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Firm projects strengthening apartment market, job growth in Las Vegas

Tuesday, Nov. 9, 1999 | 11:12 a.m.

A real estate company's survey of America's 50 largest cities predicts Las Vegas will lead the nation this year in both job creation and population growth.

Conducted by Palo Alto, Calif.-based Marcus & Millichap Real Estate Investment Brokerage Co., the Apartment Research Report found Las Vegas' job growth will reach 6.4 percent in 1999, up from 4.7 percent growth last year. The area's population will increase by 4.3 percent this year, down slightly from last year's 4.5 percent growth.

The report also found Las Vegas' per capita income growth will be in the top 20 percent in the nation.

According to the report, about 6,000 apartment units are slated to be built in Las Vegas next year, equal to market demand. The apartment vacancy rate will likely decline to about 6.4 percent from its mid-1999 high of 7.5 percent.

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