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

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

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.
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
Fax: 702-777-9811