer than half of listings resulting in a sale.
The Phoenix housing market isn’t collapsing—it’s correcting. Buyers are better positioned than they’ve been in years, and sellers are being forced to recalibrate.
This moment offers unique opportunities for those ready to act—especially in a region still driven by long-term population growth and economic expansion. But navigating it successfully will take strategy, patience, and flexibility on both sides of the deal.
Jonathan Eberle is a reporter for AZ Free News. You can send him news tips using this link.
by Ethan Faverino | Aug 10, 2025 | Economy, News
By Ethan Faverino |
State Representative Walt Blackman, Chairman of the House Committee on Government, reiterated his strong support for the Final Environmental Impact Statement (FEIS) for the Resolution Copper project, completed by the U.S. Forest Service (USFS).
In a letter addressed to the Acting Forest Supervisor Ericka Luna, Representative Blackman called for the swift execution of the land exchange authorized by Congress in Section 3003 of the National Defense Authorization Act for the 2015 Fiscal Year.
Representative Blackman said, “The Resolution Copper project is a rare opportunity to strengthen Arizona’s economy—especially in the historic Copper Corridor and across District 7. It will bring high-wage jobs, critical infrastructure investments, and lasting economic support for local businesses.”
The Resolution Copper Project is anticipated to create thousands of construction jobs at first, with thousands more supported during decades of mine operations.
With Arizona’s average mining wage at around $100,000, these jobs promise to enhance the livelihoods of working families across the state.
The project is also expected to generate tens of millions in annual tax revenue, enabling critical investments in public roads and essential services for the Town of Superior and the surrounding areas.
The FEIS, culminating over a decade of National Environmental Policy Act analysis, incorporates extensive input from tribal governments, local communities, and other stakeholders.
Resolution Copper’s Community Working Group has played a vital role in developing mitigation strategies and promoting shared goals.
Additionally, more than 23 local municipalities and organizations have signed Good Neighbor Agreements, establishing a structure for responsible land and community management throughout the mine’s lifespan.
Blackman added, “Resolution Copper has made a genuine effort to work with the community and earn local support—truly being a good neighbor. This project is ready to move forward, and it’s time it does. I urge the Forest Service to act without further delay.”
Representative Blackman emphasized the project’s alignment with Arizona’s legacy as a leader in U.S. copper production. He urged the USFS to proceed with the land exchange, highlighting the potential to drive sustainable economic growth for the Copper Corridor and throughout Arizona.
Ethan Faverino is a reporter for AZ Free News. You can send him news tips using this link.
by Ethan Faverino | Aug 5, 2025 | Economy, News
By Ethan Faverino |
Maricopa County has secured a spot among Arizona’s top destinations for retirees, according to a new study by SmartAsset.
The study evaluated counties across the United States based on three key factors: tax-friendliness, access to medical care, and social opportunities, putting Maricopa County as an ideal location for those planning the golden years of retirement.
To assess tax-friendliness, the study calculated effective income and sales tax rates for a retiree earning $35,000 annually from retirement savings, Social Security, and part-time work, determining disposable income after taxes.
For medical care, the study measured the number of doctors’ offices per 1,000 residents, and the same for social opportunities, which measured the number by recreation and retirement centers per 1,000, along with the percentage of seniors in each county’s population.
Maricopa County ranked sixth in Arizona with a Best Place to Retire Index score of 43.1.
The county excels in medical care access, with 3.28 medical centers per 1,000 residents, one of the highest rates in the state.
With a tax burden of 15.82% and an offering of 0.12 recreation centers and 0.4 retirement centers per 1,000 people, Maricopa County provides a balanced environment for retirees seeking affordability, healthcare, and an active lifestyle.
While its senior population is lower at 15.99% compared to the top-ranked La Paz County (42.23%), Maricopa County’s urban amenities and vibrant community make it a standout choice.
Retirement dreams of adventure and relaxation require careful financial planning, often overlooked within daily expenses.
Experts recommend saving 10%-15% of annual income and targeting 25 times the yearly expenses to replace 70%-80% of pre-retirement income. For example, if somebody spends $50,000 annually in retirement, they should aim to save around $1.25 million through 401k, retirement, and other investments.
Maricopa County’s high density of medical facilities ensures retirees’ healthcare needs are met, addressing the rising healthcare costs that often challenge retirement budgets. Its moderate 15.82% tax burden supports financial planning by allowing retirees to stretch their savings further.
Ethan Faverino is a reporter for AZ Free News. You can send him news tips using this link.
by Jonathan Eberle | Aug 3, 2025 | Economy, News
By Jonathan Eberle |
As Arizona counties finalize their budgets for Fiscal Year 2026, the majority are preparing to raise property taxes, with 11 of the state’s 15 counties proposing increases totaling nearly $54.8 million, according to the Arizona Tax Research Association’s (ATRA) July 2025 newsletter. The moves come amid population growth, infrastructure demands, and rising costs, but they have also triggered requirements under Arizona’s Truth in Taxation (TNT) law aimed at ensuring transparency.
ATRA’s analysis reveals that under state law, primary property taxes — which fund the general operations of county governments — are subject to TNT provisions. These rules require counties to notify taxpayers if their proposed tax levy exceeds the previous year’s amount, excluding new construction. Notifications must be published in newspapers of general circulation, and a public hearing must be held before any vote to approve the increase.
TNT also applies to some countywide special taxing districts, including those for libraries, flood control, and public health. While counties are allowed to raise taxes up to a constitutional limit — 2% above the previous year’s levy, plus new construction — only Apache and Coconino counties currently tax at that maximum level.
According to ATRA, of the counties planning tax hikes, Pima County stands out with the largest proposed increase: $33 million. This includes a nearly 25-cent hike in the primary property tax rate above TNT limits. Pima is also planning to exceed TNT thresholds for both its flood control and library districts.
Maricopa County, Arizona’s most populous, is proposing its first primary property tax increase in five years — not by changing the rate, but by holding it steady. Due to growth in the tax base, this would still result in a $12.5 million increase, exclusive of new construction.
In Coconino County, library district taxes are slated to rise 11.5% over TNT, generating approximately $780,000 in additional revenue. The county also plans to levy the maximum amounts for its primary property tax, as well as for its flood control and public health districts. Altogether, Coconino’s tax increase would total around $1.8 million.
Mohave County is eyeing a 7% increase in primary property taxes, which would raise about $3.2 million. Four counties — Graham, Greenlee, La Paz, and Pinal — have opted not to increase property taxes this fiscal year, bucking the statewide trend.
County officials say the proposed increases are necessary to sustain essential public services amid rising costs and growing populations. Still, the hikes are expected to generate scrutiny from taxpayers, especially in counties proposing large percentage increases or exceeding TNT thresholds.
Jonathan Eberle is a reporter for AZ Free News. You can send him news tips using this link.
