Wednesday, August 19, 2009

Recession Takes Toll On Valley

The Phoenix Business Journal reports on how the recession is affecting the Valley. (all links below to Phx BizJournal articles, except where noted)

The 2009 FBR Open took in receipts of about half what they did in 2008. The Open’s sponsors, The Thunderbirds have about $4.3 million to distribute to Valley charities this year versus last year’s $8.6 million. Crowd attendance was down only a bit though, down from 2008's almost 537,000 people to just shy of 508,000 people in this year.

DC Ranch restaurants Autostrada and Sol y Sombra both closed their doors. On a personal note, I’d been to Sol y Sombra – it was a beautiful spot with amazingly good food and I’m sorry to see it go. Owner of both spots, local hot chef of the moment Aaron May says through a spokesperson that he’s got two new concepts in development, with plans to open shop in CityScape project in downtown Phoenix.

Downtown Phoenix's CityScape project has had it's own recession related woes. (link leads to AZ Central)

Two Valley banks go into receivership. Community Bank of Arizona and Union Bank of Gilbert were taken into receivership by the FDIC and will be absorbed by MidFirst Bank, based in Oklahoma.

On the good news front: Valley company ECOtality, Inc and its subsidiary Electric Transportation Engineering Corp might add 750 new employees after receiving $99.8 million in federal stimulus funds to finance an electric vehicle charging infrastructure.