LV economy growth rate leads U.S. for decade

Wednesday, July 11, 2001 | 11:08 a.m.

Economic output in the Las Vegas metropolitan area rose a nation-leading 166.3 percent over the past decade, according to a U.S. Conference of Mayors report.

That was about 10 percent better than runner-up Austin/San Marcos, Texas, in a comparison of 319 metropolitan areas. The gross product in Southern Nevada, the value of goods and services produced in the area, rose from $20.5 billion in 1990 to $54.6 billion in 2000.

"That type of information speaks hordes to new companies trying to relocate here or to new companies looking here to expand," said Lesa Coder, director of the city of Las Vegas Office of Business Development. "I'm proud that the city performed with such record-breaking numbers."

The Las Vegas area also led the nation with a 10.3 percent average annual growth rate in gross product since 1990. The metropolitan area's economic output last year exceeded that of 13 states.

"I suppose it's mainly a product of our rapid population growth," Clark County Commissioner Bruce Woodbury said. "With the kind of population growth we've had and growth in the resort industry that makes sense. I consider this a great honor."

The report released Tuesday in Washington, D.C., also ranked Reno 55th among American metropolitan areas, with a 98.6 percent increase over the past decade. Reno's gross product rose from $7.4 billion in 1990 to $14.7 billion in 2000, with an average annual economic growth rate of 7.1 percent.

Las Vegas' 2000 gross product ranked 43rd overall and Reno was 115th among American cities, with New York City leading the way at $437.8 billion. If one adds the United States and foreign countries, Las Vegas ranked 92nd.

Southern Nevada's economic output last year surpassed that of 136 foreign countries or territories, including Algeria, New Zealand, Czech Republic, Hungary, Bangladesh, Kuwait, Morocco, Romania, Ukraine, Vietnam, Iraq, Guatemala, Lebanon, Costa Rica, Ecuador, Bulgaria and Cuba.

The Las Vegas area also surpassed the economies of New Hampshire, West Virginia, Hawaii, Delaware, Maine, Idaho, Rhode Island, Alaska, South Dakota, Wyoming, Montana, North Dakota and Vermont.

"That's pretty incredible," Woodbury said.

Nevada ranked 32nd among states last year with a gross product of $75.9 billion. Leading the way was California, with $1.3 trillion. The United States registered $9.96 trillion.

Coder said that even with a slowdown in new resort construction that she expects the local economy to remain strong. She said, for instance, that there continues to be heavy demand for construction jobs because of the need to build more schools and other public buildings.

"Growth and development feeds on itself and is continuing at a very rapid pace," she said.