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Report: Economic Recovery Not Slowing

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(Photo by Chung Sung-Jun/Getty Images)

(Photo by Chung Sung-Jun/Getty Images)

tate south Tate South
Email Tate at tate.south@cbsradio.com
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(Las Vegas, NV) — The Southern Nevada economic recovery is continuing a four year escalating recovery, and shows no signs of slowing down.

In the midyear economic outlook report, released today by the UNLV Center for Business and Economic Research, economists report a positive outlook for the remainder of 2014 and through 2015, with momentum increasing each year. Las Vegas should reach its pre-recession levels of employment in early 2016, economists said.

The report shows the state’s economy is growing, visitor volume increasing, and employment growing.
In 2010, the state lost 7,300 jobs. In 2011, 2012 and 2013, Nevada saw job gains of 12,000, 22,400 and 39, 500 respectively. In the first four months of 2014, the state saw job gains of 19,800, or 5.1 percent.In 2013, the Las Vegas metropolitan area saw an increase in employment of 24,000 jobs or 2.9 percent over the previous year. In the first four months of 2014, the Las Vegas metropolitan area saw another increase in employment of 11,000 jobs.

In early 2014, all Nevada industries except trade, transportation and utilities saw employment gains. Construction, financial activities, professional and business services and other services were particularly strong.

Economists also found:
* Taxable sales continue to be strong. Clark County taxable sales were 9 percent higher in the first quarter 2014 than in the same period in 2013. Increased visitor spending and rising personal income in Las Vegas are two factors that contributed to the strong gains in taxable sales.* Activity in the tourism sector is in a general upward trend from 2013 to early 2014. In 2013, Clark County visitor volume was .4 percent lower than in 2012, marking the first decline in Clark County since 2008. For the first three months of 2014, Clark County visitor volume averaged 5.4 percent higher than for the same period in 2013. With continued growth, Clark County visitor volume for 2014 could exceed the previous high water mark if 43,915,549, reached in 2007.

* Gaming revenues, however, are not back to prerecession levels. As of March 2014, Nevada, Clark County, and the Las Vegas Strip gaming revenues were 14.9 percent, 13.3 percent and 7.8 percent below their respective peaks.

* Visitor spending on non-gaming activities in Las Vegas is more than three times that of gaming revenue. Las Vegas visitor non-gaming spending has increased by 28.2 percent since 2009. However, it is 2.5 percent below its prerecession peak.

* Through 2013 and the first four months of 2014, office employment, in areas such as financial activities, professional and business services and education and health services, increased at 4.5 percent. This is 4.2 percent higher than its prerecession high. With increased employment in Las Vegas office jobs, there is a falling vacancy rates in office space.

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