The Las Vegas economy continues to be a leader in overall performance and the envy of other cities nationwide. The engine of growth for Southern Nevada has always been the Las Vegas Strip and that isn’t changing one bit. The tourism and business/convention traffic flowing into Las Vegas continues to grow strongly year-on-year. By 2012, 45,000 additional hotel rooms will be added to Las Vegas Boulevard. The expansion of McCarran Airport is three years ahead of schedule. This latest surge in Strip development represents billions of dollars of investment by the savviest operators in the hotel-resort industry. It’s highly doubtful that they’re spending this money for nothing.
According to a report recently authored by Deutsche Bank Securities, the casino industry in Las Vegas will need 113,500 more workers to fill the jobs created by the new resorts that are now under construction. Unless the population growth of Greater Las Vegas begins to accelerate right away, 25,000 of these jobs will go unfilled (from local resources) according to the investment bank report. The hotel-casino-resort industry will have no choice but to attract workers from other parts of the country to fill the gap. What’s the best incentive you can offer to entice people to make a move to a new city for a new job? Money, in the form of competitive wages.
In case you’re thinking that the majority of the jobs generated by the tourism industry in Las Vegas are low-to-medium wage and mostly unskilled, you might want to consider the latest data from the U.S. Census Bureau. According to the American Community Survey released on Tuesday, Las Vegas was ranked #5 in the ENTIRE COUNTRY for wage earnings with a median household income of $53,000 a year. The only four cities in America (population 500,000 or higher) that outranked Las Vegas were Seattle, San Diego, San Francisco and San Jose, California. Come on, admit it, you’re VERY surprised.
Median Household Income – 2006
1. San Jose, Calif. $73,804
2. San Francisco $65,497
3. San Diego $58,815
4. Seattle, Wash. $58,311
5. Las Vegas $53,000
SOURCE: U.S. Census Bureau
There has never been a better time to purchase a Las Vegas home. Take advantage of the fact that it’s a Buyers market while there’s still time. It’s highly probable that median incomes in Las Vegas will continue to grow as more than $30 billion of world-class Strip development fuels continuing and increasing demand for workers over the coming decade. Las Vegas real estate is a sound long-term investment. The Michelle Sterling Internet Real Estate Team couldn’t be in a better business in a better city.