January 12, 2018 | Las Vegas Sun | Thomas Moore
Positive economic news continues through early 2018, furthering a trend from last year’s strong stock market and employment numbers.
Locally, hotels are adding convention space and remodeling rooms, the Fontainebleau and Alon deals generated buzz on the Strip and construction cranes are rising at the Resorts World site.
Southern Nevada recovered from the worst of the Great Recession, outpacing national economic growth in the past couple of years. How long that run can last, though, remains a question for debate among experts.
According to the National Bureau of Economic Research, this recovery, at nine years, is the third-longest in U.S. history. Expansions have lasted on average only a little under five years since 1945.
The Las Vegas Sun asked a number of business experts recently for their opinion of Las Vegas’ economy.
December 14, 2017 | Las Vegas Review-Journal | Todd Prince and Eli Segall
Wynn Resorts’ announcement that it is buying the Alon project site could raise hopes that a long-awaited revival of the sleepy north Strip is in the cards.
But analysts say it might be years before construction crews show up at Wynn’s new site, which was home to the New Frontier and has seen big plans come and go over the years.
Casino developer Steve Wynn’s namesake company announced late Wednesday night that it reached a deal to acquire about 38 acres of land across Las Vegas Boulevard from the Wynn Las Vegas for $336 million. The sale is expected to close in the first quarter of next year.
December 06, 2017 | Las Vegas Review-Journal | Nicole Raz
Nevada’s pull with out-of-state transplants is helping to offset the effects of a national labor shortage.
Speaking Wednesday at an event sponsored by the Las Vegas Global Economic Alliance, economist Christopher Thornberg said national unemployment “is just about as low as it can get.” But even so, job openings are near a record high as employers struggle to find workers with the skills they seek.
Job openings have been at or near record highs since June — with around 6.1 million job openings nationally, according to data from the Bureau of Labor Statistics.
November 21, 2017 | Las Vegas Business Press | Jeffrey Meehan
Lennar Corp. announced the planned acquisition of CalAtlantic Group Inc. at the end of October, a deal expected to create the nation’s leading homebuilder upon closing.
“Our overall company size and local critical mass will yield significant benefits through efficiencies in purchasing, access to land, labor and overhead allocation to a greater number of deliveries,” said Stuart Miller, CEO of Lennar.
The $5.7 billion deal, valued at more than $9 billion if $3.6 billion worth of debt is included, will bring efficiencies for Lennar, which is expected to have a presence encompassing 240,000 building plots across 21 states. The deal is pegged to close in early 2018.
November 06, 2017 | Las Vegas Sun | Ric Anderson, Adam Candee, Michael Lyle
The numbers tantalize leery minds: Housing prices, population growth and job creation in Southern Nevada all rebounded from the Great Recession over the past few years.
The same cannot be said for the battered psyche of a state staggered by the worst economic knockout punch in modern American history. A New York Times analysis showed the recession’s impact on Nevada caused the second-largest blow to a local or national economy of any crisis worldwide in the past four decades.
Southern Nevada housing cratered to a $118,000 median resale price in January 2012, while Nevada led the nation in delinquent mortgages and foreclosures for 62 consecutive months, from 2007 to 2012. As the economy righted, so did the local housing market. Both the median resale and new-home prices soared in the past two years, reaching their highest peaks since 2007 — just before forces beyond the control of most wrecked the American dream of owning a home.
September 18, 2017 | Las Vegas Review-Journal | Nicole Raz
With more same-day-delivery services popping up, who says you can’t always get what you want?
It’s just a matter of time before more local businesses add same-day delivery service, said Brian Gordon, co-owner of Las Vegas research and consulting firm Applied Analysis.
Austin-based startup Dropoff Inc. may speed up the trend locally.
Dropoff, a same-day delivery service for businesses, officially launches Tuesday in Las Vegas.
“The way that you think of FedEx and UPS for overnight is the way to think of Dropoff, but for same-day (delivery),” said Dropoff CEO Sean Spector.
Las Vegas is the company’s 17th city. Spector said he intends to grow the company into 50 cities, becoming the “first national same-day-delivery provider.”
September 12, 2017 | Las Vegas Review-Journal | Richard N. Velotta
The Las Vegas Stadium Authority will consider extending the time to write a development agreement with the Oakland Raiders to build its 65,000-seat domed football stadium in Southern Nevada when it meets Thursday.
The extension, which isn’t expected to delay the start of construction on the $1.9 billion project, puts the Raiders on the hook for paying for preliminary site work if the stadium deal stumbles.
A document to be introduced Thursday — called an “Enabling Work Memorandum of Understanding” — would move the deadline to complete the development agreement to February from Oct. 17. The original stadium legislation, approved by the Nevada Legislature in a special session in October 2016, contemplated the possibility of a need for additional time and included the option of a six-month extension, which would enable an extension to April.
September 11, 2017 | Las Vegas Business Press | Buck Wargo
Southern Nevada retail brokers and analysts said the public shouldn’t allow some lingering foreclosures and national retailers shuttering stores to dictate their view of the marketplace.
The message is the Las Vegas retail sector is recovering and even thriving despite growing online competition. It’s even in the midst of a transformation that in some way will strengthen it, analysts said.
Alarm bells went off for some observers this year when such retailers including J.C. Penney and Macy’s closed stories in Boulevard Mall. Kmart and Save-A-Lot announced store closings in the valley. In recent years, bankruptcies shuttered Sports Authority Sport Chalet stores as did grocery chain Haggen. Albertsons, Food 4 Less and Fresh & Easy among others.
August 28, 2017 | Las Vegas Business Press | Jeffrey Meehan
The existing and new-home market in Southern Nevada has been on the rise through 2017 — gaining in number of units sold, median price and construction activity.
“We were expecting a slowdown in August, and we are right on track to have another amazing month,” said Dave J. Tina, the 2017 president of the Greater Las Vegas Association of Realtors and co-owner of Urban Nest Realty in Summerlin.
The median price for an existing single-family homes hit $260,000 in July — up about 1 percent from June’s $257,373 median price on existing single-family residences and up 10.2 percent from a year earlier.
July 01, 2017 | Las Vegas Review-Journal | Nicole Raz
The demographics of Southern Nevada are growing increasingly young, diverse and wealthy.
“People follow the businesses, and the businesses follow the people,” said John Lettieri, co-founder and policy director at the Economic Innovation Group, a Washington, D.C.-based think tank.
Mia Gantt followed the the business. Gantt, a 26-year old African-American woman, moved to Las Vegas from Cleveland last August looking for job opportunities with better pay and to get away from the snow.