Guy Ghanem - Las Vegas Real Estate 702.348.6144 RE/MAX - Outstanding Agents. Outstanding Results.

Las Vegas Economy at a Glance...


Today's Las Vegas Economy At A Glance


June 2008

tourism


    
The Las Vegas Convention and Visitors Authority reported a visitor count of nearly 3.3 million in April, putting the 2008 total at more than 12.9 million.  Convention attendance increased 3.9% over April of 2007, giving the economic impact of conventions a 2.3% boost over last year.

air traffic 

  
    
Per the Clark County Department of Aviation, McCarran International Airport processed nearly 3.8 million passengers in April.  So far in 2008, the airport has welcomed more than 15 million passengers.
     J.D. Power and Associates' North American Airport Satisfaction Study ranked McCarran International Airport second among large airports in overall customer satisfaction, tied with Orlando International Airport and second only to Philadelphia International Airport.  McCarran had the highest scores among big airports for check-in and baggage-check processes as well as airport accessibility.  McCarran took the number one spot in 2006 and ranked number five last year.

Gaming

  
     According to the Nevada Gaming Control Board, the state's gaming win for April totaled just over $1 billion.  Gaming revenue for Clark County reached $850 million for the month, with $524 million won on the Strip.

  population & market growth 

  
     Just over 4,600 new movers came to Clark County in May, per the Nevada Department of Motor Vehicles.  The year-to-date new mover count is now more than 27,000.
    
A recent migration study by United Van Lines ranked Nevada number two for inbound traffic in 2007.  The company said 59.4% of its Nevada-related trips were for clients moving to the state.  Nevada was second only to North Carolina, which had 61.6% inbound traffic.  U-Haul ranked Las Vegas among the top fifteen destination cities in 2007 for people moving more than fifty miles.  Las Vegas ranked number thirteen, while Atlanta was at the top of the list.

 

  business & employment 

   
     
Nevada's seasonally adjusted unemployment rate was 5.7% in April, a slight decline from 5.8% in March.  The Nevada Department of Employment, Training and Rehabilitation reported an unadjusted unemployment rate of 5.5% in Las Vegas, down from 5.6% the prior month.  The total labor force in Las Vegas is up 4.6% from last year, and total employment is up 3.4%.
     A report from a state Minerals Division noted that mines in Nevada produced a record $5.4 billion worth of gold, silver and other minerals in 2007, up from $4.9 billion in 2006.  A total of 6 million ounces of gold, 8.4 million ounces of silver and 142.8 million pounds of copper were produced in Nevada in 2007.

  housing & real estate

  
     The most recent statistics from SalesTraq show that there were 938 new home closings in April with a median price of $291,080.  There were also 218 new mid/hi-rise condo closings, the highest monthly total so far this year.  Resales totaled 2,255 (up 1.2% over 2007) with $228,000 as the median price.  This represented the first year-over-year increase in the number of resales since September 2005.  The number of listings on the MLS dropped to 21,338, the lowest level since February of 2007.

Retail


     Per the Nevada Department of Taxation, the state had taxable sales totaling $4.305 billion in March.  Sales in Clark County reached nearly $3.23 billion.  The county experienced increases in specialty trade contractors, rental and leasing services, administrative and support services, and accommodation.  Increases were also seen in several retail store categories, including health and personal care, clothing and clothing accessories, and general merchandise.
     According to Restrepo Consulting Group LLC and Colliers International, retail developers in Las Vegas added 1.3 million square feet of retail space in the first quarter of 2008.  Approximately one million additional square feet are currently under construction and 1.9 million square feet are in the planning stages.


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