Clark County building activity increases 13.9%

October 27, 2003 - Building activity in the Las Vegas valley has dramatically increased during the first eight months of 2003. There were 49,218 construction permits pulled through August in Southern Nevada, a 13.99 percent increase over 2002. The combined value of those permitted projects were at $4.2 billion or 9.7 percent more than the previous year. Single family homes and large resort projects were the largest gainers. Through August, there were 17,604 new home permits pulled or 4,017 more than in 2002.

The residential growth came from new large-scale master-planned projects, including the 1,095-acre, 7,500-home "Aliante" development in North Las Vegas, the 1,200-acre, 11,000-home "Cliffs Edge" in the northwest valley and the 2,400-acre, 13,000-home "Mountains Edge" in the southwest valley.

The resort sector increase can be attributed to a combination of undertakings, including $376 million in upgrades at Caesers Palace, plus a planned $325 million, 750-room South Coast Casino in the southwest, and a 200-room expansion at Green Valley Ranch Station.

As a result, Southern Nevada's construction industry gained more than 3,500 new jobs over the past year. Total construction employment grew by 4.5 percent to 81,800 through August from 78,300 a year earlier, making construction the largest year-to-year job growth increase, reports the Nevada Department of Employment, Training and Rehabilitation.

"On the heels of the national economic crisis, Las Vegas continues to weather the storm in impressive fashion," said Jeremy Aguero, principal of Applied Analysis, a Las Vegas-based economic research firm. "Continued growth in employment, decreasing unemployment and population growth are positive signs that the local economy continues to gain strength."

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