Las Vegas Sun

March 28, 2024

THE ECONOMY:

UNLV researchers: Recession gets worse in Las Vegas

In Business Las Vegas Archives

The recession in Las Vegas continues to deepen and shows no signs of slowing, according to the latest numbers released by UNLV’s Center for Business and Economic Research.

The Southern Nevada Index of Leading Economic Indicators shows a decline in January in all 10 categories that it monitors. Eight of the series showed double-digit percentage drops compared with January 2008 – the biggest one-month decline since the aftermath of Sept. 11, 2001, said Keith Schwer, the center’s director.

“It is highly likely that we may see a few more months of difficulty before things get better,” Schwer said. “It may well be that we are amid the most difficult part of this recession.”

The January index, which tracks data through November, is a forecast through May 1.

The biggest drops were in residential and commercial building permits with values dropping 92 percent and 60 percent, respectively.

Taxable sales fell 11 percent.

On the gaming and tourism side, gaming revenue fell 15 percent visitor volume fell nearly 10 percent. Convention attendance was down 16 percent.

Join the Discussion:

Check this out for a full explanation of our conversion to the LiveFyre commenting system and instructions on how to sign up for an account.

Full comments policy