Archive for February 26th, 2007

Las Vegas Strip…The Next Boom…113,000+ New Jobs

Monday, February 26th, 2007

Can you stand it? Doom and gloom, doom and gloom! You can’t turn on the TV or pick up a magazine without getting hit with another “sky is falling” residential real estate story. MS Las Vegas Real Estate would like to talk for a minute about the future of the job market in Las Vegas and the pace of development on the Las Vegas Strip. Between now and 2012, the Las Vegas Strip is adding 45,000 new hotel rooms spread across four new billion-dollar mega resorts. According to analysis performed by Deutsche Bank Securities, the Las Vegas casino/resort industry will add approximately 113,500 new jobs to the local economy during this next phase of Strip development. The four projects we are referring to are the Palazzo, the Encore, Project CityCenter and Echelon Place. Here’s the most amazing part of the story! At current growth rates, the population of Southern Nevada will fall short of these massive hiring requirements. How short? The projected shortfall is 25,000 of the 113,000+ jobs coming on line over the next five years. What’s the plan? Same as it’s always been….build it and they will come. It’s a sure bet that people looking to improve their economic future will flock to Las Vegas from “less economically stellar” parts of the country. It’s also a sure bet that a new Las Vegas home will be part of the picture for many of our new arrivals. Don’t imagine for a minute that these are 113,000 low paying jobs. Nothing could be further from the truth!