Las Vegas Economic Conditions: Still Plenty of Strength During a Period of Moderation

The economic outlook in Las Vegas, although moderating from a previously torrid pace, is still a picture to be envied by other metropolitan areas. There’s no question that the market for Las Vegas homes is cooling off a bit, which is a good thing! However, the commercial sector of the Las Vegas real estate market is still turning in impressive numbers. The dollar value for commercial building permits in June jumped 154.4 percent from the same month a year ago to $179.6 million, even though the number of permits remained about the same, a UNLV research center reported last week. In addition to this, taxable business sales and gaming revenues continue to grow impressively, up 9 and 11 per cent respectively. The employment picture is also bright. Nevada businesses created 6,400 private sector jobs in July and Southern Nevada’s total employment grew 5.9 percent from a year ago to 923,400. Last but not least, our population growth continues to outpace the national average by a significant margin. When you combine strong business revenues with solid gaming profits and an economy that continues to create jobs, chances are that any economic slowdown will be moderate and short-lived. Southern Nevada continues to outperform compared to the national averages and Las Vegas continues on it’s trajectory towards major metropolitan status. Believe me, this is the next great major American city!

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