Some indicators show growth cooling a bit

Friday, June 6, 1997 | 5:48 a.m.

Figures show new home permits and gaming revenues are both down slightly in March, compared to the same month in 1996.

The figures show there were 1,673 new home permits issued in March 1997, compared to 1,745 a year ago.

Existing home sales were up, however, 1,638 in March compared to 1,532 a year ago.

The median price of a new home rose from $126,200 a year ago to $129,050 the past March.

"All in all, housing activity in Las Vegas is still very strong," said Dennis Smith, president of Home Builders Research. "If there are no dramatic economic changes during the year, we still believe 20,000 new home sales is obtainable in 1997. Resales should be in the 17,000 to 18,000 range and permits should also be in the 20,000 to 21,000 range.

"Hopefully, the interest rate movement will not be enough to send housing demand into the tank," Smith said. "The job growth and in-migration data still seem healthy enough to support our projections."

Gaming revenues were down, from $510.6 million in March 1996 to $488.6 million in March 1997.

There were positives in the economy, with total employment at 623,600, compared to 576,800 a year ago. Unemployment was 4.2 percent the past March, compared to 4.8 percent for the same month a year ago. The area includes Clark and Nye counties and parts of northern Arizona.

And taxable sales were up, from $1.36 billion a year ago to $1.48 billion in March 1997.

Newcomers are continuing to flock to the city, with 6,135 new residents turning in out-of-state driver's licenses during March 1997, compared to 4,909 for the same month a year ago.

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