Print
E-mail
Share
digg
Newsvine
Facebook
Stumble
Technorati
reddit
Fark
twitterEconomist: Las Vegas economy stagnant into 2010
Survey shows local business leaders concerned about housing market
Steve Marcus / FILE PHOTO
This sign in the northwest Las Vegas Valley is one indication Nevada’s foreclosure rate leads the nation. A UNLV economist says the Las Vegas economy could be weak through 2010.
Friday, Nov. 7, 2008 | 11:51 a.m.
Sun Topics
The Las Vegas economy, which has been in recession since the end of 2007, has remained in a holding pattern but the weakness should continue into 2010, according to a UNLV economist.
In addition, a majority of local business leaders are pessimistic about any quick recovery of the economy and concerned about the housing market and its rebound, according to a survey conducted by the Center for Business and Economic Research at UNLV.
The Southern Nevada Index of Leading Indicators rose .09 percent in October. The index, which analyzes data through August, provides a forecast for the local economy through Feb. 1. It measures gaming, visitors, retail sales and residential and commercial construction.
The index, which is down 1.55 percent from October 2007, held steady despite gross gaming revenue falling 7.3 percent from July. That was countered by an 8 percent gain in taxable sales in August.
The Southern Nevada business community is pessimistic about the economy recovering anytime soon, according to the UNLV survey.
It revealed that nearly 58 percent of business leaders surveyed said the local economy will be worse in the fourth quarter. Only 16.5 percent said they expected it to get better and 26 percent said it would be the same. There were similar assessments about sales and profits.
-- Brian Wargo covers real estate and development for In Business Las Vegas and its sister publication, the Las Vegas Sun. Read more on this story in next Friday's In Business Las Vegas.
Discussion: 7 comments so far…
Post a comment
- Most Read
- Discussed
- Most E-mailed
- Report: LV home prices fall despite increases nationwide
- Funeral procession for slain officer includes Las Vegas Strip
- Boyd Gaming sues man over Internet domain name
- General Growth moving subsidiaries out of bankruptcy protection
- Bellagio sues company over alleged trademark infringement
- Justin Hawkins is a Rebel with many causes
- Man on death row for 1990 Vegas murder kills self
- Metro officer remembered as ‘protector’ of family, community
- When did Binion’s $1 million display appear?
- Judge to rule whether Lt. Gov. Krolicki case continues
Blogs
The Kats Report
'DWTS' champ Donny Osmond still deft afoot in return to Flamingo (2 Comments)
Politics: The Early Line
Meeting of GOP governors draws challengers, not Gibbons (2 Comments)
Politics: Ralston's Flash
Oscar loves forcing developers to sign labor peace agreements, Culinary loves the city's downtown plans and all is forgiven (1 Comment)
Now and Then
Underdog is open on a post pattern
Miech Again
Kruger contract altered in September (2 Comments)
Robin Leach's Las Vegas Celebrity Watch
Photo Gallery: Donny Osmond brings DWTS trophy to Las Vegas
High School Sports Scene
Prep Football: State Semifinals Picks (4 Comments)
Calendar »
- 26 Thu
- 27 Fri
- 28 Sat
- 29 Sun
- 30 Mon
-
DJ Battle at Drai's
Drai's Afterhours | 10 p.m. to 11:59 p.m.
-
2012 at Cheyenne Saloon
Cheyenne Saloon | 10 p.m. to 11:59 p.m.
-
Sampson's Army at the Double Down Saloon
Double Down Saloon | 10 p.m. to 11:59 p.m.
The Sun
Locally owned and independent for more than 50 years.
That about right. I estimate it hits buttom middle of 2010 and after mid-term elections it should turn around. But I think we over built on hosues and condos we should be like vegas knock the houses down weed down the quanitity of houses. Like deer if to many born need to cut down the herd. Supply and demand or make the houses public housing projects loll give them to the govt
Comment removed by staff.
Vegas didn't diversify its economy when it had the chance. It doesn't need yet ANOTHER locals casino.
It needs tech, medical, finance jobs to keep it going when tourism is down.
I'm amazed every time I read these articles on the current and ongoing train wreck that is our economy both locally and nationally. I'm no economist but I could see this disaster coming from a 1000 miles away four or five years aog all the while idiots posing as authorities telling me home prices don't fall. I dated a realtor who was pardon me dumb as a box of rocks who had been making 150K+. Right then I knew something was amiss.
Now we get to hear about all these crybabies who had it wrong and are in deep water. Eat crow I say.
I'm not hear just to deride the sheeple. Part of the problem in this country is too many MBA's and useless Lawyers. Parasites who provide no real productivity other than sponging off working class. If the country really wants to even compete in the 21st century we need to start replacing our excessive numbers of lawyers and mba's with engineers and scientists. This comes through education and those that don't wanna put in the hard work, well I got a trailer for you to rent out on Boulder.
I think it'll take longer than 2010 to turn the Vegas economy around. The reason Vegas had 7 great years was because of easy credit & easy money. People in the U.S. had a boatload of discretionary income. The days of easy money are gone-and they're not coming back any time soon. Also-with Vegas portraying itself as a luxury destination-they've effectively thumbed their noses at all the middle income customers. People don't need Vegas. They've all got casinos within an hours drive from their own homes.
I think New Year's Eve here is going to be really slow. There's just too many people out of work and the people that DO have jobs know any given day at any given time they could be next.
Las Vegas got too big too fast, chasing the unobtainable dream of growth for growth's sake while supporting social leeches in the process. We do not need diversification, we need a sustainably sized city that can cater to a discriminating traveller ... Kind of like back in the day before all the carpetbagging, freeloading bloodsuckers arrived. Those of you who say/said, "I'm moving to Las Vegas for one year, making as much money as I can, and then I'm leaving," YOU are who I'm talking about. Go away. Your time here is up. Good riddance.