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StumbleReport: Las Vegas economy shows no signs of recovery
Forecast shows no improvement is likely through late in the year
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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Down in south Texas, there has been a boom in Colonias. These are large subdivisions with small houses and lots of children. This is our future, people. Luckily the second generation children grow up speaking English, taking advantage of free education. Oh, did I mention that the Colonias have no water or sewer? This is our future, too...
Read about the drop in visitors and dollars spent here. This means less employees,less jobs, more foreclosures and further drop in this cities economy. Thanks sen harry, you and Obama are doing a great job, somewhere, I hope.
neiman...still gagging on that Karl-George-Dick sandwich? Have a swallow of warm Rush juice and it will go down easier.
Interesting how all the rich people still have the money they got from selling inflated stocks, rip off mortgages, over priced real estate and, of course, don't forget all those trillions in executive bonuses and salaries.
The only people losing their money is average americans and poor people.
If you want to fix the economy, take the trillions back from the rich and pay it to average americans with jobs that pay living wages.
After all rich people really won't miss a few billion here and there. We waste 2 billion per week in Iraq and what do we get for it? Just more dead solders.
2zero, don't bother with Neiman1. To hear him tell it, Obama is responsible for global warming, JFK's murder, the decline of the dollar, and everything else that is not satisfactory in the world. You can teach an old dog new tricks but you can't teach a dumb dog nothing!!
Contrary to the blather from the rich and their apologists, the real income redistribution is your 401k going to support the rich and greedy. Every dime us little people put in for the last 12 years is gone. That sucking sound you hear is your 401k being turned into a 4.01k.
I guess we should blame Obama and Reid for stopping the Yucca Mountain project too. Its too bad we won't have all that toxic nuclear waste in our backyard. No mutant children in the future with 3 eyes and green skin to give birth to. Darn.
lavelle2k Has all your knowledge of nuclear issues come from 50's 'B' movies?
"Inflated stocks, rip off mortgages, over priced real estate, those trillions in executive bonuses and salaries" hah hah there is a sucker born every minute, and I think you're one crybaby Bobby, hey you wanna buy a house, just sign on the dotted line here. You can take the "trillions" back and hand it out, but it will end up back in the same hands, because you and your kind are fools. Take responsibility for yourself, or stand on a roof top waiting and waiting for your rescue.
Yeah, it looks like we're becoming more like a third world country like Zimbabwe. There's a tent city in Sacramento that is in danger of having a cholera outbreak. re: lavelle who mentions Yucca Mountain. What do you do about the used nuclear fuel that's accumulating? Check out the Frontline documentary "Heat" on pbs.org. We burn a colossal amount of coal in this country to generate electricity. An unending stream of railroad cars takes coal out of the mines to the power plants. To supply an average family with electricity for a month, you have to burn a TON of coal. It take a pound of coal to power your television for 4 hours.
Keep it up Sun Reporters... keep reporting about the terrible economy and about all the foreclosures and blah blah blah blah blah... report about something else for petes sake. This is so old and tired it hurts. We are WELL aware that our economy is hurting, the last thing we need is reminders from every news reporting agency in the world.
Neiman you need to stop constantly repeating yourself. If you have nothing else to contribute besides thanking Reed and Obama for all the worlds ills please be quiet. We get it already!
Blocking E-Verify was deliberate decision of the Senate leaders who place the interests of 40 million illegal aliens (According to Heritage Foundation), over the interests of millions of unemployed American workers. It would Extend the federal program to screen workers and job applicants to determine whether they reside in the United States legally. All Republican senators present in the chamber voted against tabling the measure to extend the life of the program. Nearly every Democratic senator, including, Sen. Leahy (D-VT) voted in favor of tabling it in a 50 to 47 motion. U.S. Sen. Jeff Sessions, R-Ala., offered the reauthorization amendment to the omnibus spending bill, including an amendment to the Stimulus bill. His legislation would have allowed the program going for another six years. Chances are it will still run until September according to the Sen. Sessions. The main culprits involved to killing of E-verify was Sen.Harry Reid and House Speaker Nancy Pelosi.
Without the successful e-Verify program running illegal aliens will continue to appropriate jobs, that should go to the 6 million plus unemployed. Americans and legal residents their jobs and homes in dire straights. The United Stated cannot continue to educate, give free health insurence and a wide spectrum of social benefits, that is costing the taxpayer hundreds of billions a year. The ominous US Chamber of Commerce and special interest lobbyists are the main cause of overpopulation, traffic chaos, pollution and the devastating effect of farmland turned into concrete for housing. The American worker is in a crisis situation, but Democrats to appease special interest organizations, have sold their loyalty for corporate campaign contributions.
We must--NOT--stop the bombardment of the Washington Switchboard 202-224-3121 for senator or Representative demanding E-Verify for ten years--if not --PERPETUITY?. President Obama switchboard (202) 456-1414 Comments (202) 456-1111