Archive for November 30th, 2012

Hsieh’s $350M Development Project Pumps-up Tech Jobs in Downtown Las Vegas

Friday, November 30th, 2012

Las Vegas is now one of the country’s emerging markets for tech jobs according to a report from the Jones Lang LaSalle on Tuesday. Tony Hseih, chief executive officer of Zappos.com has just infused $350M into downtown development. In 2011, Las Vegas was ranked 2nd on the Jones Lang LaSalle’s high-tech employment growth with a 22.9% increase from the previous year. San Francisco was still ranked number 1 with an annual growth of 28.6%.

One great factor that will probably appeal to a lot of young entrepreneurs is the low cost of living in Las Vegas. Another key ingredient is the active 24-hour workforce in the area.
This Downtown Project will introduce a big change into Las Vegas City. The city will transform into an ideal platform for a lot of startup companies. The total venture capital for high-tech companies spiked to $15.5 billion in the last four quarters up to June of 2012. These high-tech services are responsible for the 17% of the annual employment growth but comprises only 8.6% of the of the office jobs in the country.

There is a steady increase in capital activity in Las Vegas and support for startup activity is also steadily rising. These will likely boost up future jobs and create new companies. Zappos.com’s top executive Hsieh is helping nine start-up companies with a $50M technology fund. The relocation of his Zappos home base to the former Las Vegas City Hall from Henderson is also expected to draw in a thousand of tech workers next year.

Due to the general optimism in the marketplace there is a constant demand for qualified workers. After 12 months that ended in Aug. 31, there was a growth of 4.6% for the high-tech services section while the overall office-using employment increased 2.3% due to the addition of jobs during the same time frame.
Viney Singal, founder of Valtus Capital Group said that Las Vegas is indeed a land of entrepreneurs because it has the right blend of technology, gaming, hotels, and hospitality.