Steve Marcus / file photo
Home building continues in Anthem in Henderson, although the demand for new homes has dropped precipitously.
Tuesday, March 10, 2009 | 1:51 p.m.
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The Las Vegas recession continues to deepen.
All 10 categories of the Southern Nevada Index of Leading Economic Indicators declined in February, eight by double digits from last year’s levels, according to Keith Schwer, the head of the Center for Business and Economic Research at UNLV. The index has even fallen below the national index, he said.
“It is dropping precipitously,” Schwer said. “It’s what we refer to as a cliff-diving chart.”
What that means is that the economy shows no sign of recovery anytime soon, Schwer said. The index is a forecast of Las Vegas’ economy through June 1.
At best, the valley can hope for some recovery in the fall, but Schwer said it’s difficult to predict because of the housing market, credit market and jobless rate.
The index fell 4.68 percent in February from February 2008. One of the biggest reasons for the decline was a 16.7 percent drop in taxable sales in December, the latest monthly data available, Schwer said.
The second biggest drag on the index was a 75 percent decline in the value of housing permits issued in December. There were only 148 home permits issued in December — a 25-year low.
The decline in tourism also contributed to index falling.
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