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.
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