Reports confirm LV economy improving

Wednesday, Oct. 16, 2002 | 11:15 a.m.

UNLV's Southern Nevada Index of Leading Indicators climbed modestly in September, as five of 10 categories showed improvement from the previous period for a .34 percent increase.

The September index measures local economic activity in July compared to June. The index is calculated by UNLV's Center for Business and Economic Research.

The center reported double-digit increases in commercial building valuation (up 17.13 percent) and gross gaming revenue (up 11.64 percent) from June to July.

Convention attendance had the biggest drop, down 64.4 percent to 155,768. Commercial building permits dropped 18.27 percent.

Separately, commercial real estate brokerage Colliers International and real estate research firm Restrepo Consulting Group reported Tuesday that vacancy rates in industrial, office and retail real estate around the Las Vegas Valley have halted their upward trend.

"We're starting to see more economic health in the market, even the office market, which has been weak," said John Restrepo, principal of Restrepo Consulting Group. "Numbers are starting to trend up, and things are improving slowly but surely. We're not as strong as two years ago, but relative to the rest of the country and to our market six to nine months ago, we're better."

Industrial vacancies fell from 9 percent at the end of the second quarter to 8.1 percent at the end of the third quarter.

Office vacancies dropped from 12.5 percent at the second quarter's end to 11.6 percent at the third quarter's end.

Vacancies in the retail market dropped from 3.3 percent at the close of the second quarter to 2.8 percent at the close of the third quarter.