Las Vegas Business and Economic Conditions

Lets take a quick look at current economic conditions in Las Vegas, Nevada. The first statistic that you may find surprising is the 2008 visitor count (16.3 million and counting), which is keeping impressive pace with last year. Convention attendance and occupied room figures are right on track as well. While it’s certainly the case that spending figures for Las Vegas business and recreational guests has taken a slight dip, the fact remains that just as many people are coming to Las Vegas as ever. How is our population growth, one of the surest signs of our continued strength and economic attractiveness? Through June, more than 32,500 people had moved to Clark County according to DMV records, an average of 5400 people a month. The median price of a resale Las Vegas home is currently about $225,000 and excess inventory is steadily decreasing. How are businesses doing? The Nevada Department of Taxation reported statewide taxable sales of $3.92 billion in April (most recent data data available), up 0.3% over the same month last year. Unemployment continues to be a bit higher than we’re used to, with the seasonally adjusted unemployment rate for the state of Nevada at 6.2% as of May. All in all, a picture that, while not fantastic, is hardly as dire as the media would have you believe.

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