Archive for November 9th, 2006

Las Vegas Economic Conditions: It's the Same Boring Story, Things are Great!

Thursday, November 9th, 2006

Just in case you were wondering (highly doubtful), consumer spending accounts for 75-80% of U.S. economic growth. The number is really that big. Consequently, 75-80% of economic growth in your city or town is also based on consumer spending. Las Vegas is no different, believe me. We’re probably the king of consumer spending! Who doesn’t like to spend money in Las Vegas? With that in mind, consider some of the latest economic statistics for Southern Nevada. Sales tax figures released last week show statewide taxable sales jumped 6.2 percent in August compared with August 2005. Clark County (that’s us!) led the way with an increase of 6.5 percent for the same period. For first two months of the fiscal year, Clark County is 7.1 percent ahead of last year. Not such a big deal you say? Well consider this fact; The statewide increase this August is a bigger accomplishment than it seems, because taxable sales for August 2005 were up 12.7 percent over August 2004. Even if we had just kept pace with last years number, that still would have been very solid! These sales tax figures prove that consumer spending in Southern Nevada (Clark County) continues to get progressively stronger. Have you recently read anything about the residential “housing bubble” that is so dangerously inflated in the market for Las Vegas homes? With the strongest economic growth in the nation and 6,000 people a month still moving to the valley, we’re really not worried. Las Vegas real estate is a solid investment. Just ask MGM Mirage! Project City Center is a $7 billion bet on the future of the market for Las Vegas luxury real estate and Las Vegas hi rise condos. Forget the doomsayers and become a part owner of the next great American metropolis. Believe me, it’s Las Vegas, Nevada.