by Ethan Faverino | Jul 15, 2025 | Economy, News
By Ethan Faverino |
A new report reveals a rise in financial cybercrime across the United States, with Arizona ranking 47th out of the 50 states and Washington, D.C., as one of the riskiest states.
Based on the FBI’s 2024 Internet Crime Complaint Center (IC3) annual report, the findings highlight a national rise in crime frequency and financial impact. Arizona is among the states that faced significant challenges due to high victim counts, staggering losses, and inadequate legislative protections.
Arizona reported 2,239 victims per million residents in 2024, which was well above the national average, totaling $337 million in financial losses.
The state experienced a 61.02% increase in victim counts and a 51.84% rise in losses from 2022 to 2024. These losses are driven by an increase in high volume scams such as phishing, tech support fraud, and identity theft.
With a weighted score of 59.305 and only 10 cybersecurity-related laws, Arizona’s legislation has not kept up with the growing scale of cybersecurity threats.
Nationwide, financial cybercrime losses more than doubled from 2022 to 2024 reaching billions in reported damages. The report mentions that most states, including Arizona, saw double-digit increases in either victim counts or monetary losses.
Nationally, cyber security intrusions rose 613% from 2013 to 2023. In 2023 alone, there were 7.6 trillion hacking attempts, and 6.06 billion malware attacks recorded.
Americans lost $25.4 billion to phone phishing scams last year, and ransomware attempts occur nearly 20 times per second.
Cybercriminals are targeting multiple sectors, with the financial industry hit by 95.7% of successful attacks in 2023, costing $5.90 million per data breach.
The healthcare sector faced the highest breach costs at $10.93 million, while 43% of cyberattacks target small businesses.
The retail sector lost $2.9 million per breach, and the banking industry’s cybersecurity market is projected to grow from $74.3 billion in 2022 to $282 billion by 2032.
These trends show the broad economic toll, with the average global data breach costing $4.88 million in 2023.
Ethan Faverino is a reporter for AZ Free News. You can send him news tips using this link.
by Jonathan Eberle | Jul 12, 2025 | Economy, News
By Jonathan Eberle |
A new report from the Common Sense Institute (CSI) signals that Arizona’s housing market may be headed for deeper trouble, even as homebuyers enjoy a short-term dip in prices. The think tank’s second-quarter analysis shows that slowing permitting activity is threatening to exacerbate the state’s chronic housing shortage.
In Greater Phoenix, average home prices declined by 1.0% in the first quarter of 2025 and are now down nearly 7% from their July 2022 peak. However, experts warn the modest drop masks deeper affordability challenges. The average Arizona home is still more than 50% more expensive than it was in 2019, and monthly mortgage payments have more than doubled during that time.
“We’re seeing some surface-level relief in pricing, but the fundamentals of the market still point to serious long-term issues,” said Zachary Milne, Senior Economist and Research Analyst at CSI. “Without an increase in new housing supply, prices are likely to rebound—and affordability will remain out of reach for many.”
While the current increase in for-sale inventory is helping to cool the market slightly, CSI analysts caution that these effects may be fleeting. Without local reforms to streamline permitting or reduce regulatory burdens, housing supply will continue to lag demand—keeping pressure on prices and limiting options for would-be homeowners.
“The bottom line is that Arizona is not building fast enough to keep up,” Milne added. “Unless that changes, the state’s affordability problem will only get worse.”
As policymakers and local leaders grapple with how to address Arizona’s housing needs, the latest data underscores a growing consensus: the state’s structural housing shortage is not going away anytime soon—and relief for buyers may prove temporary.
Jonathan Eberle is a reporter for AZ Free News. You can send him news tips using this link.
by Matthew Holloway | Jul 8, 2025 | Economy, News
By Matthew Holloway |
Although the causes are attributed to various factors by different sources, largely dependent on political leanings, one irrefutable fact emerged on Monday. During Governor Katie Hobbs’ tenure, Arizona has plunged from a ranking of 4th place in the nation in job growth, to 47th.
On Monday, Russ Wiles, writing for the Arizona Republic noted, “AZ no longer ranks near the top for job creation,” and asked rhetorically, “What went wrong?”
Citing figures from the U.S. Bureau of Labor Statistics, the Republic reported that Arizona now ranks in 47th place among the fifty states, just ahead of Massachusetts, West Virginia, and Iowa. The report cited a net loss of 1,900 jobs year-to-date in 2025.
In 2020, at the height of the first Trump Administration and under former Gov. Doug Ducey’s tenure, Arizona ranked third in the nation for economic momentum.
In 2019, the Phoenix Metro area even beat out the largest cities in California, Texas, and Florida to take the #1 slot for job growth.
More recently, in a March 2024 statement, Hobbs touted that Arizona ranked 4th in job growth, and tripled the national average in workforce growth. In the pronouncement, which has aged quite poorly, the governor even dubbed herself “Governor Katie Jobbs,” and credited the “81,800 jobs created,” to “investments in housing, healthcare, infrastructure, childcare, and education.”
Meanwhile, a Goldwater Institute op-ed in January, predicting an acrimonious budget battle that materialized over the next five months, pointed out Hobbs’ askew priorities. While the beleaguered Democrat focused on defeating Arizona’s popular Empowerment Scholarship Account program (ESA) and presided over a surge in crime, her failure to account for $800 million in statutorily required Medicaid spending and an affordable housing crisis represented “fiscal mismanagement at its worst.”
AZCentral’s Russ Wiles, in working to answer “What went wrong?” addressed one factor in the decline as “slowing migration, with fewer people moving here from other states,” which dovetails with the affordable housing issue and the Arizona Department of Water Resources (ADWR) rule cracking down on new developments.
Lee McPheters, director of the Economic Outlook Center for Arizona State University’s W. P. Carey School of Business, noted to the outlet, “With domestic migration trending down and international migration dropping off a cliff in 2025, the impetus for population growth has diminished and undoubtedly plays a role here.”
In May, Goldwater launched a legal battle against the Hobbs administration over the ADWR’s controversial new rule imposing the requirement of a 100-year “unmet demand” groundwater supply rule across wide swaths of the state, essentially choking out new housing development.
In addition, as Wiles notes, construction employment has been further weakened by rising material costs, with overall job growth stunted by tariff uncertainty and high interest rates.
Large scale layoffs, such as Nikola Corp.’s 855 jobs lost to its February bankruptcy and Joann Fabrics’ layoffs of 374 employees in January, also factored in heavily. While not directly attributable to Hobbs’ actions, the losses drew a spotlight to a lack of decisive action from Hobbs to attract new employers to Arizona in the short term.
Another factor, unmarked by AZCentral however, has been the $1.6 billion deficit under Hobbs which forced budget cuts, including Department of Economic Security layoffs that directly contributed to the 1,900 net job loss. As Common Sense Institute of Arizona (CSIAZ) explained in June, rather than being caused by Arizona’s flat tax, the shortfall was caused by a massive increase in spending under Hobbs.
“If spending had followed historical trends, Arizona would have had a $4.3 billion surplus rather than a $1.6 billion cash shortfall last year,” CSIAZ wrote.
Hobbs’ vetoes could present the most egregious contribution she’s made. By vetoing 178 total bills in 2025, 73 in 2024, and 143 in 2023, totaling 424 to date, or approximately a third of all bills sent to her desk, Hobbs has prevented the implementation of a comprehensive policy for economic growth from either her administration or Republican leaders in the state legislature from materializing.
Ultimately, Hobbs’ unwillingness to work productively with Republican lawmakers and her active obstruction of legislation to reduce tax burdens, ease regulation, and stimulate job growth may have proven to be as prominent in Arizona economics as it has been in politics. And as prominent Democratic President Harry Truman famously said, “The buck stops here.”
Matthew Holloway is a senior reporter for AZ Free News. Follow him on X for his latest stories, or email tips to Matthew@azfreenews.com.
by Ethan Faverino | Jul 8, 2025 | Economy, News
By Ethan Faverino |
President Donald Trump’s One Big Beautiful Bill, supported by all Arizona’s Republican representatives, was signed on Friday, July 4th. The bill provides the largest tax relief in American history.
Among the bill’s most impactful provisions are no tax on tips, no tax on overtime, and no tax on Social Security benefits.
These policies are designed to put more money back into the pockets of the hard-working American people.
The “No Tax on Tips” provision offers a new deduction of up to $25,000 for workers in tipped industries. Whether tips are received in cash, by charge, or through tip-sharing arrangements, employees will keep more of their hard-earned income.
This measure is expected to save tipped workers nearly $2,000 annually, providing direct financial relief to millions of Americans in these critical industries.
The bill also eliminates taxes on overtime pay. This guarantees that workers who put in extra hours are rewarded greatly with bigger paychecks. This, as well, could also save Americans on average $2,000 a year.
According to a new study from the Council of Economic Advisers, 88% (48 million) of American seniors receiving Social Security will pay no taxes on their Social Security income.
For a single senior receiving the average retirement of $24,000 annually, deductions will exceed their taxable Social Security income. Similarly, married seniors with a combined Social Security income of $48,000 will also see their deductions surpass taxable income.
The One Big Beautiful Bill also delivers an average 15% tax cut for Americans earning between $15,000 and $80,000, significantly boosting take-home pay.
For a typical family with two children, this translates to an increase of up to $10,900 per year in after-tax income. The bill also boosts the standard tax deduction, raising it to $23,625 for married couples and $15,750 for singles, a benefit utilized by 91% of taxpayers.
According to the Council of Economic Advisers, the One Big Beautiful Bill will drive significant growth and fiscal stability. This includes:
- Real wages increasing by up to $7,200 per year
- Real Investment growing by as much as 10%
- Creation of protection of 7 million jobs
- Deficit reduction of up to $11.1 trillion, driven by $5.2 trillion from economic growth, $2.8 trillion from tariff revenue, $1.6 trillion from discretionary spending cuts, and $1.5 trillion from interest savings.
Ethan Faverino is a reporter for AZ Free News. You can send him news tips using this link.
by Jonathan Eberle | Jul 8, 2025 | Economy, News
By Jonathan Eberle |
Attending a Phoenix Suns game will cost fans more than nearly any other NBA team, according to a new study analyzing average ticket prices across the league. The Suns rank eighth on the list, with an average ticket price of $172.
The analysis, conducted by betting tips provider Spelcash using data from SeatGeek, evaluated the average cost of attending a game for each team. While Phoenix fans may be feeling the pinch, they’re not alone — several teams are charging significantly more, with the Los Angeles Lakers topping the chart at an average of $365.75 per ticket.
That figure is 31% higher than the second-place Golden State Warriors ($279.47), and a staggering 146% higher than the league-wide average of $148.42.
The top five most expensive teams include:
1. Los Angeles Lakers – $365.75
2. Golden State Warriors – $279.47
3. Boston Celtics – $247.96
4. New York Knicks – $238.49
5. Dallas Mavericks – $215.00
Despite not cracking the top five, the Phoenix Suns’ $172 average ticket price still represents a 16% increase over the league average. They trail just behind the Los Angeles Clippers and the Minnesota Timberwolves.
The study points to star power, market size, and recent team performance as contributing factors to ticket demand. “It is no surprise to see the Los Angeles Lakers at the top of the ranking,” said Johan Sunnanangs, CEO of Spelcash. “Their huge popularity, coupled with a roster featuring names like LeBron James and Luka Doncic, keeps demand sky-high.”
The Suns have drawn strong crowds in recent seasons, bolstered by playoff runs and marquee players like Kevin Durant and Devin Booker. But for fans hoping to see them live, the cost is rising.
By contrast, the most affordable team to watch live is the Charlotte Hornets, with an average ticket price of just $82 — 45% below the league average. The Atlanta Hawks ($82.16) and Detroit Pistons ($85.15) also rank among the most wallet friendly.
The study also notes that three of California’s four NBA teams — the Lakers, Warriors, and Clippers — all rank in the top 10, underscoring both the market strength and popularity of basketball in the Golden State.
As the offseason ramps up with the NBA Draft and summer league action, demand for tickets is expected to continue climbing.
Jonathan Eberle is a reporter for AZ Free News. You can send him news tips using this link.
by Ethan Faverino | Jul 4, 2025 | Economy, News
By Ethan Faverino |
Congressmen Abraham Hamadeh and Andy Biggs proudly cast their votes on Wednesday, in favor of the One Big Beautiful Bill, pushed by President Donald Trump.
Congressman Andy Biggs credited the collaboration “between President Trump and the Freedom Caucus for pushing the One Big Beautiful Bill over the finish line.
“I’m honored to stand with my great Freedom Caucus colleagues as we work in lockstep with President Trump,” said Biggs on X.
“Today, I proudly voted for the agenda that my constituents voted for when they sent me to Congress – the America First agenda. The agenda laid out by President Donald Trump during his historic, successful run to return to the White House,” stated Hamadeh. “The One Big Beautiful Bill delivers the largest tax cut for middle- and working-class Americans in history and secures increases in paychecks and take-home pay for the hardworking families in Arizona’s 8th Congressional District.”
The One Big Beautiful Bill is a foundation of President Trump’s economic vision, providing what supporters say are “significant benefits to American workers, seniors, and rural communities.”
Major elements of the bill include:
- Historic tax relief with an average of a 15% tax cut for Americans earning between $15,000 and $80,000, with no tax on tips, overtime, or Social Security benefits for seniors.
- Increased Standard Deduction, which raises to $23,625 for married couples and $15,750 for singles, boosting take-home pay over $10,000 annually for a typical family.
- Support for retirees (65+) by introducing a new tax deduction ensuring the average Social Security beneficiary pays zero taxes on their benefits, with relief phased out only at high incomes.
- Protection for social programs, like Medicaid and Medicare benefits, by maintaining full funding. Also, strengthening Medicaid for Americans with disabilities and implementing measures to eliminate fraud in Medicaid and SNAP programs.
- Investment in rural communities by expanding market access and providing historic support for farm families.
- Advancement of President Trump’s national security agenda, Peace Through Strength, by reinforcing America’s global leadership.
Congressman Hamadeh, a first-generation American and former U.S. Army Reserve Captain, highlighted the bill’s significance in countering economic challenges and misinformation. “For months, Americans have been bombarded with fake news accounts that stirred fear and anger and stoked resentment as part of the Democrats’ war on Capitalism,” he said. “Today, my Republican colleagues and I were able to ignore the noise bought and paid for by Green New Deal corporatists and hear the voices of the American workers.”
The One Big Beautiful Bill has gained significant attention for its bold approach to economic reform. Hamadeh’s vote reflects his commitment to addressing the soaring inflation and border security concerns that he identified as critical issues for Arizona’s 8th District during his 2024 campaign.
Ethan Faverino is a reporter for AZ Free News. You can send him news tips using this link.
