Las Vegas Economic Reports

Economic Outlook at a Glance

 

General Economy
Economists at the UNLV Center for Business and Economic Research are optimistic that Southern Nevada will see a turnaround in 2009,
with only personal income forecasted to have negative growth. All major factors expected to show growth in 2010.
UNLV Center for Business and Economic Research

Tourism
Just over 3 million visitors came to Las Vegas in October, a 10.2% decrease over last year. The economic impact of conventions during the
month totaled nearly $506.9 million, a 0.4% increase over 2007. Despite the decline in visitors, occupancy rates remain 20-25% higher than in most markets.
Las Vegas Convention & Visitors Authority

Air Traffic
Nearly 3.6 million passengers traveled through McCarran International Airport in October, a 12.8% decrease from 2007. Several airlines
bucked the trend and posted increases in scheduled passengers over last year, including Allegiant (4.1%), Aero México (39.6%), Virgin America, Inc. (284.8%) and Virgin Atlantic Airways (5.9%).
Clark County Department of Aviation

Gaming
Nevada's gaming win totaled $905 million in October, a 22.3% decrease over last year.  Clark County gaming revenue declined 24.3% to
$757.5 million.  The decrease is deceiving because October 2007 had the highest monthly gaming win ever recorded at just over $1 billion in Clark County and nearly $1.17 billion statewide. Gamblers this year wagered less but won at an above-average rate.
Nevada Gaming Control Board  

Population & Market Growth
Over 4,400 new movers came to Clark County in November, bringing the 2008 new mover count to more than 60,000.
Department of Motor Vehicles  

Business & Employment
The unemployment rate in Nevada reached 8% in November, while the rate in Las Vegas hit a record high of 7.9%.  Total employment in
Las Vegas is up 1.7% from last year to 935,000, and the labor force has grown 4.8% to 1.015 million.
Nevada Department of Employment, Training and Rehabilitation

Housing & Real Estate
The 2,737 existing home closings in November exceeded last year's total by 74%, while listings on the MLS saw a decrease of more than
4,400 from last year. Although the median price of existing homes continued to decline, the price of new single-family homes and condominiums rose slightly to $244,000. There were 622 new home closings for the month.
SalesTraq
   
Retail
The state of Nevada saw a 5.2% decrease in taxable goods sold in September, which totaled $3.97 billion. The current tax amnesty
program contributed $39 million to the total, and without it, sales would have declined 6.15%.
Nevada Department of Taxation

 
 

Contact Information

Photo of Shirley Brass Real Estate Professional/Sales Real Estate
Shirley Brass Real Estate Professional/Sales
Keller Williams Southern Nevada
Henderson/Las Vegas NV
702-592-8207
Fax: 702-777-9811