Report: Economic Recovery Not Slowing
(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.
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.
* 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.