Las Vegas General Economy Update

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 are expected to show positive 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 still 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%), Aeromexico (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 or condos rose slightly to $244,000.  There were a total of 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