April 2, 2019 | Las Vegas Business Press | Buck Wargo
The retail market has come full circle since the Great Recession by ending 2018 with its lowest vacancy rate in a decade, according to research firm Applied Analysis, which credits home construction and population growth for increasing demand.
The office market showed similar gains with its lowest vacancy rate since the fourth quarter of 2008. The industrial market continued to add millions of square feet of space to meet demand.
March 26, 2019 | Vegas Inc. | Bryan Horwath
If an economic downturn is near, as some national experts predict, Las Vegas could be positioned to offset its effects because the economy here is more diverse than it was a decade ago, according to one national analyst.
“The Las Vegas economy has become more of a destination for young job-seekers,” said Mark Vitner, a Wells Fargo economist based in North Carolina. “When I was in Las Vegas (in February) meeting with our bank customers, I’d say a quarter to one-third of the companies were in tech. Some were tied to the gaming industry, though most were not."
Traditionally, of course, a large portion of the Las Vegas economy has centered around gaming and tourism. The thought is that a more diversified local economy will help the valley cope if the national economy takes a turn for the worse.
February 22, 2019 | Las Vegas Review-Journal | Eli Segall
The small house in central Las Vegas stands out a bit because of its salmon-colored exterior but otherwise fits right in with the neighborhood of older, low-slung homes.
Since the recession, its value has also shot up — but that’s not much of an anomaly either.
Southern Nevada home prices rose at one of the fastest rates in the country last year amid a growing population and strengthened job market. According to a new report from SalesTraq, the residential research arm of consulting firm Applied Analysis, resale prices climbed in 2018 in every ZIP code in the valley for the second year in a row, and they rose fastest in more centrally located areas — which tend to have older homes and lower prices.
February 9, 2019 | Las Vegas Review-Journal | Eli Segall
Las Vegas home prices, as buyers and brokers know, are climbing fast, outpacing major markets and sparking affordability concerns around the valley.
But in a sign of just how extreme last decade’s boom and bust was, resale prices still haven’t hit pre-recession peaks, which were reached more than 12 years ago.
The median sales price of previously owned single-family homes, the bulk of the market, was $300,000 last month. That’s more than doubled since hitting bottom in early 2012 at $118,000, but it is still below the boom-era peak of $315,000 in mid-2006, according to the Greater Las Vegas Association of Realtors.
February 7, 2019 | Reno Gazette Journal | Jason Hidalgo
Good news, Reno, you were No. 1 in the nation for job growth in 2018. The bad news? That also drove up demand for housing, which made it tougher to find an affordable place to live in.
Jobs and housing were front and center on Thursday as the Economic Development Authority of Western Nevada tackled all sorts of questions from industry diversification to the potential impact of a cooling national economy during the organization's annual State of the Economy luncheon in Reno.
February 7, 2019 | 2 News | Brandon Fuhs
Thursday the Economic Development Authority of Western Nevada (EDAWN) hosted its annual state of the economy to give community leaders a summary of economic development in the Reno area in the last year.
Over the last year more than 29 companies have come to the region, supplying more than two thousand jobs. More than 800 of those jobs include hourly wages of at least 30 dollars.
EDAWN President and CEO Mike Kazmierski says a decade ago, their goal was to bring in as many jobs as possible. Now the unemployment has dropped from 14.5 percent to about four percent, their focus is on higher paying jobs.
January 28, 2019 | Las Vegas Review-Journal | Adam Hill
Tuesday’s meeting of the Nevada Athletic Commission may not be as chaotic as originally believed when the agenda was posted last week.
UFC lightweight champion Khabib Nurmagomedov and former champ Conor McGregor have entered into settlement agreements with the state and will not be present to go through full disciplinary hearings for their role in a post-fight fracas at T-Mobile Arena after their UFC 229 main event bout in October.
January 24, 2019 | Las Vegas Sun | Ric Anderson
Business people from across the Las Vegas valley gathered at UNLV today to see a snapshot of the Southern Nevada economy and hear experts offer outlooks on the region’s future.
The Las Vegas Metro Chamber of Commerce’s annual Preview forecasting event and trade show drew more than 2,000 business and community leaders to the Thomas & Mack Center and the Cox Pavilion. About 100 exhibitors, including a number of local restaurants, were on hand to display their products.
So where is Las Vegas, and where is it going? Here are a few takeaways from the event’s slate of speakers...
January 24, 2019 | 8 News Now | Patrick Walker
LAS VEGAS - Hundreds of members of the Las Vegas business community descended on the Thomas and Mack center Thursday to find out the economic forecast for the year ahead.
It was all part of the Las Vegas Metro Chamber of Commerce's "Preview Las Vegas" event.
As the country is about to hit a decade of economic growth, the Silver State is out in front. Applied Analysis Principal Jeremy Aguero highlighted some of Nevada's major accomplishments for 2018, including being number 1 in growth rate, job growth rate and personal income growth.
This comes with growing pains however.
January 17, 2019 | Las Vegas Review-Journal | Richard Velotta
Safety measures involving one of the two large openings within the $1.8 billion Las Vegas stadium project were unanimously approved Thursday by the Las Vegas Stadium Authority.
An agreement for door and columns operations for a 9,500-ton field tray containing a natural grass field to be grown outdoors and wheeled on rails inside the stadium for Raiders games was one of the few action items in the authority’s one-hour meeting.
January 14, 2019 | Watchdog.org | Michael Carroll
Nevada's tourism and high-tech industries are poised to continue their expansion in the year ahead, but those who track the state's economy worry about whether Democrats' gains in the midterm elections might cool growth with higher taxes and more regulations.
Nevada became a much bluer state as a result of November's balloting, which put Democrat Steve Sisolak in the Governor's Office and led to Democratic gains in the state legislature.
Even so, Nevada's bounce-back from the previous recession appears to be holding steady into 2019, observers told Watchdog.org. Numbers from the Las Vegas Convention and Visitors Authority (LVCVA) show signs that visitor angst over the Oct. 1, 2017, mass shooting in the city may be waning.
January 8, 2019 | 8 News Now | Caroline Bleakley
LAS VEGAS - The Greater Las Vegas Association of Realtors' released its latest report on the local housing market Tuesday.
It shows the median home price for the month of December in Las Vegas was $295,000. That was nearly the same for the previous two months, but still up double digits from the same time a year ago.
January 1, 2019 | Nevada Business | Doresa Banning
According to experts, the outlook for Nevada’s economy this year is positive and projected to fare at least as well as it did, or perhaps even better, in 2018. However, one or more known or unknown wild cards could have a dampening effect.
Some of the indicators that support the forecast in Southern Nevada include strong employment and population growth, robust consumer spending, increasing personal income and high taxable sales.
“We do expect continued expansion going into 2019,” said Jeremy Aguero, principal analyst, Applied Analysis, a Las Vegas-based research firm.